Common use of Mechanics of Settlement Clause in Contracts

Mechanics of Settlement. On the Settlement Date, the Company shall electronically issue to the Director one whole share of Company Common Stock for each Restricted Share Unit that is vested, and, upon such issuance, the Director’s rights in respect of such Restricted Share Unit shall be extinguished. In the event that there are any fractional Restricted Share Units credited to the Director’s account as of such Settlement Date, such fractional Restricted Share Units shall be settled in cash on or within 30 days following such Settlement Date. No fractional shares of Company Common Stock shall be issued.

Appears in 2 contracts

Samples: Restricted Share Unit Agreement (Jackson Financial Inc.), 2023 Director Restricted Share Unit Agreement (Jackson Financial Inc.)

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Mechanics of Settlement. On the Settlement Date, the Company shall electronically issue to the Director one whole share of Company Common Stock for each Restricted Share Unit that is vestedvested (except as provided in Section 6(a)), and, upon such issuance, the Director’s rights in respect of such Restricted Share Unit shall be extinguished. In Except as provided in Section 6(a), in the event that there are any fractional Restricted Share Units credited to the Director’s account that are vested as of such Settlement Datedate, such fractional Restricted Share Units shall be settled in cash on or within 30 days following such Settlement Daterounded down to the nearest whole Share. No fractional shares of Company Common Stock shall be issued.

Appears in 2 contracts

Samples: 2022 Director Restricted Share Unit Agreement (Jackson Financial Inc.), 2022 Director Restricted Share Unit Agreement (Jackson Financial Inc.)

Mechanics of Settlement. On the Settlement Date, the Company shall electronically issue to the Director one whole share of Company Common Stock for each Restricted Share Unit that is vestedthen became vested (except as provided in Section 6(a)), and, upon such issuance, the Director’s rights in respect of such Restricted Share Unit shall be extinguished. In the event that there are any fractional Restricted Share Units credited to the Director’s account as of that became vested on such Settlement Datedate, such fractional Restricted Share Units shall be settled in cash on or within 30 days following such Settlement Daterounded down to the nearest whole Share. No fractional shares of Company Common Stock shall be issued.

Appears in 2 contracts

Samples: Restricted Share Unit Agreement – Founders Award (Jackson Financial Inc.), Restricted Share Unit Agreement – Founders Award (Jackson Financial Inc.)

Mechanics of Settlement. On the Settlement Date, the Company shall electronically issue to the Director one whole share of Company Common Stock for each Restricted Share Unit that is vestedthen became vested (except as provided in Section 6(a)), and, upon such issuance, the Director’s rights in respect of such Restricted Share Unit shall be extinguished. In the event that there are any fractional Restricted Share Units credited to the Director’s account as of that became vested on such Settlement Datedate, such fractional Restricted Share Units shall be settled in cash on or within 30 days following such Settlement Daterounded down to the nearest whole Share. No fractional shares of Company Common Stock shall be issued.. Converted Annual Cash Retainer

Appears in 1 contract

Samples: Director Restricted Share Unit Agreement (Jackson Financial Inc.)

Mechanics of Settlement. On the Settlement Date, the Company shall electronically issue to the Director one whole share of Company Common Stock for each vested Restricted Share Unit that is vestedStock Unit, and, upon such issuance, the Director’s rights in respect of such Restricted Share Stock Unit shall be extinguished. In the event that there are any fractional Restricted Share Units credited to the Director’s account as of such Settlement DateStock Units, such fractional Restricted Share Stock Units shall be settled in through a cash payment equal to the portion of Restricted Stock Unit multiplied by the Fair Market Value of the Common Stock on or within 30 days following such the Settlement Date. No fractional shares of Company Common Stock shall be issued.

Appears in 1 contract

Samples: Form of Director Restricted Stock Unit Agreement (HD Supply Holdings, Inc.)

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Mechanics of Settlement. On the Settlement Date, the Company shall electronically issue to the Director one whole share of Company Common Stock for each Restricted Share Unit that is vestedthen became vested (except as provided in Section 6(a)), and, upon such issuance, the Director’s rights in respect of such Restricted Share Unit shall be extinguished. In the event that there are any fractional Restricted Share Units credited to the Director’s account as of that became vested on such Settlement Datedate, such fractional Restricted Share Units shall be settled in cash on or within 30 days following such Settlement Daterounded down to the nearest whole Share. No fractional shares of Company Common Stock shall be issued.. Exhibit 10.30

Appears in 1 contract

Samples: Director Restricted Share Unit Agreement (Jackson Financial Inc.)

Mechanics of Settlement. On the Settlement Date, the Company shall electronically issue to the Director one whole share of Company Common Stock for each Restricted Share Unit that is vested, and, upon such issuance, the Director’s rights in respect of such Restricted Share Unit shall be extinguished. In the event that there are any fractional Restricted Share Units credited to the Director’s account as of such Settlement Date, such fractional Restricted Share Units shall be settled in cash on or within 30 days following such Settlement Date. No fractional shares of Company Common Stock shall be issued. Section 4.

Appears in 1 contract

Samples: Jackson National Life Insurance Co of New York

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