Common use of Initial Exercisability Clause in Contracts

Initial Exercisability. Subject to Paragraph 7 below, the Option, to the extent that there has been no termination of the Optionee's employment and the Option has not otherwise expired or been forfeited, shall first become exercisable as follows: For the Period Ending Percent of the Grant --------------------- -------------------- Exercisable ----------- First Anniversary of the date of Grant 25% Second Anniversary of the date of Grant 50% Third Anniversary of the date of Grant 75% Fourth Anniversary of the date of Grant 100%

Initial Exercisability. Subject to Paragraph 7 below, the Option, to the extent that there has been no termination of the Optionee's employment and the Option has not otherwise expired or been forfeited, shall first become exercisable as follows: For the Period Ending period ending Percent of the Grant --------------------- -------------------- Exercisable ----------- First Anniversary of the date of Grant Effective Date 25% Second Anniversary of the date of Grant 50Effective Date 25% Third Anniversary of the date of Grant 75Effective Date 25% Fourth Anniversary of the date of Grant 100Effective Date 25%