Common use of Installment Exercise Clause in Contracts

Installment Exercise. Subject to such further limitations as are provided herein, the Grantee having the right hereunder to purchase from the Company the following number of "B" Option Shares upon exercise of the "B" Option, on and after the following dates: (a) on and after the first anniversary of the Date of Grant, 25% of the total number of "B" Option Shares; (b) on and after the second anniversary of the Date of Grant, an additional 35% of the total number of "B" Option Shares; and (c) on and after the third anniversary of the Date of Grant, an additional 40% of the total number of "B" Option Shares.