Subject to the provisions of [Section 5] hereof, an option granted hereunder may not be exercised until the earlier of # twelve (12) months from the date of grant and # the date of the annual meeting of stockholders next following the date of grant.

Except as provided in Section 5 below or an applicable award agreement, an option granted hereunder may not be exercised untilexercised, in whole or in part, at any time and from time to time during the period beginning on the earlier of # twelve (12) months from the date of grantgrant, and # the date of the annualAnnual meeting of stockholders next following the date of grant.grant and ending on the option expiration date, by following the procedures established by the Company and its designated record keeper at the time of exercise specifying the number of shares of Common Stock to be purchased upon any such exercise.