Common use of Time-Vested Option Clause in Contracts

Time-Vested Option. As to 100,000 shares covered by the Stock Option (the “Time-Vested Option”), Executive shall become vested in and eligible to exercise the Option as to 25,000 shares on each of the first four anniversaries of the grant, provided Executive is employed on the applicable anniversary for such installment of the option to so vest. The Time-Vested Option shall be evidenced by a stock option agreement setting forth such other customary terms and conditions at the Company’s discretion.

Time-Vested Option. As to 100,000 shares covered by the Stock Option (the “Time-Vested Option”), Executive shall become vested in and eligible to exercise the Option as to 25,000 shares on each of the first four anniversaries of the grantEffective Date, provided Executive is employed on the applicable anniversary for such installment of the option to so vest. The Time-Vested Option shall be evidenced by a stock option agreement setting forth such other customary terms and conditions at the Company’s discretion.