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The function of the phrase "in turn"

a. What is the role/function of the phrase "in turn" in the sentence below? Preposition, conjunctions?

b. What is the best replacement word for "in turn" in lay terms for the sentence below?

example: As the case for most of the employee shares, he cannot exercise the options straight away, rather these options only vested and in turn became exercisable over a 4 year period after he became an employee.

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