Common use of Procedures for Exercise of Option Clause in Contracts

Procedures for Exercise of Option. This Option shall be exercisable in accordance with the following procedures. Upon the election of the Optionee to exercise this Option (in whole or in part) on prior to the Expiration Date, the Optionee (or his estate) shall deliver to the Company written notice specifying the number of Option Shares which he is electing to purchase and a date, not less than 5 nor more than 15 days after the date of such notice (an "Exercise Date"), upon which such Shares shall be purchased and payment therefor shall be made. A stock certificate(s) representing the number of Option Shares the Optionee has so elected to purchase shall be delivered to him by the Company on the Exercise Date against delivery (on the Exercise Date) to the Company of cash or certified or bank cashier's check payable to the order of the Company, in an amount equal to (A) the number of Option Shares specified in such notice multiplied by (B) five cents ($0.05), together with payment, by cash or certified or bank cashier's check payable to the order of the Company, of such amount as the Company deems necessary to satisfy its liability (if any) to withhold federal, state or local income or other taxes incurred by reason of the exercise or the transfer of Shares thereupon.