Common use of Initial Period of Exercisability Clause in Contracts

Initial Period of Exercisability. The Option will be exercisable, on a cumulative basis, as to one-third of the Option Shares (excluding any fractional portion less than one share), on each of the first and second anniversaries of the Date of Grant and as to the remaining Option Shares on the third anniversary of the Date of Grant. This Option will remain exercisable as to all unexercised Option Shares until 5:00 p.m. (St. Xxxx, Minnesota time) on the tenth anniversary of the Date of Grant (“Time of Termination”).

Initial Period of Exercisability. The Option will be exercisable, on a cumulative basis, as to one-third 25% of the Option Shares (excluding any fractional portion less than one share), on each of the first first, second and second third anniversaries of the Date of Grant and as to the remaining Option Shares on the third fourth anniversary of the Date of Grant. This Option will remain exercisable as to all unexercised Option Shares until 5:00 p.m. (St. Xxxx, Minnesota time) on the tenth anniversary of the Date of Grant (“Time of Termination”).