Common use of Stock Option Acceleration Clause in Contracts

Stock Option Acceleration. As of the Effective Date, and subject to compliance with applicable law and any stock option exercise limitation imposed by the Board, you will receive acceleration of vesting of twenty-five percent (25%) of your unvested stock options as of the Termination Date to purchase shares of VeriSign common stock for which the Fair Market Value is greater than the Exercise Price on the Termination Date. For the purposes of the Agreement, the term “Fair Market Value” means the closing price per share of VeriSign common stock on The Nasdaq Global Select Market. For the purpose of this Agreement, the term “Exercise Price” means the exercise price of the VeriSign stock options as specified in Exhibit A. The 25% of your unvested stock options that will be subject to accelerated vesting will be those options that have the lowest Exercise Price as set forth in Exhibit B attached hereto. Notwithstanding anything else stated in any applicable stock option plan, you may exercise your vested VeriSign, Inc. stock options for up to six (6) months following the Termination Date. As you know, VeriSign had imposed a stock option exercise suspension in connection with the Board’s review of VeriSign’s stock option grants. The Board subsequently passed a resolution extending the post termination exercise period of options to the 45th day after the stock option exercise suspension is lifted. Pursuant to the Board’s resolution, you will have at least forty-five (45) days after the suspension is lifted to choose to exercise your options. If your then