Common use of Release Dates Clause in Contracts

Release Dates. One-third of the Shares (or 666,667) shall be released from the Repurchase Option upon execution of this Agreement. Thereafter, an additional one-third of the Shares (or 666,667) shares shall be released from the Repurchase Option on the last day of the first anniversary of Purchaser's employment with the Company. Thereafter, the remaining one-third of the Shares (or 666,666 shares) shall be released from the Repurchase Option at the end of the next successive twelve (12) month period. Notwithstanding the foregoing, the Shares shall immediately be released from the Repurchase Option upon the occurrence of certain events as described in Section 2(b) of the Option Agreement. Shares subject to the Repurchase Option are referred to herein as "Unvested Shares," and Shares which have been released from the Repurchase Option are referred to herein as "Vested Shares."

Release Dates. One-third of the Shares (or 666,667) shall be released from the Repurchase Option upon execution of this Agreement. Thereafter, an additional one-third of the Shares (or 666,667) shares shall be released from the Repurchase Option on the last day of the first anniversary of Purchaser's employment with the Company. Thereafter, the remaining one-third of the Shares (or 666,666 shares) shall be released from the Repurchase Option at the end of the next successive twelve (12) month period. Notwithstanding the foregoing, the Shares shall immediately be released from the Repurchase Option upon the occurrence of certain events as described in Section 2(b) of the Option AgreementAgreement and upon the occurrence of a Change of Control pursuant to Section 6(a)(ix) of the Employment Agreement between the Company and the Executive dated April 18, 1997. Shares subject to the Repurchase Option are referred to herein as "Unvested Shares," and Shares which have been released from the Repurchase Option are referred to herein as "Vested Shares."