Common use of Manner of Exercise of Options Clause in Contracts

Manner of Exercise of Options. To exercise the options granted herein, the Optionee shall give written notice to the Corporation at its principal executive office, to the attention of the President of the Corporation accompanied by payment of the exercise price and by such other documents as the Board of Directors of the Corporation (the "Board") may request. The date the Corporation receives written notice of an exercise hereunder accompanied by payment of the exercise price and all such other documents as may be reasonably required by the Corporation will be considered the date the option was exercised. Promptly after receipt of written notice of exercise of an option, the Corporation shall, without stock issue or transfer taxes to the Optionee or any other person entitled to exercise the option, deliver to the Optionee or such other person a certificate or certificates for the requisite number of Option Shares. An Optionee or transferee of an option hereunder shall not have any privileges as a stockholder in the Corporation with respect to any stock covered by this option until the date of issuance of a stock certificate for such shares.