Common use of Vesting and Term of Option Clause in Contracts

Vesting and Term of Option. 2.2.1 Subject to the provisions of the Plan and the other provisions of this Agreement, this Option shall vest and become exercisable on the first anniversary of the Date of Grant (the “Vesting Date”) subject to the Grantee’s Continuous Status as an Employee, Director or Consultant through the Vesting Date. 2.2.2 The “Term” of this Option shall begin on the Date of ▇▇▇▇▇ set forth in the Grant Notice and end on the expiration of the Term specified in the Grant Notice. No portion of this Option may be exercised after the expiration of the Term. 2.2.3 In the event of termination of Optionee’s Continuous Status as an Employee, Director or Consultant for any reason (including death or Disability) other than Cause: 2.2.3.1 the portion of this Option that is not vested and exercisable as of the Termination Date shall not continue to vest and shall be immediately cancelled and terminated; and 2.2.3.2 the portion of this Option that is vested and exercisable as of the Termination Date shall terminate and be cancelled on the earlier of (a) the expiration of the Term and (b)(i) the one-year anniversary of the Termination Date if the Optionee has served as a Director for less than five years, (ii) the two-year anniversary of the Termination Date if the Optionee has served as a Director for at least five years but less than ten years, or (iii) the three-year anniversary of the Termination Date if the Optionee has served as a Director for at least ten years.