Common use of Dates of Exercise Clause in Contracts

Dates of Exercise. The option will become exercisable with respect to the Option Shares covered by the option according to the following four year exercisability schedule, provided that the Grantee is employed by the Company on the applicable dates: Date Option Shares Becoming Exercisable 1st anniversary of Grant Date 25 % 2nd anniversary of Grant Date 25 % 3rd anniversary of Grant Date 25 % 4th anniversary of Grant Date 25 % Exercisable installments may be exercised in whole or in part, and, to the extent not exercised, will accumulate and be exercisable at any time on or before the Expiration Date, unless the option terminates earlier in accordance with the terms of this Agreement or the Plan. The exercisability of the option is cumulative, but shall not exceed 100% of the Option Shares. If the foregoing schedule would produce fractional Option Shares, the number of Option Shares for which the option becomes exercisable shall be rounded down to the nearest whole Option Share.