Common use of Effective Date Restricted Stock Units Clause in Contracts

Effective Date Restricted Stock Units. On the Effective Date, the Company shall grant to the Executive 400,000 Restricted Stock Units under the Incentive Plan (the “Effective Date Restricted Stock Units”). The restrictions with respect to the Effective Date Restricted Stock Units shall lapse 50% on the second anniversary of the Effective Date and the remainder shall lapse on the fourth anniversary of the Effective Date, provided that, the Executive remains in the employ of the Company through each such date. The Executive has agreed to defer receipt of the settlement of any Effective Date Restricted Stock Units until the later of (i) the first day on which the deductibility of the settlement by the Company is no longer precluded by the provisions of Section 162(m) of the Code, or (ii) the six-month anniversary of the date of the Executive’s Separation from Service, if deferral to such anniversary date is required to comply with the provisions of Section 409A. Except as specifically provided herein, the terms and conditions of the Effective Date Restricted Stock Units shall be subject to the terms of the Incentive Plan and the award agreement evidencing the grant of the Effective Date Restricted Stock Units, as provided to senior executives of the Company generally. Notwithstanding anything in this Section 3(b)(iv)(D) to the contrary, the Executive shall be entitled to immediate settlement of any outstanding Restricted Stock Units to the extent such Restricted Stock Units are required to be included in the Executive’s income pursuant to Section 409A of the Code.

Effective Date Restricted Stock Units. On the Effective Date, the Company shall grant to the Executive 400,000 Restricted Stock Units under the Incentive Plan (the “Effective Date Restricted Stock Units”). The restrictions with respect to the Effective Date Restricted Stock Units shall lapse 50% on the second anniversary of the Effective Date and the remainder shall lapse on the fourth anniversary of the Effective Date, provided that, the Executive remains in the employ of the Company through each such date. The Executive has agreed to defer receipt of the settlement of any Effective Date Restricted Stock Units until after the later Executive’s Date of Termination (i) as defined below). However, the Executive shall not be required to defer receipt of the settlement of any Effective Date Restricted Stock Units beyond the first day on which the deductibility of the such settlement by the Company is no longer precluded by the provisions of Section 162(m) of the Code, or (ii) and in no event shall the six-month anniversary Executive be required to defer receipt beyond January 1 of the date year following the year in which his Date of Termination occurs. Notwithstanding anything in this Section 3(b)(iv)(D) to the contrary, the Executive shall be entitled to immediate settlement of any outstanding Effective Date Restricted Stock Units to the extent the Effective Date Restricted Stock Units become taxable to the Executive’s Separation from Service, if deferral to such anniversary date is required to comply with the provisions of Section 409A. . Except as specifically provided herein, the terms and conditions of the Effective Date Restricted Stock Units shall be subject to the terms of the Incentive Plan and the award agreement evidencing the grant of the Effective Date Restricted Stock Units, as provided to senior executives of the Company generally. Notwithstanding anything in this Section 3(b)(iv)(D) to the contrary, the Executive shall be entitled to immediate settlement of any outstanding Restricted Stock Units to the extent such Restricted Stock Units are required to be included in the Executive’s income pursuant to Section 409A of the Code.