Common use of When Exercisable Clause in Contracts

When Exercisable. 3.1 This Option shall vest in the Grantee, and become exercisable, as to twenty-five percent (25%) of the shares on the first anniversary of the date of the grant, and an additional twenty-five percent (25%) of the shares with respect to which the Option has been granted on and after each of the three (3) succeeding anniversaries of said date. Installments or portions vested and not exercised in earlier periods shall be accumulated and be available for exercise in later periods at the then applicable Exercise Price as follows: 3.1.1 up to twenty-five percent (25%) of the shares may be exercised on or after the first anniversary of the date of the grant, being at an Exercise Price of $ ; 3.1.2 up to fifty percent (50%) of the shares may be exercised on or after the second anniversary of the date of the grant, being at an Exercise Price of $ ; 3.1.3 up to seventy-five percent (75%) of the shares may be exercised on or after the second anniversary of the date of the grant, being at an Exercise Price of $ ; and 3.1.4 up to one hundred percent (100%) of the shares may be exercised on or after the second anniversary of the date of the grant, being at an Exercise Price of $ ; and, except as provided by Sections 3.6 and 6.3 hereof, the Grantee shall only be entitled to exercise this Option, in whole or in part, in the amounts, at the Exercise Price, set out above and from and after the dates so specified.

When Exercisable. 3.1 This Option shall vest in the Grantee, and become exercisable, as to twenty-five percent (25%) of the shares on the first anniversary of the date of the grant, and an additional twenty-five percent (25%) of the shares with respect to which the Option has been granted on and after each of the three (3) succeeding anniversaries of said date. Installments or portions vested and not exercised in earlier periods shall be accumulated and be available for exercise in later periods at the then applicable Exercise Price as follows: 3.1.1 up to twenty-five percent (25%) of the shares may be exercised on or after the first anniversary of the date of the grant, being at an Exercise Price of $ ; 3.1.2 up to fifty percent (50%) of the shares may be exercised on or after the second anniversary of the date of the grant, being at an Exercise Price of $ ; 3.1.3 up to seventy-five percent (75%) of the shares may be exercised on or after the second anniversary of the date of the grant, being at an Exercise Price of $ ; and 3.1.4 up to one hundred percent (100%) of the shares may be exercised on or after the second anniversary of the date of the grant, being at an Exercise Price of $ ; and, except as provided by Sections 3.6 and 6.3 hereof, the Grantee shall only be entitled to exercise this Option, in whole or in part, in the amounts, amounts and at the Exercise Price, Price set out above and from and after the dates so specified.

When Exercisable. 3.1 This Option shall vest in the Grantee, and become exercisable, as to twenty-five percent (25%) of the shares on the first anniversary of the date of the grant, and an additional twenty-five percent (25%) of the shares with respect to which the Option has been granted on and after each of the three (3) succeeding anniversaries of said date. Installments or portions vested and not exercised in earlier periods shall be accumulated and be available for exercise in later periods at the then applicable Exercise Price as follows:: 2 3.1.1 up to the first twenty-five percent (25%) of the shares to vest may be exercised on or after the first anniversary of the date of the grant, being - at an Exercise Price of $ $-; 3.1.2 up to fifty the second twenty-five percent (5025%) of the shares may be exercised on or after the second anniversary of the date of the grant, being - at an Exercise Price of $ $-; 3.1.3 up to seventythe third twenty-five percent (7525%) of the shares may be exercised on or after the second anniversary of the date of the grant, being - at an Exercise Price of $ $-; and 3.1.4 up to one hundred the last twenty-five percent (10025%) of the shares may be exercised on or after the second anniversary of the date of the grant, being - at an Exercise Price of $ $-; and, and, except as provided by Sections 3.6 and 6.3 hereof, the Grantee shall only be entitled to exercise this Option, in whole or in part, in the amounts, at the Exercise Price, set out above and from and after the dates so specified.