Common use of TERM AND EXERCISE OF OPTIONS Clause in Contracts

TERM AND EXERCISE OF OPTIONS. The Options shall remain ---------------------------- outstanding (subject to the vesting and exercisability provisions provided herein) for a period of ten (10) years beginning on the Date of Grant (the "Option Term"). Twenty percent (20.0%) of the Options shall vest on the Date of Grant and an additional twenty percent (20.0%) shall vest on each of the first, second, third and fourth anniversaries of the Date of Grant, so long as the Employee remains continually employed by the Company from the effective date of this Agreement through such date of vesting.