Common use of Exercise and Payment Clause in Contracts

Exercise and Payment. (a) Subject to the provisions of Section 2.4 above, the Options may be exercised, in whole or in part, by delivery of written notice to the Company indicating the number of Options which are being exercised by the Executive, accompanied by payment of the full amount of the "Aggregate Exercise Price" (as such term is hereinafter defined).

Exercise and Payment. (a) Subject to the provisions of Section 2.4 above, the Options may be exercised, in whole or in part, by delivery of written notice to the Company indicating the number of Options which are being exercised by the ExecutiveDirector, accompanied by payment of the full amount of the "Aggregate Exercise Price" (as such term is hereinafter defined).