Common use of CASHLESS EXERCISE AND SELL Clause in Contracts

CASHLESS EXERCISE AND SELL. If you elect this alternative, you will be deemed to have simultaneously exercised the NSO and to have sold the Shares underlying the portion of the NSO you exercised. When the transaction is complete, you will receive cash (but no Shares) equal to the difference between the aggregate Fair Market Value of the Shares deemed to have been acquired through the exercise minus the aggregate Exercise Price and related taxes.

CASHLESS EXERCISE AND SELL. If you elect this alternative, you will be deemed to have simultaneously exercised the NSO and to have sold the Shares underlying the portion of the NSO you exercised. When the transaction is complete, you will receive cash (but no Shares) from the broker equal to the difference between the aggregate Fair Market Value market value of the Shares deemed to have been acquired through the exercise minus the aggregate Exercise Price and related taxestaxes that are required to be withheld.