Vesting and Exercisability of Option. The Option shall become vested and exercisable on the following dates, if the Grantee is employed by, or providing service to, the Employer (as defined in the Plan) on the applicable vesting date (each, a “Vesting Date”): Twenty five percent (25%) on with the balance vesting in twelve equal quarterly installments thereafter, so that each option is 100% vested on the fourth anniversary of the Date of Grant. The vesting and exercisability of the Option is cumulative, but shall not exceed 100% of the Shares subject to the Option. If the foregoing schedule would produce fractional Shares, the number of Shares for which the Option becomes vested and exercisable shall be rounded down to the nearest whole Share.
Appears in 5 contracts
Samples: Nonqualified Stock Option Grant (Zynerba Pharmaceuticals, Inc.), Nonqualified Stock Option Grant (Zynerba Pharmeceuticals, Inc.), Incentive Stock Option Grant (Zynerba Pharmeceuticals, Inc.)
