Payment of Stock Appreciation Rights. Subject to such terms and conditions as shall be specified in an Award Agreement, a vested Stock Appreciation Right may be exercised in whole or in part at any time during the term thereof by notice in the form required by the Company and payment of any exercise price. Upon the exercise of a Stock Appreciation Right and payment of any applicable exercise price, a Participant shall be entitled to receive an amount determined by multiplying: (i) the excess of the Fair Market Value of a share of Common Stock on the date of exercise of the Stock Appreciation Right over the base price of such Stock Appreciation Right, by (ii) the number of shares as to which such Stock Appreciation Right is exercised. Payment of the amount determined under the immediately preceding sentence may be made, as approved by the Committee and set forth in the Award Agreement, in shares of Common Stock valued at their Fair Market Value on the date of exercise, in cash, or in a combination of shares of Common Stock and cash, subject to applicable tax withholding requirements set forth in Section 16.5. If Stock Appreciation Rights are settled in shares of Common Stock, then as soon as practicable following the date of settlement the Company shall deliver to the Participant evidence of book entry shares of Common Stock, or upon the Participant’s request, Common Stock certificates in an appropriate amount.
Payment of Stock Appreciation Rights. The Consultant is hereby granted stock appreciation rights ("Stock Appreciation Rights") relating to the Company's Common Stock pursuant to the following terms and subject to the following conditions:
Payment of Stock Appreciation Rights. Upon satisfaction of the terms and requirements set forth in the Plan and this Award Agreement, and following exercise of an Award, the Company shall pay to Participant (a) shares of Common Stock having a value equal to the difference between the Initial Fair Market Value and the Fair Market Value as of the date of exercise (the “Distributable Amount”) with any fractional shares paid in cash, or (b) cash payment equal to the Distributable Amount, or (c) partly in cash and partly in shares of Common Stock, which in the aggregate has a value equal to the Distributable Amount. The form of payment shall be determined by the Administrator in its sole discretion. Payment shall occur within one hundred twenty (120) days following the applicable Exercise Date, but in no event later than two and one-half (2½) months following the end of the calendar year in which the Exercise Date occurs.
