Common use of Manner of Exercise; Payment Clause in Contracts

Manner of Exercise; Payment. 4.1 Exercise of the Option shall be effected by giving written notice of exercise to the Company, in care of the Secretary of the Company. Any such notice shall state the number of shares of Optioned Stock for which the Option is being exercised and shall be accompanied by payment in full of the exercise price for such shares of Optioned Stock. Such notice shall be irrevocable once given. 4.2 Employee shall have the right to exercise the Option with respect to all or part of the Optioned Stock. Exercise of the Option with respect to part of the Optioned Stock does not waive or limit Employee's rights with respect to the balance of the Optioned Stock. 4.3 The exercise price for the Optioned Stock upon exercise shall be payable in cash or its equivalent; provided, however, that if the Committee, in its discretion, so determines at or prior to the time of exercise, Employee may pay all or a portion of the exercise price in shares of Common Stock previously acquired by Employee; provided further that if such shares were acquired through exercise of an option or under a stock appreciation right or through the grant by the Company of restricted stock or unrestricted stock, Employee shall have held such shares for a period of more than 12 months on the Date of Exercise; provided further that any right to pay the exercise price by delivery of shares shall be subject to applicable laws. In the event all or a portion of the aggregate exercise price is paid with shares of Common Stock, the shares of Common Stock surrendered in payment of such Option shall be valued in such manner as the Committee reasonably determines.

Manner of Exercise; Payment. 4.1 Exercise of the Option shall be effected by giving written notice of exercise to the Company, in care of the Secretary of the Company. Any such notice shall state the number of shares of Optioned Stock for which the Option is being exercised and shall be accompanied by payment in full of the exercise price for such shares of Optioned Stock. Such notice shall be irrevocable once given. 4.2 Employee shall have the right to exercise the Option with respect to all or part of the Optioned Stock. Exercise of the Option with respect to part of the Optioned Stock does not waive or limit Employee's rights with respect to the balance of the Optioned Stock. 4.3 The exercise price for the Optioned Stock upon exercise shall be payable in cash or its equivalent; provided, however, that if the Committee, in its discretion, so determines at or prior to the time of exercise, Employee may pay all or a portion of the exercise price in shares of Common Stock previously acquired by Employee; provided further that if such shares were acquired through exercise of an option or under a stock appreciation right or through the grant by the Company of restricted stock or unrestricted stock, Employee shall have held such shares for a period of more than 12 months on the Date of Exercise; provided further that any right to pay the exercise price by delivery of shares shall be subject to applicable laws. In the event all or a portion of the aggregate exercise price is paid with shares of Common Stock, the shares of Common Stock surrendered in payment of such Option shall be valued in at the Fair Market Value of such manner as shares on the Committee reasonably determinesDate of Exercise.

Manner of Exercise; Payment. 4.1 Exercise of To exercise this Warrant, the Option holder hereof shall be effected by giving written notice of exercise deliver to the Company, in care Company (a) a Notice of the Secretary of the Company. Any Exercise duly executed by such notice shall state holder specifying the number of shares of Optioned Common Stock for which the Option is being exercised and shall to be accompanied by payment in full of the exercise price for such shares of Optioned Stock. Such notice shall be irrevocable once given. 4.2 Employee shall have the right to exercise the Option with respect to all or part of the Optioned Stock. Exercise of the Option with respect to part of the Optioned Stock does not waive or limit Employee's rights with respect purchased, (b) an amount equal to the balance of the Optioned Stock. 4.3 The exercise price aggregate Exercise Price for the Optioned Stock upon exercise shall be payable in cash or its equivalent; provided, however, that if the Committee, in its discretion, so determines at or prior to the time of exercise, Employee may pay all or a portion of the exercise price in shares of Common Stock previously acquired by Employee; provided further that if such shares were acquired through exercise of an option or under a stock appreciation right or through to be purchased pursuant to the grant by the Company of restricted stock or unrestricted stock, Employee shall have held such shares for a period of more than 12 months on the Date applicable Notice of Exercise; provided further that any right to pay , and (c) this Warrant. At the exercise price by delivery option of shares shall be subject to applicable laws. In the event all or a portion such holder, payment of the aggregate exercise price is paid with shares Exercise Price may be made by (X) either of Common Stockthe Permitted Payment Methods, (Y) deduction from the number of shares of Common Stock surrendered in otherwise to be delivered upon exercise of the Warrant of that number of shares of Common Stock which has an aggregate Current Market Price on the date of exercise - or if such shares of Common Stock are not then publicly traded, an aggregate Fair Value on the date of exercise - equal to the aggregate Exercise Price for all shares of Common Stock to be purchased pursuant to this Warrant, or (Z) by any combination of the foregoing methods. The exercise of this Warrant and payment of the Exercise Price pursuant to Section 1.3(Y) above is intended to qualify as a tax free reorganization within the meaning of Section 368(a)(1)(E) of the Internal Revenue Code of 1986, as amended. If the holder of this Warrant has not elected to exercise this Warrant prior to the end of the Exercise Period, then this Warrant shall automatically (without any act on the part of the holder) be exercised pursuant to Section 1.3(Y) effective immediately prior to the expiration of the Warrant to the extent such Option net issue exercise would result in the issuance of Warrant Shares, unless the holder shall be valued earlier provide written notice to the Company that the holder desires that this Warrant expire unexercised. If this Warrant is automatically exercised pursuant to the immediately preceding sentence, the Company shall notify the holder of the automatic exercise within five Business Days, and the holder shall surrender the Warrant to the Company in such manner as accordance with the Committee reasonably determinesterms hereof.

Manner of Exercise; Payment. 4.1 4.1. Exercise of the Option shall be effected by giving written notice of exercise to the Company, in care of the Secretary of the Company. Any such notice shall state the number of shares of Optioned Stock for which the Option is being exercised and shall be accompanied by payment in full of the exercise price for such shares of Optioned Stock. Such notice shall be irrevocable once given. 4.2 4.2. Employee shall have the right to exercise the Option with respect to all or part of the Optioned Stock. Exercise of the Option with respect to part of the Optioned Stock does not waive or limit Employee's rights with respect to the balance of the Optioned Stock. 4.3 4.3. The exercise price for the Optioned Stock upon exercise shall be payable in cash or its equivalent; provided, however, that if the Committee, in its discretion, so determines at or prior to the time of exercise, Employee may pay all or a portion of the exercise price in shares of Common Stock previously acquired by Employee; provided further that if such shares were acquired through exercise of an option or under a stock appreciation right or through the grant by the Company of restricted stock or unrestricted stock, Employee shall have held such shares for a period of more than 12 months on the Date of Exercise; provided further that any right to pay the exercise price by delivery of shares shall be subject to applicable laws. In the event all or a portion of the aggregate exercise price is paid with shares of Common Stock, the shares of Common Stock surrendered in payment of such Option shall be valued in at the Fair Market Value of such manner as shares on the Committee reasonably determinesDate of Exercise.