Common use of Method of Exercise Payment Clause in Contracts

Method of Exercise Payment. (a) Subject to paragraph 5 hereof, the Options may be exercised by the Optionee, in whole or in part and from time to time, by tendering to the Company at its principal office a notice of exercise form attached hereto as Appendix A duly executed, together with the Stock Option Agreement and payment to the Company by check of an amount equal to the Exercise Price multiplied by the number of Option Shares purchased. (b) Promptly following receipt from the Optionee of the notices and instruments required for the Optionee to exercise the Options, including payment of the then applicable Exercise Price, the Company shall issue to the Optionee a certificate for the number of Option Shares acquired. If all of the Options are not exercised, the Company shall return the Stock Option Agreement to the Optionee, together with a written notice indicating the aggregate number of shares acquired upon the current and all prior exercises of the Options.