Common use of Performance-Based Equity Awards Clause in Contracts

Performance-Based Equity Awards. To the extent any of the performance goals applicable to Executive’s options to purchase shares of Company common stock granted on September 25, 2014, February 5, 2015, and February 26, 2016 (collectively, the “Performance-Based Option”) are achieved prior to the Completion Date, the Performance-Based Option shall immediately vest in respect of that number of shares of Company common stock that correlates with such performance goal achievement, and Executive shall have until the three-month anniversary of the date Executive ceases to provide services under the Consulting Agreement to exercise the Performance-Based Option in respect of such shares. Any portion of the Performance-Based Option that remains unvested as of the Completion Date shall thereupon terminate. Any portion of the Performance-Based Option that vests and remains unexercised on the three-month anniversary of the Completion Date shall thereupon terminate.

Appears in 1 contract

Sources: Transition and Separation Agreement (Achaogen Inc)

Performance-Based Equity Awards. To the extent any of the performance goals applicable to Executive’s options option to purchase shares of Company common stock granted on September 25March 11, 2014, February 5, 2015, and February 26, 2016 2014 (collectively, the “Performance-Based Option”) are achieved prior to the Completion nine-month anniversary of the Retirement Date, the Performance-Based Option shall immediately vest in respect of that number of shares of Company common stock that correlates with such performance goal achievement, and Executive shall have until the three-month anniversary of the date Executive ceases to provide services under the Consulting Agreement of such achievement to exercise the Performance-Based Option in respect of such shares. Any portion of the Performance-Based Option that remains unvested as of the Completion nine-month anniversary of the Retirement Date shall thereupon terminate. Any portion of the Performance-Based Option that vests and remains unexercised on the three-month anniversary of the Completion Date applicable vesting date shall thereupon terminate.

Appears in 1 contract

Sources: Separation Agreement (Achaogen Inc)