Common use of Exercise of Vested Awards Clause in Contracts

Exercise of Vested Awards. (a) Subject to the limitations set forth in this Agreement and the Plan, any vested CSAR represented by this Award may be exercised during the term of this Award by executing and delivering to the Company a written or electronic notice of exercise and any other documents as the Committee may reasonably request. Vested CSARs for which an exercise notice has been delivered shall be exercised as of the Valuation Date coinciding with or next following the date of such written or electronic notice (or, if permitted by the Committee, as of a date during a specified period immediately following a Valuation Date), provided, however, that the number of CSARs that may be exercised on any exercise date shall be limited as set forth in paragraph (b) below. Upon exercise of any vested CSAR, the Employer shall pay to the Employee an amount in cash equal to the excess of the Fair Market Value of one share of Common Stock as of the effective date of such exercise over the base price per share set forth on the Employee’s electronic grant statement, multiplied by the number of CSARs for which this Award is being exercised. Subject to the terms of the Plan and this Agreement, any such payment shall be made in cash as soon as practicable after the exercise date. The Employee shall not be entitled to any earnings on the value of the amount payable for the period between the date of exercise or vesting, as the case may be, and the receipt of such payment.

Exercise of Vested Awards. (a) Subject to the limitations set forth in this Agreement and the Plan, any vested CSAR represented by under this Award may be exercised during on or prior to the term of this Award applicable Expiration Date by executing and delivering to the Company during an Exercise Window, a written or electronic notice of exercise and any other documents as the Committee may reasonably request. Vested CSARs for which an exercise notice has been delivered during the applicable Exercise Window and any vested CSARs that are to be exercised automatically during that Exercise Window (together referred to for purposes of this Section as “Exercised CSARs”), shall be exercised as of the Valuation Date coinciding with or next first business day following the date close of such written or electronic notice (or, if permitted by the Committee, as of a date during a specified period immediately following a Valuation Date)Exercise Window, provided, however, that the number of CSARs that may be exercised on any exercise date Exercise Date shall be limited as set forth in paragraph (bSection 2.4(b) below. Upon exercise of any vested CSAR, the Employer shall pay to the Employee Executive an amount in cash equal to the excess of the Fair Market Value of one share of Common Phantom Stock as of the effective date of such exercise Exercise Date, over the base price Base Price per share set forth on the EmployeeExecutive’s electronic grant statement, multiplied by the number of CSARs for which under this Award that the Executive is being exercisedexercising. Subject to the terms of the Plan and this Agreement, any such payment shall be made in cash as soon as practicable after the exercise dateExercise Date. The Employee Executive shall not be entitled to any earnings on the value of the amount payable for the period between the Exercise Date or the date of exercise or vesting, as the case may be, and the receipt of such payment.