Net Exercise

Net Exercise. 2.1 NET EXERCISE.

Net Exercise. Means the practice of "tendering back to the Company" some of the exercised shares to cover the exercise price of the Option and/or taxes associated with such exercise.

Net Exercise. In lieu of exercising this Warrant for cash, the Holder may elect to receive shares equal to the value of this Warrant (or the portion thereof being exercised) by surrender of this Warrant (or a reasonably acceptable affidavit and indemnity undertaking in the case of a lost, stolen or destroyed warrant) at the principal office of the Company together with notice of such election (a "Net Exercise"). A Holder who Net Exercises shall have the rights... applicable to a Net Exercise described in this Warrant, and the Company shall issue to such Holder a number of Warrant Shares computed using the following formula: Y (A - B) X = A Where X = The number of Warrant Shares to be issued to the Holder. Y = The number of Warrant Shares purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being cancelled (at the date of such calculation). A = The fair market value of one (1) Warrant Share (at the date of such calculation). B = The Exercise Price (as adjusted to the date of such calculations). For purposes of this Section 2.2, the fair market value of a Warrant Share shall mean the average of the closing price of the Warrant Shares (or equivalent shares of Common Stock underlying the Warrant Shares) quoted in the over-the-counter market in which the Warrant Shares (or equivalent shares of Common Stock underlying the Warrant Shares) are traded or the closing price quoted on any exchange or electronic securities market on which the Warrant Shares (or equivalent shares of Common Stock underlying the Warrant Shares) are listed, whichever is applicable, as published in The Wall Street Journal for the thirty (30) trading days prior to the date of determination of fair market value (or such shorter period of time during which such Warrant Shares were traded over-the-counter or on such exchange). If the Warrant Shares are not traded on the over-the-counter market, an exchange or an electronic securities market, the fair market value shall be the price per Warrant Share that the Company could obtain from a willing buyer for Warrant Shares sold by the Company from authorized but unissued Warrant Shares, as such prices shall be determined in good faith by the Company's Board of Directors, unless the Company is subject to a Corporate Transaction (as defined below) at such time, in which case the fair market value shall be deemed to be the value to be received by the holders of Warrant Shares pursuant to such Corporate Transaction. View More

Net Exercise. Means a procedure by which the Optionee will be issued a number of shares of Stock determined in accordance with a formula X = Y(A-B) / A, where: X = the number of Shares to be issued to the Optionee upon exercise of the Option; Y = the total number of Shares with respect to which the Optionee has elected to exercise the Option; A = the fair market value of one (1) Share; B = the exercise price per Share (as defined in the Optionee's Option Agreement).

Net Exercise. A procedure for exercising an Option, subject to Section 19.6, by which the grantee will receive a number of Shares determined in accordance with the following formula: N = X(A-B)/A, where "N" = the number of Shares to be delivered to the grantee upon exercise of the Option, rounded to the next lower whole number of Shares; "X" = the total number of whole Shares with respect to which the grantee has elected to exercise the Option; "A" = the Fair Market Value of one (1) Share on the exercise... date; and "B" = the Exercise Price per Share View More

Net Exercise. A Participant's ability to exercise an Option by directing the Company to deduct from the Shares issuable upon exercise of his or her Option a number of Shares having an aggregate Fair Market Value equal to the sum of the aggregate exercise price therefor plus the amount of the Participant's minimum tax withholding (if any), whereupon the Company shall issue to the Participant the net remaining number of Shares after such deductions

Net Exercise. Means a procedure by which the Grantee will be issued a number of whole Units upon the exercise of an Option determined in accordance with the following formula: N = X(A-B)/A, where "N" = the number of Units to be issued to the Grantee upon exercise of the Option; "X" = the total number of Units with respect to which the Grantee has elected to exercise the Option; "A" = the Fair Market Value of a Unit determined on the exercise date; and "B" = the exercise price per Unit (as defined in... the Option Agreement) View More

Net Exercise. To the extent that an Award Agreement so provides and as permitted by Applicable Law, a program approved by the Committee in which payment may be made all or in part by delivery (on a form prescribed by the Committee) of an irrevocable direction to a securities broker to sell Shares and to deliver all or part of the sale proceeds to the Company in payment of the aggregate exercise price plus the amount of the Participant's minimum tax withholding (if any)