Common use of Stock Option Exercise Clause in Contracts

Stock Option Exercise. To exercise this Option, Optionee (or in the case of exercise after Optionee’s death or incapacity, Optionee’s executor, administrator, heir or legatee, as the case may be) must deliver to the Company an executed stock option exercise notice in the form provided by the Company, which shall set forth, inter alia, (a) Optionee’s election to exercise the Option, (b) the number of Shares being purchased, and (c) any restrictions imposed on the Shares. If someone other than Optionee exercises the Option, then such person must submit documentation reasonably acceptable to the Company verifying that such person has the legal right to exercise the Option. The Optionee may withdraw notice of exercise of this Option, in writing, at any time prior to the close of business on the business day that immediately precedes the proposed exercise date.