Common use of Vesting of Gross Up Options Clause in Contracts

Vesting of Gross Up Options. The Gross Up Options will vest as follows: a Ratable Portion (as defined below) of the Gross Up Options shall vest and first become exercisable on the later of the one year anniversary of the date of grant of the Options or the completion date of the IPO (the latter of the two dates referred to as the “Initial Vesting Date”), and the balance of the Gross Up Options shall vest in equal monthly installments, commencing on the one month anniversary of the Initial Vesting Date, over a number of months equal to 48 less the Variable Number (as defined below). The term “Ratable Portion” shall mean a portion of the Gross Up Options equal to the total number of Gross Up Options multiplied by the product of .25 times a fraction, the denominator of which is 12 and the numerator of which is the lesser of 12 and the Variable Number. The term “Variable Number” means number of 30-day periods, or portions therof, between the grant date of the Options and the Initial Vesting Date.

Vesting of Gross Up Options. The Gross Up Options will vest as follows: a Ratable Portion (as defined below) of the Gross Up Options shall vest and first become exercisable on the later of the one year anniversary of the date of grant of the Options or the completion date of the IPO (the latter of the two dates referred to as the “Initial Vesting Date”), and the balance of the Gross Up Options shall vest in equal monthly installments, commencing on the one month anniversary of the Initial Vesting Date, over a number of months equal to 48 less the Variable Number (as defined below). The term “Ratable Portion” shall mean a portion of the Gross Up Options equal to the total number of Gross Up Options multiplied by the product of .25 times a fraction, the denominator of which is 12 and the numerator of which is the lesser of 12 and the Variable Number. The term “Variable Number” means number of 30-day periods, or portions therofthereof, between the grant date of the Options and the Initial Vesting Date.