2. Options and Stock The Parties agree that for purposes of determining the number of shares of the Company’s common stock that Employee is entitled to purchase from the Company, pursuant to the exercise of outstanding options, Employee will be considered to have vested only up to the Termination Date, plus the acceleration of shares as set forth in the Severance section of the Offer Letter and subject to the following sentence. Employee acknowledges that as of the Termination Date, Employee will have vested in the options listed on the attached Exhibit A and no more, but may be eligible to continue vesting in such stock options pursuant to the terms of the applicable Stock Option Agreements under which such stock options were granted. The exercise of Employee’s vested options and shares shall continue to be governed by the terms and conditions of the Company’s Stock Agreements. Further, the Parties agree that for purposes of determining the number of shares of the Company’s common stock in which Employee has vested pursuant to the Founder’s Grant, Employee will be considered to have vested only up to the Termination Date, subject to the following sentence. Employee acknowledges that as of the Termination Date, plus the acceleration of shares as set forth in the Severance section of the Offer Letter, Employee will have vested in the number of shares subject to the Founder’s Grant as listed on the attached Exhibit A and no more, but may be eligible to continue vesting in shares subject to the Founder’s Grant pursuant to the terms of the Offer Letter and/or the Founder’s Grant Agreement.
3. Benefits. Employee’s health insurance benefits shall cease on the last day of the month in which the Termination Date occurs, subject to Employee’s right to continue Employee’s health insurance under COBRA. Employee’s participation in all benefits and incidents of employment, including, but not limited to, vesting in stock options (subject to Sections 1 and 2 of this Agreement), and the accrual of bonuses (subject to Section 1 of this Agreement), vacation, and paid time off, ceased as of the Termination Date.
4. Payment of Salary and Receipt of All Benefits. The Company is obligated to pay all compensation due to Employee pursuant to the Offer Letter through the Termination Date. Once those payments are made, Employee acknowledges and represents that, other than the payments, benefits and vesting contemplated by this Agreement, the Company and its agents have paid or provided all salary, wages, bonuses, accrued vacation/paid time off, notice periods, premiums, leaves, housing allowances, relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, vesting, and any and all other benefits and compensation due to Employee.
5. Release of Claims. Employee agrees that the foregoing consideration represents settlement in full of all outstanding obligations owed to Employee by the Company and its current and former officers, directors, employees, agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees, divisions, and subsidiaries, and predecessor and successor corporations and assigns (including, but not limited to, the Company’s professional employer organization, if applicable) (collectively, the “Releasees”). Employee, on Employee’s own behalf and on behalf of Employee’s respective heirs, family members, executors, agents, and assigns, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any
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