This sample policy outlines procedures for terminated employees to exercise vested options.

In this sample, terminated employees must exercise vested options within 30 days of their termination date or they will automatically be canceled. Unvested restricted stock is forfeited immediately upon termination. Sample procedures include: HR representative manually terminates the employee in client ERP system’s HR module or the local HR system; for U.S. employees, the client ERP system’s HR module updates client payroll system daily; weekly payroll sends IT the optionee file; and the optionee file includes all HR-related changes made in client ERP system’s HR module and client payroll system for that week.