Common use of Exercise of SARs Clause in Contracts

Exercise of SARs. Except as provided in paragraphs 4 and 5, the SARs shall be exercisable, with respect to one-third (1/3) of the total number of SARs, as set forth in paragraph 1 above, for each full 12 month period, up to a total of three (3) such periods, that the Executive continues to be employed by the Company or an Affiliate after the Date of Grant. Once a SAR has become exercisable in accordance with the preceding sentence, it shall continue to be exercisable until the earlier of (i) termination of the Executive’s rights hereunder pursuant to paragraph 3 or (ii) the Expiration Date. An exercise of a portion of the SARs covered by this Agreement shall not affect the Executive’s right to subsequently exercise the remaining SARs that are exercisable subject to the conditions of the Plan and this Agreement.

Exercise of SARs. Except as provided in paragraphs 4 and 5, the SARs shall be exercisable, with respect to one-third (1/3) of the total number of SARs, as set forth in paragraph 1 above, for each full 12 month periodshall be exercisable on December 31, up to a total of three (3) such periods2005, provided that the Executive continues to be employed by the Company or an Affiliate after the Date of Granton such date. Once a SAR has become exercisable in accordance with the preceding sentence, it shall continue to be exercisable until the earlier of (i) termination of the Executive’s rights hereunder pursuant to paragraph 3 or (ii) the Expiration Date. An exercise of a portion of the SARs covered by this Agreement shall not affect the Executive’s right to subsequently exercise the remaining SARs that are exercisable subject to the conditions of the Plan and this Agreement.