R
rlwoodward
Guest
new hampshire law:help clarify the following language in my incentive stock option plan: 1. "unless sooner vested in accordance with clause (II)below, this option shall not be vested to any extent prior to the fourth anniversary of the date of grant and shall be one hundred percent (100%) vested and excercisable starting with the fourth anniversary of the date of grant.
(II) notwithstanding clause (I)above, if there shall have occurred, prior to the fourth anniversary of the date of grant, a distribution by Widget inc, to its shareholders of the stock of the company owned by Widget (a spinoff) this option shall be vested and excercisable (A) starting with the date immediately following the date of the Spin-off, as to that portion of this option that is then provisionally vested, and (B) as to any remaining portion of this option, starting with the date such portion provisonally vests".
If I am right what they are saying is that, if I quit or get laid off any time prior to 4 years I lose all stock options, is this correct?
(II) notwithstanding clause (I)above, if there shall have occurred, prior to the fourth anniversary of the date of grant, a distribution by Widget inc, to its shareholders of the stock of the company owned by Widget (a spinoff) this option shall be vested and excercisable (A) starting with the date immediately following the date of the Spin-off, as to that portion of this option that is then provisionally vested, and (B) as to any remaining portion of this option, starting with the date such portion provisonally vests".
If I am right what they are saying is that, if I quit or get laid off any time prior to 4 years I lose all stock options, is this correct?