Among other things, the cashless exercise of options does involve the sale of securities and therefore is subject to the policies set forth in this Statement.

以非现金形式行使的期权涉及证券的出售，因而须遵守本声明中所规定的政策。

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So companies are still wrestling with how to handle old loans and whether the "cashless exercise" of executive stock grants is an illegal loan.

FORBES: The Lending Game

Some clients did a "cashless exercise" of nonqualified options, borrowing from a broker all the funds needed to exercise and to cover the withholding taxes on exercise.

FORBES: Advocate Or Promoter?

The employee can pay cash up front to exercise them, or they can be exercised in a cashless transaction or by using a stock swap.

FORBES: Introduction To Incentive Stock Options