Common use of Additional Accelerated Vesting Clause in Contracts

Additional Accelerated Vesting. In the event the Company is subject to a "Change of Control," any part of the Option granted hereunder which has not already been exercised, shall be exercisable and shall be immediately one hundred percent (100%) vested without regard to the periods and installments of exercisability specified in Section 5, if and only if such Option has not at that time expired or been terminated, in accordance with Section 7 or otherwise, in which case, any unexercised portion shall be deemed cancelled as of the effective date of such Change of Control. For the purposes of this Section, "Change of Control" shall mean: (i) the acquisition by a single entity (or group of affiliated entities) that is not directly or indirectly controlled by the existing shareholders, of more than 50% of the Common Stock issued and outstanding immediately prior to such acquisition; or (ii) the dissolution or liquidation of the Company or the consummation of any merger or consolidation of the Company or any sale or other disposition of all or substantially all of its assets, if the shareholders of the Company immediately before such transaction own directly or indirectly, immediately after consummation of such transaction, equity securities (other than options and other rights to acquire equity securities) possessing less than 50% of the voting power of the surviving or acquiring corporation.

Additional Accelerated Vesting. In the event the Company is subject to a "Change of Control," any part of the Option granted hereunder which has not already been exercised, shall be exercisable and shall be immediately one hundred percent (100%) vested without regard to the periods and installments of exercisability specified in Section 53 hereof, if and only if such Option has not at that time expired or been terminated, in accordance with Section 7 8 or otherwise, in which case, any unexercised portion shall be deemed cancelled as of the effective date of such Change of Control. For the purposes of this Section, "Change of Control" shall mean: (i) the acquisition by a single entity (or group of affiliated entities) that is not directly or indirectly controlled by the existing shareholders, of more than 5075% of the Common Stock issued and outstanding immediately prior to such acquisition; or (ii) the dissolution or liquidation of the Company or the consummation of any merger or consolidation of the Company or any sale or other disposition of all or substantially all of its assets, if the shareholders of the Company immediately before such transaction own directly or indirectly, immediately after consummation of such transaction, equity securities (other than options and other rights to acquire equity securities) possessing less than 5075% of the voting power of the surviving or acquiring corporation.