Method of Payment Clause Example from Business Contracts

Method of Payment. If the Optionee elects to exercise the Option by submitting an Exercise Notice under Section 2(b) of this Agreement, the aggregate Purchase Price (as well as any applicable withholding or other taxes) shall be paid by cash or check; provided, however, that the Board may consent, in its discretion, to payment in any of the following forms, or a combination of them: (a) cash or check; (b) consideration received by the Company under a formal cashless exercise program adopted by the Company in conne...ction with the Plan; (c) surrender of other Shares which (i) have been owned by the Optionee for more than six (6) months on the date of surrender, and (ii) have a Fair Market Value on the date of surrender equal to the aggregate Purchase Price of the Exercised Shares; or (d) any other consideration that the Board deems appropriate and in compliance with applicable law. View More