Common use of TIME AND MANNER OF EXERCISE Clause in Contracts

TIME AND MANNER OF EXERCISE. From and after _____________, and during each of the four succeeding one-year periods commencing on the anniversary thereof, Grantee shall have the right to purchase from Grantor __________ shares of Common Stock of Grantor on a cumulative basis (total __________ shares) upon delivery to Grantor of notice of exercise and representations in the form attached hereto as Exhibit "B" accompanied by a certified or cashier's check in payment of the aggregate option price. In the event an option shall be exercisable by any person other than the Grantee, the required notice under this Paragraph shall be accompanied by appropriate proof of the right of such person to exercise the option. Promptly upon receipt of such material, Grantor will deliver to Grantee stock certificates representing the number of shares purchased in accordance with the foregoing and duly registered in the name(s) of Grantee and, at his election, his or her spouse, or in the name(s) of his or her personal representatives, devises or heirs, as the case may be. The failure to exercise an option with respect to any shares of Grantor's Common Stock for which the right has accrued during any one-year period shall not result in the termination of the option with respect to such shares of Stock, but rather, the same shall cumulate and be eligible for exercise during the remainder the option term.

TIME AND MANNER OF EXERCISE. [From and after _______January 1, ______, and --------------------------- during each of the four (4) succeeding one-year periods commencing on the anniversary thereof, Grantee shall have the right to purchase from Grantor __________ twenty percent (20%) of the aggregate number of shares of Common Stock of Grantor subject to this Option, on a cumulative basis (total ____________ shares) )]. The purchase shall be made upon delivery to Grantor of a notice of exercise and representations in the form attached hereto as Exhibit "B" accompanied by a certified or cashier's check in payment of the aggregate option price. In , or Grantee's promissory note in the event an option shall be exercisable form of Exhibit B --------- hereto, secured by any person other than the Grantee, the required notice under this Paragraph shall be accompanied by appropriate proof a pledge of the right of such person to exercise the optionshares purchased. Promptly upon receipt of such material, Grantor will deliver to Grantee stock certificates certificate(s) representing the number of shares purchased in accordance with the foregoing and during Grantee's lifetime, duly registered in the name(s) of Grantee and, at his Grantee's election, his or her spouse, or in the name(s) of his or her personal representatives, devises or heirs, as the case may be. The failure to exercise an option with respect to any shares of Grantor's Common Stock for which the right has accrued during any one-year period shall not result in the termination of the option with respect to such shares of Stock, but rather, ; rather the same shall cumulate and be eligible for exercise during the remainder of the option term.

TIME AND MANNER OF EXERCISE. From and after _______January 1, ______, ------------------------------- and during each of the four (4) succeeding one-year periods commencing on the anniversary thereof, Grantee shall have the right to purchase from Grantor __________ twenty percent (20%) of the aggregate number of shares of Common Stock of Grantor subject to this Option, on a cumulative basis (total ____________ shares) ). The purchase shall be made upon delivery to Grantor of a notice of exercise and representations in the form attached hereto as Exhibit "B" accompanied by a certified or cashier's check in payment of the aggregate option price. In , or Grantee's promissory note in the event an option shall be exercisable form of Exhibit "B" hereto, secured by any person other than the Grantee, the required notice under this Paragraph shall be accompanied by appropriate proof a pledge of the right of such person to exercise the optionshares purchased. Promptly upon receipt of such material, Grantor will deliver to Grantee stock certificates certificate(s) representing the number of shares purchased in accordance with the foregoing and during Grantee's lifetime, duly registered in the name(s) of Grantee and, at his Grantee's election, his or her spouse, or in the name(s) of his or her personal representatives, devises or heirs, as the case may be. The failure to exercise an option with respect to any shares of Grantor's Common Stock for which the right has accrued during any one-year period shall not result in the termination of the option with respect to such shares of Stock, but rather, ; rather the same shall cumulate and be eligible for exercise during the remainder of the option term.