Common use of When Option May Be Exercised Clause in Contracts

When Option May Be Exercised. The option granted you hereunder shall be exercisable as follows: (i) From and after November 9, 2000, options to purchase 12,500 shares shall become exercisable; (ii) From and after November 9, 2001, options to purchase 25,000 shares (i.e., an additional 12,500 shares) shall become exercisable; (iii) From and after November 9, 2002 options to purchase 37,500 shares (i.e., an additional 12,500 shares) shall become exercisable; and (iv) From and after November 9, 2003, options to purchase all shares subject to this non-incentive stock option agreement shall become exercisable. This option may not be exercised for less than ten shares at any one time (or the remaining shares then purchasable if less than ten) and expires at the end of ten years from the date of grant whether or not it has been duly exercised (hereinafter, the "Option Expiration Date"), unless sooner terminated as provided in paragraphs 5, 6 or 7 hereof.