Common use of Exercise of Put Option; Closing Clause in Contracts

Exercise of Put Option; Closing. The Put Option may be exercised during each Put Period by GEI giving a written notice of such exercise (the “Put Notice”) to the Executive at any time during such Put Period, and shall be consummated after the giving of such Put Notice (the “Put Closing”). The Put Closing shall be held at 10 a.m. on the thirtieth day following the giving of the Put Notice at the principal offices of the Company or at such other time and location as to which the parties hereto shall mutually agree. At the Put Closing, (i) GEI shall deliver certificates evidencing the Put Shares to the Executive, duly endorsed in blank or with stock powers duly executed in blank or with such other instruments of transfer as may be necessary (in the reasonable opinion of counsel to the Executive) to transfer title to the Put Shares free and clear of all liens and encumbrances and (ii) the Executive shall wire transfer to GEI funds in the amount of the purchase price thereof, as determined pursuant to this Article IX.