Common use of Vesting Schedule and Expiration Clause in Contracts

Vesting Schedule and Expiration. This Option is not exercisable in any part until one year after the date of grant. Upon the expiration of one year after the date of grant and subject to the provisions for termination and acceleration herein, this Option shall become exercisable in installments as follows: This Option may not in the aggregate be exercised as to more than 25% of the total number of shares optioned until one year after the date of grant; nor as to more than 75% of the total number of shares optioned until two years after the date of grant; in each case to the nearest whole share. Upon the expiration of three years after the date of grant this Option may be exercised as to all optioned shares for which it had not previously been exercised, until and including the expiration date of this Option wherein upon the Option shall expire and may thereafter no longer be exercised.