Broker Assisted Transaction definition
Broker Assisted Transaction means either (A) delivery (including electronically or telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient funds to pay the exercise price or withholding tax obligations, or (B) the Participant’s delivery to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient to pay the exercise price; provided that such amount is paid to the Company at such time as may be required by the Administrator.
Broker Assisted Transaction means a broker-assisted transaction through such securities broker as the Company may designate and with whom the Participant establishes a brokerage account, whereby the Participant effects a sale of shares of Common Stock to be delivered by the Company in connection with the exercise of an Option and such broker (i) delivers cash proceeds from such sale to the Company in satisfaction of the purchase price and/or any applicable taxes required to be paid by the Participant, and (ii) deducts from the number of shares otherwise deliverable to the Participant upon the exercise of an Option such number of shares of Common Stock as shall have a value equal to the amount of the Option exercise price and/or taxes required to be paid in connection with such exercise (or portion thereof not paid in cash) and applies such shares in satisfaction of such sale transaction.