Common use of Exercise of Award Clause in Contracts

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.