Common use of Acceleration Provisions Clause in Contracts

Acceleration Provisions. (a) Upon the Grantee’s death or Disability during his employment or service as a director or consultant, all restrictions on the Award shall lapse. (b) Upon the Grantee’s Retirement, all restrictions on the Award shall lapse. (c) Upon the occurrence of a Change of Control, all restrictions on the Award shall lapse. (d) In the event of the occurrence of any circumstance, transaction or event not constituting a Change of Control but which the Board deems to be, or to be reasonably likely to lead to, an effective change in control of the Company of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of the 1934 Act, the Committee may in its sole discretion declare all restrictions on the Award to have lapsed as of such date as the Committee may, in its sole discretion, declare, which may be on or before the consummation of such transaction or event. (e) Regardless of whether an event has occurred as described in clauses (c) and (d) above, the Committee may in its sole discretion at any time determine that all or part of the restrictions on all or a portion of the Award shall lapse as of such date as the Committee may, in its sole discretion, declare. (f) If an Award is accelerated under clause (c) or (d) above, the Committee may, in its sole discretion, provide (i) that the Award will be settled in cash rather than Stock, (ii) that the Award will be assumed by another party to the transaction giving rise to the acceleration or otherwise be equitably converted in connection with such transaction, or (iii) any combination of the foregoing.