Common use of Manner of Exercise, Payment of Purchase Price Clause in Contracts

Manner of Exercise, Payment of Purchase Price. A. Subject to the terms and conditions of this Agreement, the Option shall be exercised by written notice to the Company at its principal office. Such notice shall state the election to exercise the Option and shall specify the number of Shares sought to be exercised pursuant to the notice. Such notice of exercise shall be signed by Director and shall be irrevocable when given. B. The Notice of exercise shall be accompanied by the full payment, in cash, of the purchase price for the Shares or by tendering Shares owned by Director to the Company with a fair market value equal to the purchase price for the Shares or by a combination of such methods of payment. C. Upon receipt of the purchase price, and subject to the terms of paragraph 11, the certificate or certificates representing the Shares exercised shall be registered in the name of the person or persons so exercising the Option. If the Option shall be exercised by Director and, if Director shall so request in the notice exercising the Option, the Shares shall be registered in the name of Director and another person, as joint tenants with right of survivorship, and shall be delivered as provided above to or upon the written order of the person or persons exercising the Option. In the event the Option shall be exercised pursuant to paragraph 7 hereof, by any person or persons other than Director, such notice shall be accompanied by appropriate proof satisfactory to the Company of the right of such person or persons to exercise the Option. All Shares that shall be purchased upon the exercise of the Option as provided therein shall be fully paid and non-assessable.