Exercise of Option Clause Example with 204 Variations from Business Contracts
This page contains Exercise of Option clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Exercise of Option. (a) Right to Exercise. This Option shall be exercisable during its term in accordance with the Vesting Schedule set out in the Notice of Stock Option Grant and with the applicable provisions of the Plan and this Option Agreement. (b) Method of Exercise. This Option shall be exercisable by delivery of an exercise notice in the form attached as Exhibit A (the "Exercise Notice") or in a manner and pursuant to such procedures as the Administrator may determine, which shall state the election to exer...cise the Option, the number of Shares with respect to which the Option is being exercised (the "Exercised Shares"), and such other representations and agreements as may be required by the Company. The Exercise Notice shall be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares, together with any applicable tax withholding. This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by payment of the aggregate Exercise Price, together with any applicable tax withholding. No Shares shall be issued pursuant to the exercise of an Option unless such issuance and such exercise comply with Applicable Laws. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to Participant on the date on which the Option is exercised with respect to such Shares.View More
Variations of a "Exercise of Option" Clause from Business Contracts
Exercise of Option. This Option is exercisable as follows: (a) Right to Exercise. (i) This Option shall be exercisable during its term in accordance with cumulatively according to the Vesting Schedule set out forth in the Notice of Grant. For purposes of this Stock Option Grant and with Agreement, Shares subject to this Option shall vest as provided in the applicable provisions Vesting Schedule set forth in the Notice of Grant. (ii) This Option may not be exercised for a fraction of a Share. (iii) In the event of O...ptionee's death, disability or other termination of Optionee's status as a director, officer, employee, or consultant of the Plan Company, as the case may be, the exercisability of the Option is governed by Section 7 below and the Termination Provisions set forth in the Notice of Grant. (iv) In no event may this Option Agreement. be exercised after the date of expiration of the term of this Option as set forth in the Notice of Grant. (b) Method of Exercise. This Option shall be exercisable by delivery of an exercise notice written Notice (substantially in the form attached as Exhibit A (the "Exercise Notice") or in a manner and pursuant to such procedures as the Administrator may determine, which shall A). The Notice must state the election to exercise the Option, the number of Shares with respect to for which the Option is being exercised (the "Exercised Shares"), exercised, and such other representations and agreements with respect to such Shares as may be required by the Company pursuant to the provisions of the Plan. The Notice must be signed by Optionee and shall be delivered in person or by certified mail to the Secretary of the Company. The Exercise Notice shall must be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares, together with plus payment of any applicable tax withholding. withholding tax. This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise written Notice accompanied by the Exercise Price and payment of the aggregate Exercise Price, together with any applicable tax withholding. withholding tax. No Shares shall be issued pursuant to the exercise of an Option unless such issuance and such exercise comply with Applicable Laws. all relevant provisions of law and the requirements of any stock exchange upon which the Shares may then be listed. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to Participant Optionee on the date on which the Option is exercised with respect to such Shares. View More
Exercise of Option. (a) Right to Exercise. This Option shall be is exercisable during its term in accordance with the Vesting Schedule set out forth in the Notice Notice, this Option Agreement and the Offer Letter. In the event of Stock Participant's death, Disability, termination for Cause or other cessation of Service, the exercisability of the Option Grant and with is governed by the applicable provisions of the Plan and Notice, this Option Agreement. Agreement and the Offer Letter. This Option may not be exerci...sed for a fraction of a Share. (b) Method of Exercise. This Option shall be is exercisable by delivery of an exercise notice in a form specified by the form attached as Exhibit A Company (the "Exercise Notice") or in a manner and pursuant to such procedures as the Administrator may determine, Notice"), which shall will state the election to exercise the Option, the number of Shares with in respect to of which the Option is being exercised (the "Exercised Shares"), and such other representations and agreements as may be required by the Company. The Exercise Notice shall will be delivered in person, by mail, via electronic mail or facsimile or by other authorized method to the Secretary of the Company or other person designated by the Company. The Exercise Notice will be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares, Shares together with any applicable tax withholding. Tax-Related Items (as defined in Section 9 below). This Option shall will be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by such aggregate Exercise Price and payment of the aggregate Exercise Price, together with any applicable tax withholding. Tax-Related Items. No Shares shall will be issued pursuant to the exercise of an this Option unless such issuance and such exercise comply complies with Applicable Laws. all relevant provisions of law and the requirements of any stock exchange or quotation service upon which the Shares are then listed. Assuming such compliance, for income tax purposes the Exercised Shares shall will be considered transferred to Participant on the date on which the Option is exercised with respect to such Exercised Shares. (c) Exercise by Another. If another person wants to exercise this Option after it has been transferred to him or her in compliance with this Agreement, that person must prove to the Company's satisfaction that he or she is entitled to exercise this Option. That person must also complete the proper Exercise Notice form (as described above) and pay the Exercise Price (as described below) and any applicable tax withholding due upon exercise of the Option (as described below). 3 6. Method of Payment. Payment of the aggregate Exercise Price will be by any of the following, or a combination thereof, at the election of Participant: (a) Participant's personal check (of readily available funds that clear prior to the transfer of Shares), wire transfer, or a cashier's check; (b) certificates for shares of Company stock that Participant owns, along with any forms needed to effect a transfer of those shares to the Company; the value of the shares, determined as of the effective date of the Option exercise, will be applied to the Option exercise price. Instead of surrendering shares of Company stock, Participant may attest to the ownership of those shares on a form provided by the Company and have the same number of shares subtracted from the Option shares issued to Participant. However, Participant may not surrender, or attest to the ownership of, shares of Company stock in payment of the exercise price of Participant's Option if Participant's action would cause the Company to recognize compensation expense (or additional compensation expense) with respect to this Option for financial reporting purposes; (c) cashless exercise through irrevocable directions to a securities broker approved by the Company to sell all or part of the Shares covered by this Option and to deliver to the Company from the sale proceeds an amount sufficient to pay the Option exercise price and any withholding taxes. The balance of the sale proceeds, if any, will be delivered to Participant. The directions must be given by signing a special notice of exercise form provided by the Company; or (d) other method authorized by the Company. View More
Exercise of Option. (a) Right to Exercise. This Option shall be exercisable during its term in accordance with the Vesting Vesting/Exercise Schedule set out in the Notice of Stock Option Grant and with the applicable provisions of the Plan Plan, including Section 6 thereof, and of this Agreement, including Section 5 hereof, as follows: (a)Right to Exercise. (i)This Option may not be exercised for a fraction of a share. (ii)In the event of Optionee's death, disability or other termination of Continuous Service, the ...exercisability of the Option is governed by Section 5 below, subject to the limitations contained in this Section 3. (iii)In no event may this Option Agreement. (b) Method be exercised after the Expiration Date of the Option as set forth in the Notice. (b)Method of Exercise. This (i)This Option shall be exercisable by execution and delivery of an exercise notice in the form Exercise Notice and Stock Purchase Agreement attached hereto as Exhibit A (the "Exercise Notice") Agreement") or in a manner and pursuant to of any other form of written notice approved for such procedures as purpose by the Administrator may determine, Company which shall state the Optionee's election to exercise the Option, the number of Shares with in respect to of which the Option is being exercised (the "Exercised Shares"), exercised, and such other representations and agreements as to the holder's investment intent with respect to such Shares as may be required by the Company. Company pursuant to the provisions of the Plan. Such written notice shall be signed by Optionee and shall be delivered to the Company by such means as are determined by the Administrator in its discretion to constitute adequate delivery. The Exercise Notice written notice shall be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares, together with any applicable tax withholding. Price. This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice written notice accompanied by payment of the aggregate Exercise Price, together with any applicable tax withholding. No Shares shall be issued pursuant Price. (ii)As a condition to the exercise of an this Option and as further set forth in Section 8.2 of the Plan, Optionee agrees to make such arrangements as the Administrator may require for the satisfaction of all federal, state or other tax withholding obligations, if any, which arise upon the vesting or exercise of the Option, or disposition of Shares, whether by withholding, direct payment to the Company, or otherwise, as the Administrator may in its discretion determine. (iii)The Company is not obligated, and will have no liability for failure, to issue or deliver any Shares upon exercise of the Option unless such issuance and such exercise or delivery would comply with the Applicable Laws, with such compliance determined by the Company in consultation with its legal counsel. As a condition to the exercise of this Option, the Company may require Optionee to make any representation and warranty to the Company as may be required by the Applicable Laws. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to Participant Optionee on the date on which the Option is exercised with respect to such Shares. View More
Exercise of Option. (a) Right to Exercise. This Option shall be is exercisable during its term in accordance with the Vesting Schedule vesting schedule set out forth in the Notice of Stock Option Grant and with the applicable provisions of the Plan and this Agreement. In the event of your death, Disability, or other cessation of Service, the exercisability of the Option is governed by the applicable provisions of the Plan, the Notice of Grant and this Agreement. This Option may not be exercised for a fraction of a ...Share. (b) Method of Exercise. This Option shall be is exercisable by delivery of an exercise notice in a form specified by the form attached as Exhibit A Company (the "Exercise Notice") or in a manner and pursuant to such procedures as the Administrator may determine, Notice"), which shall state the election to exercise the Option, the number of Shares with in respect to of which the Option is being exercised (the "Exercised Shares"), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. The Exercise Notice shall be delivered in person, by mail, via electronic mail or facsimile or by other authorized method to the Secretary of the Company or other person designated by the Company. The Exercise Notice shall be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares, together with any applicable tax withholding. Shares. This Option shall be deemed to be exercised upon receipt by the Company of such a fully executed Exercise Notice accompanied by payment of the aggregate Exercise Price, together with Price and any applicable tax withholding. No Shares shall Tax-Related Obligations that are required to be issued pursuant withheld as detailed in Section 8 below. (c) Exercise by Another. If another person wants to exercise this Option after it has been transferred to him or her in compliance with this Agreement, that person must prove to the Company's satisfaction that he or she is entitled to exercise of an Option unless such issuance this Option. That person must also complete the proper Exercise Notice form (as described above) and such exercise comply with Applicable Laws. Assuming such compliance, for income tax purposes pay the Shares shall Exercise Price (as described below) and any applicable Tax-Related Obligations that are required to be considered transferred to Participant on the date on which the Option is exercised with respect to such Shares. withheld as described in Section 8 below. View More
Exercise of Option. (a) Right to Exercise. This Option shall be is exercisable during its term in accordance with the Vesting Schedule vesting schedule set out forth in the Notice of Stock Option Grant and with the applicable provisions of the Plan and this Agreement. In the event of your death, Disability, or other cessation of Service, the exercisability of the Option is governed by the applicable provisions of the Plan, the Notice of Grant and this Agreement. This Option may not be exercised for a fraction of a ...Share. (b) Method of Exercise. This Option shall be is exercisable by delivery of an exercise notice in a form specified by the form attached as Exhibit A Company (the "Exercise Notice") or in a manner and pursuant to such procedures as the Administrator may determine, Notice"), which shall state the election to exercise the Option, the number of Shares with in respect to of which the Option is being exercised (the "Exercised Shares"), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. The Exercise Notice shall be delivered in person, by mail, via electronic mail or facsimile or by other authorized method to the Secretary of the Company or other person designated by the Company. The Exercise Notice shall be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares, together with any applicable tax withholding. Shares. This Option shall be deemed to be exercised upon receipt by the Company of such a fully executed Exercise Notice accompanied by payment of the aggregate Exercise Price, together with Price and any applicable tax withholding. No Shares shall Tax-Related Items that are required to be issued pursuant withheld as detailed in Section 8 below. (c) Exercise by Another. If another person wants to exercise this Option after it has been transferred to him or her in compliance with this Agreement, that person must prove to the Company's satisfaction that he or she is entitled to exercise of an Option unless such issuance this Option. That person must also complete the proper Exercise Notice form (as described above) and such exercise comply with Applicable Laws. Assuming such compliance, for income tax purposes pay the Shares shall Exercise Price (as described below) and any applicable Tax-Related Items that are required to be considered transferred to Participant on the date on which the Option is exercised with respect to such Shares. withheld as described in Section 8 below. View More
Exercise of Option. (a) Right to Exercise. This Option shall be is exercisable during its term in accordance with the Vesting Schedule set out forth in the Notice of Stock Option Grant and with the applicable provisions of the Plan and this Option Agreement. In the event of Participant's death, Disability, termination for Cause or other cessation of Service, the exercisability of the Option is governed by the applicable provisions of the Plan, the Notice and this Option Agreement. This Option may not be exercised f...or a fraction of a Share. (b) Method of Exercise. This Option shall be is exercisable by delivery of an exercise notice in a form specified by the form attached as Exhibit A Company (the "Exercise Notice") or in a manner and pursuant to such procedures as the Administrator may determine, Notice"), which shall will state the election to exercise the Option, the number of Shares with in respect to of which the Option is being exercised (the "Exercised Shares"), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. The Exercise Notice will be delivered in person, by mail, via electronic mail or facsimile or by other authorized method to the Secretary of the Company or other person designated by the Company. The Exercise Notice shall will be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares, Shares together with any applicable tax withholding. Tax-Related Items (as defined in Section 8 below). This Option shall will be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by such aggregate Exercise Price and payment of the aggregate Exercise Price, together with any applicable tax withholding. Tax-Related Items. No Shares shall will be issued pursuant to the exercise of an this Option unless such issuance and such exercise comply complies with Applicable Laws. all relevant provisions of law and the requirements of any stock exchange or quotation service upon which the Shares are then listed. Assuming such compliance, for income tax purposes the Exercised Shares shall will be considered transferred to Participant on the date on which the Option is exercised with respect to such Exercised Shares. (c) Exercise by Another. If another person wants to exercise this Option after it has been transferred to him or her in compliance with this Agreement, that person must prove to the Company's satisfaction that he or she is entitled to exercise this Option. That person must also complete the proper Exercise Notice form (as described above) and pay the Exercise Price (as described below) and any applicable tax withholding due upon exercise of the Option (as described below). 35 5. Method of Payment. Payment of the aggregate Exercise Price will be by any of the following, or a combination thereof, at the election of Participant: (a) Participant's personal check (or readily available funds), wire transfer, or a cashier's check; (b) certificates for shares of Company stock that Participant owns, along with any forms needed to effect a transfer of those shares to the Company; the value of the shares, determined as of the effective date of the Option exercise, will be applied to the Option exercise price. Instead of surrendering shares of Company stock, Participant may attest to the ownership of those shares on a form provided by the Company and have the same number of shares subtracted from the Option shares issued to Participant. However, Participant may not surrender, or attest to the ownership of, shares of Company stock in payment of the exercise price of Participant's Option if Participant's action would cause the Company to recognize compensation expense (or additional compensation expense) with respect to this Option for financial reporting purposes; (c) cashless exercise through irrevocable directions to a securities broker approved by the Company to sell all or part of the Shares covered by this Option and to deliver to the Company from the sale proceeds an amount sufficient to pay the Option exercise price and any withholding taxes. The balance of the sale proceeds, if any, will be delivered to Participant. The directions must be given by signing a special notice of exercise form provided by the Company; or (d) other method authorized by the Company. View More
Exercise of Option. (a) Right to Exercise. This Option shall be is exercisable during its term in accordance with the Vesting Schedule set out forth in the Notice of Stock Option Grant and with the applicable provisions of the Plan and this Option Agreement. In the event of Participant's death, Disability, termination for Cause or other cessation of Service, the exercisability of the Option is governed by the applicable provisions of the Plan, the Notice and this Option Agreement. This Option may not be exercised f...or a fraction of a Share. (b) Method of Exercise. This Option shall be is exercisable by delivery of an exercise notice in a form specified by the form attached as Exhibit A Company (the "Exercise Notice") or in a manner and pursuant to such procedures as the Administrator may determine, Notice"), which shall will state the election to exercise the Option, the number of Shares with in respect to of which the Option is being exercised (the "Exercised Shares"), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. The Exercise Notice will be delivered in person, by mail, via electronic mail or facsimile or by other authorized method to the Secretary of the Company or other person designated by the Company. The Exercise Notice shall will be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares, Shares together with any applicable tax withholding. Tax-Related Items (as defined in Section 8 below). This Option shall will be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by such aggregate Exercise Price and payment of the aggregate Exercise Price, together with any applicable tax withholding. Tax-Related Items. No Shares shall will be issued pursuant to the exercise of an this Option unless such issuance and such exercise comply complies with Applicable Laws. all relevant provisions of law and the requirements of any stock exchange or quotation service upon which the Shares are then listed. Assuming such compliance, for income tax purposes the Exercised Shares shall will be considered transferred to Participant on the date on which the Option is exercised with respect to such Exercised Shares. (c) Exercise by Another. If another person wants to exercise this Option after it has been transferred to him or her in compliance with this Agreement, that person must prove to the Company's satisfaction that he or she is entitled to exercise this Option. That person must also complete the proper Exercise Notice form (as described above) and pay the Exercise Price (as described below) and any applicable tax withholding due upon exercise of the Option (as described below). 2 5. Method of Payment. Payment of the aggregate Exercise Price will be by any of the following, or a combination thereof, at the election of Participant: (a) Participant's personal check (or readily available funds), wire transfer, or a cashier's check; (b) certificates for shares of Company stock that Participant owns, along with any forms needed to effect a transfer of those shares to the Company; the value of the shares, determined as of the effective date of the Option exercise, will be applied to the Option exercise price. Instead of surrendering shares of Company stock, Participant may attest to the ownership of those shares on a form provided by the Company and have the same number of shares subtracted from the Option shares issued to Participant. However, Participant may not surrender, or attest to the ownership of, shares of Company stock in payment of the exercise price of Participant's Option if Participant's action would cause the Company to recognize compensation expense (or additional compensation expense) with respect to this Option for financial reporting purposes; (c) cashless exercise through irrevocable directions to a securities broker approved by the Company to sell all or part of the Shares covered by this Option and to deliver to the Company from the sale proceeds an amount sufficient to pay the Option exercise price and any withholding taxes. The balance of the sale proceeds, if any, will be delivered to Participant. The directions must be given by signing a special notice of exercise form provided by the Company; or (d) other method authorized by the Company. View More
Exercise of Option. (a) Right to Exercise. This Option shall be exercisable during its term in accordance with the Vesting Schedule set out in the Notice of Stock Option Grant and with the applicable provisions of the Plan and as follows: (a) Right to Exercise. (i) This Option may not be exercised for a fraction of a share. (ii) In the event of the termination of Optionee's relationship with the Company or any Related Corporations as an Employee, Director or Service Provider (for any reason whatsoever), the exercis...ability of the Option is governed by Section 9 of the Plan, subject to the limitation contained in subsection 2(a)(iii) of this Stock Option Agreement. (iii) In no event may this Option Agreement. be exercised after the Expiration Date set forth in the Notice of Grant. (b) Method of Exercise. This Option shall be exercisable by delivery of an exercise written notice in (in the form attached hereto as Exhibit A (the "Exercise Notice") or in a manner and pursuant to such procedures as the Administrator may determine, A) which shall state the election to exercise the Option, the number of Shares with in respect to of which the Option is being exercised (the "Exercised Shares"), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. Such written notice shall be signed by the Optionee and shall be delivered in person or by registered mail to the Corporate Secretary of the Company. The Exercise Notice written notice shall be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares, together with any applicable tax withholding. Price. This Option shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice written notice accompanied by payment of the aggregate Exercise Price, together with any applicable tax withholding. Price. No Shares shall will be issued pursuant to the exercise of an Option unless such issuance and such exercise shall comply with Applicable Laws. all relevant provisions of law and the requirements of any Exchange upon which the Shares may then be listed. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to Participant the Optionee on the date on which the Option is exercised with respect to such Shares. View More
Exercise of Option. (a) Right to Exercise. This Option shall be is exercisable during its term in accordance with the Vesting Schedule vesting schedule set out forth in the Notice of Stock Option Grant and with the applicable provisions of the Plan and this Agreement. In the event of your death, Disability, or other cessation of Service, the exercisability of the Option is governed by the applicable provisions of the Plan, the Notice of Grant and this Agreement. This Option may not be exercised for a fraction of a ...Share. (b) Method of Exercise. This Option shall be is exercisable by delivery of an exercise notice in a form specified by the form attached as Exhibit A Company (the "Exercise Notice") or in a manner and pursuant to such procedures as the Administrator may determine, Notice"), which shall state the election to exercise the Option, the number of Shares with in respect to of which the Option is being exercised (the "Exercised Shares"), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. The Exercise Notice shall be delivered in person, by mail, via electronic mail or facsimile or by other authorized method to the Secretary of the Company or other person designated by the Company. The Exercise Notice shall be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares, together with any applicable tax withholding. Shares. This Option shall be deemed to be exercised upon receipt by the Company of such a fully executed Exercise Notice accompanied by payment of the aggregate Exercise Price, together with Price and any applicable tax withholding. No Shares shall be issued pursuant withholding of Tax-Related Items as detailed in Section 8 below. (c) Exercise by Another. If another person wants to exercise this Option after it has been transferred to him or her in compliance with this Agreement, that person must prove to the Company's satisfaction that he or she is entitled to exercise this Option. That person must also complete the proper Exercise Notice form (as described above) and pay the Exercise Price (as described below) and any applicable withholding of an Option unless such issuance and such exercise comply with Applicable Laws. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to Participant on the date on which the Option is exercised with respect to such Shares. Tax-Related Items as described below. View More
Exercise of Option. (a) Right to Exercise. This Option shall may be exercisable during its exercised only within the term in accordance with the Vesting Schedule set out in the Notice of Stock Option Grant Grant, and may be exercised during such term only in accordance with the applicable provisions of the Plan and the terms of this Option Award Agreement. (b) Method of Exercise. This Option shall be is exercisable by delivery of an exercise notice (the "Exercise Notice") in the form attached as Exhibit A (the "Exe...rcise Notice") or in a manner and pursuant to such procedures as the Administrator may determine, which shall will state the election to exercise the Option, the number of Shares with in respect to of which the Option is being exercised (the "Exercised Shares"), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. The Exercise Notice will be completed by Participant and delivered to the Company. The Exercise Notice shall will be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares, Shares together with and of any applicable tax withholding. Tax Obligations (as defined in Section 6(a)). This Option shall will be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by payment the aggregate Exercise Price. 2 5. Method of Payment. Payment of the aggregate Exercise Price, together Price will be by any of the following, or a combination thereof, at the election of Participant: (a)cash; (b)check; (c) consideration received by the Company under a formal cashless exercise program adopted by the Company in connection with any applicable tax withholding. No the Plan; or (d) if Participant is a U.S. employee, surrender of other Shares shall be issued pursuant to the exercise of an Option unless such issuance and such exercise comply with Applicable Laws. Assuming such compliance, for income tax purposes the Shares shall be considered transferred to Participant which have a Fair Market Value on the date on which of surrender equal to the Option is exercised with respect aggregate Exercise Price of the Exercised Shares and that are owned free and clear of any liens, claims, encumbrances, or security interests, provided that accepting such Shares, in the sole discretion of the Administrator, will not result in any adverse accounting consequences to such Shares. the Company. View More
