Cashless Exercise Procedure definition

Cashless Exercise Procedure means delivery to the Company by a Participant exercising an Option of a properly executed exercise notice, acceptable to the Company, together with irrevocable instructions to the Participant's broker to deliver to the Company sufficient cash to pay the exercise price and any applicable income and employment withholding taxes, in accordance with a written agreement between the Company and the brokerage firm.
View Source
Cashless Exercise Procedure means delivery to the Corporation by a Participant exercising an Option of a properly executed exercise notice, acceptable to the Corporation, together with irrevocable instructions to the Participant’s broker to deliver to the Corporation sufficient cash to pay the exercise price and any applicable income and employment withholding taxes, in accordance with a written agreement between the Corporation and the brokerage firm.
View Source

Examples of Cashless Exercise Procedure in a sentence

  • Upon request, the Company shall deliver to the Optionee a certificate or certificates for the number of Option Shares (reduced, if applicable, by the number of Option Shares sold on the Option Exercise Date pursuant to the Cashless Exercise Procedure) purchased by the Optionee, registered in the name of the Optionee.

  • At the discretion of the Committee, as set forth in a Participant's Option Agreement, the purchase price may be paid by using the Cashless Exercise Procedure if the relevant agreement between the Company and the Participant's broker referred to in the definition of such term has been executed by the Company and such broker.

  • A Participant may use the Cashless Exercise Procedure or may tender previously acquired shares of Common Stock that have been held at least six months to satisfy the withholding obligation in whole or in part, such shares being valued for such purpose at Fair Market Value; provided that the Company shall not withhold from exercise more shares than are necessary to satisfy the established requirements of federal, state and local tax withholding obligations.

  • In lieu of payment of the Per Share Warrant Price as provided in Section 1 hereof, the Holder may pay the Per Share Warrant Price by giving the Company written notice of the Holder's delivery of irrevocable instructions to a broker-dealer to sell or margin a sufficient portion of the Warrant Shares to pay the Per Share Warrant Price and any withholding taxes and to deliver such sale or margin loan proceeds directly to the Company (the "Cashless Exercise Procedure").

  • Exercise of the Option shall be by notice given in the form authorized by the Company (whether written or electronic) or compliance with such procedures as the Company may establish for notifying the Company of the exercise of the Option prior to the termination of the Option as set forth in Section 6, and, except to the extent the Cashless Exercise Procedure is utilized, accompanied by full payment of the aggregate Exercise Price for the number of shares of Stock being purchased.

Related to Cashless Exercise Procedure

  • Cashless Exercise means a Cashless Exercise as defined in Section 6.3(b)(i).

  • Cashless Exercise Ratio means a fraction, the numerator of which is the excess of the Current Market Value per share of Common Stock on the Exercise Date over the Exercise Price per share as of the Exercise Date and the denominator of which is the Current Market Value per share of the Common Stock on the Exercise Date.

  • Initial Exercise Price shall have the meaning set forth in Section 2.4.1.

  • Option Exercise Price means the price at which a share of Common Stock may be purchased upon the exercise of an Option.

  • Warrant Exercise Period shall commence (subject to Section 6(d) below), on the later of: