Common use of Exercise of Award Clause in Contracts

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. (b) No Shares shall be issued until full payment therefor has been made, and the Employee will have none of the rights of a stockholder in respect of such Shares until they are issued.

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 Executive 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. (b) No Shares shall be issued until full payment therefor has been made, and the Employee Executive will have none of the rights of a stockholder in respect of such Shares until they are issued.