Common use of Exercisability of Sar Clause in Contracts

Exercisability of Sar. (a) Except to the extent the SAR is permitted to be transferred to a person set forth in Section 9(b) of this Award Agreement, during the Grantee's lifetime, this SAR may be exercised only by the Grantee. This SAR, except as specifically provided elsewhere under the terms of the Plan, shall become exercisable as follows: Years Elapsed from Grant Date Percentage of SAR Exercisable ----------------------------- ----------------------------- 1 Year 20% 2 Years 40% 3 Years 60% 4 Years 80% 5 Or More Years 100% For purposes of this Section 3, a Year shall mean a period of 365 days (or 366 days in the event of a leap year). (b) In the event of the Grantee's death or Disability while the Grantee is employed, the SAR shall become fully exercisable. If the Grantee dies or becomes Disabled following the Grantee's Termination of Affiliation, the exercisability of the SAR shall not accelerate due to such death or Disability and shall be exercisable only to the extent it was exercisable on the date of the Grantee's Termination of Affiliation.