Acceleration and Extension. Each outstanding equity award, including, without limitation, each stock option, restricted stock unit and restricted stock award, held by Executive shall automatically become vested and, if applicable, exercisable and any forfeiture restrictions or rights of repurchase thereon shall immediately lapse. In addition, the post-termination exercise period of each outstanding stock option shall be extended to provide that such stock option shall remain exercisable and outstanding until the earlier of (i) the first anniversary of Executive’s termination of employment or (ii) the original expiration date of such stock option. In all other respects the equity awards shall continue to be bound by and subject to the terms of their respective agreements.
Appears in 2 contracts
Sources: Change in Control and Severance Agreement (Micrel Inc), Change in Control and Severance Agreement (Micrel Inc)