Common use of Method of Exercise of Option and Payment of Purchase Price Clause in Contracts

Method of Exercise of Option and Payment of Purchase Price. Each exercise of the Option shall be by means of a written notice of exercise delivered to the Company and specifying the number of whole shares with respect to which the Option is being exercised, together with any written statements required pursuant to Section 9 below and payment of the Price in full in cash or by check payable to the order of the Company; provided that so-called cashless exercises may be permitted in the discretion of the Committee administering the Plan. The delivery of shares pursuant to an exercise of this Option will be conditional upon payment by the Optionee of amounts sufficient to enable the Company to pay all applicable federal, state and local withholding taxes.