Common use of ISSUANCE OF KSL COMMON SHARES Clause in Contracts

ISSUANCE OF KSL COMMON SHARES. As soon as practicable after a notification has been delivered to KSL pursuant to Section 2.2 above, KSL shall cause to be issued directly to the participant or former participant that number of KSL Common Shares equal to those number of non-monetary units deemed credited to his account under the applicable KSI Deferred Compensation Plan as a result of the Distribution, as adjusted under the antidilution provisions of the applicable KSI Deferred Compensation Plan.

ISSUANCE OF KSL COMMON SHARES. As soon as practicable after a notification has been delivered to KSL pursuant to Section 2.2 above, KSL shall cause to be issued directly to the participant or former participant that number of KSL Common Shares equal to those number of non-monetary units deemed credited to his or her account under the applicable KSI Deferred Compensation Plan as a result of the Distribution, as adjusted under the antidilution provisions of the applicable KSI Deferred Compensation PlanPlan and as adjusted by cash distributions on KSL Common Shares.