Cashless Exercise of Options. Company shall allow Executive to deliver the purchase price payable for the exercise of any options held by Executive either (a) by delivering an irrevocable direction to a securities broker to sell the stock underlying the options and to deliver all or part of the proceeds to Company in payment of the purchase price, or (b) through means of a net share settlement, as determined by the Company in its discretion.
Cashless Exercise of Options. The Company, through its Committee, shall not impose any unreasonable prohibitions on Executive exercising any options he has been awarded under the Company’s 2006 or 2012 Equity Incentive Plans through a cashless manner. Notwithstanding any provisions of this Agreement, the 2006 and 2012 Equity Incentive Plan documents shall govern Executive’s exercise of options.
Cashless Exercise of Options. Target shall use its best efforts to encourage cashless exercises of options with exercise prices of greater than $4.00 per share on or prior to the date of the Target Stockholders' Meeting. Acquiror shall use its best efforts to encourage option exercises prior to the date of the Target Stockholders' Meeting.
Cashless Exercise of Options. The Executive shall be entitled to exercise the options granted pursuant to Section 3.3: (i) in cash or by certified or cashier's check payable to Employer; or (ii) by delivery to Employer of certificates representing the number of shares of Common Stock then owned by the Executive, the Designated Value of which equals the option price of the shares of Common Stock purchased pursuant to the option or options being exercised. (For purposes of this Agreement, the Designated Value of any shares of Common Stock delivered in payment of the option price payable upon exercise of any option granted hereunder shall be the Designated Value as of the exercise date, and the exercise date shall be the date of delivery of the certificates for the Common Stock used as payment of such option price. The "Designated Value" of the shares of Common Stock on a given date shall mean the average of the closing prices of the Common Stock on the principal market or registered exchange on which the Common Stock is traded (or the average of the closing bid and asked prices, if a single closing price is not reported for such market) on the ten (10) consecutive trading days preceding the date for the determination of such value, provided that the Common Stock is then traded on the over-the-counter market or on the NASDAQ National Market System or any registered securities exchange.
Cashless Exercise of Options. Where the Award being exercised is a grant of Options, in lieu of paying the aggregate Option Exercise Price to purchase Shares under Rule 7.3(c), the Board may, in its sole and absolute discretion, permit a Participant to elect to receive, without payment of cash or other consideration, upon surrender of the applicable portion of exercisable Options to the Company, a number of Shares determined in accordance with the following formula (a Cashless Exercise): A = [B x (C – D)]/ C where: A = the number of Shares (rounded down to the nearest whole number) to be issued to the Participant pursuant to this Rule 7.4; B = the number of Shares otherwise issuable upon the exercise of the Option or portion of the Options being exercised; C = the Market Value of one Share determined as of the date of delivery to the Company Secretary of the items referred to in Rules 7.3(a) and 7.3(b); and D = the Option Exercise Price. For example, if a Participant holds 50 Options (which have vested and are therefore capable of exercise), each with an Option Exercise Price of $1.00 and they elect to exercise all of their Options by paying the Option Exercise Price, they would pay $50 and receive 50 Shares. However, if the Participate elects their rights under the Cashless Exercise, and the Market Value of one Share prior to exercise is $1.50, the Participant will pay no cash and receive 16 Shares (being 50($1.50 - $1.00)/$1.50 = 16.67, rounded down to 16 Shares. For greater certainty, upon the Cashless Exercise of an Option (or portion thereof), the total number of Shares that may be issued pursuant to the exercise of Options under the Plan, as set forth in Rule 4.13, shall be reduced by the total number of Shares with respect to which the Option (or portion thereof) was surrendered.
Cashless Exercise of Options. Notwithstanding any provisions to the contrary in this Option, the Holder, at its option, may, in lieu of paying the Aggregate Purchase Price in cash pursuant to Section 1(d) hereof, require that the Company reduce the number of Option Shares to be delivered to such Holder upon the exercise of the Options then being exercised by the number of Option Shares having an aggregate Net Value as of the date of surrender equal to the Aggregate Purchase Price of all Options Shares issuable upon such exercise. The “Net Value” of an Option Share shall mean the Fair Market Value minus the Purchase Price of such Option Share; the “Fair Market Value” shall mean (i) in the event the Common Stock is listed on a national stock exchange or NASDAQ, the average closing sales price on such exchange or NASDAQ for the 20 trading days immediately preceding the date of exercise; (ii) in the event (i) is inapplicable but the Common Stock is quoted in the over-the-counter market, the mean of the bid and asked prices of the Common Stock on the date of exercise; or (iii) in the event (i) and (ii) are inapplicable, the fair market value of a share of the Common Stock as determined in good faith by the Board of Directors of the Company.
Cashless Exercise of Options. Parties agree that, at any time prior to the option expiration date of December 20, 2014, Amir may elect to receive, without the payment by such Holder of any consideration, Shares equal to the value of his previously issued options (500,000) or any portion hereof (as determined below) by the surrender of those options or such portion to the Company, with the Notice of Exercise duly executed by Amir, at the office of any duly appointed transfer agent for the Company or at the principal office of the Company. Thereupon, the Company shall issue to Amir such number of fully paid and nonassessable Shares as is computed using the following formula:
