PERIODIC EXERCISE RIGHTS Clause Samples
The "Periodic Exercise Rights" clause defines a party's ability to exercise certain rights or options at specified intervals during the term of an agreement. Typically, this means that a party can, for example, purchase additional shares, renew a contract, or trigger a specific contractual benefit on a recurring basis, such as annually or quarterly. This clause ensures that the party does not lose the opportunity to act due to a single missed deadline, providing flexibility and predictability in the ongoing relationship.
PERIODIC EXERCISE RIGHTS. Executive's option to purchase shares shall vest and become fully and freely exercisable with respect to the first sixty-seven thousand (67,000) shares on December 31, 2000; with respect to the next sixty-seven thousand (67,000) shares on December 31, 2001, and with respect to the final sixty-six thousand (66,000) shares on December 31, 2002; subject, however, to the provisions of Sub-section (iii), of this Section (B):