Vesting Schedule Clause Example from Business Contracts

Vesting Schedule. The Option granted pursuant to this Award will vest according to the following schedule, provided, however, that, except as otherwise provided in Section 12.02 of the Plan or in this Award Agreement, you must be employed by the Company or a Subsidiary on each vesting date for that portion of the Option to vest. If you separate from service due to Disability (as defined below), death, or your retirement (with Committee approval) prior to any Vesting Date, any unvested portion of the Option shall ...become fully and immediately exercisable. For purposes of this Award Agreement, "Disability" shall mean "permanent and total disability" as defined in Section 22 (e)(3) of the Code. Number of Shares of Common Stock Vesting Date 25% of the total number of shares May 29, 2020 25% of the total number of shares May 29, 2021 25% of the total number of shares May 29, 2022 25% of the total number of shares May 29, 2023 3. Time of Exercise; Exercise Limitation. Vested Options may be exercised (in the manner provided in paragraph 4 hereof) in whole or in part, from time to time after the Vesting Date, subject to the following limitations: (a) Because you are an executive officer of the Company subject to the reporting requirements of Section 16 of the Securities Exchange Act of 1934, the Option may not be exercised by you within six (6) months after the Grant Date; and (b) The Option may only be exercised, at any one time, exclusively in multiples of twenty‐five (25) shares with a one hundred (100) share exercise minimum, except for the purchase of all shares then remaining subject to these options. View More