Common use of Payment to Executive Clause in Contracts

Payment to Executive. The payment to Executive upon the exercise of the SARs shall be made solely in shares of Common Stock. Upon the exercise of the SARs, the Executive shall receive an amount from the Company which is equal to (i) the excess of the Fair Market Value of a share of Common Stock on the date of exercise over the Initial Value times (ii) the number of SARs exercised. Such amount shall be divided by the Fair Market Value of a share of Common Stock on the date of exercise to determine the number of shares to be issued.

Payment to Executive. The payment to Executive upon the exercise of the SARs shall be made solely in shares of Common Stock. Upon the exercise of the SARs, the Executive shall receive an amount whole shares of Common Stock from the Company which is equal to determined by multiplying (i) the excess of the Fair Market Value of a share of Common Stock on the date of exercise over the Initial Value times by (ii) the number of SARs exercised. Such amount shall be divided exercised then dividing the result by (iii) the Fair Market Value of a share of Common Stock on the date of exercise to determine the number of shares to be issuedexercise.