Common use of Method of Exercise of Options Clause in Contracts

Method of Exercise of Options. (a) To the extent then exercisable, Holder may exercise the Options in whole or in part; except that no single exercise of Options may be for less than 100 Option Shares, unless at the time of the exercise, the maximum number of Option Shares available for purchase under the Options is less than 100 Option Shares. In no event are the Options to be exercised for a fractional share of Common Stock. (b) To exercise the Options, Holder shall give written notice to the Company stating the number of shares for which the Options are being exercised and the intended manner of payment. The date of this notice shall be the exercise date. The notice must be accompanied by payment in full of the aggregate Exercise Price, either by cash, check, or such other medium of payment as the Board may permit. (c) As soon as practicable upon the Company’s receipt of Xxxxxx’s notice of exercise and payment, the Company shall direct the due issuance of the Option Shares so purchased. (d) As a further condition precedent to the exercise of Options in whole or in part, Holder shall comply with all regulations and the requirements of any regulatory authority having control of, or supervision over, the issuance of the shares of Common Stock and accordingly shall execute any documents that the Board, in its sole discretion, deems necessary or advisable to effect such compliance. (e) In the case of Xxxxxx’s death, the Options, to the extent exercisable, may be exercised by the executor or administrator of Holder’s estate or by any person or persons who have acquired the Options directly from Holder by bequest or inheritance.