Common use of Sequential Exercise Clause in Contracts

Sequential Exercise. The option granted herein shall not be exercisable while there is outstanding any other incentive stock option under Section 422A of the Code, which was granted to the Optionee prior to the grant of this option, to purchase Common Stock of the Company or a parent corporation or a subsidiary corporation. An incentive stock option shall be treated as outstanding until such option is exercised in full, is surrendered, or expires by reason of lapse of time.