Common use of Exercise and Closing Clause in Contracts

Exercise and Closing. This Option shall be exercisable by written -------------------- notice addressed to the Company at its executive offices, provided, however, that no exercise shall be permitted unless the dollar value of the purchase exceeds one thousand ($1,000.00) dollars or the exercise exhausts the Stock subject to the Option. No fraction of a share of the Stock shall be transferred by the Company upon any exercise of this option. Closing of the purchase of the shares of the stock as to which this Option may be exercised shall take place in the offices of the Company on or before thirty days following the receipt by the Company of the written notice of exercise by Optionee. The Purchase Price multiplied by the number of shares as to which this Option is exercised shall be paid in full to the Company at the time of such closing in cash (including check, bank draft, or money order payable to the order of the Company).