Common use of Previously Acquired Shares Clause in Contracts

Previously Acquired Shares. Delivery of previously acquired Shares in full or partial payment for the exercise of the Option is subject to the following conditions: 2.8.1 The Shares tendered must be in good delivery form; 2.8.2 Any Shares remaining after satisfying the payment for the Option will be reissued in the same manner as the Shares tendered; 2.8.3 No fractional Shares will be issued and whenever payment of the full Exercise Price with Shares would require delivery of a fractional Share, Participant must deliver the next lower whole number of Shares and make a cash payment to Corporation for the balance of the Exercise Price; and 2.8.4 Shares may be tendered in full or partial payment of the Exercise Price only in connection with the exercise of the Option with respect to at least 2,000 Shares.