Common use of Vesting of Benefits Clause in Contracts

Vesting of Benefits. If the Executive's employment terminates as a result of Involuntary Termination other than Cause, Disability, or death within twelve (12) months of a Change-in-Control or, prior thereto, if resulting from a Change-in-Control, then any unvested benefits on the date of termination, including stock options, restricted stock, stock appreciation rights, growth units, or other incentive compensation (other than target bonus), shall immediately accelerate and become fully vested and exercisable. The Executive shall thereupon have fully vested rights to such benefits in accordance with the terms of applicable plan or agreement.

Appears in 2 contracts

Samples: Employment Agreement (Cross Z International Inc), Employment Agreement (Cross Z International Inc)

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Vesting of Benefits. If the Executive's employment terminates as a result of Involuntary Termination other than Cause, Disability, or death within twelve (12) months of a Change-in-in- Control or, prior thereto, if resulting from a Change-in-Control, then than any unvested benefits on the date of termination, including stock options, restricted stock, stock appreciation rights, growth units, or other incentive compensation (other than target bonus), shall immediately accelerate and become fully vested and exercisable. The Executive shall thereupon have fully vested rights to such benefits in accordance with the terms of applicable plan or agreement. In the event that the Executive has exercisable rights, such as stock options, such rights shall remain exercisable for a period of twelve (12) months following such termination, subject to any option or exercise term under an applicable plan.

Appears in 1 contract

Samples: Employment Agreement (Cross Z International Inc)

Vesting of Benefits. If the Executive's employment terminates as a result of Involuntary Termination other than Cause, Disability, or death within twelve (12) months of a Change-in-Control or, prior thereto, if resulting from a Change-in-Control, then any unvested benefits on the date of termination, including stock options, restricted stock, stock appreciation rights, growth units, or other incentive compensation (other than target bonus), shall immediately accelerate and become fully vested and exercisable. The Executive shall thereupon have fully vested rights to such benefits in accordance with the terms of applicable plan or agreement. In the event that the Executive has exercisable rights, such as stock options, such rights shall remain exercisable for a period of twelve (12) months following such termination, subject to any option or exercise term under an applicable plan.

Appears in 1 contract

Samples: Employment Agreement (Cross Z International Inc)

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Vesting of Benefits. If the Executive's employment terminates as a result of Involuntary Termination other than Cause, Disability, or death within twelve (12) months of a Change-inof-Control or, prior thereto, if resulting from a Change-inof-Control, then any unvested benefits on the date of termination, including stock options, restricted stock, stock appreciation rights, growth units, or other incentive compensation (other than target bonus)compensation, shall immediately accelerate and one hundred percent (100%) of such unvested benefits shall become fully vested and exercisable. The Executive shall thereupon have fully vested rights to such benefits in accordance with the terms of the applicable plan or agreement.

Appears in 1 contract

Samples: Employment Agreement (Cross Z International Inc)

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