Common use of Exercisability Period Clause in Contracts

Exercisability Period. Subject to Section 6 hereof, the options to purchase Shares under each A&M Option shall vest and become exercisable in equal monthly installments on the last day of each month commencing on the last day of the first month succeeding the Effective Date through October 31, 1998, and each unexpired and unexercised A&M Option shall expire and cease to become exercisable at 5:00 p.m. (Pacific time) on the sixth anniversary of the Effective Date (the "EXPIRATION DATE"). The First Option Exercise Price, the Second Option Exercise Price and the Third Option Exercise Price and the number of Shares purchasable upon exercise of each A&M Option shall be subject to adjustment as provided in Section 8. Notwithstanding anything to the contrary contained in this Agreement, each A&M Option, and the rights of the Company and the Optionee with respect to each A&M Option, shall be subject to, and be governed by, the provisions of Sections 7 and 8 of the Management Services Agreement, as such Sections 7 and 8 apply to the A&M Options.