Common use of Date of Exercise Clause in Contracts

Date of Exercise. (a) Subject to the limitations of the Option Terms, the Option shall become exercisable with respect to one-fourth (1/4) of the Covered Shares on the one-year anniversary of the Grant Date (the "Initial Vesting Date") (but only if the Date of Termination has not occurred prior to the Initial Vesting Date). After the Initial Vesting Date, the Option shall become exercisable with respect to an additional one forth (1/4) of the Covered Shares at the anniversary of the Initial Vesting Date (but only if the Date of Termination has not occurred prior to such anniversary), until such time as this Option is fully exercisable. (b) The Option may be exercised on or after the Date of Termination only as to that portion of the Covered Shares for which it was exercisable (or became exercisable) immediately prior to such date.