Vesting Schedule Clause Example from Business Contracts

Vesting Schedule. This option will become exercisable ("vest") as to twenty-five percent (25%) of the original number of Shares on the first anniversary of the Vesting Commencement Date (as defined below) and six and one quarter percent (6.25%) of the original number of Shares will vest thereafter on the first day of each calendar quarter following such first anniversary for the subsequent twelve (12) calendar quarters (in each case, rounded down to the nearest whole share, except as to the last vesting period, w...ith respect to which all remaining Shares will vest). On the fourth anniversary of the Vesting Commencement Date, this option will be exercisable as to all Shares. For purposes of this Agreement, "Vesting Commencement Date" shall mean [ , 20 ]. The right of exercise shall be cumulative so that to the extent the option is not exercised in any period to the maximum extent permissible it shall continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the earlier of the Final Exercise Date or the termination of this option under Section 3 hereof or the Plan. View More