Common use of Vesting Schedule and Expiration Clause in Contracts

Vesting Schedule and Expiration. This Option is not exercisable in any part until one year after the date of the grant. Upon the expiration of one year after the grant and subject to the provisions for termination and acceleration herein, this Option shall become exercisable in installments as follows: These Options may not in the aggregate be exercised as to more than 50% of the total number of share of Common Stock optioned and 50% of the total number of shares of "B" Stock optioned until one year after the date of grant. Upon the expiration of two years after the date of grant this Option may be exercised as to all optioned shares for which it had not previously been exercised, until and including the expiration date of this Option where upon the Option shall expire and may thereafter no longer be exercised.