Common use of Exercise of the SAR Clause in Contracts

Exercise of the SAR. Vested SARs may be exercised quarterly during the third month after the close of the fiscal quarter. Results for such quarter will be determined by management and communicated to the SAR holders by the last day of the second month after the close of the fiscal quarter. Upon exercise, the holder of the SAR will be entitled to receive a sum of cash equal to the difference between the (i) the Exercise Date SAR Value ("V2"), minus (ii) the Grant Date SAR Value ("V1") multiplied by the number of SARs exercised, minus any applicable Section 16 Amount. Grant Date SAR Value shall be determined by applying the following formula: C + D × E C = V1

Exercise of the SAR. Vested SARs may be exercised quarterly during the third month after the close of the fiscal quarter. Results for such quarter will be determined by management and communicated to the SAR holders by the last day of the second month after the close of the fiscal quarter. Upon exercise, the holder of the SAR will be entitled to receive a sum of cash equal to the difference between the (i) the Exercise Date SAR Value ("“V2"”), minus (ii) the Grant Date SAR Value ("“V1"”) multiplied by the number of SARs exercised, minus any applicable Section 16 Amount. Grant Date SAR Value shall be determined by applying the following formula: C + D × E C = V1Where: