Common use of Exercise of Market Option Clause in Contracts

Exercise of Market Option. During the Option Exercise Period, Tradelink or its assigns may exercise this Market Option upon written notice to V'Power specifying the number of Option Shares to be purchased and the Option Exercise Price (the "Option Notice). Tradelink or its assigns shall deliver to V'Power the full Option Exercise Price for the number of Option Shares specified for purchase in the Option Notice within thirty (30) days after the Option Notice; and, simultaneously with such payment of the Option Exercise Price for the Option Shares to be purchased, V'Power shall deliver to Vector stock certificate(s) for the minimum number of shares specified for purchase in the Option Notice, with a stock power or other stock transfer form completed and duly executed and instructions for registration in the name of Tradelink or its assigns of the Option Shares so specified for purchase in the Option Notice. In the event of the exercise of this Market Option in part only, Tradelink shall have the right at any time and from time to time to exercise this Market Option on one or more additional occasions until Tradelink shall have purchased the number of Option Shares purchasable under this Market Option as to which this Market Option has not been exercised. On exercise of this Market Option, unless (i) Vector receives an opinion from counsel satisfactory to it that such a legend is not required in order to assure compliance with the 1933 Act or any applicable state securities laws or (ii) the Option Shares are registered under the 1933 Act, each certificate for Option Shares issued upon exercise of this Market Option shall bear a legend reading substantially as follows: These securities have not been registered under the Securities Act of 1933, as amended, and may be offered and sold only if registered pursuant to the provisions of that Act or if, in the opinion of counsel to the seller, an exemption from registration thereunder is available, the availability of which must be established to the satisfaction of Vector. The foregoing legend may be removed with respect to any Option Shares sold upon registration or sold pursuant to an exemption from registration including the exemption for sales made in accordance with Rule 144, 17 C.F.R. Section 230.144, provided Vector receives an opinion from counsel satisfactory to it that such legend may be removed. (c)