Any grant may specify that the amount payable upon the exercise of a Stock Appreciation Right may be paid by the Company in cash, Shares, or any combination thereof and may preclude the right of the Participant to receive and the Company to issue Shares or other equity securities in lieu of cash;
AnyEach grant may specify that the amount payable upon theon exercise of a Stockan Appreciation Right maywill be paid by the Company in cash, Shares,shares of Common Stock or any combination thereof and may preclude the right of the Participant to receive and the Company to issue Shares or other equity securities in lieu of cash;thereof.
Any grantPayment. Upon exercise of a Stock Appreciation Right, payment shall be made in the form of cash, Shares or a combination thereof as determined by the Committee at the time the Award is granted. However, notwithstanding any other provisions of this Plan, in no event may specify that the amount payablepayment (whether in cash or Shares) upon the exercise of a Stock Appreciation Right may be paid by the Company in cash, Shares, or any combination thereof and may preclude the rightexceed an amount equal to 100% of the ParticipantFair Market Value of the Shares subject to receive and the Company to issue Shares or other equity securities in lieuStock Appreciation Right at the time of cash;grant.
Any grant may specify that the amount payable uponUpon the exercise of a Stock Appreciation Right mayRight, a Participant shall be paidentitled to receive an amount in cash or in shares of Stock, as set forth in the award agreement, which in the aggregate are equal in value to the excess of the Fair Market Value of one share of Stock on the date of exercise over the Fair Market Value of one share of Stock on the date of grant, multiplied by the Companynumber of shares in cash, Shares, or any combination thereof and may precluderespect of which the right of the Participant to receive and the Company to issue Shares or other equity securities in lieu of cash;Stock Appreciation Right shall have been exercised.
Any grant may specify thatPayment. The Committee shall have sole discretion to determine in each Award agreement whether the amount payable uponpayment with respect to the exercise of a Stock Appreciation Right maywill be paid byin the Company inform of all cash, Shares, or any combination thereof and may precludethereof. In the rightevent of the Participant toexercise of a Stock Appreciation Right payable in Shares, the holder of the Stock Appreciation Right shall receive andthat number of whole Shares of stock of the Company having an aggregate Fair Market Value on the date of exercise equal to issuethe value obtained by multiplying # the excess of the Fair Market Value of a Share on the date of exercise over the exercise price for the Stock Appreciation Right by # the number of Shares or other equity securitiesas to which the Stock Appreciation Right is exercised. However, notwithstanding the foregoing, the Committee, in lieuits sole discretion, may place a ceiling on the amount payable upon exercise of cash;a Stock Appreciation Right, but any such limitation shall be specified at the time that the Stock Appreciation Right is granted.
Any grant may specify thatAt the amount payablediscretion of the Administrator, the payment upon the exercise of a Stock Appreciation Right exercise may be paid by the Company in cash, Shares,in Shares of equivalent value, or anyin some combination thereof and may preclude the right of the Participant to receive and the Company to issue Shares or other equity securities in lieu of cash;thereof.
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