Vesting date: The date on which the rights to exercise the option are obtained.

“Vesting” refers to the date upon which the stock option becomes exercisable.

有的期权激励计划会这样定义：“生效”是股票期权满足条件可以开始行权。

所以，vesting date就是“可行权日/生效日”。

而Vesting Commencement Date在协议中的定义以及条款可以是：

(根据Lawinsider的定义) “Vesting Commencement Date” means the Grant Date or such other date selected by the Committee as the date from which an Award begins to vest.

(根据Lawinsider的定义) Subject to the Optionee remaining a Service Provider, the shares subject to the Option (the “Shares”) shall vest such that: (i) Twenty-five Percent (25%) of the Shares vest on the one (1) year anniversary of the Vesting Commencement Date; and (ii) 1/48 of the Shares vest on each monthly anniversary of the Vesting Commencement Date thereafter, such that One Hundred Percent (100%) of the Shares will be fully vested on the four (4) year anniversary of the Vesting Commencement Date.

以上这条说，25%的股份在vesting commencement date一周年时vest（可行权/生效），也就是说vesting commencement date和vesting date的确不是一回事，不能翻“可行权日”。

再结合CPA会计的以下定义内容：

可行权日：可行权条件得到满足、职工或其他方具有从企业取得权益工具或现金权利的日期。（简单来说，就是行权条件成就、可以开始行权之日）

等待期/行权限制期：从授予日至可行权日的时段，这是可行权条件得到满足的期间。

行权日：职工和其他方行使权利、获取现金或权益工具的日期。（简单来说，就是实际行权之日）

vesting commencement date可以翻“等待期/行权限制期起算日”。

【双语例句】

Typically, each vesting period will conclude one-year from the vesting commencement date.

通常，每个等待期/行权限制期从等待期/行权限制期起算日起一年结束。