Common use of Issuance of Restricted Stock Units Clause in Contracts

Issuance of Restricted Stock Units. (a) The Restricted Stock Units are issued to the Recipient on the Grant Date set forth above, in consideration of director services to be rendered by the Recipient to the Company. Each Restricted Stock Unit represents the right to receive one share of the Company’s common stock, $2.50 par value per share (the “Common Stock”) upon vesting in accordance with the vesting schedule set forth in Section 2. Alternatively, the Company may elect at any time prior to the vesting date, in lieu of issuing Common Stock, to pay the Recipient cash equal to the fair market value of the Common Stock as to which rights have vested. The Company may make such election by notifying you in writing of its intention to pay cash in lieu of issuing stock on the vesting date. The fair market value will be the value of the Common Stock on the vesting date, determined based on the closing price of the Common Stock on the principal U.S. exchange on which the Common Stock is traded on the vesting date. Unless and until the Restricted Stock Units vest, Recipient will have no right to receive shares of Common Stock.

Issuance of Restricted Stock Units. (a) The Restricted Stock Units are issued to the Recipient on the Grant Date set forth above, in consideration of director services to be rendered by the Recipient to the Company. Each Restricted Stock Unit represents the right to receive one share of the Company’s common stock, $2.50 .01 par value per share (the “Common Stock”) upon vesting in accordance with the vesting schedule set forth in Section 2. Alternatively, the Company may elect at any time prior to the vesting date, in lieu of issuing Common Stock, to pay the Recipient cash equal to the fair market value of the Common Stock as to which rights have vested. The Company may make such election by notifying you in writing of its intention to pay cash in lieu of issuing stock on the vesting date. The fair market value will be the value of the Common Stock on the vesting date, determined based on the closing price of the Common Stock on the principal U.S. exchange on which the Common Stock is traded on the vesting date. Unless and until the Restricted Stock Units vest, Recipient will have no right to receive shares of Common Stock.

Issuance of Restricted Stock Units. (a) The Restricted Stock Units RSUs are issued to the Recipient on the Grant Date set forth above, in consideration of director employment services rendered and to be rendered by the Recipient to the Company. Each Restricted Stock Unit RSU represents the right to receive one share of the Company’s common stock, $2.50 par value per share (the “Common Stock”) upon vesting in accordance with the vesting schedule set forth in Section 2. Alternatively, the Company may elect at any time prior to the vesting date, in lieu of issuing Common Stock, to pay the Recipient cash equal to the fair market value of the Common Stock as to which rights have vested. The Company may make such election by notifying you in writing of its intention to pay cash in lieu of issuing stock on the vesting date. The fair market value will be the value of the Common Stock on the vesting date, determined based on the closing price of the Common Stock on the principal U.S. exchange on which the Common Stock is traded on the vesting date. Unless and until the Restricted Stock Units RSUs vest, Recipient will have no right to receive shares of Common Stock.

Issuance of Restricted Stock Units. (a) a. The Restricted Stock Units RSUs are issued to the Recipient on the Grant Date set forth above, in consideration of director employment services rendered and to be rendered by the Recipient to the Company. Each Restricted Stock Unit RSU represents the right a promise to receive pay one share of the Company’s 's common stock, $2.50 par value per share (the “Common Stock”) upon vesting in accordance with the vesting schedule set forth in Section 2. Alternatively, the Company may elect at any time prior to the vesting date, in lieu of issuing Common Stock, to pay the Recipient cash equal to the fair market value of the Common Stock as to which rights have vested. The Company may make such election by notifying you in writing of its intention to pay cash in lieu of issuing stock on the vesting date. The fair market value will be the value of the Common Stock on the vesting date, determined based on the closing price of the Common Stock on the principal U.S. exchange on which the Common Stock is traded on the vesting date. Unless and until the Restricted Stock Units RSUs vest, Recipient will have no right to receive shares of Common Stock.