Common use of Exercise of SARs Clause in Contracts

Exercise of SARs. To exercise the SARs, the Employee or his or her successor shall give written notice to the Company’s Treasurer at the Company’s principal office of the number of SARs to be exercised and the date of such exercise (the “Exercise Date”). If the SARs are exercised by the successor of the Employee following the Employee’s death, proof shall be submitted, satisfactory to the Company, of the right of the successor to exercise the SARs. The SARs may only be exercised to the extent such SARs are vested under this Agreement. Upon exercise of SARs, the Employee shall be entitled to that number of Common Shares having an aggregate Fair Market Value, as of the Exercise Date, equal to the excess of (a) the Fair Market Value, as of the Exercise Date, of a Common Share over (b) the Xxxxx Xxxxx, multiplied by the total number of SARs being exercised. SARs may be exercised only with respect to full Common Shares, and no fractional Common Shares shall be issued under this Agreement. In no event may a SAR be settled under this Agreement in cash. This Agreement does not include any features allowing the Employee to defer recognition of income past the Exercise Date.

Exercise of SARs. To exercise the SARs, the Employee or his or her successor shall give written notice to the Company’s 's Treasurer at the Company’s 's principal office of the number of SARs to be exercised and the date of such exercise (the “Exercise Date”). If the SARs are exercised by the successor of the Employee following the Employee’s 's death, proof shall be submitted, satisfactory to the Company, of the right of the successor to exercise the SARs. The SARs may only be exercised to the extent such SARs are vested under this Agreement. Upon exercise of SARs, the Employee shall be entitled to that number of Common Shares having an aggregate Fair Market Value, as of the Exercise Date, equal to the excess of (a) the Fair Market Value, as of the Exercise Date, of a Common Share over (b) the Xxxxx Xxxxx, multiplied by the total number of SARs being exercised. SARs may be exercised only with respect to full Common Shares, and no fractional Common Shares shall be issued under this Agreement. In no event may a SAR be settled under this Agreement in cash. This Agreement does not include any features allowing the Employee to defer recognition of income past the Exercise Date.

Exercise of SARs. To exercise the SARs, the Employee or his or her successor shall give written notice to the Company’s 's Treasurer at the Company’s 's principal office of the number of SARs to be exercised and the date of such exercise (the “Exercise Date”). If the SARs are exercised by the successor of the Employee following the Employee’s 's death, proof shall be submitted, satisfactory to the Company, of the right of the successor to exercise the SARs. The SARs may only be exercised to the extent such SARs are vested under this Agreement. Upon exercise of SARs, the Employee shall be entitled to that number of Common Shares having an aggregate Fair Market Value, as of the Exercise Date, equal to the excess of (a) the Fair Market Value, as of the Exercise Date, of a Common Share over (b) the Xxxxx Xxxxx, multiplied by the total number of SARs being exercised. SARs may be exercised only with respect to full Common Shares, and no fractional Common Shares shall be issued under this Agreement. In no event may a SAR be settled under this Agreement in cash. This Agreement does not include any features allowing the Employee to defer recognition of income past the Exercise Date.