Common use of Acceleration of Exercisability Clause in Contracts

Acceleration of Exercisability. Notwithstanding any other provision of this Agreement establishing the earliest date upon which the Optionee may exercise his or her rights under this Option: (a) This Option shall become immediately exercisable in full as of the date upon which occurs any of the following: (i) The Company executes a definitive agreement to merge or consolidate with or into another corporation in which the Company is not the surviving corporation and the Common Stock is converted into or exchanged for stock or securities of any other corporation, cash, or any other thing of value; or (ii) The Company executes a definitive agreement to sell or otherwise dispose of substantially all its assets. (b) This Option shall become immediately exercisable in full upon the Optionee's termination of employment on account of retirement (as defined in the Plan).