Common use of Option Vesting Schedule Clause in Contracts

Option Vesting Schedule. The Option shall be exercisable as follows: Number of Shares First Date of Exercise 6,000 June 1, 1999 6,000 June 1, 2000 6,000 June 1, 2001 6,000 June 1, 2002 6,000 June 1, 2003 The First Date of Exercise shall mean, with respect to each group of shares of Common Stock covered by the Option, the date on which the Option becomes exercisable with respect to such shares of Common Stock. Such shares may be purchased either in whole or in part at any time and from time to time on or after the First Date of Exercise and prior to the Expiration Date, as defined below. The Board of Directors of Holding ("Board"), or, if there is a Stock Option Committee ("Committee"), the Committee may accelerate the vesting of the Option, subject to the limitations contained in the Plan.