Common use of Stock Option Acceleration Clause in Contracts

Stock Option Acceleration. If a Change in Control occurs and the Successor assumes or replaces the stock options or stock awards granted under any Benefit Plan then held by the Covered Employee (which have not otherwise been accelerated) and the Covered Employee continues to be employed by the Company after the Change of Control, then all such stock options or stock awards which are unvested or restricted shall vest and be immediately exercisable in full, or become unrestricted, as the case may be, as of the Date of Termination and, notwithstanding the provisions of any Benefit Plan, all options held by the Covered Employee shall remain exercisable until one year after the Covered Employee’s Date of Termination but in no event after the expiration date of any stock option.