Grant and Exercise of Option. The Company hereby grants to Optionee an option to purchase a total of _________(_____)shares of the authorized and unissued Common Stock of the Company, having a par value of $.10 per share, at the price of $11.625 per share, upon and subject to the following terms and conditions: (a) The within option may be exercised on or before February 24, 2009 (the "Expiration Date") and, within such period, only at the following times and in the following amounts: (i) After the expiration of one (1) year from the date of this Agreement, the option may be exercised to the extent of not more than FIFTY (50%) PERCENT of the shares granted in Paragraph 1 hereof; and (ii) After the expiration of two (2) years from the date of this Agreement, the option may be exercised to the extent of not more than ONE HUNDRED (100%) PERCENT of the shares granted in Paragraph 1 hereof. (b) The right to exercise set forth in Paragraph 1(a)(i), and (ii) shall be accelerated providing for immediate exercise, in the event of a change in control of the Company. (1) For purposes of this Agreement, a change in control of the Company, or in any person directly or indirectly controlling the Company, shall mean: (i) a change in control as such term is presently defined in Regulation 240.12b-2 under the Securities and Exchange Act of 1934; or (ii) if any "person" (as such term is used in Section 13(d) and 14(d) of the Exchange Act) other than the Company or any "person" who on the date of this Agreement is a director or officer of the Company, becomes the "beneficial owner" (as defined in Rule 13(d)-3 under the Exchange Act) directly or indirectly, of securities of the Company representing ten (10%) percent of the voting power of the Company's then outstanding securities; or (iii) if during any period of two (2) consecutive years during the term of this Agreement, individuals who at the beginning of such period constitute the Board of Directors, cease for any reason to constitute at least a majority thereof, unless the election of each director who is not a director at the beginning of such period has been approved in advance by directors representing at least two-third (2/3) of the directors then in office who were directors at the beginning of the period. (2) Notwithstanding the foregoing, this paragraph shall have no applicability to any change of control as defined hereunder in the event that: (i) a majority of the Board of Directors in office immediately prior to the event or events resulting in the change of control determine that such change is in the best interests of the Company; or (ii) a majority of the Board of Directors in office immediately prior to the event or events resulting in the change of control determine that such change is not in the best interests of the Company; and thereafter Employee cooperates, assists or acts, directly or indirectly, on behalf of or in connection with the party seeking to acquire control of the Company; it being expressly understood and agreed that in the event the within option is not exercised on or before the Expiration Date, as to any part or all of the shares which may be purchased under the option, the right to purchase such shares shall completely lapse; (c) Each exercise of the within option shall be by delivery to the Company, at its then principal office (attention of the Secretary) of written notice stating the number of shares to be purchased, accompanied by payment in full of the option price of such shares. The option price shall be payable in United States dollars in cash or by certified check, bank draft, postal or express money order; provided, however, that in lieu of payment in full in cash, the Optionee may, with the approval of the Board of Directors, exercise his option by tendering to the Company shares of the Company's Common Stock owned by him and having a fair market value (as determined by the Board of Directors in its absolute discretion) equal to the cash exercise price (or the balance thereof) applicable to his option. (d) In the event of each exercise of the within option, the Company shall deliver to the Optionee, personally or at the Optionee's designated address, as soon as practicable, a certificate made out to the Optionee for the number of shares being purchased.
Appears in 1 contract
Grant and Exercise of Option. The Company hereby grants to Optionee an option to purchase a total of _________(_____)shares of the authorized and unissued Common Stock of the Company, having a par value of $.10 per share, at the price of $11.625 ____ per share, upon and subject to the following terms and conditions:
(a) The within option may be exercised on or before February 24September __, 2009 2013 (the "Expiration Date") and, within such period, only at the following times and in the following amounts:
(i) After the expiration of one (1) year from the date of this Agreement, the option may be exercised to the extent of not more than FIFTY TWENTY-FIVE(25%) PERCENT of the shares granted in Paragraph 1 hereof;
(50ii) After the expiration of two (2) years from the date of this Agreement, the option may be exercised to the extent of not more than FIFTY(50%) PERCENT of the shares granted in Paragraph 1 hereof;
(iii) After the expiration of three(3) years from the date of this Agreement, the option may be exercised to the extent of not more than SEVENTY-FIVE(75%) PERCENT of the shares granted in Paragraph 1 hereof; and
(iiiv) After the expiration of two four (24) years from the date of this Agreement, the option may be exercised to the extent of not more than ONE HUNDRED (100%) PERCENT of the shares granted in Paragraph 1 hereof.
(b) The right to exercise set forth in Paragraph 1(a)(i1(a)(i),(ii), (iii) and (iiiv) shall shall, at the option of the Board of Directors, be accelerated providing to provide for immediate exercise, exercise in the event of a change in control of the Company.
(1) For purposes of this Agreement, a change in control of the Company, or in any person directly or indirectly controlling the Company, shall mean:
(i) a change in control as such term is presently defined in Regulation 240.12b-2 under the Securities and Exchange Act of 1934; or
(ii) if any "person" (as such term is used in Section 13(d) and 14(d) of the Exchange Act) other than the Company or any "person" who on the date of this Agreement is a director or officer of the Company, becomes the "beneficial owner" (as defined in Rule 13(d)-3 under the Exchange Act) directly or indirectly, of securities of the Company representing ten (10%) percent of the voting power of the Company's then outstanding securities; or
(iii) if during any period of two (2) consecutive years during the term of this Agreement, individuals who at the beginning of such period constitute the Board of Directors, cease for any reason to constitute at least a majority thereof, unless the election of each director who is not a director at the beginning of such period has been approved in advance by directors representing at least two-third (2/3) of the directors then in office who were directors at the beginning of the period.
(2) Notwithstanding the foregoing, this paragraph shall have no applicability to any change of control as defined hereunder in the event that:
(i) a majority of the Board of Directors in office immediately prior to the event or events resulting in the change of control determine that such change is in the best interests of the Company; or
(ii) a majority of the Board of Directors in office immediately prior to the event or events resulting in the change of control determine that such change is not in the best interests of the Company; and thereafter Employee cooperates, assists or acts, directly or indirectly, on behalf of or in connection with the party seeking to acquire control of the Company; it being expressly understood and agreed that in the event the within option is not exercised on or before the Expiration Date, as to any part or all of the shares which may be purchased under the option, the right to purchase such shares shall completely lapse;
(c) Each exercise of the within option shall be by delivery to the Company, at its then principal office (attention of the Secretary) of written notice stating the number of shares to be purchased, accompanied by payment in full of the option price of such shares. The option price shall be payable in United States dollars in cash or by certified check, bank draft, postal or express money order; provided, however, that in lieu of payment in full in cash, the Optionee may, with the approval of the Board of Directors, exercise his option by tendering to the Company shares of the Company's Common Stock owned by him and having a fair market value (as determined by the Board of Directors in its absolute discretion) equal to the cash exercise price (or the balance thereof) applicable to his option.
(d) In the event of each exercise of the within option, the Company shall deliver to the Optionee, personally or at the Optionee's designated address, as soon as practicable, a certificate made out to the Optionee for the number of shares being purchased.
Appears in 1 contract
Grant and Exercise of Option. The Company hereby grants to Optionee -------------------------------- an option to purchase a total of _________(_____)[AMOUNT IN WORDS] [AMOUNT IN NUMBERS] shares of the authorized and unissued Common Stock of the Company, having a par value of $.10 per share, at the price of $11.625 8.55 per share, upon and subject to the following terms and conditions:
(a) The within option may be exercised on or before February 24June 19, 2009 2015 (the "Expiration Date") and, within such period, only at the following times and in the following amounts:
(i) After the expiration of one (1) year from the date of this Agreement, the option may be exercised to the extent of not more than FIFTY TWENTY-FIVE(25%) PERCENT of the shares granted in Paragraph 1 hereof;
(50ii) After the expiration of two (2) years from the date of this Agreement, the option may be exercised to the extent of not more than FIFTY(50%) PERCENT of the shares granted in Paragraph 1 hereof;
(iii) After the expiration of three(3) years from the date of this Agreement, the option may be exercised to the extent of not more than SEVENTY-FIVE(75%) PERCENT of the shares granted in Paragraph 1 hereof; and
(iiiv) After the expiration of two four (24) years from the date of this Agreement, the option may be exercised to the extent of not more than ONE HUNDRED (100%) PERCENT of the shares granted in Paragraph 1 hereof.
(b) The right to exercise set forth in Paragraph 1(a)(i), (ii),(iii) and (iiiv) shall shall, at the option of the Board of Directors, be accelerated providing to provide for immediate exercise, exercise in the event of a change in control of the Company.
(1) For purposes of this Agreement, a change in control of the Company, or in any person directly or indirectly controlling the Company, shall mean:
(i) a change in control as such term is presently defined in Regulation 240.12b-2 240.12b-under the Securities and Exchange Act of 1934; or
(ii) if any "person" (as such term is used in Section 13(d) and 14(d) of the Exchange Act) other than the Company or any "person" who on the date of this Agreement is a director or officer of the Company, becomes the "beneficial owner" (as defined in Rule 13(d)-3 under the Exchange Act) directly or indirectly, of securities of the Company representing ten (10%) percent of the voting power of the Company's then outstanding securities; or
(iii) if during any period of two (2) consecutive years during the term of this Agreement, individuals who at the beginning of such period constitute the Board of Directors, cease for any reason to constitute at least a majority thereof, unless the election of each director who is not a director at the beginning of such period has been approved in advance by directors representing at least two-third (2/3) of the directors then in office who were directors at the beginning of the period.
(2) Notwithstanding the foregoing, this paragraph shall have no applicability to any change of control as defined hereunder in the event that:
(i) a majority of the Board of Directors in office immediately prior to the event or events resulting in the change of control determine that such change is in the best interests of the Company; or
(ii) a majority of the Board of Directors in office immediately prior to the event or events resulting in the change of control determine that such change is not in the best interests of the Company; and thereafter Employee cooperates, assists or acts, directly or indirectly, on behalf of or in connection with the party seeking to acquire control of the Company; it being expressly understood and agreed that in the event the within option is not exercised on or before the Expiration Date, as to any part or all of the shares which may be purchased under the option, the right to purchase such shares shall completely lapse;
(c) Each exercise of the within option shall be by delivery to the Company, at its then principal office (attention of the Secretary) of written notice stating the number of shares to be purchased, accompanied by payment in full of the option price of such shares. The option price shall be payable in United States dollars in cash or by certified check, bank draft, postal or express money order; provided, however, that in lieu of payment in full in cash, the Optionee may, with the approval of the Board of Directors, exercise his option by tendering to the Company shares of the Company's Common Stock owned by him and having a fair market value (as determined by the Board of Directors in its absolute discretion) equal to the cash exercise price (or the balance thereof) applicable to his option.
(d) In the event of each exercise of the within option, the Company shall deliver to the Optionee, personally or at the Optionee's designated address, as soon as practicable, a certificate made out to the Optionee for the number of shares being purchased.
Appears in 1 contract
Grant and Exercise of Option. The Company hereby grants to Optionee an option to purchase a total of _________(_____)shares of the authorized and unissued Common Stock of the Company, having a par value of $.10 .01 per share, at the price of $11.625 14.77 per share, upon and subject to the following terms and conditions:
(a) The within option may be exercised on or before February 24November 3, 2009 2015 (the "Expiration Date") and, within such period, only at the following times and in the following amounts:
(i) After the expiration of one (1) year from the date of this Agreement, the option may be exercised to the extent of not more than FIFTY THIRTY-THREE AND ONE-THIRD (5033 1/3%) PERCENT of the shares granted in Paragraph 1 hereof; and;
(ii) After the expiration of two (2) years from the date of this Agreement, the option may be exercised to the extent of not more than SIXTY-SIX AND TWO-THIRDS (66 2/3%) PERCENT of the shares granted in Paragraph 1 hereof;
(iii) After the expiration of three(3) years from the date of this Agreement, the option may be exercised to the extent of not more than ONE HUNDRED (100%) PERCENT of the shares granted in Paragraph 1 hereof.
(b) The right to exercise set forth in Paragraph 1(a)(i), and (ii) shall and (iii) shall, at the option of the Board of Directors, be accelerated providing to provide for immediate exercise, exercise in the event of a change in control of the Company.
(1) For purposes of this Agreement, a change in control of the Company, or in any person directly or indirectly controlling the Company, shall mean:
(i) a change in control as such term is presently defined in Regulation 240.12b-2 under the Securities and Exchange Act of 1934; or
(ii) if any "person" Aperson@ (as such term is used in Section 13(d) and 14(d) of the Exchange Act) other than the Company or any "person" Aperson@ who on the date of this Agreement is a director or officer of the Company, becomes the "beneficial owner" Abeneficial owner@ (as defined in Rule 13(d)-3 under the Exchange Act) directly or indirectly, of securities of the Company representing ten twenty (1020%) percent of the voting power of the Company's =s then outstanding securities; or
(iii) if during any period of two (2) consecutive years during the term of this Agreement, individuals who at the beginning of such period constitute the Board of Directors, cease for any reason to constitute at least a majority thereof, unless the election of each director who is not a director at the beginning of such period has been approved in advance by directors representing at least two-third (2/3) of the directors then in office who were directors at the beginning of the period.
(2) Notwithstanding the foregoing, this paragraph shall have no applicability to any change of control as defined hereunder in the event that:
(i) a majority of the Board of Directors in office immediately prior to the event or events resulting in the change of control determine that such change is in the best interests of the Company; or
(ii) a majority of the Board of Directors in office immediately prior to the event or events resulting in the change of control determine that such change is not in the best interests of the Company; and thereafter Employee cooperates, assists or acts, directly or indirectly, on behalf of or in connection with the party seeking to acquire control of the Company; it being expressly understood and agreed that in the event the within option is not exercised on or before the Expiration Date, as to any part or all of the shares which may be purchased under the option, the right to purchase such shares shall completely lapse;
(c) Each exercise of the within option shall be by delivery to the Company, at its then principal office (attention of the Secretary) of written notice stating the number of shares to be purchased, accompanied by payment in full of the option price of such shares. The option price shall be payable in United States dollars in cash or by certified check, bank draft, postal or express money order; provided, however, that in lieu of payment in full in cash, the Optionee may, with the approval of the Board of Directors, exercise his option by tendering to the Company shares of the Company's Common Stock owned by him and having a fair market value (as determined by the Board of Directors in its absolute discretion) equal to the cash exercise price (or the balance thereof) applicable to his option.
(d) In the event of each exercise of the within option, the Company shall deliver to the Optionee, personally or at the Optionee's =s designated address, as soon as practicable, a certificate made out to the Optionee for the number of shares being purchased.
Appears in 1 contract
Grant and Exercise of Option. The Company hereby grants to Optionee an option to purchase a total of ________________________________ (_____)__) shares of the authorized and unissued Common Stock of the Company, having a par value of $.10 per share, at the price of $11.625 4.00 per share, upon and subject to the following terms and conditions:
(a) The within option may be exercised on or before February 24March 18, 2009 2001 (the "Expiration Date") and, within such period, only at the following times and in the following amounts:
(i) After the expiration of one (1) year from the date Effective Date (as hereinafter defined) of this Agreement, the option may be exercised to the extent of not more than FIFTY THIRTY-THREE and ONE-THIRD (5033 1/3%) PERCENT of the shares granted in Paragraph 1 hereof; and;
(ii) After the expiration of two (2) years from the date Effective Date of this Agreement, the option may be exercised to the extent of not more than SIXTY-SIX AND TWO-THIRD (66 2/3%) PERCENT of the shares granted in Paragraph 1 hereof;
(iii) After the expiration of three (3) years from the Effective Date of this Agreement, the option may be exercised for ONE HUNDRED (100%) PERCENT of the shares granted in Paragraph 1 hereof.;
(b) The right to exercise set forth in Paragraph 1(a)(i), (ii) and (iiiii) shall be accelerated providing for immediate exercise, in the event of a change in control of the Company.
(1) For purposes of this Agreement, a change in control of the Company, or in any person directly or indirectly controlling the Company, shall mean:
(i) a change in control as such term is presently defined in Regulation 240.12b-2 under the Securities and Exchange Act of 1934; or
(ii) if any "person" (as such term is used in Section 13(d) and 14(d) of the Exchange Act) other than the Company or any "person" who on the date of this Agreement is a director or officer of the Company, becomes the "beneficial owner" (as defined in Rule 13(d)-3 under the Exchange Act) directly or indirectly, of securities of the Company representing ten (10%) percent of the voting power of the Company's then outstanding securities; or
(iii) if during any period of two (2) consecutive years during the term of this Agreement, individuals who at the beginning of such period constitute the Board of Directors, cease for any reason to constitute at least a majority thereof, unless the election of each director who is not a director at the beginning of such period has been approved in advance by directors representing at least two-third (2/3) of the directors then in office who were directors at the beginning of the period.
(2) Notwithstanding the foregoing, this paragraph shall have no applicability to any change of control as defined hereunder in the event that:
(i) a majority of the Board of Directors in office immediately prior to the event or events resulting in the change of f control determine that such change is in the best interests of the Company; or
(ii) a majority of the Board of Directors in office immediately prior to the event or events resulting in the change of control determine that such change is not in the best interests of the Company; and thereafter Employee cooperates, assists or acts, directly or indirectly, on behalf of or in connection with the party seeking to acquire control of the Company; it being expressly understood and agreed that in the event the within option is not exercised on or before the Expiration Date, as to any part or all of the shares which may be purchased under the option, the right to purchase such shares shall completely lapse;
(c) Each exercise of the within option shall be by delivery to the Company, at its then principal office (attention of the Secretary) of written notice stating the number of shares to be purchased, accompanied by payment in full of the option price of such shares. The option price shall be payable in United States dollars in cash or by certified check, bank draft, postal or express money order; provided, however, that in lieu of payment in full in cash, the Optionee an optionee may, with the approval of the Board of Directors, exercise his option by tendering to the Company shares of the Company's Common Stock owned by him and having a fair market value (as determined by the Board of Directors in its absolute discretion) equal to the cash exercise price (or the balance thereof) applicable to his option.
(d) In the event of each exercise of the within option, the Company shall deliver to the Optionee, personally or at the Optionee's designated address, as soon as practicable, a certificate made out to the Optionee for the number of shares being purchased.
Appears in 1 contract
Grant and Exercise of Option. The Company hereby grants to Optionee an option to purchase a total of ___________(_____)) shares of the authorized and unissued Common Stock of the Company, having a par value of $.10 per share, at the price of $11.625 13.625 per share, upon and subject to the following terms and conditions:
(a) The within option may be exercised on or before February 24, 2009 (the "Expiration Date") and, within such period, only at the following times and in the following amounts:
(i) After the expiration of six (6) months from the date of this Agreement, the option may be exercised to the extent of not more than THIRTY-THREE AND ONE-THIRD (33 1/3%) PERCENT of the shares granted in Paragraph 1 hereof;
(ii) After the expiration of one (1) year from the date of this Agreement, the option may be exercised to the extent of not more than FIFTY SIXTY-SIX AND TWO-THIRDS (5066 2/3%) PERCENT of the shares granted in Paragraph 1 hereof; and
(iiiii) After the expiration of two (2) years from the date of this Agreement, the option may be exercised to the extent of not more than ONE HUNDRED (100%) PERCENT of the shares granted in Paragraph 1 hereof.
(b) The right to exercise set forth in Paragraph 1(a)(i), (ii) and (iiiii) shall be accelerated providing for immediate exercise, in the event of a change in control of the Company.
(1) For purposes of this Agreement, a change in control of the Company, or in any person directly or indirectly controlling the Company, shall mean:
(i) a change in control as such term is presently defined in Regulation 240.12b-2 under the Securities and Exchange Act of 1934; or
(ii) if any "person" (as such term is used in Section 13(d) and 14(d) of the Exchange Act) other than the Company or any "person" who on the date of this Agreement is a director or officer of the Company, becomes the "beneficial owner" (as defined in Rule 13(d)-3 under the Exchange Act) directly or indirectly, of securities of the Company representing ten (10%) percent of the voting power of the Company's then outstanding securities; or
(iii) if during any period of two (2) consecutive years during the term of this Agreement, individuals who at the beginning of such period constitute the Board of Directors, cease for any reason to constitute at least a majority thereof, unless the election of each director who is not a director at the beginning of such period has been approved in advance by directors representing at least two-third (2/3) of the directors then in office who were directors at the beginning of the period.
(2) Notwithstanding the foregoing, this paragraph shall have no applicability to any change of control as defined hereunder in the event that:
(i) a majority of the Board of Directors in office immediately prior to the event or events resulting in the change of control determine that such change is in the best interests of the Company; or
(ii) a majority of the Board of Directors in office immediately prior to the event or events resulting in the change of control determine that such change is not in the best interests of the Company; and thereafter Employee cooperates, assists or acts, directly or indirectly, on behalf of or in connection with the party seeking to acquire control of the Company; it being expressly understood and agreed that in the event the within option is not exercised on or before the Expiration Date, as to any part or all of the shares which may be purchased under the option, the right to purchase such shares shall completely lapse;
(c) Each exercise of the within option shall be by delivery to the Company, at its then principal office (attention of the Secretary) of written notice stating the number of shares to be purchased, accompanied by payment in full of the option price of such shares. The option price shall be payable in United States dollars in cash or by certified check, bank draft, postal or express money order; provided, however, that in lieu of payment in full in cash, the Optionee may, with the approval of the Board of Directors, exercise his option by tendering to the Company shares of the Company's Common Stock owned by him and having a fair market value (as determined by the Board of Directors in its absolute discretion) equal to the cash exercise price (or the balance thereof) applicable to his option.
(d) In the event of each exercise of the within option, the Company shall deliver to the Optionee, personally or at the Optionee's designated address, as soon as practicable, a certificate made out to the Optionee for the number of shares being purchased.
Appears in 1 contract
Grant and Exercise of Option. The Company hereby grants to Optionee an option to purchase a total of ___________(_____)) shares of the authorized and unissued Common Stock of the Company, having a par value of $.10 per share, at the price of $11.625 8.10 per share, upon and subject to the following terms and conditions:
(a) The within option may be exercised on or before February 24August 12, 2009 (the 2013(the "Expiration Date") and, within such period, only at the following times and in the following amounts:
(i) After the expiration of one (1) year from the date of this Agreement, the option may be exercised to the extent of not more than FIFTY TWENTY-FIVE(25%) PERCENT of the shares granted in Paragraph 1 hereof;
(50ii) After the expiration of two (2) years from the date of this Agreement, the option may be exercised to the extent of not more than FIFTY(50%) PERCENT of the shares granted in Paragraph 1 hereof;
(iii) After the expiration of three(3) years from the date of this Agreement, the option may be exercised to the extent of not more than SEVENTY-FIVE(75%) PERCENT of the shares granted in Paragraph 1 hereof; and
(iiiv) After the expiration of two four (24) years from the date of this Agreement, the option may be exercised to the extent of not more than ONE HUNDRED (100%) PERCENT of the shares granted in Paragraph 1 hereof.
(b) The right to exercise set forth in Paragraph 1(a)(i), (ii),(iii) and (iiiv) shall , at the option of the Board of Directors, be accelerated providing to provide for immediate exercise, in the event of a change in control of the Company.
(1) For purposes of this Agreement, a change in control of the Company, or in any person directly or indirectly controlling the Company, shall mean:
(i) a change in control as such term is presently defined in Regulation 240.12b-2 under the Securities and Exchange Act of 1934; or
(ii) if any "person" (as such term is used in Section 13(d) and 14(d) of the Exchange Act) other than the Company or any "person" who on the date of this Agreement is a director or officer of the Company, becomes the "beneficial owner" (as defined in Rule 13(d)-3 under the Exchange Act) directly or indirectly, of securities of the Company representing ten (10%) percent of the voting power of the Company's then outstanding securities; or
(iii) if during any period of two (2) consecutive years during the term of this Agreement, individuals who at the beginning of such period constitute the Board of Directors, cease for any reason to constitute at least a majority thereof, unless the election of each director who is not a director at the beginning of such period has been approved in advance by directors representing at least two-third (2/3) of the directors then in office who were directors at the beginning of the period.
(2) Notwithstanding the foregoing, this paragraph shall have no applicability to any change of control as defined hereunder in the event that:
(i) a majority of the Board of Directors in office immediately prior to the event or events resulting in the change of control determine that such change is in the best interests of the Company; or
(ii) a majority of the Board of Directors in office immediately prior to the event or events resulting in the change of control determine that such change is not in the best interests of the Company; and thereafter Employee cooperates, assists or acts, directly or indirectly, on behalf of or in connection with the party seeking to acquire control of the Company; it being expressly understood and agreed that in the event the within option is not exercised on or before the Expiration Date, as to any part or all of the shares which may be purchased under the option, the right to purchase such shares shall completely lapse;
(c) Each exercise of the within option shall be by delivery to the Company, at its then principal office (attention of the Secretary) of written notice stating the number of shares to be purchased, accompanied by payment in full of the option price of such shares. The option price shall be payable in United States dollars in cash or by certified check, bank draft, postal or express money order; provided, however, that in lieu of payment in full in cash, the Optionee may, with the approval of the Board of Directors, exercise his option by tendering to the Company shares of the Company's Common Stock owned by him and having a fair market value (as determined by the Board of Directors in its absolute discretion) equal to the cash exercise price (or the balance thereof) applicable to his option.
(d) In the event of each exercise of the within option, the Company shall deliver to the Optionee, personally or at the Optionee's designated address, as soon as practicable, a certificate made out to the Optionee for the number of shares being purchased.
Appears in 1 contract