Common use of Manner of Exercising the Option Clause in Contracts

Manner of Exercising the Option. The Option Holder may exercise the vested portion of the Option, in whole or in part, at any time on or before the date of the expiration of the Option specified above in Section 2, provided that a partial exercise of the Option may not be for fewer than one thousand shares of Common Stock unless fewer than one thousand shares subject to the vested portion of the Option remain unexercised, in which event the entire remaining vested portion of the Option must be exercised at one time. The Option shall not be exercisable with respect to a fraction of a share of Common Stock. In order to exercise any portion of the Option, the Option Holder must deliver to Pyramid Oil’s Chief Executive Officer a written notice of exercise in the form of the notice attached to this Agreement. Pyramid Oil shall not issue any shares of Common Stock following the exercise of the Option until full payment of the exercise price has been made.