Common use of Payment of Deferred Stock Units Clause in Contracts

Payment of Deferred Stock Units. Each Deferred Stock Unit granted pursuant to this Grant represents an unfunded and unsecured promise of the Company to issue to the Employee, after the date the Deferred Stock Units vest pursuant to paragraph 1 or 2 and otherwise subject to the terms of this Agreement (including the country-specific terms set forth in Appendix A to this Agreement), the value of one share of the Common Stock. Except as otherwise expressly provided and subject to the terms of this Agreement (including Appendix A hereto and Section 9), such issuance shall be made to the Employee (or, in the event of his or her death to the Employee’s estate or beneficiary as provided above) in the form of Common Stock as soon as practicable, but not later than 30 days, following the vesting of the Deferred Stock Units pursuant to paragraph 1 or 2 (and with respect to the vesting of Deferred Stock Units pursuant to paragraph 1, in no event later than the last day of the calendar year in which such vesting occurred).