Common use of Exercising the Option Clause in Contracts

Exercising the Option. This Option may be exercised for the number of Shares specified by giving notice to the Company's selected stock option broker (the broker). The notice should refer to this Option (by the date of grant), and the notice should include the following information: 1. The number of shares of Common Stock for which the Option is being exercised. 2. The name or names of the persons in whose names the stock certificate for the Shares should be registered. 3. The address to which the stock certificate should be sent. In addition to your notice, you must indicate the method by which you will pay the exercise price. Payment of the exercise price may be made: 1. In cash; 2. By exchanging shares of Common Stock owned by the Optionee (which are not the subject of any pledge or other security interest); 3. Through an arrangement with a broker approved by the Company whereby payment of the exercise price is accomplished with the proceeds of the sale of Common Stock; or 4. By any combination of the foregoing. The combined value of all cash paid and the Fair Market Value of any such Common Stock so tendered to the Company, valued as of the date of such tender, must be at least equal to such Option Exercise Price required to be paid for the Shares being exercised. If payment is to be made in whole or part as cash, you must include a check payable to the broker.

Exercising the Option. This Option may be exercised for the number of Shares specified by giving notice to the Company's ’s selected stock option broker (the broker“Broker”). The notice should refer to this Option (by the date of grantGrant Date), and the notice should include the following information: 1. The number of shares of Common Stock for which the Option is being exercised. 2. The name or names of the persons in whose names the stock certificate for the Shares should be registered. 3. The address to which the stock certificate should be sent. In addition to your notice, you must indicate the method by which you will pay the exercise price. Payment of the exercise price may be made: 1. In cash; 2. By exchanging shares of Common Stock owned by the Optionee (which are not the subject of any pledge or other security interest); 3. Through an arrangement with a broker approved by the Company whereby payment of the exercise price is accomplished with the proceeds of the sale of Common Stock; or 4. By any combination of the foregoing. The combined value of all cash paid and the Fair Market Value of any such Common Stock so tendered to the Company, valued as of the date of such tender, must be at least equal to such Option Exercise Price required to be paid for the Shares being exercised. If payment is to be made in whole or part as cash, you must include a check payable to the brokerBroker.