Common use of Time and Manner of Exercise of Option Clause in Contracts

Time and Manner of Exercise of Option. The Option may be exercised by Mommers at any time following the date of this Agreement and on or prior to the second anniversary of the date of this Agreement. The Option shall be exercised by Mommers by delivering to Norrkoping written notice of exercise of such Option. Upon the exercise of such Option, Norrkoping and Mommers shall, as soon as practicable but in no event no later than 10 business days following written notice of such exercise, enter into an asset purchase agreement or other transfer documents relating to the Norrkoping Assets in form and substance mutually agreeable to the parties and consummate the purchase and sale of the Norrkoping Assets as soon as practicable thereafter.