Common use of Partial Vesting Clause in Contracts

Partial Vesting. In the event that the Grantee’s employment with the Company or any affiliate terminates due to Retirement (as hereinafter defined) prior to the date on which the Option would have become fully vested pursuant to the vesting schedule set forth in G. above: (i) the Option will become partially vested on the date on which the Option would become fully vested pursuant to the vesting schedule set forth in G. above without regard to termination of the Grantee’s employment prior to such date (the “Partial Vesting Date”), with the vested percentage determined by the ratio that the period from the Grant Date to the date of Retirement bears to the period from the Grant Date to the Partial Vesting Date; (ii) on the date of Retirement, the portion of the Option that will not become vested pursuant to this section H. will immediately expire and terminate; and (iii) the portion of the Option that becomes vested pursuant to this section H. will expire, terminate and become unexercisable on the first anniversary of the Partial Vesting Date.