This excerpt taken from the CNU DEF 14A filed Oct 28, 2005.
(e) Exercisability of Options.
(i)(a) Any Option shall become exercisable in such amounts, at such intervals and upon such terms as the
Committee or the Board shall provide in the Option Agreement for that Option, provided that in no event shall an Option be exercisable after the expiration of 10 years from the date of grant of the Option.
(ii)(b) Unless otherwise provided
in any Option Agreement, and subject to the Committees or the Boards right to exercise its discretion to provide a cancellation notice with respect to the Option pursuant to
Section 94(bf)(ii) hereof, each outstanding Option shall become immediately fully exercisable in the event of a Change in Control. For this purpose, the term Change in
Control shall mean: Approval by the shareholders of the Company of a reorganization, merger, consolidation or other form of corporate transaction or series of transactions, in each case, with respect to which persons who were the shareholders
of the Company immediately prior to such reorganization, merger or consolidation or other transaction do not, immediately thereafter, own more than 50% of the combined voting power entitled to vote generally in the election of directors of the
reorganized, merged or consolidated companys then outstanding voting securities, in substantially the same proportions as their ownership immediately prior to such reorganization, merger, consolidation or other transaction, or a liquidation or
dissolution of the Company or the sale of all or substantially all of the assets of the Company (unless such reorganization, merger, consolidation or other corporate transaction, liquidation, dissolution or sale is subsequently abandoned).
Committee or the Board may in its sole discretion, accelerate the date on which any Option may be exercised and may accelerate the vesting of any Shares subject to any Option or previously acquired by the exercise of any Option.