Common use of Timing of Exercise Clause in Contracts

Timing of Exercise. The Option may be exercised in accordance with the following schedule: (a) on the first anniversary of the date hereof, one-third of the shares purchasable under the Option may be purchased, in whole or in part, at any time thereafter until the Option expires; and (b) continuing on each of the second and third anniversaries of the date hereof, an additional one-third of the shares purchasable under the Option may be purchased at any time thereafter until the Option expires.