Common use of Effect of Vesting; Issuance of Unrestricted Stock Clause in Contracts

Effect of Vesting; Issuance of Unrestricted Stock. RSUs will be settled as soon as reasonably practicable, but in no event later than thirty (30) days, after becoming vested under this Section 3 (each, a “Settlement Date”). Upon a Settlement Date and pursuant to the terms and conditions set forth in this Agreement, the Company will issue (subject to Sections 11 and 15 below) to the Participant a certificate or electronically transfer by book-entry the number of shares of Common Stock of the Company equal to the number of vested RSUs which are then to be settled, which shares of Common Stock shall be free of any transfer or other restrictions arising under this Agreement. For the avoidance of doubt, the settlement of RSUs is intended to qualify as a “short-term deferral” that is exempt from Section 409A of the Code.

Effect of Vesting; Issuance of Unrestricted Stock. RSUs will be settled as soon as reasonably practicable, but in no event later than thirty (30) days, after becoming vested under this Section 3 (each, a “Settlement Date”). Upon a Settlement Date and pursuant to the terms and conditions set forth in this Agreement, the Company will issue (subject to Sections 11 and 15 below) to the Participant a certificate or electronically transfer by book-entry the number of shares of Common Stock of the Company equal to the number of vested RSUs which that are then to be settled, which shares of Common Stock shall be free of any transfer or other restrictions arising under this Agreement. For the avoidance of doubt, the settlement of provisions for RSUs set forth in this Section 3(d) is intended to qualify as a “short-term deferral” that is exempt from Section 409A of the Code.