Common use of Conditions to Exercise of Option Clause in Contracts

Conditions to Exercise of Option. A. Subject to the provisions of Section 2, this Option may be exercised by fifteen (15) days' prior written notice delivered to the Secretary of the Corporation stating the number of Option Shares with respect to which the Option is being exercised and accompanied by payment of the Option Price either: (i) by cashier's check payable to the order of Corporation; (ii) by the delivery and exchange of a number of already outstanding shares of Common Stock, previously acquired by Optionee, having a fair market value equal to the Option Price; (iii) by a combination of cashier's check and shares of common stock under (i) and (ii) above; or (iv) in any other form acceptable to Corporation.