I understand Contingent Value Right (CVR's),I "m just not sure I understand the payment?

I understand the CVR will pay the difference between the stock price and the target price on a certain date, and if the stock price($1.00) exceeds the target price($5.00) the CVR expires and is worthless. I not sure how CVR holders get paid? They are not stock, where you just put in a sell order, so how do you get paid. It's a little late, but I now realize there is a lot i don't understand about CVR's (lucky for me there is not a lot of money involved).