Common use of Acceleration of Stock Options Clause in Contracts

Acceleration of Stock Options. (i) Any options held by the Executive as of the date of a Change of Control which are not exercisable by their terms as of the date of such Change of Control shall become exercisable as follows, subject to the provisions of subsection (ii) below: 50% of such options shall become fully exercisable immediately prior to the Change of Control and 50% of such options shall become fully exercisable on the first anniversary date of the Change of Control (unless by their terms they become exercisable sooner). Such options shall remain exercisable until the date which is ninety-one days following the first anniversary of the Change of Control. (ii) If as of the date of or within 12 months following a Change of Control, the Executive is terminated without Cause or the Executive voluntarily terminates his Employment with the Company as the result of a Diminution of Job Responsibility or Relocation, all options held by the Executive as of the Termination Date and not exercisable by their terms as of such date shall become fully exercisable on the Termination Date and shall remain exercisable for 90 days thereafter. (iii) The Executive acknowledges that the accelerations herein provided may have the effect of converting Incentive Stock Options into non-qualified stock options.