Though options generally have a lengthy exercise period to allow the holders to see if the shares are increasing in value, upon termination of the employment relationship or as the option nears expiration, the holder may have to make a quick investment decision.

FORBES: Stock Options: A Strategic Weapon For Growth

Thoroughly assess your situation, so that you can negotiate aspects of the termination that will have the most value for you.

CNN: Six ways to prepare for a layoff