Common use of Exercise Restrictions Clause in Contracts

Exercise Restrictions. Employee may not submit a First Refusal Notice or a Put Notice to the Company and the Company may not submit a Call Notice to Employee earlier than six months and one day following the date the Shares were acquired by Employee (or any shorter period specified by the Company’s outside accountants as sufficient to avoid a charge to the Company’s earnings for financial reporting purposes). Such notices may be submitted only during a Semi-Annual Exercise Period. Employee may not submit a First Refusal Notice to the Company if the Company has previously submitted a Call Notice to Employee.

Exercise Restrictions. Employee may not submit a First Refusal Notice or a Put Notice to the Company and the Company may not submit a Call Notice to Employee earlier than six months and one day following the date the Shares were acquired by Employee (or any shorter period specified by the Company’s 's outside accountants as sufficient to avoid a charge to the Company’s 's earnings for financial reporting purposes). Such notices may be submitted only during a Semi-Annual Exercise Period. Employee may not submit a First Refusal Notice to the Company if the Company has previously submitted a Call Notice to Employee.