Common use of Notice of exercise of the Option Clause in Contracts

Notice of exercise of the Option. by Optionee shall be accompanied by payment of the full Option Price of the Shares as to which the Option is to be exercised, together with payment of the amount determined by the Company to be necessary to satisfy any applicable federal, state and local tax withholding requirements arising from the exercise of the Option. The Company shall issue and deliver a certificate or certificates representing such Shares as soon as practicable after such notice and payments are received. Payment of such Option Price shall be made in cash or check payable to the order of the Company or, in lieu thereof, if the Committee in its sole discretion at the time of exercise so permits, by tendering to the Company shares of common stock of the Company having a fair market value equal to the Option Price. Payment by the Optionee of any required amount of withholding for tax purposes shall be made in cash or check payable to the order of the Company. The certificate or certificates for the Shares as to which the Option shall have been so exercised shall be registered in the name of Optionee (or Optionee's Representative (as defined in Section 5)) or at the direction of Optionee or such Representative and shall be delivered as aforesaid to or upon the written order of such person or persons. In the event that the Option shall be exercised by any person or persons other than Optionee, such notice shall be accompanied by appropriate proof of the authority and right of such person or persons to exercise the Option. All Shares purchased upon the exercise of the Option as provided herein shall be fully paid and nonassessable.

Notice of exercise of the Option. by Optionee shall be accompanied by payment of the full Option Price of the Shares as to which the Option is to be exercised, together with payment of the amount determined by the Company to be necessary to satisfy any applicable federal, state and local tax withholding requirements arising from the exercise of the Option. The Company shall issue and deliver a certificate or certificates representing such Shares as soon as practicable after such notice and payments are received. Payment of such Option Price shall be made in cash or check payable to the order of the Company or, in lieu thereof, if the Committee in its sole discretion at the time of exercise so permits, by tendering to the Company shares of common stock of the Company Common Stock having a fair market value equal to the Option Price. Payment by the Optionee of any required amount of withholding for tax purposes shall be made in cash or check payable to the order of the Company. The certificate or certificates for the Shares as to which the Option shall have been so exercised shall be registered in the name of Optionee (or Optionee's Representative Representative, (as defined in Section 5)) or at the direction of Optionee or such Representative and shall be delivered as aforesaid to or upon the written order of such person or persons. In the event that the Option shall be exercised by any person or persons other than Optionee, such notice shall be accompanied by appropriate proof of the authority and right of such person or persons to exercise the Option. All Shares purchased upon the exercise of the Option as provided herein shall be fully paid and nonassessable.