Common use of Employee and Director Stock Options Clause in Contracts

Employee and Director Stock Options. In accordance with the terms of the Company's 1993 Equity Incentive Plan, 1994 Equity Incentive Plan, 1995 Equity Incentive Plan and Acquisition Stock Plan (the "Stock Option Plans"), each outstanding option to purchase Shares granted under the Stock Option Plans shall, immediately prior to the Effective Time, become exercisable regardless of the vesting schedule contained in any stock option agreement or in any of the Stock Option Plans. Each outstanding option to purchase Shares granted under the Stock Option Plans or otherwise shall be cancelled at the Effective Time. In the event that any unexercised option is cancelled by the Company, each holder of a cancelled option shall be entitled to receive, at the Effective Time or as soon as practicable thereafter, from