Normal Settlement. Except in the event of (i) a Participant’s Separation from Service during the Period of Restriction because of death or Disability or (ii) a Change-in-Control that occurs prior to the Lapse Date, the Restricted Stock Units shall be settled in cash no later than the 60th day after the Lapse Date. On such date, the Company shall pay to the Participant, in a lump sum, a cash amount equal to the aggregate value of the Restricted Stock Units based upon the Fair Market Value of the Common Stock on the Lapse Date.
Appears in 17 contracts
Samples: Directors Restricted Stock Unit Award Agreement (Trustco Bank Corp N Y), Restricted Stock Unit Award Agreement (Trustco Bank Corp N Y), Restricted Stock Unit Award Agreement (Trustco Bank Corp N Y)
