Common use of Vesting and Exercisability of Option Clause in Contracts

Vesting and Exercisability of Option. The Option shall become vested and exercisable in accordance with the following vesting schedule if the Grantee is employed by, or providing service to, the Employer (as defined in the Plan) on the applicable vesting date: Twenty five percent (25%) upon the closing of the sale of shares of the Company’s common stock to the public in a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended (an “IPO”), with the balance vesting in twelve equal quarterly installments thereafter. The vesting and exercisability of the Option is cumulative, but shall not exceed 100% of the Shares subject to the Option. If the foregoing schedule would produce fractional Shares, the number of Shares for which the Option becomes vested and exercisable shall be rounded down to the nearest whole Share.

Vesting and Exercisability of Option. The Option shall become vested and exercisable in accordance with the following vesting schedule if the Grantee is employed by, or providing service to, the Employer (as defined in the Plan) on the applicable vesting date: Twenty five percent (25%) upon the closing of the sale of shares of the Company’s common stock to the public in a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended (an “IPO”), with the (he balance vesting in twelve equal quarterly installments thereafter. The vesting and exercisability of the Option is cumulative, but shall not exceed 100% of the Shares subject to the Option. If the foregoing schedule would produce fractional Shares, the number of Shares for which the Option becomes vested and exercisable shall be rounded down to the nearest whole Share.