Common use of When to Exercise Clause in Contracts

When to Exercise. Except as otherwise provided in the Plan or this Agreement, the Recipient (or in the case of exercise after the Recipient’s death or incapacity, the Recipient’s executor, administrator, heir or legatee, as the case may be) may exercise his or her vested SARs, in whole or in part, at any time after vesting and until the Expiration Date or earlier termination pursuant to Section 3 hereof, by following the procedures set forth in this Section 2. If partially exercised, the Recipient (or his or her executor, administrator, heir or legatee) may exercise the remaining unexercised portion of the SARs at any time after vesting and until the Expiration Date or earlier termination pursuant to Section 3 hereof. In no event shall the SARs be exercisable after the Expiration Date set forth in the Notice (the “Expiration Date”), at which time the SARs (whether vested or unvested) shall immediately terminate.