diff --git a/contracts/token/VestedToken.sol b/contracts/token/VestedToken.sol
index da350584b..9c0766945 100644
--- a/contracts/token/VestedToken.sol
+++ b/contracts/token/VestedToken.sol
@@ -94,7 +94,7 @@ contract VestedToken is StandardToken, LimitedTransferToken {
     if (time < cliff) {
       return 0;
     }
-    if (time > vesting) {
+    if (time >= vesting) {
       return tokens;
     }
 
@@ -103,7 +103,7 @@ contract VestedToken is StandardToken, LimitedTransferToken {
 
     uint256 vestingTokens = safeSub(tokens, cliffTokens);
 
-    vestedTokens = safeAdd(vestedTokens, safeDiv(safeMul(vestingTokens, safeSub(time, cliff)), safeSub(vesting, start)));
+    vestedTokens = safeAdd(vestedTokens, safeDiv(safeMul(vestingTokens, safeSub(time, cliff)), safeSub(vesting, cliff)));
   }
 
   function nonVestedTokens(TokenGrant grant, uint64 time) private constant returns (uint256) {
diff --git a/test/VestedToken.js b/test/VestedToken.js
index 4fefa1ad8..50ec554f9 100644
--- a/test/VestedToken.js
+++ b/test/VestedToken.js
@@ -40,7 +40,7 @@ contract('VestedToken', function(accounts) {
     })
 
     it('all tokens are transferable after vesting', async () => {
-      assert.equal(await token.transferableTokens(receiver, now + vesting + 1), tokenAmount);
+      assert.equal(await token.transferableTokens(receiver, now + vesting), tokenAmount);
     })
 
     it('throws when trying to transfer non vested tokens', async () => {
@@ -84,16 +84,34 @@ contract('VestedToken', function(accounts) {
     })
 
     it('can transfer all tokens after vesting ends', async () => {
-      await timer(vesting + 1);
+      await timer(vesting);
       await token.transfer(accounts[7], tokenAmount, { from: receiver })
       assert.equal(await token.balanceOf(accounts[7]), tokenAmount);
     })
 
     it('can approve and transferFrom all tokens after vesting ends', async () => {
-      await timer(vesting + 1);
+      await timer(vesting);
       await token.approve(accounts[7], tokenAmount, { from: receiver })
       await token.transferFrom(receiver, accounts[7], tokenAmount, { from: accounts[7] })
       assert.equal(await token.balanceOf(accounts[7]), tokenAmount);
     })
+
+    it('can handle composed vesting schedules', async () => {
+      await timer(cliff);
+      await token.transfer(accounts[7], 12, { from: receiver })
+      assert.equal(await token.balanceOf(accounts[7]), 12);
+
+      let newNow = web3.eth.getBlock(web3.eth.blockNumber).timestamp
+
+      await token.grantVestedTokens(receiver, tokenAmount, newNow, newNow + cliff, newNow + vesting, { from: granter })
+      await token.transfer(accounts[7], 13, { from: receiver })
+      assert.equal(await token.balanceOf(accounts[7]), tokenAmount / 2);
+
+      assert.equal(await token.balanceOf(receiver), 3 * tokenAmount / 2)
+      assert.equal(await token.transferableTokens(receiver, newNow), 0)
+      await timer(vesting);
+      await token.transfer(accounts[7], 3 * tokenAmount / 2, { from: receiver })
+      assert.equal(await token.balanceOf(accounts[7]), tokenAmount * 2)
+    })
   })
 });