Common use of Extended Exercise Period Clause in Contracts

Extended Exercise Period. As additional consideration, the Company will extend the period for you to be able to exercise your Vested Options from 90 days from the Separation Date to twenty four (24) months from the Separation Date (the “Extended Exercise Period”) provided that, and notwithstanding the foregoing, in the event of a change of control/sale event under the Equity Documents, the Extended Exercise Period may be shortened consistent with the provisions of the Equity Documents. You acknowledge that to the extent any such vested stock options are intended to be an “incentive stock option,” such options may no longer qualify as “incentive stock options” under the Internal Revenue Code of 1986, as amended, but instead may convert to a nonqualified stock option, consistent with applicable law. You should consult with your own tax professional if you have any questions regarding the tax treatment of your stock options. If you do not wish to take part in the Extended Exercise Period as part of the Severance Opportunity, you must notify the CEO in writing no later than the Separation Date.

Extended Exercise Period. As additional consideration, the Company will extend the period for you to be able to exercise your Vested Options from 90 days from the Separation Date to twenty four twelve (2412) months from the Separation Date (the “Extended Exercise Period”) provided that, and notwithstanding the foregoing, in the event of a change of control/sale event under the Equity Documents, the Extended Exercise Period may be shortened consistent with the provisions of the ▇▇▇ ▇▇▇▇▇▇▇▇ Equity Documents. You acknowledge that to the extent any such vested stock options are intended to be an “incentive stock option,” such options may no longer qualify as “incentive stock options” under the Internal Revenue Code of 1986, as amended, but instead may convert to a nonqualified stock option, consistent with applicable law. You should consult with your own tax professional if you have any questions regarding the tax treatment of your stock options. If you do not wish to take part in the Extended Exercise Period as part of the Severance Opportunity, you must notify the CEO in writing no later than the Separation Date.