首先需要了解vesting究竟指的什么意思。

Vesting refers to the date upon which the stock option becomes exercisable. Vesting指股票期权可行权之日，即兑现之日。

因此，vesting date可译为可行权/兑现日。

而关于vesting commencement date，则需理解其所代表的含义。

某协议中关于vesting commencement date的定义如下：

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.

Vesting Commencement Date指授予日或委员会选择的其他日子（奖励自此日开始vest）。

这里需要了解一下背景知识。即公司同意授予员工期权后，员工并不能立即行使期权，将期权兑换为股份。这里是需要一定的等待期的，即只有期权vest之后才可以。一般vest的期限为四年，四年之后才能100%行权，而从第一年开始后开始部分行权。因此这里的vesting commencement date即指这个四年何时开始起算。

结合其意思，可将Vesting Commencement Date译为等待期/行权/兑现限制期起算日，如此更为清楚。

由此可知，vesting date和vesting commencement date并非同一日，前者指可行权日，而后者则指行权/兑现限制期起算日。

而vesting schedule则相对就比较简单，指行权/兑现时间安排。

以下为相关双语示例，供参考：

Vesting of Option Shares. Shares with respect to which this Option is vested at a given time pursuant to the Vesting Schedule set forth in the Grant Notice are “Vested Shares.” Shares with respect to which this Option is not vested at a given time pursuant to the Vesting Schedule set forth in the Grant Notice are “Unvested Shares.”

期权股份的兑现。本期权根据授予通知所列的兑现时间安排在特定时间属于已兑现的期权时所涉的股份为“已兑现股份”。本期权根据授予通知所列的兑现时间安排在特定时间属于未兑现的期权时所涉的股份为“未兑现股份”。 

Vesting Schedule [EXAMPLE ONLY]: For so long as Optionee continuously provides services to the Company (or any Subsidiary or Parent of the Company) as an employee, officer, director, contractor or consultant, the Shares subject to this Option will vest as follows: (a) prior to the first one (1) year anniversary of the Vesting Commencement Date, none of the Shares will be vested; (b) [1/4th] of the Shares will be vested on the one (1) year anniversary of the Vesting Commencement Date; and (c) thereafter, this Option will become vested and exercisable with respect to an additional [1/48th] of the Shares when Optionee completes each month of continuous service following the first one (1) year anniversary of the Vesting Commencement Date.

兑现时间安排【仅作示例】：只要期权获得者持续地以员工、高管、董事、承包商或顾问的身份，向公司（或公司的任何子公司或母公司）提供服务，本期权将按以下方式，就股份予以兑现（变得可行权）：(a)在兑现开始日期的第一（1）个周年日之前，本期权不会就任何股份变成已兑现或可行权；(b)在兑现开始日期的第一（1）个周年日，本期权将就【1/4】的股份变成已兑现及可行权；(c)在兑现开始日期的第一（1）个周年日之后，每当期权获得者完成一个月的连续服务时，本期权则就另外【1/48】的股份变成已兑现及可行权。