Common use of Right to Exercise Option Clause in Contracts

Right to Exercise Option. The Option hereby granted may be exercised immediately upon the grant hereof, and shall remain exercisable until exercised or until the expiration of the Option (as hereinafter provided), whichever occurs first. Any provision of this Agreement notwithstanding, this Option shall not be exercisable on or after [10 years after the date of grant], on which date all Options hereunder shall expire.

Right to Exercise Option. The Option hereby granted may not be exercised immediately upon the grant hereof, and shall remain exercisable until exercised or until the expiration of the Option (as hereinafter provided), whichever occurs first. Any provision of this Agreement notwithstanding, this Option shall not be exercisable on or after [10 years after the date of grant], on which date all Options hereunder shall expire.