NVIDIA 2015 Annual Report Download - page 70
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53
Employment, Severance and Change-in-Control Arrangements
Employment Agreements. Our executive officers are “at-will” employees and we do not have employment, severance
or change-in-control agreements with our executive officers.
Change-in-Control Arrangements. Our 1998 Plan provides that if we sell all or substantially all of our assets, or we
are involved in any merger or any consolidation in which we are not the surviving corporation, or if there is any other
change-in-control, all outstanding awards under the 1998 Plan held by all employees then providing services, including our
executive officers, will either (a) be assumed or substituted for by the surviving entity or (b) if not assumed or substituted,
the vesting and exercisability of the awards will accelerate in full and the awards will terminate if they are not exercised
prior to the closing of the change-in-control.
Our 2007 Plan provides that in the event of a corporate transaction or a change-in-control, outstanding stock awards
may be assumed, continued, or substituted by the surviving corporation. If the surviving corporation does not assume,
continue, or substitute such stock awards, then (a) with respect to any stock awards that are held by individuals performing
services for NVIDIA immediately prior to the effective time of the transaction, the vesting and exercisability provisions of
such stock awards will be accelerated in full and such stock awards will be terminated if not exercised prior to the effective
date of the corporate transaction or change-in-control, and (b) all other outstanding stock awards will be terminated if not
exercised on or prior to the effective date of the corporate transaction or change-in-control.