Common use of PERIOD OF Clause in Contracts

PERIOD OF. EXERCISABILITY Section 3.1 - Commencement of Exercisability ----------- ------------------------------ (a) This Option shall become exercisable in four (4) cumulative installments as follows: (i) The first installment shall consist of one-fourth (1/4) of the shares covered by the Option and shall become exercisable on the date that is one year from the date the Option was awarded. (ii) The second installment shall consist of one-fourth (1/4) of the shares covered by the Option and shall become exercisable on the date that is two years from the date the Option was awarded. (iii) The third installment shall consist of one-fourth (1/4) of the shares covered by the Option and shall become exercisable on the date that is three years from the date the Option was awarded. (iv) The fourth installment shall consist of one-fourth (1/4) of the shares covered by the Option and shall become exercisable on the date that is four years from the date the Option was awarded. (b) No portion of the Option which is unexercisable at Termination of Employment shall thereafter become exercisable.