Right Without Option Sample Clauses
The "Right Without Option" clause defines a party's entitlement to a specific right without granting them the discretion to choose whether or not to exercise it. In practice, this means that the right is automatically conferred or triggered under certain conditions, rather than being left to the party's decision. For example, a contract might stipulate that a party will receive payment upon completion of work, without the option to defer or refuse it. This clause ensures certainty and predictability by removing ambiguity about whether the right will be exercised, thereby streamlining obligations and reducing the potential for disputes.
Right Without Option. A UAR granted independent of an Option shall be exercisable as determined by the Committee and set forth in the Award Agreement governing the UAR, which Award Agreement shall comply with the following provisions:
(a) Each Award Agreement shall state the total number of Units to which the UAR relates.
(b) Each Award Agreement shall state the time or periods in which the right to exercise the UAR or a portion thereof shall vest and the number of Units for which the right to exercise the UAR shall vest at each such time or period.
(c) Each Award Agreement shall state the date at which the UARs shall expire if not previously exercised.
(d) Each UAR shall entitle a Participant, upon exercise thereof, to receive payment of an amount determined by multiplying: (1) the difference obtained by subtracting the Fair Market Value of a Unit on the Grant Date of the UAR from the Fair Market Value of a Unit on the date of exercise of that UAR, by (2) the number of Units as to which the UAR has been exercised.
Right Without Option. An SAR granted independent of an Option shall be exercisable as determined by the Committee and set forth in the Award agreement governing the SAR, which Award agreement shall comply with the following provisions:
(A) Each Award agreement shall state the total number of shares of Stock to which the SAR relates.
(B) Each Award agreement shall state the time or periods in which the right to exercise the SAR or a portion thereof shall vest and the number of shares of Stock for which the right to exercise the SAR shall vest at each such time or period.
(C) Each Award agreement shall state the date at which the SARs shall expire if not previously exercised.
(D) Each SAR shall entitle a Participant, upon exercise thereof, to receive payment of an amount determined by multiplying:
(1) the difference obtained by subtracting the Fair Market Value of a share of Stock on the date of grant of the SAR from the Fair Market Value of a share of Stock on the date of exercise of that SAR, by
(2) the number of shares as to which the SAR has been exercised.