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 the ISO the purchase price of the ISO shall be paid in full to the Company in 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 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 exercise price of $2.00 per share, and the Closing Price is $5.00, he may pay for the 4,000 Option Shares by transferring 1,600 shares of Common Stock to the Company.) (c) 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 securities are listed or admitted to trading; or, if they are not listed or admitted to trading on any national securities exchange, the last sale price of the 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 securities are not listed on NASDAQ or a comparable system, the average of the closing bid and asked prices as furnished by two members of the NASD selected from time to time by the Company for that purpose.

Payment of Purchase Price Upon Exercise. At the time of any exercise of the ISO the purchase price of the ISO shall be paid in full to the Company in 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 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 exercise price of $2.00 1.75 per share, and the Closing Price is $5.00, he may pay for the 4,000 Option Shares by transferring 1,600 1,400 shares of Common Stock to the Company.) (c) 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 securities are listed or admitted to trading; or, if they are not listed or admitted to trading on any national securities exchange, the last sale price of the 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 securities are not listed on NASDAQ or a comparable system, the average of the closing bid and asked prices as furnished by two members of the NASD selected from time to time by the Company for that purpose.

Payment of Purchase Price Upon Exercise. At the time of any exercise of the ISO Warrant the purchase price of for the ISO Warrant Shares shall be paid in full to the Company in either of the following ways or in any combination of the following ways: (a) By by check or other immediately available funds. ; or (b) With with property consisting of shares of Common StockStock or by relinquishing a portion of the Warrant that is at that time exercisable, equal in value (determined as set forth below) to the exercise price for the Warrant Shares then purchased. (The shares of Common Stock to be used as payment or the portion of the Warrant that Holder relinquishes shall be valued as of the date of exercise of the ISO Warrant by the Holder, at the Closing Price as defined belowclosing price, in the case of consideration consisting of shares, or at the excess of the closing price over $2.50 multiplied by number of shares subject to that portion of the Warrant that is being relinquished, in the case of a portion of the Warrant being relinquished. For example, if a Holder exercises the option Warrant for 4,000 300 shares at for a total Exercise Price of $8,000, assuming exercise price of $2.00 per share, 750.00 and the Closing Price closing price is $5.00, he the Holder may pay for the 4,000 Option 300 Warrant Shares by transferring 1,600 delivering 150 shares of Common Stock to the Company.) (c) Company or by relinquishing his right to exercise the Warrant for an additional 300 shares that are subject to the Warrant and are then exercisable. For purposes the purpose of this Agreement, the term "Closing Priceclosing price" means, with respect to the Company's Common Stock, the last sale price regular-regular way or, in case no such sale takes sales take place on such date, the average of the closing bid and asked prices regular-regular way on the principal national securities exchange on which the securities are Common Stock is listed or admitted to trading; or, or if they are the Common Stock is not then listed or admitted to trading on any national securities exchange, the last sale price of the securities Common Stock on the consolidated transaction reporting system of the National Association of Securities Dealers Inc. ("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 Common Stock on the National Association of Securities Dealers Automatic Automated Quotation System ("NASDAQ") or any comparable system or, if the securities are not listed on NASDAQ or a comparable system, the average of the closing bid and asked prices as furnished by two members of the NASD selected from time to time by the Company for that purpose.

Payment of Purchase Price Upon Exercise. At the time of any exercise of the ISO the purchase price of the ISO shall be paid in full to the Company in 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 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 exercise price of $2.00 1.75 per share, and the Closing Price is $5.00, he may pay for the 4,000 Option Shares by transferring 1,600 1,400 shares of Common Stock to the Company.) (c) 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 securities are listed or admitted to trading; or, if they are not listed or admitted to trading on any national securities exchange, the last sale price of the 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 securities are not listed on NASDAQ or a comparable system, the average of the closing bid and asked prices as furnished by two members of the NASD selected from time to time by the Company for that purpose.

Payment of Purchase Price Upon Exercise. At the time of any exercise of the ISO the purchase price of the ISO shall be paid in full to the Company in 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 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 exercise price of $2.00 per share, and the Closing Price is $5.00, he may pay for the 4,000 Option Shares by transferring 1,600 shares of Common Stock to the Company.) (c) 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 securities are listed or admitted to trading; or, if they are not listed or admitted to trading on any national securities exchange, the last sale price of the 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 securities are not listed on NASDAQ or a comparable system, the average of the closing bid and asked prices as furnished by two members of the NASD selected from time to time by the Company for that purpose.