Common use of Exercise of Awards Clause in Contracts

Exercise of Awards. An Option or Stock Appreciation Right shall be deemed to be exercised when the Secretary of the Corporation, or such other person(s) designated by Committee, receives written notice of such exercise from the Participant, together with payment of the exercise price made in accordance with Subsection 3.1(b) or 3.2(b), as the case may be, except to the extent payment may be permitted to be made following delivery of written notice of exercise in accordance with Subsection 3.1(b) or 3.2(b), as the case may be. Notwithstanding any other provision of this Plan, the Committee may impose, by rule and/or in Award Agreements, such conditions upon the exercise of Awards (including, without limitation, conditions limiting the time of exercise to specified periods) as may be required to satisfy applicable regulatory requirements, including, without limitation, Rule 16b-3 (or any successor rule) promulgated under the Exchange Act or for any other reason in the sole discretion of the Committee.