Common use of Restricted Stock and Stock Options Clause in Contracts

Restricted Stock and Stock Options. All restrictions upon any Restricted Stock which may have been awarded to Executive shall expire and be removed, such Restricted Stock shall vest according to the schedule for vesting following the Termination Date and through the date of the final payment of Salary Continuation (unless otherwise expired or removed and vested pursuant to the terms of any Restricted Stock Award pursuant to the 1993 Omnibus Stock Plan or any Award Plan), and such stock shall be delivered to Executive. All Options granted to Executive prior to the Termination Date shall continue to vest, according to their schedule following the Termination Date and through the date of the final payment of Salary Continuation (unless otherwise previously vested pursuant to the 1993 Omnibus Stock Plan or any other Award Plan). No Stock Options or Restricted Stock will be granted to Executive after the Termination Date. In lieu of Company Shares issuable upon exercise of any vested, outstanding and unexercised Options granted to Executive, Executive may, at Executive's option, receive an amount in cash equal to the product of (i) the Fair Market Value of Company Shares on the Termination Date over the per share exercise price of each vested Option held by Executive, times (ii) the number of Company Shares covered by each such Option. In the event Executive does not elect to receive a cash payment for any vested, outstanding and unexercised Options granted to Executive, Executive shall have the right to otherwise exercise such Options in accordance with the terms and conditions provided in the 1993 Omnibus Stock Plan or any other applicable Award Plans.