Common use of Vesting of Initial Options Clause in Contracts

Vesting of Initial Options. (1) Twenty-five percent (25%) of the Full Price Options shall be fully vested and immediately exercisable, in whole or in part, on May 5, 1999, and an additional twenty-five (25%) of the Full Price Options shall become fully vested and immediately exercisable, in whole or in part, as of May 5 of each of 2000, 2001 and 2002; provided, that the Executive remains employed by the Company on such dates. (2) Fifty percent (50%) of the Discounted Options shall vest at the same rate that compensation is earned by the Executive and retained by the Company in accordance with Section 3.5(i) ("Earned Discounted Options"); provided, that no vesting shall occur prior to May 22, 2000 but shall occur on May 22, 2000 and thereafter; and provided, further, that the Executive remains employed by the Company on such dates. The remaining fifty percent (50%) of the Discounted Options shall vest on January 31, 2003 ("Matching Discounted Options"); provided, that the Executive remains employed by the Company on such date.

Appears in 2 contracts

Sources: Employment Agreement (Questrom Allen), Employment Agreement (Barneys New York Inc)