Common use of Installment Exercise Clause in Contracts

Installment Exercise. Subject to such further limitations as are provided herein, the Option shall become vested as follow: 100% of the options become exercisable on the earlier to occur of February 28, 2003 or the Milestone Date, but in no event shall any options become exercisable before January 1, 1998. For purposes of this agreement, the Milestone Date is the date on which the Corporation has sold and installed a minimum of two (2) software licenses in each of two (2) consecutive years, such licenses relating to software based on the technology which is the subject of the Assignment and Transfer of Patent Rights and Other Intellectual Property Rights dated March 1, 1996 between ▇▇▇▇▇ ▇▇▇▇▇ and the Corporation. Notwithstanding anything to the contrary in the above paragraph, in the event that the Corporation sells substantially all of its assets, or more than fifty percent of the voting stock of the Corporation is acquired by any person or entity not currently a shareholder, or the Corporation completes an initial public offering prior to January 1, 1998, the Option shall vest in its entirety and become completely exercisable immediately prior to the event.

Installment Exercise. Subject to such further limitations as are provided herein, the Option shall become vested as follow: 100% of the options become exercisable on the earlier to occur of February 28, 2003 or the Milestone Date, but in no event shall any options become exercisable before January 1, 1998. For purposes of this agreement, the Milestone Date is the date on which the Corporation has sold and installed a minimum of two (2) software licenses in each of two (2) consecutive years, such licenses relating to software based on the technology which is the subject of the Assignment and Transfer of Patent Rights and Other Intellectual Property Rights dated March 1, 1996 between ▇▇▇▇▇ ▇▇▇▇▇ Optionee and the Corporation. Notwithstanding anything to the contrary in the above paragraph, in the event that the Corporation sells substantially all of its assetsasset, or more than fifty percent of the voting stock of the Corporation is acquired by any person or entity not currently a shareholder, or the Corporation completes an initial public offering prior to January 1, 1998, the Option shall vest in its entirety and become completely exercisable immediately prior to the event.