Common use of Payment and Delivery of Shares Clause in Contracts

Payment and Delivery of Shares. The Option Holder shall, at the date and time specified in the notice described in Section 9, deliver a bank cashier's or treasurer's check or checks payable in the amount of the Option exercise price for the shares of Stock in respect of which the Option is being exercised. Such delivery shall be made to the Corporation at its principal office in San Antonio or at such other place as the Corporation may specify in writing and such check or checks shall be drawn to the order of the Corporation. Contemporaneously with such payments, the Corporation shall deliver to the Option Holder, duly endorsed and in proper form for transfer, certificates representing the shares of Stock in respect of which the Option is being exercised. The Option Holder acknowledges and agrees that the certificates may bear restrictive legends, generally in the form set forth at the beginning of this Agreement.