This excerpt taken from the VRSN 10-Q filed Aug 9, 2007.
2. Vesting; Expiration Date.
2.1 Vesting of Option. This Option shall be exercisable as it vests. Subject to the terms and conditions of the Plan and this Agreement, this Option shall vest and become exercisable as to portions of the Shares as follows: (a) on the Date of Grant shown above, this Option shall be exercisable as to Three Thousand One Hundred Twenty-Five (3,125) of the Shares; and (b) provided that Optionee has continuously been a member of the Board since the Date of Grant, this Option shall become exercisable as to an additional 6.25% of the Shares on each quarterly anniversary after the Date of Grant. This Option shall cease to vest upon Optionee no longer being a member of the Board.
Directors Nonqualified Stock Option Agreement
2006 Equity Incentive Plan
2.2 Expiration. This Option shall expire on the Expiration Date set forth above and must be exercised, if at all, on or before the earlier of the Expiration Date or the date on which this Option is earlier terminated in accordance with the provisions of Section 3 hereof.
3. Termination of Option.
3.1 Termination for Any Reason Except Death, Disability. If Optionee ceases to be a member of the Board for any reason except Optionees death or Disability then this Option, to the extent (and only to the extent) that it is vested in accordance with the schedule set forth in Section 2.1 hereof on the termination date, may be exercised by Optionee no later than three (3) months after the termination date, but in any event no later than the Expiration Date.
3.2 Termination Because of Death or Disability. If Optionee ceases to be a member of the Board because of death or Disability of Optionee (or the Optionee dies within three (3) months after ceasing to be a member of the Board), then this Option, to the extent that it is vested in accordance with the schedule set forth in Section 2.1 hereof on the termination date, may be exercised by Optionee (or Optionees legal representative or authorized assignee) no later than twelve (12) months after the termination date, but in any event no later than the Expiration Date.