Example ContractsClausesa combination of cash and cortland bancorp sharesVariants
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The distribution with respect to an exercised Stand-alone Right may be made in # shares of Common Stock valued at Fair Market Value on the exercise date, # cash or # a combination of cash and shares of Common Stock, as specified in the applicable Award agreement.

TheUpon exercise of the Stand-alone Right, the holder shall be entitled to receive a distribution with respectfrom the Corporation in an amount equal to an exercised Stand-alone Right may be made inthe excess of # the aggregate Fair Market Value (on the exercise date) of the shares of Common Stock valued at Fair Market Value onunderlying the exercise date,exercised right over # cash or # a combination of cash and shares of Common Stock, as specifiedthe aggregate base price in the applicable Award agreement.effect for those shares.

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