Payment Upon Exercise. Common Stock purchased upon the exercise of an Option shall be paid for by delivery of an irrevocable and unconditional undertaking by a creditworthy broker (selected by the Participant and otherwise without the financial involvement of the Company) to deliver promptly to the Company sufficient funds to pay the exercise price, or delivery by the Participant to the Company of a copy of irrevocable and unconditional instructions to a creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the exercise price (each, a "CASHLESS EXERCISE"). Settlement of an Option shall be made solely in cash.
Appears in 5 contracts
Samples: Grant Agreement (Aerobic Creations, Inc.), Director and Founders Agreement (Aerobic Creations, Inc.), Grant Agreement (Aerobic Creations, Inc.)
