Common use of Exercise/Pledge Clause in Contracts

Exercise/Pledge. In the discretion of the Company, upon such terms as the Company shall approve, payment may be made all or in part by the delivery (on a form prescribed by the Company) of an irrevocable direction to pledge Shares to a securities broker or lender approved by the Company, as security for a loan, and to deliver all or part of the loan proceeds to the Company in payment of all or part of the Exercise Price and any withholding taxes.