Common use of Vesting of the Option Clause in Contracts

Vesting of the Option. Subject to Section 6 hereof, the Option may be exercised at any time or from time to time during the Option Period, as to any part or all of the shares covered thereby in accordance with the following vesting schedule: (a) twenty five percent (25%) of the Option may be exercised at any time on or after the first anniversary of the Effective Date; (b) fifty percent (50%) of the Option may be exercised at any time on or after the second anniversary of the Effective Date; (c) seventy five percent (75%) of the Option may be exercised at any time on or after the third anniversary of the Effective Date; and (d) one hundred percent (100%) of the Option may be exercised at any time on or after the fourth anniversary of the Effective Date.