Common use of Manner of Exercisability and Payment Clause in Contracts

Manner of Exercisability and Payment. 5.1 Subject to the terms and conditions of this Agreement, the Option may be exercised in whole at any time, or in part from time to time, by delivery of written notice to the Company at its principal executive office. Such notice shall state the number of shares in respect of which the Option is being exercised and shall be signed by Director. If requested by the Company, Director shall deliver this Agreement to the Company for endorsement thereon a notation of such exercise. 5.2 The notice of exercise described in Section 5.1 hereof shall be accompanied by the full purchase price for the shares in respect of which the Option is being exercised, in cash or by check. 5.3 Upon receipt of notice of exercise and full payment for the shares in respect of which the Option is being exercised. the Company shall take such action as may be 3 necessary to effect the transfer to Director of the number of shares as to which such exercise was effective. 5.4 Director shall not be deemed to be the holder of, or to have any of the rights of a holder with respect to any shares subject to the Option until (i) the Option shall have been exercised pursuant to the terms of this Agreement and Director shall have paid the full purchase price for the number of shares in respect of which the Option was exercised, (ii) the Company shall have issued and delivered to Director certificates evidencing the shares, and (iii) Director's name shall have been entered as a stockholder of record on the books of the Company, whereupon Director shall have full voting and other ownership rights with respect to such shares.