Common use of Initial Period of Exercisability Clause in Contracts

Initial Period of Exercisability. The Option shall become vested and become exercisable with respect to the Option Shares over 48 months with 25% of the Option Shares vesting and becoming exercisable at the first year anniversary of the Date of Grant and the balance vesting and becoming exercisable on a monthly basis at a rate of 1/36 per month for the remaining 36 months, for so long as the Optionee is employed by the Company or any Subsidiary of the Company as of the date of vesting[; provided, however, that if (a) a Change in Control (as defined in the Plan) occurs, and (b) the Optionee’s employment with the Company is terminated by the Company without Cause (as defined in Section 3.2(b)(ii) below) within one year after such Change in Control occurs, then, effective automatically and immediately upon the effectiveness of such termination of employment, the Option shall become vested and be exercisable as to all otherwise unvested Option Shares]. Note [text in bracket provided only on option agreements which include the double-trigger acceleration of vesting upon a change of control] The foregoing rights to exercise this Option shall be cumulative with respect to the Option Shares becoming exercisable on each such date, but in no event will this Option be exercisable after, and this Option shall become void and expire as to all unexercised Option Shares at, 5:00 p.m. Minneapolis, Minnesota time) on the day before the tenth anniversary of the Date of Grant (the “Time of Termination”).