Separate vested options from exercised shares

Use completed months and the actual anniversary

The example grants 480 options on 2026-01-31 and starts vesting on the same date. A 48-month monthly schedule earns 10 options per completed month, subject to a 12-month cliff. On 2027-01-30 the cliff has not passed: zero is vested. On 2027-01-31, 120 options vest.

The native rule clamps a month anniversary to the last day when that month is shorter. February has no 31st, so 2027-02-28 completes month 13 and 130 options are vested. There is no daily interpolation between those anniversaries.

Reconcile exercise separately

At 2027-02-28, exercise 100 of the 130 vested options at strike EUR 2. Gross vested remains 130; exercised is 100; remaining exercisable is 30; unvested is 350. Outstanding awards become 380 = 30 vested unexercised + 350 unvested.

Cash paid to the company in the Ownership analysis is 100 × EUR 2 = EUR 200. Opening outstanding shares are 1,000,000; exercise creates 100 shares, so closing outstanding shares are 1,000,100. With the remaining 380 dilutive awards, Fully Diluted remains 1,000,480 in this native pool setup.

Select a supported schedule and inspect invalid inputs

The public calculator supports immediate, monthly linear and monthly cliff vesting. For linear vesting the cliff has no effect; for immediate vesting the award is fully vested from the grant/start date. The duration and cliff fields must still form a valid native schedule. The analysis date must not precede the grant.

Exercise above the vested available count is rejected. For example, 131 options at 2027-02-28 or one option before the cliff is invalid. Negative counts, an invalid date or a cliff longer than the duration must be corrected. Fractional theoretical options are not silently rounded to whole awards.

Keep the calculation within its scope

There are no forfeitures, bespoke performance conditions, accelerated vesting or previously exercised awards in this isolated calculator. Model those explicitly in a supported full ESOP workflow rather than interpreting the result as a legal vesting determination.

Vesting counts are not option fair value. This page supplies no Black-Scholes, employee tax advice, IFRS 2 / ASC 718 expense calculation or automatic writeback to Model cash. Exercise cash here belongs to the Ownership analysis.

Additional reconciled variants

These native files reproduce the discussed variants separately: Before the cliff: 2027-01-30; Cliff anniversary: 2027-01-31; Month 13 before exercise.

Related decisions and model reference

For adjacent questions: Option Pool Shuffle: Who Bears Pre- and Post-Money Dilution?; Basic vs Fully Diluted Ownership: Which Denominator?; Cap Table Model: Build and Reconcile Ownership.

For the exact controls and source behavior, use Grants and vesting schedules and Exercise, settlement and forfeiture.