Common use of Exercise of the BKFC OPTION Clause in Contracts

Exercise of the BKFC OPTION. Subject to the other provisions of this Stock Option Award Agreement, the BKFC OPTION may not be exercised until February 1, 2001, after which the BKFC OPTION shall remain exercisable until the date of expiration or termination of the BKFC OPTION in accordance with Section 2(C) of this Stock Option Award Agreement. The BKFC OPTION may be exercised in a manner by which less than the total number of shares of BKFC stock subject to the BKFC OPTION may be purchased, but may not be exercised unless the shares of BKFC stock issued upon such exercise are first registered pursuant to any applicable federal and state laws or regulations or, in the opinion of securities counsel to BKFC, are exempt from such registration. Nothing contained in this AGREEMENT shall be construed to require BKFC to take any action whatsoever to make the BKFC OPTION exercisable or to make transferable any shares issued upon the exercise of the BKFC OPTION.