Common use of Method of Exercise of Options Clause in Contracts

Method of Exercise of Options. 10.1 Options may be exercised by written notice to the Secretary of the Company. The exercise notice must specify the number of shares required to be allotted, which number must be a multiple of 1,000 if only part of the Options are exercised, or if the total number of Options held is less than 1,000, then the total of all Options held must be exercised. Options will be deemed to have been exercised on the date that the application is lodged with the Secretary of the Company. 10.2 The Option holder must pay the exercise price in full to the Company on the date of the exercise of the Options. 10.3 The exercise of less than all of the Option holder's Options will not prevent the Option holder from exercising an Option in respect of the whole or any part of the balance of the entitlement under his remaining Options. 10.4 On exercise of the Options the Option holder must surrender his Option certificate to the Company in respect of those Options being exercised. 10.5 If the Option holder exercises less than the total number of Options then registered in his name: a) The Option holder must surrender his Option certificate to the Company, and b) the Company must cancel that Option certificate and issue to the holder a new Option certificate in respect of the Option holder's unexercised Options. 10.6 Within 10 days of receipt of the application for the exercise of Options and payment by the Option holder of the exercise price of such Options, the Company must issue and allot to the Option holder the number of fully paid ordinary shares in the capital of the Company specified in the application. 10.7 If the Company is listed on the Australian Stock Exchange then it will as soon as practicable after issue make application for the shares issued upon exercise of Options by the Option holder to be granted official quotation on the Australian Stock Exchange. The Options are not to be listed on the ASX.

Method of Exercise of Options. 10.1 Options may be exercised by written notice to the Secretary of the Company. The exercise notice must specify the number of shares required to be allotted, which number must be a multiple of 1,000 if only part of the Options are exercised, or if the total number of Options held is less than 1,000, then the total of all Options held must be exercised. Options will be deemed to have been exercised on the date that the application is lodged with the Secretary of the Company. 10.2 The Option holder must pay the exercise price in full to the Company on the date of the exercise of the Options. 10.3 The exercise of less than all of the Option holder's Options will not prevent the Option holder from exercising an Option in respect of the whole or any part of the balance of the entitlement under his remaining Options. 10.4 On exercise of the Options the Option holder must surrender his Option certificate to the Company in respect of those Options being exercised. 10.5 If the Option holder exercises less than the total number of Options then registered in his name: a) The Option holder must surrender his Option certificate to the Company, and b) the Company must cancel that Option certificate and issue to the holder a new Option certificate in respect of the Option holder's unexercised Options. 10.6 Within 10 days of receipt of the application for the exercise of Options and payment by the Option holder of the exercise price of such Options, the Company must issue and allot to the Option holder the number of fully paid ordinary shares of commo stock in the capital of the Company specified in the application. 10.7 If the Company is listed on the Australian any Stock Exchange then it will as soon as practicable after issue make application do all things necessary for the shares issued upon exercise of Options by the Option holder to be granted official quotation and to be freely tradeable on the Australian all Stock ExchangeExchanges and. The Options are not to be listed on the ASXany Stock Exchange.