Common use of Immediate Vesting Clause in Contracts

Immediate Vesting. In consideration of the assistance provided by the Executive in anticipation of a Change in Control (as defined below), all outstanding Options, restricted stock awards, phantom stock and other equity-based awards previously granted to the Executive, if any, shall immediately vest upon a Change in Control, subject to the Board's discretion to require the cancellation of such equity interest in exchange for a cash payment.