Common use of Exercise Restrictions Clause in Contracts

Exercise Restrictions. Subject to Appendix A, the vested portion of the Option may be exercised at any time after its applicable Vesting Date and prior to the expiration of the Option, provided that at the time of the exercise all of the conditions set forth in the Plan and in this Agreement have been met. No portion of the Option may be exercised prior to the first anniversary of the Grant Date or after the expiration of the maximum term set forth in Section 3. When exercised, all or a portion of this Option may be an incentive stock option, governed by Section 422 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”).