Common use of Outstanding Options Clause in Contracts

Outstanding Options. Employee agrees that any existing stock options that he holds immediately prior to the date hereof and which are not vested and exercisable immediately prior to a Change of Control, shall, notwithstanding Section 14(d) of the LTIP, only become automatically vested and exercisable in the event of a Change of Control (as defined in the LTIP) if the per share exercise price of such options is less than the then fair market value (as defined in the LTIP) of a share of Alamosa common stock.

Outstanding Options. Employee agrees that any existing stock options that he SHE holds immediately prior to the date hereof and which are not vested and exercisable immediately prior to a Change of Control, shall, notwithstanding Section 14(d) of the LTIP, only become automatically vested and exercisable in the event of a Change of Control (as defined in the LTIP) if the per share exercise price of such options is less than the then fair market value (as defined in the LTIP) of a share of Alamosa common stock.