4. Stock. The Parties acknowledge and agree that as of the Effective Date, Employee (and his affiliated entities) holds 9,259,248 vested shares of the Companys common stock. Additionally, pursuant to the Employees early exercise on February 11, 2021 of the stock options granted to the Employee on February 24, 2019 (the 2019 Option) and May 5, 2020 (the 2020 Option, and with the 2019 Option, the Options), the Parties acknowledge and agree that, as of the Effective Date, Employee holds 23,426 unvested shares subject to the 2019 Option and 9,375 unvested shares subject to the 2020 Option (collectively, the Unvested Shares). Notwithstanding any term of the Companys 2011 Equity Incentive Plan (the Plan), the applicable stock option agreement or the Options, the parties hereby acknowledge and agree that (x) the Options and each underlying stock option agreement are hereby amended such that on the Effective Date an additional number of shares subject to the Options shall become vested equal to that number of shares that, absent Employees cessation of employment, were scheduled to become vested through April 1, 2021 and, further, that (y) the vesting provisions of the Options are hereby amended such that Employee shall cease vesting under the Options as of the Effective Date.
5. Benefits. Employees health insurance benefits shall cease on the last day of the calendar month in which the Separation Date occurs subject to Employees right to continue Employees health insurance under COBRA and/or Cal-COBRA. Provided that Employee timely elects continuation coverage, then the Company agrees to reimburse Employee, for COBRA or Cal-COBRA, as applicable, insurance continuation costs for nine (9) months after the Separation Date, less applicable withholding. Employees participation in all other benefits and incidents of employment shall cease as of the Separation Date.
6. Payment of Salary and Receipt of All Benefits. Employee acknowledges and represents that, other than (i) the consideration and other amounts described in this Agreement and (ii) his paycheck for the period during which this Agreement is executed, the Company has paid or provided all salary, wages, bonuses, flexible time off, leave, 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, in each case, through the date this Agreement is executed. Upon the Separation Date, Employee will receive payment of all then accrued but unpaid compensation and benefits. Prior to the Effective Date, Employee will submit all then unreimbursed business expenses that are properly reimbursable under the Companys standard policies for executives and Employee represents that other than those expenses submitted, Employee is not owed reimbursement for any other expenses incurred on behalf of the Company. Employee further acknowledges and represents that Employee has received any leave to which Employee was entitled or which Employee requested, if any, under the California Family Rights Act and/or the Family Medical Leave Act, or other similar laws and/or ordinances, and that Employee did not sustain any workplace injury, during Employees employment with the Company.
7. Mutual Release of Claims. Employee agrees that this was a negotiated agreement reached when both parties were represented by counsel, or had the opportunity to be represented by counsel, and with the amount to be paid to Employee and the terms of the Agreement being negotiated between the Parties and the Parties agreed and hereby agree that 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, divisions, and subsidiaries, and predecessor and successor corporations and assigns (collectively,