Common use of Vesting and Exercise of Options Clause in Contracts

Vesting and Exercise of Options. Except as otherwise provided hereunder, the Option shall vest and be exercisable from time to time in accordance with the following schedule (purchases may be cumulative); provided, that as of each such date the Participant is still employed by or providing services to the Corporation or a Subsidiary: The Option shall not be exercisable until the completion of an initial public offering by the Corporation of its equity securities pursuant to an effective registration statement filed under the Act (as defined below) that occurs on or before December 31, 2010 (the “Vesting Event”). After the Vesting Event, the Option shall vest with respect to 1/16th of the shares subject to the Option when the Participant completes three months of continuous service as an employee, director or consultant of the Corporation or a Subsidiary following January 1, 2011. The Option shall vest with respect to an additional 1/16th of the shares subject to the Option when the Participant completes each three month period of continuous service as an employee, director or consultant of the Corporation or a Subsidiary thereafter. The Option may vest on an accelerated basis under Section 4(e) of this Agreement. In the event that the Vesting Event does not occur on or prior to December 31, 2010, then the Option shall expire in full on January 1, 2011.

Vesting and Exercise of Options. Except as otherwise provided hereunder, the Option shall vest and be exercisable from time to time in accordance with the following schedule (purchases may be cumulative); provided, that as of each such date the Participant is still employed by or providing services to the Corporation or a Subsidiary: The Option shall not be exercisable until the completion of an initial public offering by the Corporation of its equity securities pursuant to an effective registration statement filed under the Act (as defined below) that occurs on or before December 31, 2010 (the “Vesting Event”). After the Vesting Event, the Option shall vest with respect to 1/16th of the shares subject to the Option when the Participant completes three months of continuous service as an employee, director or consultant of the Corporation or a Subsidiary following January 1, 20112010. The Option shall vest with respect to an additional 1/16th of the shares subject to the Option when the Participant completes each three month period of continuous service as an employee, director or consultant of the Corporation or a Subsidiary thereafter. The Option may vest on an accelerated basis under Section 4(e) of this Agreement. In the event that the Vesting Event does not occur on or prior to December 31, 2010, then the Option shall expire in full on January 1, 2011.

Vesting and Exercise of Options. Except as otherwise provided hereunder, the Option shall vest and be exercisable from time to time in accordance with the following schedule (purchases may be cumulative); provided, that as of each such date the Participant is still employed by or providing services to the Corporation or a Subsidiary: The Option shall not be exercisable until the completion of an initial public offering by the Corporation of its equity securities pursuant to an effective registration statement filed under the Act (as defined below) that occurs on or before December 31, 2010 (the “Vesting Event”). After the Vesting Event, the Option shall vest with respect to 1/16th of the shares subject to the Option when the Participant completes three months of continuous service as an employee, director or consultant of the Corporation or a Subsidiary following January 1, 2011the Vesting Event. The Option shall vest with respect to an additional 1/16th of the shares subject to the Option when the Participant completes each three month period of continuous service as an employee, director or consultant of the Corporation or a Subsidiary thereafter. The Option may vest on an accelerated basis under Section 4(e) of this Agreement. In the event that the Vesting Event does not occur on or prior to December 31, 2010, then the Option shall expire in full on January 1, 2011.