Common use of Payment of Purchase Price Upon Exercise Clause in Contracts

Payment of Purchase Price Upon Exercise. At the time of any exercise of all or a portion of the Option, the purchase price shall be paid in full to the Company in any of the following ways or in any combination of the following ways: (a) By check or other immediately available funds. (b) With property consisting of shares of Stock. (The shares of Stock to be used as payment shall be valued as of the date of exercise of the Option at the Closing Price as defined below. For example, if Holder exercises the option for 4,000 shares at a total Exercise Price of $8,000, assuming an exercise price of $2.00 per share, and the Closing Price is $5.00, Holder may pay for the 4,000 Option Shares by transferring 1,600 shares of Stock to the Company.) (c) By delivering a properly executed exercise notice together with irrevocable instructions to a broker to deliver promptly to the Company the amount of sale proceeds necessary to pay the purchase price and applicable withholding taxes, and such other documents as the Committee may determine. (d) For purposes of this Agreement, the term “Closing Price” means, with respect to the Company’s Stock, the last sale price regular-way or, in case no such sale takes place on such date, the average of the closing bid and asked prices regular-way on the principal national securities exchange on which the Stock is listed or admitted to trading; or, if the Stock is not listed or admitted to trading on any national securities exchange, the last sale price of the Stock on the consolidated transaction reporting system of the National Association of Securities Dealers (“NASD”), if such last sale information is reported on such system or, if not so reported, the average of the closing bid and asked prices of the securities on the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) or any comparable system or, if the Stock is not listed on NASDAQ or a comparable system, the “Closing Price” shall be the fair market value of the Stock as determined by the Committee in good faith.

Payment of Purchase Price Upon Exercise. At the time of any exercise of all or a portion of the Option, ISO the purchase price of the ISO shall be paid in full to the Company in any of the following ways or in any combination of the following ways: (a) By check or other immediately available funds. (b) With property consisting of shares of Common Stock. (The shares of Common Stock to be used as payment shall be valued as of the date of exercise of the Option ISO at the Closing Price as defined below. For example, if Holder exercises the option for 4,000 shares at a total Exercise Price of $8,000, assuming an exercise price of $2.00 per share, and the Closing Price is $5.00, Holder he may pay for the 4,000 Option Shares by transferring 1,600 shares of Common Stock to the Company.) (c) By delivering a properly executed exercise notice together with irrevocable instructions to a broker to deliver promptly to the Company company the amount of sale or loan proceeds necessary to pay the purchase price and applicable withholding taxes, and such other documents as the Committee may determine. (d) For purposes of this Agreement, the term “"Closing Price” " means, with respect to the Company’s 's Common Stock, the last sale price regular-way or, in case no such sale takes place on such date, the average of the closing bid and asked prices regular-way on the principal national securities exchange on which the Stock is securities are listed or admitted to trading; or, if the Stock is they are not listed or admitted to trading on any national securities exchange, the last sale price of the Stock securities on the consolidated transaction reporting system of the National Association of Securities Dealers (“"NASD”"), if such last sale information is reported on such system or, if not so reported, the average of the closing bid and asked prices of the securities on the National Association of Securities Dealers Automatic Quotation System (“"NASDAQ”") or any comparable system or, if the Stock is securities are not listed on NASDAQ or a comparable system, the “Closing Price” shall be the fair market value average of the Stock closing bid and asked prices as determined furnished by two members of the NASD selected from time to time by the Committee in good faithCompany for that purpose.

Payment of Purchase Price Upon Exercise. At the time of any exercise of all or a portion of the Option, the purchase price shall be paid in full to the Company in any of the following ways or in any combination of the following ways: (a) By check or other immediately available funds. (b) With property consisting of shares of Stock. (The shares of Stock to be used as payment shall be valued as of the date of exercise of the Option at the Closing Price as defined below. For example, if Holder exercises the option for 4,000 shares at a total Exercise Price of $8,000, assuming an exercise price of $2.00 per share, and the Closing Price is $5.00, Holder may pay for the 4,000 Option Shares by transferring 1,600 shares of Stock to the Company.) (c) By delivering a properly executed exercise notice together with irrevocable instructions to a broker to deliver promptly to the Company the amount of sale proceeds necessary to pay the purchase price and applicable withholding taxes, and such other documents as the Committee may determine. (d) For purposes of this Agreement, the term “Closing Price” means, with respect to the Company’s Stock, the last sale price regular-way or, in case no such sale takes place on such date, the average of the closing bid and asked prices regular-way on the principal national securities exchange on which the Stock is listed or admitted to trading; or, if the Stock is not listed or admitted to trading on any national securities exchange, the last sale price of the Stock on the consolidated transaction reporting system of the National Association of Securities Dealers (“NASD”), if such last sale information is reported on such system or, if not so reported, the average of the closing bid and asked prices of the securities on the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) or any comparable system or, if the Stock is not listed on NASDAQ or a comparable system, the “Closing Price” shall be the fair market value Fair Market Value of the Stock as determined by the Committee in good faith.

Payment of Purchase Price Upon Exercise. At the time of any exercise of all or a portion of the Option, ISO the purchase price of the ISO shall be paid in full to the Company in any either of the following ways or in any combination of the following ways: (a) By check or other immediately available funds. (b) With property consisting of shares of Common Stock. (The shares of Common Stock to be used as payment shall be valued as of the date of exercise of the Option ISO at the Closing Price as defined below. For example, if Holder exercises the option for 4,000 shares at a total Exercise Price of $8,0007,000, assuming an exercise price of $2.00 1.75 per share, and the Closing Price is $5.00, Holder he may pay for the 4,000 Option Shares by transferring 1,600 1,400 shares of Common Stock to the Company.) (c) By delivering a properly executed exercise notice together with irrevocable instructions to a broker to deliver promptly to the Company the amount of sale proceeds necessary to pay the purchase price and applicable withholding taxes, and such other documents as the Committee may determine. (d) For purposes of this Agreement, the term “"Closing Price” " means, with respect to the Company’s 's Common Stock, the last sale price regular-way or, in case no such sale takes place on such date, the average of the closing bid and asked prices regular-way on the principal national securities exchange on which the Stock is securities are listed or admitted to trading; or, if the Stock is they are not listed or admitted to trading on any national securities exchange, the last sale price of the Stock securities on the consolidated transaction reporting system of the National Association of Securities Dealers (“NASD”"), if such last sale information is reported on such system or, if not so reported, the average of the closing bid and asked prices of the securities on the National Association of Securities Dealers Automatic Quotation System (“"NASDAQ”") or any comparable system or, if the Stock is securities are not listed on NASDAQ or a comparable system, the “Closing Price” shall be the fair market value average of the Stock closing bid and asked prices as determined furnished by two members of the NASD selected from time to time by the Committee in good faithCompany for that purpose.

Payment of Purchase Price Upon Exercise. At the time of any exercise of all or a portion of the Option, ISO the purchase price of the ISO shall be paid in full to the Company in any of the following ways or in any combination of the following ways: (a) By check or other immediately available funds. (b) With property consisting of shares of Common Stock. (The shares of Common Stock to be used as payment shall be valued as of the date of exercise of the Option ISO at the Closing Price as defined below. For example, if Holder exercises the option for 4,000 shares at a total Exercise Price of $8,000, assuming an exercise price of $2.00 per share, and the Closing Price is $5.00, Holder he may pay for the 4,000 Option Shares by transferring 1,600 shares of Common Stock to the Company.) (c) By delivering a properly executed exercise notice together with irrevocable instructions to a broker to deliver promptly to the Company company the amount of sale or loan proceeds necessary to pay the purchase price and applicable withholding taxes, and such other documents as the Committee may determine. (d) For purposes of this Agreement, the term “"Closing Price” " means, with respect to the Company’s 's Common Stock, the last sale price regular-way or, in case no such sale takes place on such date, the average of the closing bid and asked prices regular-way on the principal national securities exchange on which the Stock is securities are listed or admitted to trading; or, if the Stock is they are not listed or admitted to trading on any national securities exchange, the last sale price of the Stock securities on the consolidated transaction reporting system of the National Association of Securities Dealers (“"NASD”"), if such last sale information is reported on such system or, if not so reported, the average of the closing bid and asked prices of the securities on the National Association of Securities Dealers Automatic Quotation System (“"NASDAQ”") or any comparable system or, if the Stock is securities are not listed on NASDAQ or a comparable system, the “Closing Price” shall be the fair market value average of the Stock closing bid and asked prices as determined furnished by two members o NASD selected from time to time by the Committee in good faithCompany for that purpose.

Payment of Purchase Price Upon Exercise. At the time of any exercise of all or a portion of the Option, the purchase price shall be paid in full to the Company in any of the following ways or in any combination of the following ways: (a) By check or other immediately available funds. (b) With property consisting of shares of Common Stock. (The shares of Common Stock to be used as payment shall be valued as of the date of exercise of the Option at the Closing Price as defined below. For example, if Holder Participant exercises the option for 4,000 shares at a total Exercise Price of $8,000, assuming an exercise price of $2.00 per share, and the Closing Price is $5.00, Holder Participant may pay for the 4,000 Option Shares by transferring 1,600 shares of Common Stock to the Company.) (c) By delivering a properly executed exercise notice together with irrevocable instructions to a broker to deliver promptly to the Company the amount of sale proceeds necessary to pay the purchase price and applicable withholding taxes, and such other documents as the Committee may determine. (d) For purposes of this Agreement, the term “Closing Price” means, with respect to the Company’s Common Stock, the last sale price regular-way or, in case no such sale takes place on such date, the average of the closing bid and asked prices regular-way on the principal national securities exchange on which the Common Stock is listed or admitted to trading; or, if the Common Stock is not listed or admitted to trading on any national securities exchange, the last sale price of the Common Stock on the consolidated transaction reporting system of the National Association of Securities Dealers (“NASD”), if such last sale information is reported on such system or, if not so reported, the average of the closing bid and asked prices of the securities on the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) or any comparable system or, if the Common Stock is not listed on NASDAQ or a comparable system, the “Closing Price” shall be the fair market value of the Common Stock as determined by the Committee in good faith.

Payment of Purchase Price Upon Exercise. At the time of any exercise of all or a portion of the Option, the purchase price shall be paid in full to the Company in any of the following ways or in any combination of the following ways: (a) By check or other immediately available funds. (b) With property consisting of shares of Common Stock. (The shares of Common Stock to be used as payment shall be valued as of the date of exercise of the Option at the Closing Price as defined below. For example, if Holder Participant exercises the option for 4,000 [______] shares at a total Exercise Price of $8,000[____], assuming an exercise price of $2.00 [______] per share, and the Closing Price is $5.00[______], Holder Participant may pay for the 4,000 [_______] Option Shares by transferring 1,600 [_______] shares of Common Stock to the Company.) (c) By delivering a properly executed exercise notice together with irrevocable instructions to a broker to deliver promptly to the Company the amount of sale proceeds necessary to pay the purchase price and applicable withholding taxes, and such other documents as the Committee may determine. (d) For purposes of this Agreement, the term “Closing Price” means, with respect to the Company’s Common Stock, the last sale price regular-way or, in case no such sale takes place on such date, the average of the closing bid and asked prices regular-way on the principal national securities exchange on which the Common Stock is listed or admitted to trading; or, if the Common Stock is not listed or admitted to trading on any national securities exchange, the last sale price of the Common Stock on the consolidated transaction reporting system of the National Association of Securities Dealers (“NASD”), if such last sale information is reported on such system or, if not so reported, the average of the closing bid and asked prices of the securities on the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) or any comparable system or, if the Common Stock is not listed on NASDAQ or a comparable system, the “Closing Price” shall be the fair market value of the Common Stock as determined by the Committee in good faith.

Payment of Purchase Price Upon Exercise. At the time of any exercise of all or a portion of the Option, ISO the purchase price of the ISO shall be paid in full to the Company in any of the following ways or in any combination of the following ways: (a) By check or other immediately available funds. (b) With property consisting of shares of Common Stock. (The shares of Common Stock to be used as payment shall be valued as of the date of exercise of the Option ISO at the Closing Price as defined below. For example, if Holder exercises the option for 4,000 shares at a total Exercise Price of $8,000, assuming an exercise price of $2.00 per share, and the Closing Price is $5.00, Holder he may pay for the 4,000 Option Shares by transferring 1,600 shares of Common Stock to the Company.) (c) By delivering a properly executed exercise notice together with irrevocable instructions to a broker to deliver promptly to the Company company the amount of sale or loan proceeds necessary to pay the purchase price and applicable withholding taxes, and such other documents as the Committee may determine. (d) For purposes of this Agreement, the term “"Closing Price” " means, with respect to the Company’s 's Common Stock, the last sale price regular-way or, in case no such sale takes place on such date, the average of the closing bid and asked prices regular-way on the principal national securities exchange on which the Stock is securities are listed or admitted to trading; or, if the Stock is they are not listed or admitted to trading on any national securities exchange, the last sale price of the Stock securities on the consolidated transaction reporting system of the National Association of Securities Dealers (“"NASD”"), if such last sale information is reported on such system or, if not so reported, the average of the closing bid and asked prices of the securities on the National Association of Securities Dealers Automatic Quotation System (“"NASDAQ”") or any comparable system or, if the Stock is securities are not listed on NASDAQ or a comparable system, the “Closing Price” shall be the fair market value average of the Stock closing bid and asked prices as determined furnished by two members of NASD selected from time to time by the Committee in good faithCompany for that purpose.