Common use of SUBSEQUENT OPTIONS Clause in Contracts

SUBSEQUENT OPTIONS. If any Optionee does not elect to acquire his or its proportionate share, the Secretary of the Corporation shall give written notice thereof to all Optionees who elected to exercise their options (the "Exercising Optionees"), no later than five (5) days following the last day of the option period of the last Optionee to receive notice. Each Exercising Optionee shall then have a further option, continuing for five (5) days, beginning with the day following receipt of such notice by all Exercising Optionees, to elect to acquire the still unsold Offered Shares in the same ratio that the total number of shares of the Corporation's capital stock owned by him or it bears to the total number of shares of the capital stock of the Corporation then outstanding and owned by all Exercising Optionees. Any Exercising Optionee desiring to acquire all or any part of the Offered Shares not acquired by the Corporation or by any 6 Optionee shall deliver a written election as in section 5(b) during said five (5) day period. Such notices and options shall continue to be given in the same manner and for the same periods until election(s) to acquire all of the Offered Shares are made, or until no Exercising Optionee is willing to exercise his or its option to acquire the remaining Offered Shares. Only an Exercising Optionee who shall have fully exercised his or its last option under this section 5(c) shall be deemed to be an Exercising Optionee for purposes of notice and exercise of the next subsequent option, if any, under this section 5(c).

SUBSEQUENT OPTIONS. If any Optionee does not elect to acquire his or its proportionate share, the Secretary of the Corporation Company shall give written notice thereof to all Optionees who elected to exercise their options (the "Exercising Optionees"), no later than five (5) days following the last day of the option period of the last Optionee to receive notice. Each Exercising Optionee shall then have a further option, continuing for five (5) days, beginning with the day following receipt of such notice by all Exercising Optionees, to elect to acquire the still unsold Offered Shares in the same ratio that the total number of shares of the CorporationCompany's capital stock owned by him or it bears to the total number of shares of the capital stock of the Corporation Company then outstanding and owned by all Exercising Optionees. Any Exercising Optionee desiring to acquire all or any part of the Offered Shares not acquired by the Corporation Company or by any 6 Optionee shall deliver a written election as in section 5(b) during said five (5) day days period. Such notices and options shall continue to be given in the same manner and for the same periods until election(s) to acquire all of the Offered Shares are made, or until no Exercising Optionee is willing to exercise his or its option to acquire the remaining Offered Shares. Only an Exercising Optionee who shall have fully exercised his or its last option under this section 5(cSection 3.2(c) shall be deemed to be an Exercising Optionee for purposes of notice and exercise of the next subsequent option, if any, under this section 5(cSection 3.2(c).