Common use of Vesting and Expiration Clause in Contracts

Vesting and Expiration. The Stock Option shall not be exercisable during the one-year period following the Grant Date. Following the one-year period, the Stock Option shall vest in accordance with the following schedule: 25% on the first anniversary of the Grant Date; 25% on the second anniversary of the Grant Date; 25% on the third anniversary of the Grant Date; and 25% on the fourth anniversary of the Grant Date. To the extent that the Stock Option is not exercised when it vests, the Stock Option shall not expire but shall be carried forward and shall be exercisable at any time thereafter, provided, however, that the Stock Option shall expire on the sixth anniversary of the Grant Date or «EXPIRATION DATE».

Vesting and Expiration. The Stock Option and Stock Bonus Award shall not be exercisable during the one-year period following the Grant Date. Following the one-year period, the Stock Option and Stock Bonus Award shall vest in accordance with the following schedule: 25% on the first anniversary of the Grant Date; 25% on the second anniversary of the Grant Date; 25% on the third anniversary of the Grant Date; and 25% on the fourth anniversary of the Grant Date. To the extent that the Stock Option is not exercised when it vests, the Stock Option shall not expire but shall be carried forward and shall be exercisable at any time thereafter, provided, however, that the Stock Option shall expire on the sixth fifth anniversary of the Grant Date or «EXPIRATION DATE».