This excerpt taken from the VRSN DEF 14A filed Apr 10, 2006.
Non-Employee Director Awards
The 2006 Plan provides for discretionary awards (including stock options, restricted stock awards, restricted stock units, stock bonus awards, stock appreciation rights and performance shares) to non-employee directors as determined by the compensation committee. Discretionary awards to non-employee directors will vest and be exercisable as determined by the compensation committee.
In the event of a corporate transaction, such as a dissolution or liquidation, merger or sale of substantially all of VeriSigns assets, all awards granted to non-employee directors will become fully vested and exercisable.