Common use of Exercise and Vesting Schedule Clause in Contracts

Exercise and Vesting Schedule. (a) This Option shall become exercisable in three cumulative annual installments, as follows: (i) one-third of the Option Shares shall become exercisable on the first anniversary of the Grant Date; (ii) an additional one-third of the Option Shares shall become exercisable on the second anniversary of the Grant Date; and (iii) the remaining one-third of the Option Shares shall become exercisable on the third anniversary of the Grant Date; provided, however, that the Optionee must be in continuous Employment from the Grant Date through the date of exercisability of each installment in order for the Option to become exercisable with respect to additional shares of Common Stock on such date. If the Employment of the Optionee is terminated for any reason, except as provided for in this Section 2 of this Award Agreement, any Option Shares that are not exercisable as of the date of such termination of Employment shall be forfeited to the Corporation.

Exercise and Vesting Schedule. (a) This Option shall become exercisable in three cumulative annual installments, as follows: (i) one-third of the Option Shares shall become exercisable on the first anniversary of the Grant Date; (ii) an additional one-third of the Option Shares shall become exercisable on the second anniversary of the Grant Date; and (iii) the remaining one-third of the Option Shares shall become exercisable on the third anniversary of the Grant Date; provided, however, that the Optionee must be in continuous Employment from the Grant Date through the date of exercisability of each installment in order for the Option to become exercisable with respect to additional shares of Common Stock on such date. If the Employment of the Optionee is terminated for any reason, except as provided for in this Section 2 of this Award Agreementreason other than death, any Option Shares that are not exercisable as of the date of such termination of Employment shall be forfeited to the Corporation. (b) This Option shall become fully exercisable, irrespective of the limitations set forth in subsection (a) above, upon termination of the Optionee’s Employment due to death.