Common use of Payment of Vested Units Clause in Contracts

Payment of Vested Units. A cash payment in respect of vested Units shall be made to Executive not later than the 15th of March following the date such Unit vests and shall equal the applicable number of vested Units multiplied by the lesser of (a) $12.00 or (b) the greater of (i) $6.00 or (ii) the average closing price of the Company's common stock (as reported in the Wall Street Journal) for the first five trading days immediately following the Company's annual earnings release in respect of the Company's fiscal years ending in January 2001, 2002, or 2003, as the case may be. Notwithstanding the foregoing, if Units vest by reason of a Change of Control Event, a cash payment in respect of such Units shall be made to Executive as soon as practicable after the Change of Control Event and shall equal the applicable number of Units multiplied by the lesser of (x) $12.00, or (y) the greater of (i) $6.00 or (ii) the tender offer price per common share of Company Stock in the case of a cash transaction or the average closing price for the Company (as reported in the Wall Street Journal) for the five trading days immediately preceding the Change of Control Event date in the case of a noncash transaction.

Payment of Vested Units. A cash payment in respect of vested Units shall be made to Executive Employee not later than the 15th of March April following the date such Unit vests and shall equal the applicable number of vested Units multiplied by the lesser of (a) $12.00 8.00 or (b) the greater of (i) $6.00 5.00 or (ii) the average closing price of the Company's common stock Common Stock (as reported in the Wall Street Journal) for the first five trading days immediately following the Company's annual earnings release in respect of the Company's fiscal years ending in January 2001, 2002, or 2003, as the case may be. Notwithstanding the foregoing, if Units vest by reason of a Change of Control Event, a cash payment in respect of such Units shall be made to Executive Employee as soon as practicable after the Change of Control Event and shall equal the applicable number of Units multiplied by the lesser of (x) $12.008.00, or (y) the greater of (i) $6.00 5.00 or (ii) the tender offer price per common share of Company Common Stock in the case of a cash transaction or the average closing price for the Company Common Stock (as reported in the Wall Street Journal) for the five trading days immediately preceding the Change of Control Event date in the case of a noncash transaction.