Common use of Payment of Par Value Clause in Contracts

Payment of Par Value. In connection with the issuance of the Awarded Shares pursuant to this Agreement, the Board has determined that the Company has received consideration of not less than the aggregate par value of the Awarded Shares in the form of past services rendered by Grantee to the Company and/or one or more Subsidiaries. Notwithstanding the foregoing, if Grantee is a newly hired Employee and the Award is made in connection with Grantee’s commencement of employment, the requirement that the Company receive adequate consideration of not less than the aggregate par value of the Awarded Shares shall be waived and the Awarded Shares issued pursuant to this Agreement shall be made solely from shares of Common Stock held by the Company in its treasury.

Payment of Par Value. In connection with the issuance of the Awarded Shares pursuant to this Agreement, the Board has determined that the Company has received consideration of not less than the aggregate par value of the Awarded Shares in the form of past services rendered by Grantee to the Company and/or one or more Subsidiaries. Notwithstanding the foregoing, if Grantee is a newly hired Employee and the Award is made in connection with Grantee’s 's commencement of employment, the requirement that the Company receive adequate consideration of not less than the aggregate par value of the Awarded Shares shall be waived and the Awarded Shares issued pursuant to this Agreement shall be made solely from shares of Common Stock held by the Company in its treasury.