Common use of Initial Exercisability Clause in Contracts

Initial Exercisability. (a) Subject to Paragraph 5 below, the Option, to the extent that there has been no Termination of Service and the Option has not otherwise expired or been forfeited, shall first become exercisable as follows: __________ Shares [●] __________ Shares [●] __________ Shares [●] The Option shall become fully exercisable upon a Change in Control occurring prior to Termination of Service or Termination of Service by reason of death or Disability.

Initial Exercisability. (a) Subject to Paragraph 5 7 below, the Option, to the extent that there has been no Termination of Service and the Option has not otherwise expired or been forfeited, shall first become exercisable as follows: __________ Shares [●] __________ Shares [●] __________ Shares [●] The Option shall become fully exercisable upon a Change in Control occurring prior to Termination of Service or Termination of Service by reason of death or Disability.