Partial Acceleration. Upon the Change in Control, the vesting of your right to exercise each Emulex Option (as defined below) and the vesting of any shares of Restricted Stock held by you as of the Change in Control based on the length of your continued employment following the grant of such Emulex Option or Restricted Stock will be accelerated by one year so that your right to exercise such Emulex Option or to vest in shares of Restricted Stock after the Change in Control will be determined as if such Emulex Option or Restricted Stock had been granted to you one year before the actual date of grant of such equity award; provided, however, that the term and expiration date of, and any other restrictions on your right to exercise, such Emulex Option or Restricted Stock shall not be affected by the Change in Control; provided further, however, that, if the agreement evidencing such Emulex Option or Restricted Stock shall provide for acceleration of vesting of your right to exercise such Emulex Option or vest in such Restricted Stock upon a Change in Control which is more favorable to you than the foregoing provisions of this Section 2.1, the acceleration provisions of your Emulex Option or Restricted Stock agreement shall apply and this Section 2.1 shall be disregarded.
Appears in 3 contracts
Sources: Key Employee Retention Agreement (Emulex Corp /De/), Key Employee Retention Agreement (Emulex Corp /De/), Key Employee Retention Agreement (Emulex Corp /De/)