What happens when VIX options expire in the money?

Related questions

1. What is the difference between an ETN and ETF?
2. What is long volatility?
3. Can I buy VIX directly?
4. What is an ETN stock?
5. Are VIX options American or European?
6. How is VIX calculated?
7. What is Vixy ETF?
8. Does Vxx have time decay?
9. Does VIX expire?
10. Can you trade options on the VIX?

Tags

1. #expiration
2. #expire
3. #exercise
4. #determined
5. #payout
6. #until
7. #options
8. #means
9. #between
10. #strike
11. #expiring
12. #quotation
13. #price
14. #difference
15. #money
16. #european