Common use of Notice of Exercise/Payment of Purchase Price Clause in Contracts

Notice of Exercise/Payment of Purchase Price. The Option Right may be exercised by written notice to the Board of Directors of VL, at VL's main office, or at such other address as VL, by notice to AHI, may designate from time to time. The notice from AHI shall state the election to exercise the Option Right and the number of Shares with respect to which the Option Right is being exercised, and shall be signed by the person or persons exercising the Option Right. Such notice shall be accompanied by payment or the full purchase price of such Shares, in cash or by cashier's or certified check, or other cash equivalent acceptable to VL, in an amount equal to the full Option Price of the Shares for which the Option Right is being exercised. The Option Right must be exercised in minimum blocks of 10,000 or more Shares. AHI shall be permitted to exercise his Option Right once per calendar year without incurring any expenses associated with the exercise of the option, except those expenses provided in Sections 2 of his Agreement. For any additional exercises of AHI's Option Rights during the same calendar year, AHI shall pay all reasonable costs incurred by VL in connection with fulfilling its obligations in accordance with this Agreement.

Notice of Exercise/Payment of Purchase Price. The Option Right may be exercised by written notice to the Board of Directors of VL, at VL's main office, or at such other address as VL, by notice to AHIAMC, may designate from time to time. The notice from AHI AMC shall state the election to exercise the Option Right and the number of Shares with respect to which the Option Right is being exercised, and shall be signed by the person or persons exercising the Option Right. Such notice shall be accompanied by payment or the full purchase price of such Shares, in cash or by cashier's or certified check, or other cash equivalent acceptable to VL, in an amount equal to the full Option Price of the Shares for which the Option Right is being exercised. The Option Right must be exercised in minimum blocks of 10,000 or more Shares. AHI AMC shall be permitted to exercise his Option Right once per calendar year without incurring any expenses associated with the exercise of the option, except those expenses provided in Sections 2 of his Agreement. For any additional exercises of AHIAMC's Option Rights during the same calendar year, AHI AMC shall pay all reasonable costs incurred by VL in connection with fulfilling its obligations in accordance with this Agreement.