Exercise of Option Clause Example from Business Contracts

Exercise of Option. (a) Right to Exercise. This Option shall be exercisable, in whole or in part, during its term in accordance with the applicable provisions of the Plan and this Option Agreement. No Shares shall be issued pursuant to the exercise of an Option unless the issuance and exercise comply with applicable laws. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to the Optionee on the date on which the Option is exercised with respect to such Shares. (b) Method of... Exercise. The Optionee may exercise the Option by delivering an exercise notice in the form attached as Exhibit A to this Option Agreement (the "Exercise Notice") which shall state the election to exercise the Option, the number of Shares with respect to which the Option is being exercised, and such other representations and agreements as may be required by the Company. The Exercise Notice shall be accompanied by payment of the aggregate Purchase Price as to all Shares exercised. This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Purchase Price. View More