Exercise of Award. Subject to the limitations set forth herein and in the Plan, this Award may be exercised in whole or in part by providing notice to the Committee or its designated representative of (i) whether the Grantee intends to exercise the SAR and (ii) the number of Award Shares to be exercised. Upon receipt of notice to exercise a SAR, the Committee or its designated representative shall deliver or cause to be delivered to the Grantee a payment (“Payment Amount”) equal to the excess of (i) the Fair Market Value of the number of exercised Award Shares as of the date of exercise over (ii) the product of the number of exercised Award Shares and the Xxxxx Xxxxx. Such payment shall be made in shares of Common Stock although any fractional share of Common Stock may be paid in cash. Common Stock shall be valued at its Fair Market Value on the date of exercise. The Corporation or its designated representative shall issue or cause to be issued to the Grantee a number of shares of Common Stock equal to the Payment Amount divided by such Fair Market Value with any fractional shares to be paid in cash.
Exercise of Award. Subject to the limitations set forth herein and in the Plan, the Award may be exercised by completing in writing the Stock Option Award Exercise Notice, in the form prescribed by the Committee (the “Notice”), and submitting the Notice to the Company as set forth in paragraph 6. The Notice shall (a) state the number of shares of Stock with respect to which the Award is being exercised, (b) be accompanied by (i) cash, a certified or bank check, (ii) if the Board expressly authorized the loan of funds to the Optionee to assist Optionee in exercising the Option, a promissory note, or (iii) with the consent of the Committee, delivery (or attestation to the ownership) of shares of Stock (not subject to limitations on transfer) in the full amount of the purchase price for any shares of Stock being acquired, and (c) be accompanied by cash, check or Stock in the full amount of all federal and state withholding, local or other employment taxes applicable to the taxable income of such Optionee resulting from such exercise (or instructions to satisfy such withholding obligation by withholding Option Shares in accordance with paragraph 9); provided, however, that any shares of Stock delivered in payment of the option price must be shares that the Optionee has owned for a period of at least six (6) months prior to the date of exercise. For the purpose of determining the amount, if any, of the purchase price satisfied by payment in Stock, such Stock shall be valued at its Fair Market Value on the date of exercise. Notwithstanding anything to the contrary contained herein, the Optionee agrees that he or she will not exercise the Award granted pursuant hereto, and the Company will not be obligated to issue any Option Shares pursuant to the Award Agreement, if the exercise of the Award or the issuance of such Option Shares would constitute a violation by the Optionee or by the Company of any provision of any law or regulation of any governmental authority or any stock exchange or transaction quotation system. If any law or regulation requires the Company to take any action with respect to the shares specified in such notice, the time for delivery thereof, which would otherwise be as promptly as possible, shall be postponed for the period of time necessary to take such action.
Exercise of Award. Subject to the limitations set forth in this Agreement and in the Plan, the vested portion of the Award may be exercised in whole or in part by providing to the Company or its designee at its principal office written notice of exercise; provided that the Award may be exercised with respect to whole Shares only. Such notice shall specify (i) whether the Grantee intends to exercise the Option or the SAR and (ii) the number of Shares with respect to which the Award is to be exercised.
Exercise of Award. The Executive may exercise all or any part of the vested SAR at any time [if partially exercised, may be so exercised as to the unexercised vested Shares any number of times] during the period commencing on the applicable Vesting Dates specified in Section 2 and ending (the "Expiration Date") as follows:
Exercise of Award. (a) In order to exercise the Award, the person or persons entitled to exercise it shall deliver to the Treasurer of the Company written notice of the number of full Shares with respect to which the Award is to be exercised. The notice shall be accompanied by payment in full for any Shares being purchased, which payment will be in cash, or, with the Committee's (as defined in the Plan) approval, in Shares (as defined in the Plan) held by the Employee for at least six months valued at Fair Market Value (as defined in the Plan) at the time of exercise, or a combination thereof. No fractional Shares will be issued.
Exercise of Award. The participant may exercise this Award, to the extent it has vested, by giving written notice to the Company that specifies the number of whole Shares to be purchased (which may not be less than 25, or the remaining option shares outstanding if less than 25), accompanied by payment in full of the applicable exercise price. The payment shall be in cash. The exercise of this Award shall only be effective if the notice to exercise and payment of the exercise price is actually received by the Company while the Award is exercisable as specified in this Agreement. Upon receipt of such written notice and payment, Shares in the amount exercised by the Participant will be issued to the Participant and will be evidenced by a stock certificate or by a book entry account maintained by either the Company or its transfer agent for the common stock. If for any reason (such as termination of employment before the Company receives notice and payment in full of the exercise price for reasons other than death, disability or normal retirement) the Award exercise does not become effective, the Company shall refund the amount remitted with the exercise notice in payment for the Shares. This Award shall expire (cease to be exercisable) as of the close of business on the Expiration Date specified in Part I which may not be later than the tenth anniversary of the Grant Date specified in Part I (the “Expiration Time”).
Exercise of Award. The Participant may exercise this Award, to the extent it has vested, by giving written notice to the Company which specifies the number of whole Shares to be purchased (which may not be less than 25, or the remaining option shares outstanding if less than 25) accompanied by payment in full of the applicable exercise price. The payment shall be either in the form of (i) cash, (ii) through transfer to the Company of free and clear shares of the Company’s Common Stock which the Participant has held for at least six months prior to the Option exercise date and which have an aggregate Fair Market Value on the exercise date equal to the aggregate exercise price, or (iii) a combination of cash and such pre-owned shares of Common Stock. The exercise of this Award shall only be effective if the notice to exercise and payment of the exercise price is actually received by the Company while the Award is exercisable as specified in this Agreement. Upon receipt of such written notice and payment, Shares in the amount exercised by the Participant will be issued to the Participant and will be evidenced by a stock certificate or by a book entry account maintained by the Company’s stock transfer department for the Common Stock If for any reason (such as termination of employment before the Company receives notice and payment in full of the exercise price for reasons other than death, Disability or Normal Retirement) the Award exercise does not become effective, the Company shall refund the amount remitted with the exercise notice in payment for the Shares. This Award shall expire (cease to be exercisable) as of the close of business on the Expiration Date specified in Part I which may not be later than the tenth anniversary of the Grant Date specified in Part I (the “Expiration Time”).
Exercise of Award. Subject to the limitations set forth in this Agreement, the Plan, and in the exercise procedures and requirements established by the Committee, the vested portion of the Award may be exercised in whole or in part by providing to the Company or its designee written notice of exercise; provided that the Award may be exercised with respect to whole Shares only. Such notice shall specify (i) whether the Grantee intends to exercise the Option or the SAR and (ii) the number of Shares with respect to which the Award is to be exercised. The Grantee shall have the discretion to determine whether to exercise the Option or the SAR.
Exercise of Award. The Participant may exercise this Award, to the extent it has vested, by giving written notice to the Company which specifies the number of whole Shares to be purchased (which may not be less than 25, or the remaining option shares outstanding if less than 25) accompanied by payment in full of the applicable exercise price. The payment shall be in the form of cash. The exercise of this Award shall be effective on the 30th day after the Company’s receipt of such written notice and payment, at which time Shares in the amount exercised by the Participant will be issued to the Participant and will be evidenced by a stock certificate or by a book entry account maintained by the Company’s stock transfer department for the Common Stock. If for any reason (such as termination of employment during the 30-day notice period for reasons other than death, Disability or Normal Retirement) the Award exercise does not become effective, the Company shall refund the amount remitted with the exercise notice in payment for the Shares. This Award shall expire (cease to be exercisable) as of the close of business on the Expiration Date specified in Part I which may not be later than the tenth anniversary of the Grant Date specified in Part I (the “Expiration Time”).
Exercise of Award. Subject to the limitations set forth herein and in the Plan, this Award may be exercised by completing in writing the Stock Option Award Exercise Notice, in the form prescribed by the Committee (the “Notice”), and submitting the Notice to the Company as set forth in Section 5. The Notice shall (a) state the number of shares of Common Stock with respect to which the Award is being exercised, (b) be accompanied by payment as provided in Section 2.3(b) of the Plan. Notwithstanding anything to the contrary contained herein, the Optionee agrees that he or she will not exercise the Award granted pursuant hereto, and the Company will not be obligated to issue any Option Shares pursuant to this Award Agreement, if the exercise of the Award or the issuance of such Option Shares would constitute a violation by the Optionee or by the Company of any provision of any law or regulation of any governmental authority or any stock exchange or transaction quotation system. The Optionee agrees that, unless the Awards and the Option Shares covered by the Plan have been registered pursuant to the Securities Act of 1933, as amended, the Company may, at its election, require the Optionee to give a representation in writing in form and substance satisfactory to the Company to the effect that he is acquiring such shares for his or her own account for investment and not with a view to, or for sale in connection with, the distribution of such shares or any part thereof. If any law or regulation requires the Company to take any action with respect to the shares specified in such notice, the time for delivery thereof, which would otherwise be as promptly as possible, shall be postponed for the period of time necessary to take such action.
