In the fine print. All options vest upon closing of the merger.
So the Execs that drove ATTWS into the ground and forced it to be bought
out (and lose jobs for most of its employees) will be rewarded with tens
of millions of dollars thanks to Cingular bidding up the price to
$15/share.

"AT&T Wireless Chief Executive John Zeglis alone could make as much as
$15.3 million from exercising options he has been granted during the
past two years, according to filings. Including profits from stock
options, restricted stock, salary and bonus, Mr. Zeglis stands to make
more than $24 million when the deal closes.

Michael G. Keith, the company's president of mobility services, and
Andrew Dahan, president of the company's mobile-multimedia-services
business, each stand to earn as much as $7.2 million from exercising
options, half of which were granted at $6.84 apiece. All unvested
options would vest at the closing of the deal, according to an AT&T
Wireless spokesman. AT&T Wireless also granted options to middle
managers and others. "

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ones/20040220/bs_dowjones/200402200154000119