Common use of Stock Option Closing Clause in Contracts

Stock Option Closing. At the Stock Option Closing, each Stockholder will deliver to Optionee a certificate or certificates evidencing the number of Shares owned by such Stockholder, each such certificate being duly endorsed in blank and accompanied by such stock powers and such other documents as may be necessary in Optionee's judgment to transfer record ownership of the Shares into Optionee's name on the stock transfer books of the Company, and Optionee will purchase the delivered Shares at the Offer Price. With respect to the payment to be made from the Optionee to each Stockholder pursuant to this Section 2.4, such payment shall be made by wire transfer of immediately available funds or by certified bank check payable to such Stockholder, in an amount for such Stockholder equal to the product of (a) the Offer Price and (b) the number of Shares delivered by such Stockholder in respect of the Stock Option Closing.