Common use of Stock Options and Grants Clause in Contracts

Stock Options and Grants. Employer and Executive hereby acknowledge that, from time to time, Employer has issued and may in the future issue to Executive options to purchase shares of the capital stock of Employer, either pursuant to the LTIP’s, this Agreement, or otherwise (the “Options”). Employer and Executive hereby agree that if there is a Change in Control of Employer, then all of the Options and grants then issued and outstanding to Executive shall automatically and immediately become vested and exercisable (the “Vested Options”). The date on which the Change in Control occurs shall be the “Vesting Date.” Executive’s right to exercise the Vested Options shall expire as provided under the LTIP’s or in any applicable option or granting agreement (an “Option Agreement”) between Employer and Executive with respect to Vested Options governed by such Option Agreement.