A C650 CREW; DEPARTING TEB ON A 'SID;' PREMATURELY STARTED CLB TO AN INTERMEDIATE ALT; OVERSHOOTING PUBLISHED ALT.

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DEVIATED FROM THE PUBLISHED DEP PROC (DP) BY CLBING OUT OF THE INITIAL ALT TOO EARLY. THE PIC AND I BRIEFED EACH OTHER ON THE DEP PROC AS WE TAXIED TO THE RWY. THE DEP PROC CALLED FOR MAINTAINING RWY HEADING UNTIL CLBING TO 1500 FT; THEN TURNING TO A SPECIFIC HEADING; AND WHEN 4.5 DME OUT FROM THE FIELD; CLB AN ADDITIONAL 500 FT TO MAINTAIN 2000 FT UNTIL FURTHER CLRNC. I DIALED IN THE INITIAL HEADING ON THE COPLT'S HEADING BUG AS A REMINDER AND ALSO DIALED IN THE INITIAL ALT OF 1500 FT ON THE ALT PRE-SELECTOR. RIGHT BEFORE ROLLING ONTO THE RWY; I QUICKLY REVIEWED THE DEP PROC AGAIN; BUT THIS TIME SKIPPED OVER THE DME DISTANCE INFO IN THE TEXT OF THE DEP PROC. AFTER TKOF; WE CLBED TO 1500 FT. AT THIS TIME; I ADVISED THE PIC THAT WE WERE CLRED TO TURN ONTO THE SPECIFIC HEADING. TWR SWITCHED US TO DEP CTL. THE DEP FREQ WAS BUSY. AS WE STARTED OUR TURN; THE PIC SAID '2000 FT.' I ACKNOWLEDGED; AND DIALED IN 2000 FT ON THE PRE-SELECTOR. DEP CTL THEN ASKED IN THE BLIND WHO WAS DEPARTING TEB. I CALLED IN WITH ALT AND HEADING. THE CTLR THEN ADVISED ME THAT WE WERE STILL SUPPOSED TO BE AT 1500 FT. I QUICKLY TOOK ANOTHER LOOK AT THE DEP PROC AND ADVISED THE CTLR THAT WE WERE ON THE PROPER HEADING OF 2000 FT. THE CTLR AGAIN SAID YOU ARE SUPPOSED TO BE AT 1500 FT. I THEN REVIEWED THE DEP PROC AGAIN AND THIS TIME SAW THE TEXTUAL INFO WITH THE REQUIRED DME DISTANCE BEFORE CLB. I SUDDENLY REMEMBERED READING THAT INSTRUCTION BEFORE. OOPS! I SADLY CONVEYED MY MISTAKE TO THE PIC. WITHIN SECONDS; WE WERE CLRED TO A HIGHER ALT AND ATC DID NOT SEEM TO MAKE A BIG DEAL OUT OF IT. BUT THE FACT IS; I MESSED UP. THE CAUSE OF THE PROB WAS MY FAILURE TO COMPLETELY READ; RETAIN; AND ACT ON THE INFO FOUND IN THE TEXT PORTION OF THE DEP PROC. ALL WE HAD TO DO WAS STAY AT 1500 FT FOR A MIN OR SO. HOWEVER; BOTH THE PIC AND I RECALL THAT 2000 FT WAS PART OF THE PROC; AND I HAD IT IN MY MIND THAT THE DEP PROC ALLOWED US TO CLB TO THIS ALT ONCE WE COMMENCED THE TURN. SO WHEN THE PIC SAID '2000 FT;' IT WAS ACTUALLY A QUESTION; WHICH I ACKNOWLEDGED AS A STATEMENT. ACTING ON MY CONFIRMATION; THE PIC STARTED A CLB. HAD I BEEN ABLE TO CONTACT DEP CTL IMMEDIATELY WHEN HANDED OFF BY THE TWR; WE MAY HAVE BEEN REMINDED TO REMAIN AT 1500 FT; AND MY MISTAKE MAY HAVE BEEN AVERTED.