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Common use of Cashless Payment Clause in Contracts

Cashless Payment. The Former Director may, with the consent of the Board, use Common Stock of the Company owned by him or her to pay the purchase price for the Option Shares by delivery of stock certificates in negotiable form which are effective to transfer good and valid title thereto to the Company, free of any liens or encumbrances. Shares of Common Stock used for this purpose shall be valued at the fair market value, as determined by the Board in its sole discretion. Alternatively, at the election of the Former Director and with the consent of the Board, the Company may retain from the Option Shares that number of shares having a fair market value on the date of exercise (as determined by the Board in its sole discretion) equal to the option price of the number of Option Shares for which the Option is being exercised.

Appears in 5 contracts

Samples: Nonqualified Stock Option Agreement (Humascan Inc), Nonqualified Stock Option Agreement (Humascan Inc), Nonqualified Stock Option Agreement (Humascan Inc)

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