Payment for Stock Sample Clauses

Payment for Stock. The purchase price of shares of Company Stock to be purchased by the Company (or its designee) pursuant to this Article VII will be paid by (a) at the Company's option, the cancellation of indebtedness owing from the Employee Shareholder to the Company or any of its subsidiaries, if any, and (b) then by the Company's delivery of a bank cashier's check or certified check for the remainder of the purchase price, if any, against delivery of the certificates or other instruments representing the Company Stock so purchased, Duly Endorsed; provided that, in the event (x) that the Company does not have sufficient cash flow to finance the payment of such purchase price referred to in clause (b) above, as determined in good faith the Board, or (y) that the Company is not permitted, pursuant to the provisions of either the Credit Agreement or the Subordinated Notes, or any refinancing, refunding or amendment thereof (after seeking in good faith to obtain from the lenders thereunder a consent reasonably acceptable to the Company with respect to effecting a cash repurchase), to pay cash in payment of such purchase price referred to in clause (b) above, but is permitted, pursuant thereto and pursuant to all other credit obligations of the Company to issue an Employee Repurchase Note, then, in any of such events, the Company (or its designee) may, at its option, pay for such purchase price with the delivery of a junior, subordinated promissory note bearing interest at an eight percent (8%) annual rate of interest, due on the fifth anniversary of the date of issuance thereof (or such later date as may be required by any financing agreement to which the Company is a party) and substantially in the form attached hereto as Exhibit A for the remainder of the purchase price, if any (such promissory note, the "Employee Repurchase Note"). In the event that the Company (or its designee) intends to deliver an Employee Repurchase Note upon the exercise of any Put Right or any Call Right, the Company (or its designee) shall notify the intended recipient thereof prior to the delivery thereof. The Company (or its designee) shall have the rights set forth in subsections (a) and (b) of the first sentence of this Section 7.4 whether or not any Permitted Transferee(s) of the Employee Shareholder owing amounts to the Company or its subsidiaries, if applicable, is itself an obligor of the Company or its subsidiaries.

Payment for Stock. Payment for shares purchased upon the exercise of this INCENTIVE STOCK OPTION in whole or in part shall be made in cash, except that if authorized by the Human Resources Committee in writing, the exercise price may also be paid by (i) the delivery of shares of Company Common Stock with a fair market value equal to the exercise price or (ii) a combination of cash and Company Common Stock equal to the exercise price. Notification of the amount due and prior to, or concurrently with, the delivery of the Employee of a certificate representing any shares purchased pursuant to the exercise of this INCENTIVE STOCK OPTION, the Employee shall promptly pay to the Company any amount necessary to satisfy applicable federal, state or local tax requirements. Further, upon disposition of shares of Common Stock acquired pursuant to the exercise of this INCENTIVE STOCK OPTION, the Company shall require the payment of the amount of taxes, if any, which are required by law to be withheld or otherwise paid with regard to such disposition.

Payment for Stock. The Optionee shall pay for the entire Purchase Price in United States dollars, or, at Optionee's discretion, Optionee may elect to surrender Shares provided the Shares have been held for more than six (6) months and provided the Shares are surrendered to the Company in good form for transfer and the transfer will not cause Optionee or the Company to be in violation of the Securities Act, the Securities Exchange Act, or state securities laws. The combined amount paid in cash and the value of surrendered Shares must equal the Purchase Price. The Board shall determine the value of any surrendered Shares.

Payment for Stock. Stock purchased on exercise of the Option must be paid for as follows: (1) in cash or by check (acceptable to the Company in accordance with guidelines established for this purpose), bank draft or money order payable to the order of the Company, or (2) through the delivery of shares of Stock (which in the case of Shares acquired from the Company have been outstanding for at least six months) having a fair market value on the last business day preceding the date of exercise equal to the purchase price, or (3) by delivery of an unconditional and irrevocable undertaking by a broker to deliver promptly to the Company sufficient funds to pay the exercise price, or (4) if so permitted by this instrument (or by the Committee on or after the grant of the Option), by delivery of a promissory note by the Option holder to the Company, payable on such terms as are specified by the Committee, or (5) by any combination of the permissible forms of payment; provided, that if the Stock delivered upon exercise of the Option is an original issue of authorized Stock, at least so much of the exercise price as represents the par value of such Stock must be paid in cash. In the event that payment of the Option price is made under (2) above, the Committee may provide that the Option holder be granted an additional Option covering the numbers of shares surrendered, at an exercise price equal to the fair market value of a share of Stock on the date of surrender.

Payment for Stock. Except as otherwise provided hereinafter with respect to certain purchases of Stock by the Company, all payments hereunder shall be made in cash, by certified cashier's or bank check, or by wire transfer of immediately available funds. To the extent that the proposed consideration to be paid by any proposed transferee consists of property other than cash, the purchase price shall be paid in cash in lieu of the fair market value of such non-cash consideration, or the fair value thereof if there is no market therefor.

Payment for Stock. Payment for shares of Stock acquired pursuant to an Option granted hereunder shall be made in full upon exercise of the Option in a manner approved by the Committee, which may include any of the following payment methods: (i) in immediately available funds in U.S. dollars, or by certified or bank cashier’s check, (ii) by delivery of shares of Stock having a value equal to the exercise price, (iii) by a broker-assisted cashless exercise in accordance with procedures approved by the Committee, whereby payment of the Option exercise price or tax withholding obligations may be satisfied, in whole or in part, with shares of Stock subject to the Option by delivery of an irrevocable direction to a securities broker (on a form prescribed by the Committee) to sell shares of Stock and to deliver all or part of the sale proceeds to the Company in payment of the aggregate exercise price and, if applicable, the amount necessary to satisfy the Company’s withholding obligations, or (iv) by any other means approved by the Committee (including, by delivery of a notice of “net exercise” to the Company, pursuant to which the Participant shall receive the number of shares of Stock underlying the Option so exercised reduced by the number of shares of Stock equal to the aggregate exercise price of the Option divided by the Fair Market Value on the date of exercise). Notwithstanding anything herein to the contrary, if the Committee determines that any form of payment available hereunder would be in violation of Section 402 of the S▇▇▇▇▇▇▇-▇▇▇▇▇ Act of 2002, such form of payment shall not be available.

Payment for Stock. All or part of the Purchase Price for an exercise of this option may be paid either (a) in cash, by wire transfer or by certified check or bank cashier’s check, payable to the order of the Company, or (b) by surrendering a number of Shares received upon exercise of this option such that the Fair Market Value of such surrendered shares is equal to the aggregate Exercise Price of all shares being received pursuant to an exercise of this option (a “Cashless Exercise”); provided, however, that the Company shall have the discretion to determine whether a Cashless Exercise may be made upon each exercise of an option by the Participant. Any Cashless Exercise under this Section 5 will be conducted in a manner acceptable to the Company through a third party broker, and otherwise in compliance with Section 402 of the Sarbanes‑Oxley Act. 

Payment for Stock. 31 7.5 Miscellaneous......................................................................32 7.6 Proxy and Escrow of Company Stock..................................................32

Payment for Stock. Stock purchased on exercise of the Option must be paid for as follows: