Common use of Acceleration of Options Clause in Contracts

Acceleration of Options. If a Termination on a Change in Control occurs, ----------------------- all stock option agreements will be amended to provide that the stock options held by the Officer immediately before the termination will become fully vested and exerciseable, even if the vesting conditions set forth in the underlying stock option agreements have not been satisfied in full, and will remain exerciseable for a period of 12 months after the Termination on a Change in Control and for a period of 24 months if the termination results from the Officer's Disability, but in no event longer than the original term of the option.

Appears in 6 contracts

Samples: Severance Agreement (Objective Systems Integrators Inc), Severance Agreement (Objective Systems Integrators Inc), Severance Agreement (Objective Systems Integrators Inc)

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