Change of Control Termination Benefits. To the extent a Change-of-Control occurs during the term of this Agreement, the Executive, at his sole option, may deem such Change-of-Control to be a termination of his employment by the Employer without Cause. Consequently, he shall be entitled to receive the termination benefits referenced in Section 6(e) hereof. In addition, upon a Change-of-Control all unvested ISOs and Restricted Shares granted pursuant to this Agreement shall immediately vest. To the extent a Change-of-Control occurs during the third year of this Agreement, the Executive may deem such Change-of-Control to be a failure by the Employer to renew this Agreement, thereby enabling the Executive to receive the benefits referenced in Section 6(g) hereof in
Appears in 2 contracts
Sources: Employment Agreement (Commonwealth Biotechnologies Inc), Employment Agreement (Commonwealth Biotechnologies Inc)