Double Trigger Vesting Acceleration Sample Clauses
Double Trigger Vesting Acceleration is a contractual provision that accelerates the vesting of equity awards when two specific events occur: typically, a change in company control (such as a merger or acquisition) and the subsequent termination of the employee without cause or a significant change in their job role. For example, if a company is acquired and an employee is then laid off or demoted, their unvested stock options or shares may immediately vest. This clause primarily protects employees by ensuring they are not deprived of their earned equity due to circumstances beyond their control during major corporate transitions.
Double Trigger Vesting Acceleration. Pursuant to Section 8(f) of the Employment Agreement, if a Change of Control (as defined in the Employment Agreement) occurs within three (3) months after the Separation Date, all Equity Awards shall vest in full, and, unless otherwise provided in the applicable Award Agreement governing such Equity Award, the performance criteria for any performance-based Equity Award shall be deemed to be satisfied at not less than the target level or such higher level as may be determined by the Plan, such Award Agreement, or the agreement governing the Change of Control (the “Double-Trigger Vesting Acceleration”).
Double Trigger Vesting Acceleration. Section 2.3 of the Employment Agreement is hereby amended to read as follows: