Satisfaction of Regulatory Obligations Sample Clauses
The 'Satisfaction of Regulatory Obligations' clause requires the parties to ensure that all actions, transactions, or agreements comply with applicable laws and regulations. In practice, this means that each party must obtain necessary permits, approvals, or licenses from relevant authorities before proceeding with their contractual obligations. This clause is essential for preventing legal or regulatory violations, thereby protecting the parties from penalties and ensuring the enforceability of the contract.
Satisfaction of Regulatory Obligations. If the Grantee is a national of the Peoples’ Republic of China (“PRC”), this Restricted Stock Unit grant is subject to additional terms and conditions, as determined by the Company in its sole discretion, in order for the Company to obtain the applicable approvals from the PRC State Administration of Foreign Exchange (“SAFE”) to permit the operation of the Plan in accordance with applicable PRC exchange control laws and regulations.
Satisfaction of Regulatory Obligations. If the Chinese Participant is a PRC resident, this PSU Award grant is subject to additional terms and conditions, which may include but are not limited to the following, as determined by the Company in its sole discretion, in order for the Company to comply with any applicable local laws and regulations or to obtain the applicable approvals from the PRC State Administration of Foreign Exchange (“SAFE”) to permit the operation of the Plan in accordance with applicable PRC exchange control laws and regulations, which shall apply to the Chinese Participant.
(a) Any PSU Award granted to the Chinese Participant will be settled in cash only. This means that upon vesting of the PSUs, the Participant will receive in cash the value of the underlying shares of common stock at vesting, less any Tax-Related Items and broker’s fees or commissions, which will be remitted to the Chinese Participant via local payroll in local currency. The Company shall have the sole discretion at the exchange conversion rate to be used for calculation of such cash payment.
(b) For the purpose of Section 3 of the Agreement, each vested and unvested PSU Award granted to Chinese Participants under this Agreement shall have no value, neither be exercised, vested, or settled, in whole or in part, prior to an Initial Public Offering; and the Company may, in its sole and absolute discretion, cancel the PSU Award and substitute with a new PSU Award that will be implemented upon the Initial Public Offering of the Company.
(c) The Company may, in its sole and absolute discretion, provide for the cancellation of such PSU Award in exchange for a cash payment equal to the number of shares of Common Stock subject to the PSU Award, multiplied by the fair market value of such shares of Common Stock, determined as of the date of vesting, less any Tax-Related Items and broker’s fees or commissions, which will be paid by the Company’s local Subsidiary to Chinese Participants via local payroll in local currency. The Company shall have the sole discretion at the exchange conversion rate to be used for calculation of such cash payment.
(d) The Chinese Participant further agrees to comply with any other requirements that may be imposed by the Company in the future in order to facilitate compliance with any applicable SAFE rules and requirements in China.
Satisfaction of Regulatory Obligations. If the Chinese Holder is a PRC resident, this Award grant is subject to additional terms and conditions, which may include but are not limited to the following, as determined by the Company in its sole discretion, in order for the Company to comply with any applicable local laws and regulations or to obtain the applicable approvals from the PRC State Administration of Foreign Exchange (“SAFE”) to permit the operation of the Plan in accordance with applicable PRC exchange control laws and regulations, which shall apply to the Chinese Holder.
1. Any Award granted to the Chinese Holder will be settled in cash only. This means that upon vesting of the restricted stock units, the Holder will receive in cash the value of the underlying shares of common stock at vesting, less any Required Tax Payments and broker’s fees or commissions, which will be remitted to the Chinese Holder via local payroll in local currency. The Company shall have the sole discretion at the exchange conversion rate to be used for calculation of such cash payment.
2. For the purpose of Section 3 of the Agreement, each vested and unvested Award granted to Chinese Holders under this Agreement shall have no value, neither be exercised, vested, or settled, in whole or in part, prior to an Initial Public Offering; and the Company may, in its sole and absolute discretion, cancel the Award and substitute with a new Award that will be implemented upon the Initial Public Offering of the Company.
3. The Company may, in its sole and absolute discretion, provide for the cancellation of such Award in exchange for a cash payment equal to the number of Stock subject to the Award, multiplied by the fair market value of such Stock, determined as of the date of vesting, less any Required Tax Payments and broker’s fees or commissions, which will be paid by the Company’s local Subsidiary to Chinese Holders via local payroll in local currency. The Company shall have the sole discretion at the exchange conversion rate to be used for calculation of such cash payment.
4. The Chinese Holder further agrees to comply with any other requirements that may be imposed by the Company in the future in order to facilitate compliance with any applicable SAFE rules and requirements in China.
Satisfaction of Regulatory Obligations. If the Participant is a national of the Peoples’ Republic of China (“PRC”), the grant of Restricted Share Units is conditioned upon the Company securing all necessary approvals from the PRC State Administration of Foreign Exchange (“SAFE”) to permit the operation of the Plan and the participation of PRC nationals employed by the Company or its Subsidiaries, as determined by the Company in its sole discretion.
Satisfaction of Regulatory Obligations. Settlement of the MSUs is conditioned on the Company's completion of a registration of the Plan with SAFE and on the continued effectiveness of such registration (the "SAFE Registration Requirement"). If or to the extent the Company is unable to complete the registration or maintain the registration, no shares of Common Stock subject to the MSUs for which a registration cannot be completed or maintained shall be issued. In this case, the Company retains the discretion to settle any MSUs which have vested in cash paid through local payroll in an amount equal to the market value of the shares of Common Stock subject to the vested MSUs less any withholding obligation for Tax-Related Items.
Satisfaction of Regulatory Obligations. If the Grantee is a national of the Peoples’ Republic of China (“PRC”), this Cash-Based Award is subject to additional terms and conditions, as determined by the Company in its sole discretion, in order for the Company to permit the operation of the Plan in accordance with applicable PRC exchange control laws and regulations.
Satisfaction of Regulatory Obligations. Settlement of the PSUs is conditioned on the Company's completion of a registration of the Plan with SAFE and on the continued effectiveness of such registration (the "SAFE Registration Requirement"). If or to the extent the Company is unable to complete the registration or maintain the registration, no shares of Common Stock subject to the PSUs for which a registration cannot be completed or maintained shall be issued. In this case, the Company retains the discretion to settle any PSUs which have vested in cash paid through local payroll in an amount equal to the market value of the shares of Common Stock subject to the vested PSUs less any withholding obligation for Tax-Related Items.
Satisfaction of Regulatory Obligations. Settlement of the MSUs is conditioned on the Company's completion of a registration of the Plan with SAFE and on the continued effectiveness of such registration (the "SAFE Registration Requirement"). If or to the extent the Company is unable to complete the registration or maintain the registration, no shares of Common Stock subject to the MSUs for which a registration cannot be completed or maintained shall be issued. In this case, the Company retains the discretion to settle any MSUs which have vested in cash paid through local payroll in an amount equal to the market value of the shares of Common Stock subject to the vested MSUs less any withholding obligation for Tax-Related Items.