Common use of Description of Program Clause in Contracts

Description of Program. The Company proposes to issue and sell through or to the Sales Agents, as sales agents and/or principals, shares of the Company’s common stock, par value $1.00 per share (the “Common Stock”), having an aggregate gross sales price of up to $300,000,000 (the “Shares”), from time to time during the term of this Agreement and on the terms set forth in Section 2 of this Agreement. For purposes of selling the Shares through the Sales Agents, the Company hereby appoints the Sales Agents as exclusive agents of the Company for the purpose of soliciting purchases of the Shares from the Company pursuant to this Agreement, and each Sales Agent agrees to use its commercially reasonable efforts, consistent with its normal trading and sales practices, to sell the Shares on the terms and subject to the conditions stated herein. The Company hereby reserves the right to issue and sell shares of Common Stock other than through or to the Sales Agents during the term of this Agreement on terms that it deems appropriate. The Company agrees that whenever it determines to sell the Shares directly to a Sales Agent as principal, it will enter into a separate agreement (each, a “Terms Agreement”) in substantially the form of Exhibit A hereto, relating to such sale in accordance with Section 2 of this Agreement. Certain terms used herein are defined in Section 16 hereof.

Description of Program. The Company proposes to issue and sell through or to the Sales Agents, as sales agents and/or principals, shares of the Company’s common stock, par value $1.00 per share (the “Common Stock”), having an aggregate gross sales price of up to $300,000,000 100,000,000 (the “Shares”), from time to time during the term of this Agreement and on the terms set forth in Section 2 of this Agreement. For purposes of selling the Shares through the Sales Agents, the Company hereby appoints the Sales Agents as exclusive agents of the Company for the purpose of soliciting purchases of the Shares from the Company pursuant to this Agreement, and each Sales Agent agrees to use its commercially reasonable efforts, consistent with its normal trading and sales practices, to sell the Shares on the terms and subject to the conditions stated herein. The Company hereby reserves the right to issue and sell shares of Common Stock other than through or to the Sales Agents during the term of this Agreement on terms that it deems appropriate. The Company agrees that whenever it determines to sell the Shares directly to a Sales Agent as principal, it will enter into a separate agreement (each, a “Terms Agreement”) in substantially the form of Exhibit A hereto, relating to such sale in accordance with Section 2 of this Agreement. Certain terms used herein are defined in Section 16 hereof.