Common use of Purchaser Option Clause in Contracts

Purchaser Option. 20.1. Shareholder hereby grants to the Purchaser an irrevocable option, exercisable as provided herein (the "Purchaser Option"), to purchase all of the ---------------- Shares (the "Purchaser Option Shares") at an exercise price determined as set ----------------------- forth below. The exercise price per Share shall be payable in shares of common stock, par value $.01 per share, of the Purchaser ("Purchaser Common Stock", ---------------------- each a "Purchaser Share") and shall equal the Per Share Merger Consideration (as --------------- defined in the Merger Agreement), it being understood that for purposes of determining the Per Share Merger Consideration in connection with this Agreement, the Weighted Average Sales Price (as defined in the Merger Agreement) of a Purchaser Share shall be determined with reference to the applicable exercise date of the Purchaser Option as opposed to the Closing Date (as defined in the Merger Agreement).