Waiving Player + Player options?

[NetsForce]

Sorry this is a dumb quick question, how does waiving a player who still has a player option on their contract work?

Example:

Player 1

2009 Salary: $5,000,000
2010 Salary: $5,500,000 (player option)

At the end of the 2009 season Player 1 is waived, does that mean Player 1 can no longer exercise his player option and his team has essentially gotten away from paying that salary (assuming Player 1 was going to exercise that option)?

[LarryCoon]

All contracts now contain a clause that specifies what happens in this event -- whether the player has the ability to exercise the option (and extend the contract), or does not.

[Dunkenstein]

Further to what Larry just said, a majority of agents make sure that their player doesn't lose his option to extend his contract even if he is waived prior to the option date.

[NetsForce]

Thanks bros. I can always count on you guys to answer my questions, I really do appreciate it