Common use of IN OPTION Clause in Contracts

IN OPTION. The Option becomes vested as to twenty five percent (25%) of the shares purchasable pursuant to the Option on the first anniversary of the first day of the month subsequent to Optionee's commencement of employment (the "Anniversary Date"), if the Optionee has been providing services to the Company or any of its affiliates continuously from the Grant Date to the Anniversary Date. Thereafter, so long as the Optionee's service has not been interrupted, the Option becomes vested as to an additional 1/48th of the shares subject to the Option on the first day the next 36 succeeding months. Service for this purpose includes service as an employee, director, advisor or consultant providing bona fide services to the Company or any of its affiliates. Any vesting limitation may be rescinded, modified or waived by the Committee, in its sole discretion, at any time and from time to time after the Grant Date of the Option, so as to accelerate the time at which the Option would be vested. If the Optionee terminates employment or other relationship with the Company by reason of "permanent and total disability" (within the meaning of Section 22(e)(3) of the Code), the Option shall continue to vest for a period of one year after such termination of employment or service, subject to earlier termination of the Option as provided in Section 5.1