Common use of SARs Clause in Contracts

SARs. Each SAR represents the right to receive an amount equal to the Stock Appreciation (as defined herein), payable in cash. For purposes of this Stock Appreciation Right Agreement, the “Stock Appreciation” for each SAR is the excess, if any, of (i) the fair market value of the underlying share of Common Stock, determined on the date of exercise of the SARs, over (ii) $2.68, the “Xxxxx Xxxxx” of such SAR. Each SAR may be exercised as provided in Section 6 below. No shares of Common Stock shall be issued to the Grantee at the time the award is made. Nor shall any shares of Common Stock be issued to the Grantee at the time any SARs are exercised pursuant to the provisions of Section 6. The Grantee shall not be, nor have any of the rights or privileges of, a stockholder of the Company with respect to any SARs. The Grantee shall not have any interest in any fund or specific assets of the Company by reason of this award, and the Grantee shall be an unsecured creditor of the Company.

SARs. Each SAR represents the right right, upon the vesting of such SAR in accordance with Section 3 hereof, to receive an amount payable in cash which is equal to the Stock Appreciation (as defined herein), payable in cash. For purposes of this Stock Appreciation Right Agreement, the “Stock Appreciation” for each SAR is the excess, if any, of (i) the fair market value Fair Market Value of the underlying a share of Common Stock, determined Stock on the date of exercise of the SARs(which, over (ii) $2.68, the “Xxxxx Xxxxx” of such SAR. Each SAR may be exercised as provided in Section 6 below4, shall be the Vesting Date) over the Xxxxx Xxxxx. No shares of Common Stock shall be issued to the Grantee at the time the award Award is made. Nor , nor shall any shares of Common Stock be issued to the Grantee at the time any SARs are exercised pursuant to the provisions of Section 6hereof. The Grantee shall not be, nor have any of the rights or privileges of, a stockholder shareholder of the Company with respect to any SARs. The Grantee shall not have any interest in any fund or specific assets of the Company by reason of this awardAward, and upon the vesting of such Award the Grantee shall be an unsecured creditor of the Company.