Common use of Accelerated Vesting of Stock Awards Clause in Contracts

Accelerated Vesting of Stock Awards. As of the date of a Change in Control, all stock option and restricted stock awards held by the Executive shall become vested and nonforfeitable, to the extent that such vesting is permitted under the terms of the plans pursuant to which such awards were granted. If such vesting is not permitted under the terms of the plans, and on or after the date of the Change in Control the Executive forfeits unvested options or restricted stock awarded prior to the date of the Change in Control, the Executive shall be entitled to a cash payment equal to (i) in the case of options, the excess of the fair market value of the option shares forfeited over the exercise price thereof, and (ii) in the case of restricted stock, the fair market value of such stock, with fair market value in either case determined as of the forfeiture date in accordance with the terms of the plan pursuant to which the award was made. Such cash payment shall be made as soon as practicable after the date of forfeiture.

Accelerated Vesting of Stock Awards. As of the date of a Change in Control, all stock option and restricted stock awards held by the Executive shall become vested and nonforfeitablenonforfeitble, to the extent that such vesting is permitted under the terms of the plans pursuant to which such awards were granted. If such vesting is not permitted under the terms of the plans, and on or after the date of the Change in Control the Executive forfeits unvested options or restricted stock awarded prior to the date of the Change in Control, the Executive shall be entitled to a cash payment equal to (i) in the case of options, the excess of the fair market value of the option shares forfeited over the exercise price thereof, and (ii) in the case of restricted stock, the fair market value of such stock, with fair market value in either case determined as of the forfeiture date in accordance with the terms of the plan pursuant to which the award was made. Such cash payment shall be made as soon as practicable after the date of forfeiture.