Common use of Medium of Payment Clause in Contracts

Medium of Payment. An Optionee may pay for Option Shares, and the amount of any tax withholding required under Paragraph 5(c) below, (i) in cash, (ii) by certified check payable to the order of the Company, (iii) by means of arranging through a broker designated by the Company to have the broker remit sufficient proceeds from the sale of such shares, (iv) by a combination of the foregoing, or by such other method as the Committee may determine to be appropriate from time to time. Furthermore, subject to the restrictions described below, payment of the Option Price of the Option Shares being purchased may be made all or in part in shares of the Common Stock of the Company held by the Optionee for more than one year. If payment is made in whole or in part in shares of the Common Stock, then the Optionee shall (1) deliver to the Company certificates registered in the name of such Optionee representing shares of Common Stock legally and beneficially owned by such Optionee, free of all liens, claims and encumbrances of every kind and having a fair market value on the date of delivery of such notice that is not greater than the product of the Option Price and the number of Option Shares with respect to which such Option is to be exercised, accompanied by stock powers duly endorsed in blank by the record holder of the shares represented by such certificates or (2) attest to his ownership of shares of Common Stock having a fair market value on the date of exercise at least equal to the options being exercised. Notwithstanding the foregoing, the Board of Directors, in its sole discretion, may refuse to accept shares of Common Stock in payment of the Option Price. In that event, any certificates representing shares of Common Stock which were delivered to the Company shall be returned to the Optionee with notice of the refusal of the Board of Directors to accept such shares in payment of the Option Price. The Board of Directors may impose such limitations and prohibitions on the use of shares of the Common Stock to exercise an Option as it deems appropriate.

Medium of Payment. An Subject to the terms of the applicable Option Document, an Optionee may shall pay for Option Shares, and the amount of any tax withholding required under Paragraph 5(c) below, Shares (i) in cash, (ii) by certified or cashier’s check payable to the order of the Company, or (iii) by means of arranging through a broker designated by the Company to have the broker remit sufficient proceeds from the sale of such shares, (iv) by a combination of the foregoing, or by such other method mode of payment as the Committee may determine to be appropriate from time to timeapprove, including, without limitation, the optionee’s note in form approved by the Committee and payment through a broker in accordance with procedures permitted by rules or regulations of the Federal Reserve Board. The Optionee may also exercise the Option in any manner contemplated by Section 11. Furthermore, subject to the restrictions described below, Committee may provide in an Option Document that payment of the Option Price of the Option Shares being purchased may be made all in whole or in part in shares of the Company’s Common Stock of the Company held by the Optionee for more than one yearOptionee. If payment is made in whole or in part in shares of the Company’s Common Stock, then the Optionee shall (1) deliver to the Company certificates registered in the name of such Optionee representing the shares of Common Stock legally and beneficially owned by such Optionee, free of all liens, claims and encumbrances of every kind and having a fair market value an aggregate Fair Market Value on the date of delivery of such notice that is not greater than the product of at least as great as the Option Price and of the number of Option Shares (or relevant portion thereof) with respect to which such Option is to be exercisedexercised by the payment in shares of Common Stock, endorsed in blank or accompanied by stock powers duly endorsed in blank by the record holder Optionee. In the event that certificates for shares of Company’s Common Stock delivered to Company represent a number of shares in excess of the number of shares represented required to make payment for the Option Price of the Shares (or relevant portion thereof) with respect to which such Option is to be exercised by such certificates or (2) attest to his ownership of payment in shares of Common Stock having a fair market value on Stock, the date of exercise at least equal stock certificate or certificates issued to the options being exercisedOptionee shall represent (i) the Shares in respect of which payment is made and (ii) such excess number of shares. Notwithstanding the foregoing, the Board of Directors, in its sole discretion, may refuse to accept shares of Common Stock in payment of the Option Price. In that event, any certificates representing shares of Common Stock which were delivered to the Company shall be returned to the Optionee with notice of the refusal of the Board of Directors to accept such shares in payment of the Option Price. The Board of Directors Committee may impose from time to time such limitations and prohibitions on the use of shares of the Common Stock to exercise an Option as it deems appropriate.

Medium of Payment. An Optionee may pay for Option Shares, and the amount of any tax withholding required under Paragraph 5(c) below, (i) in cash, (ii) by certified check payable to the order of the Company, (iii) by means of arranging through a broker designated by the Company to have the broker remit sufficient proceeds from the sale of such shares, (iv) by a combination of the foregoing, or by such other method as the Committee may determine to be appropriate from time to time. Furthermore, subject to the restrictions described below, payment of the Option Price of the Option Shares being purchased may be made all or in part in shares of the Common Stock of the Company held by the Optionee for more than one year. If payment is made in whole or in part in shares of the Common Stock, then the Optionee shall (1) deliver to the Company certificates registered in the name of such Optionee representing shares of Common Stock legally and beneficially owned by such Optionee, free of all liens, claims and encumbrances of every kind and having a fair market value on the date of delivery of such notice that is not greater than the product of the Option Price and the number of Option Shares with respect to which such Option is to be exercised, accompanied by stock powers duly endorsed in blank by the record holder of the shares represented by such certificates or (2) attest to his ownership of shares of Common Stock having a fair market value on the date of exercise at least equal to the exercise price of the options being exercised. Notwithstanding the foregoing, the Board of Directors, in its sole discretion, may refuse to accept shares of Common Stock in payment of the Option Price. In that event, any certificates representing shares of Common Stock which were delivered to the Company shall be returned to the Optionee with notice of the refusal of the Board of Directors to accept such shares in payment of the Option Price. The Board of Directors may impose such limitations and prohibitions on the use of shares of the Common Stock to exercise an Option as it deems appropriate.