Common use of Vesting of Stock Options Clause in Contracts

Vesting of Stock Options. This Agreement shall serve to memorialize the amendment approved by the Board of Directors of the Company on March 2, 1998 to any and all stock options held by Executive prior to such date (the "Options") to provide that (i) the Options may be exercised through the delivery of shares of Common Stock owned by Executive having a fair market value as of the date of such exercise equal to the cash exercise price of the Options being exercised, provided that such shares of Common Stock being so delivered have been owned by Executive for at least six (6) months prior to the date of such exercise, and (ii) upon the consummation of any transaction which constitutes a Change of Control (as such term is defined above), the Options shall become fully vested and immediately exercisable without regard to their vesting provisions. 6.2