Exercise of SARs. Upon exercise of a SAR, the Optionee (or any person having the right to exercise the SAR after his or her death) shall receive from the Company # Shares, # cash or # a combination of Shares and cash, as the Committee shall determine. The amount of cash and/or the Fair Market Value of Shares received upon exercise of SARs shall, in the aggregate, be equal to the amount by which the Fair Market Value (on the date of surrender) of the Shares subject to the SARs exceeds the Exercise Price.
Exercise of SARs. Upon exercise of a SAR, the OptioneeParticipant (or any person having the right to exercise the SAR after his or hersuch Participant’s death) shall receive from the Company # Shares, # cash or # a combination of Shares and cash, as the Committee shall determine. The amount of cash and/or the Fair Market Value of Shares received upon exercise of SARsa SAR shall, in the aggregate, be equal to the amount by which the Fair Market Value (on the date of surrender) of the Shares subject to the SARsSAR exceeds the Exercise Price.
ExerciseGrant of SARs. Upon exerciseEach Option granted under the Plan may include a SAR. The maximum number of a SAR,SARs that may be awarded to any participant Participant in any year shall be 1,265,625 (subject to adjustment in accordance with Article 10). Such SAR shall entitle the Optionee (or any person having the right to exercise the SAROption after histhe Optionees death) to surrender to the Company, unexercised, all or her death) shallany part of that portion of the Option which then is exercisable and to receive from the Company # Shares, # cashCommon Shares or #cash, or a combination of Common Shares and cash, as the Committee shall determine. If a SAR is exercised, the number of Common Shares remaining subject to the related Option shall be reduced accordingly, and vice versa. The amount of cash and/or the Fair Market Value of Common Shares received upon exercise of SARsa SAR shall, in the aggregate, be equal to the amount by which the Fair Market Value (on the date of surrender) of the Common Shares subject to the SARssurrendered portion of the Option exceeds the Exercise Price. In no event shall any SAR be exercised if such Fair Market Value does not exceed the Exercise Price. A SAR may be included in an ISO only at the time of grant but may be included in a NSO at the time of grant or at any subsequent time.
Payment after Exercise of SARs. UponSubject to the provisions of the Agreement, upon the exercise of a SAR, the Optionee (orParticipant is entitled to receive, without any person havingpayment to the rightCompany (except for required tax withholding), an amount equal (the "SAR Value") to exercisethe product of multiplying # the number of Shares with respect to which the SAR after his or her death) shall receive fromis exercised by # an amount equal to the Companyexcess of # Shares, # cash or # a combination of Shares and cash, as the Committee shall determine. The amount of cash and/or the Fair Market Value per Share on the date of Shares received upon exercise of SARs shall, in the aggregate, be equal to the amount by whichSAR over # the Fair Market Value (onper Share on the date of surrender) of the Shares subject to the SARs exceeds the Exercise Price. Award Date.
Exercise of SARs. Upon exercise of a SAR,This SAR may be exercised by the Optionee (or any person having the rightExecutive through notice to exercise the SAR after his or her death) shall receive from the Company # Shares, # cash or # a combinationits authorized administrator specifying the number of Shares and cash, asin respect to which this SAR is being exercised. Upon exercise, the Committee shall determine. The amountExecutive will receive a cash payment equal to the product of cash and/or# the excess, if any, of the Fair Market Value of Shares received upona Share on the date of exercise of SARs shall, in the aggregate, be equal to the amount by whichover the Fair Market Value (onof a Share on the date of surrender)grant multiplied by # the number of Shares in respect to which the Shares subject to the SARs exceeds the Exercise Price.SAR is being exercised (less any applicable tax withholding).
Rights Related to Options. An SAR granted in connection with an Option shall entitle a Participant, upon exercise, to surrender that Option or any portion thereof, to the extent unexercised, and to receive payment of an amount determined by multiplying # the difference obtained by subtracting the Exercise Price with respect to a share of SARs. Upon exercise of a SAR,Stock specified in the Optionee (or any person having the right to exercise the SAR after his or her death) shall receiverelated Option from the Company # Shares, # cash or # a combination of Shares and cash, as the Committee shall determine. The amount of cash and/or the Fair Market Value of Shares received upon exercisea share of SARs shall, in the aggregate, be equal to the amount by which the Fair Market Value (onStock on the date of surrender)exercise of the SharesSAR, by # the number of shares as to which that SAR has been exercised. The Option shall then cease to be exercisable to the extent surrendered. SARs granted in connection with an Option shall be subject to the SARs exceedsterms and conditions of the Exercise Price. Award Agreement governing the Option, which shall provide that the SAR is exercisable only at such time or times and only to the extent that the related Option is exercisable and shall not be transferable except to the extent that the related Option is transferrable.
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