Common use of Certain Options Clause in Contracts

Certain Options. All options to purchase Company Common Stock issued to the Executive pursuant to Section 1.7 of the Merger Agreement in respect of GlobespanVirata Stock Options (as defined in the Merger Agreement) held by the Executive at the Effective Time that were issued under the Specified GlobespanVirata Option Plans will provide that if the Executive is involuntarily terminated (as defined in the applicable Specified GlobespanVirata Option Plan as in effect on the date hereof) within 24 months after the Effective Time, then such options to purchase Company Common Stock shall automatically accelerate and become fully exercisable upon such termination for a period of 12 months following such involuntary termination. For purposes of this Section 8(e), Specified GlobespanVirata Option Plans means the GlobespanVirata 1999 Equity Incentive Plan and the GlobespanVirata 1999 Supplemental Stock Option Plan.

Appears in 2 contracts

Sources: Employment Agreement (Conexant Systems Inc), Employment Agreement (Conexant Systems Inc)