Common use of When Option May Be Exercised Clause in Contracts

When Option May Be Exercised. This option may be exercised in cumulative annual installments of ____% of the total number of shares purchasable by you hereunder, the first such installment being exercisable on _____, _______ (or one year from the date of the grant) and subsequent additional installments of ____% of such shares being exercisable on each anniversary of the _______ succeeding years thereafter. This Option expires 10 years from the date of grant whether or not it has been duly exercised, unless sooner terminated as provided in Sections 6, 7, and 8 hereof.

When Option May Be Exercised. This option may be exercised in cumulative annual installments of ____% of the total number of shares purchasable by you hereunder, the first such installment being exercisable on _____, _______ (or one year from the date of the grant) and subsequent additional installments of ____% of such shares being exercisable on each anniversary of the _______ succeeding years thereafter. This Option expires 10 years from the date of grant whether or not it has been duly exercised, unless sooner terminated as provided in Sections 6, 7, and 8 hereof.

When Option May Be Exercised. This option may be exercised in cumulative annual installments of ____% of the total number of shares purchasable by you hereunder, the first such installment being exercisable on _____, _______ (or one year from the date of the grant) and subsequent additional installments of ____% of such shares being exercisable on each anniversary of the _______ succeeding years thereafter. This Option expires 10 years from the date of grant whether or not it has been duly exercised, unless sooner terminated as provided in Sections 6, 7, and 8 hereof.years