Medium and Time of Payment. The Option Price shall be paid in full, at the time of exercise, in cash or in shares of Stock (whether then owned by the Grantee or issuable upon exercise of the Option) having a Fair Market Value equal to such Option Price or in a combination of cash and Stock, including a cashless exercise procedure through a broker dealer.
Medium and Time of Payment. The Option shall be exercised by a written notice signed by the Optionee which identifies this Agreement and states the number of Shares then being purchased (the “Exercise Notice”), delivered to the attention of the Company’s Secretary at the address for the Company as set forth in Section 15. The exercise date shall be the date such notice is received by the Company provided that consideration for the Exercise Price is received by such time or within a reasonable period of time thereafter. The Exercise Notice shall be accompanied by the Exercise Price, which is payable either by: (a) cash payment, certified or bank check or money order, equal to the aggregate Exercise Price for the Shares being purchased; (b) a certificate(s) representing Common Stock owned by the Optionee, if not subject to any restrictions, with a Fair Market Value equal to the aggregate Exercise Price for the Shares being purchased; (c) a cashless exercise, pursuant to which the Optionee shall be issued that number of Shares as is determined by multiplying the number of Shares being purchased hereunder by a fraction, the numerator of which shall be the difference between the then Fair Market Value of the Common Stock and the Exercise Price, and the denominator of which shall be the then Fair Market Value of the Common Stock; (d) such other manner as may be authorized by the Administrator and permitted under applicable law; or (e) by a combination of the methods described in clauses (a), (b), (c) and (d) above; provided, however, that in the event the Company determines at any time or from time to time that any of such exercise procedures may have an adverse impact on the Company’s financial statements, the Company may limit or prohibit the Optionee from using any such method of exercise, other than the procedure set forth in Section 4(a). The Exercise Notice shall state the method or methods being utilized by the Optionee to purchase Shares hereunder. “Fair Market Value” of a share of Common Stock as of a specified date shall mean the closing price of a share of Common Stock on the principal securities exchange (including the Over-the-Counter Bulletin Board) on which such shares are traded on the day immediately preceding the date as of which Fair Market Value is being determined, or on the next preceding date on which such shares are traded if no shares were traded on such immediately preceding day, or if the shares are not traded on a securities exchange, Fair Market Value shall be ...
Medium and Time of Payment. The exercise price for Shares shall be paid in United States dollars in cash on or prior to the date on which the Option is exercised with respect to such Shares. Payment in full shall be required prior to the issuance of any Shares pursuant to the Option. In addition, prior to or concurrently with delivery to the Holder of a certificate representing such Shares, the Holder shall pay any and all amounts necessary to satisfy applicable federal, state and local tax requirements (including withholding requirements).
Medium and Time of Payment. The exercise price of the Option shall be paid in cash or by check payable to the order of the Company at the time of exercise. In addition, the Company shall accept full or partial payment in Shares having a fair market value on the date of exercise equal to the portion of the exercise price being so paid. Payment in full shall be required before the issuance of any Shares pursuant to this Option. In addition, before or concurrently with delivery to the Grantee of a certificate representing such Shares, the Grantee shall pay any amount necessary to satisfy applicable federal, state, or local tax requirements.
Medium and Time of Payment. The Option shall be exercised by a written notice signed by the Grantee, which identifies this Agreement and states the number of Shares then being purchased (the "Exercise Notice"), delivered to the attention of the Company's Secretary at the Company's principal office in New York, New York. The exercise date shall be the date such notice is received by the Company. Such notice shall be accompanied by (i) cash payment or certified check equal to the Exercise Price; or (ii) a certificate representing Company stock owned by the Grantee, if not subject to any restrictions, with a Fair Market Value equal to the Exercise Price; or (iii) instructions for the Company to withhold from the purchased shares an amount with a Fair Market Value equal to the Exercise Price. "Fair Market Value" means the fair market value of a Share as determined by the Board of reference to the closing price quotation, or, if none, the average of the bid and asked prices, reported on Nasdaq Small Cap or other exchange or quotation system as of the most recent available date with respect to Company's common stock. Upon acceptance of the Exercise Notice and receipt of payment in full, the Company shall cause to be issued a certificate representing the Shares so purchased.
Medium and Time of Payment. The Exercise Price shall be payable in cash or its equivalent, or, subject to the approval of the Audit/Compensation Committee of the Company's Board of Directors (the "Committee"), by means of unrestricted shares of the Company's capital stock or any combination thereof upon the exercise of the Option. Payment in currency or by check, bank draft, cashier's check or postal money order shall be considered payment in cash. The Company shall not loan any monies to the Optionee for purchase of any Option Shares. In the event of payment in the Company's capital stock, the shares used in payment of the purchase price shall be taken at the Fair Market Value thereof (as defined below), which, for purposes of this Section 3(b), shall be determined on the date immediately preceding the day of payment. The "Fair Market Value" of the Company's capital stock shall mean (i) if payment date occurs on the day after the effective date of a public offering of such stock, the public offering price; (ii) if the Company's capital stock is listed on an established stock exchange, the closing price of the Company's capital stock on such stock exchange on the relevant date or, if no sale of the Company's capital stock shall have been made on such stock exchange that day, such price for the next preceding day upon which a sale shall have occurred; (iii) if the Company's capital stock is not listed upon an established exchange but is quoted on National Association of Securities Dealers Automated Quotation System ("NASDAQ"), the closing sale price (if the stock is listed in the National Market List) or the mean between the closing dealer "bid" and "asked" prices for the Corporation's capital stock as quoted on NASDAQ on the relevant date or, if no such closing sale price or "bid" and "asked" prices are quoted for the day of the grant, such prices on the next preceding day on which such prices are quoted; or (iv) if the Company's capital stock is neither listed on an established stock exchange nor quoted on NASDAQ, the fair market value of such stock on the relevant date as determined by the Committee. Subject to the foregoing, the Committee, in fixing the Fair Market Value, shall have full authority and discretion and be fully protected in doing so.
Medium and Time of Payment a. The Exercise Price must be paid in United States dollars, in cash or by personal check payable to the order of the Company, at the time of purchase.
Medium and Time of Payment. The exercise price of the Option shall be paid in cash or by check payable to the order of the Company at the time of exercise. In addition, the Company shall accept full or partial payment in Shares previously owned by the Grantee having an aggregate fair market value on the date of exercise equal to the portion of the exercise price being so paid. The option may be partially exercised from time to time.
Medium and Time of Payment. The Option Price shall be payable by the ------------------------------ Optionee (or his successors in accordance with Paragraph 5 above) upon exercise of this Option in cash. Without limiting the foregoing, if the Optionee is an officer or director of the Company within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, he may in addition be allowed to pay all or part of the purchase price with Shares. Shares used by officers or directors to pay the exercise price shall be valued at their fair market value on the exercise date.
Medium and Time of Payment. The Exercise Price shall be paid in full, at the time of exercise, in cash or by delivery by Optionee to the Company of shares of Common Stock then owned by Optionee having a Fair Market Value equal to such Exercise Price, or in a combination of cash and Common Stock. In the event of any exercise of the Options, the certificate(s) for the Shares so purchased, registered in the name of the person entitled to receive the same, shall be delivered to the Optionee within a reasonable time, not exceeding ten business days, after the Options or any portion thereof are exercised. The person in whose name any certificate(s) for Shares are issued upon any exercise of the Options shall for all purposes be deemed to have become the holder of record of such Shares on the date on which the Options or any portion thereof were exercised and payment of the Exercise Price made, irrespective of the date of delivery of such certificate(s), except that, if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of record of such Shares at the close of business on the next succeeding date on which the stock transfer books are open.
