Common use of TO WIT Clause in Contracts

TO WIT. Subject to the receipt of any approval by the By-laws of the Company, the General Corporation Law of Delaware and/or any federal or state securities laws, the Company shall grant to the Executive, upon execution of this Agreement, stock appreciation rights ("SAR") based on one hundred thousand (100,000) shares of the Company's common stock and, on each anniversary of the execution of this Agreement, the Executive shall receive additional SARs based on one hundred thousand shares (100,000) of the Company's common stock. These grants shall be governed by a separate Stock Appreciation Rights Agreement which shall set forth all material terms and conditions of the SARs. Upon exercise of the SARs, the Executive shall receive from the Companies an amount equal to the excess of the fair market value of the SAR shares exercised over the fair market value of the SAR shares as of the date of the grant. Such amount shall be paid to the Executive and grossed up to cover the payment of any and all taxes, of any kind or nature, that are incurred by the Executive as a result of his exercise of the SARs.

TO WIT. Subject to the receipt of any approval by the By-laws Laws of the Company, the General Corporation Law of Delaware and/or any federal or state securities laws, the Company shall grant to the Executive, upon execution of this Agreement, stock appreciation rights ("SAR") based on one hundred fifty thousand (100,00050,000) shares of the Company's common stock and, on each anniversary of the execution of this Agreement, the Executive shall receive additional SARs based on one hundred fifty thousand shares (100,00050,000) of the Company's common stock. These grants shall be governed by a separate Stock Appreciation Appreciations Rights Agreement which shall set forth all material terms and conditions of the SARs. Upon exercise of the SARs, the Executive shall receive from the Companies an amount equal to the excess of the fair market value of the SAR shares exercised over the fair market value of the SAR shares as of the date of the grant. Such amount shall be paid to the Executive and grossed up to cover the payment of any and all taxes, of any kind or nature, that are incurred by the Executive as a result of his exercise of the SARs.

TO WIT. Subject to the receipt of any approval by the By-laws Laws of the Company, the General Corporation Law of Delaware and/or any federal or state securities laws, the Company shall grant to the Executive, upon execution of this Agreementagreement, stock appreciation Appreciation rights ("`SAR") based on one hundred fifty thousand (100,00050,000) shares of the Company's common stock and, on each anniversary of the execution of this Agreement, the Executive shall receive additional SARs based on one hundred fifty thousand shares (100,00050,000) of the Company's common stock. These grants shall be governed by a separate Stock Appreciation Rights Agreement which shall set forth all material terms and conditions of the SARs. Upon exercise of the SARs, the Executive shall receive from the Companies an amount equal to the excess of the fair market value of the SAR shares exercised over the fair market value of the SAR shares as of the date of the grant. Such amount shall be paid to the Executive and grossed up to cover the payment of any and all taxes, of any kind or nature, that are incurred by b y the Executive as a result of his exercise of the SARs.