Section 16 Persons Sample Clauses
The 'Section 16 Persons' clause defines which individuals or entities are considered 'Section 16 persons' under the agreement, typically referencing those subject to Section 16 of the Securities Exchange Act of 1934, such as company directors, officers, and significant shareholders. In practice, this clause clarifies who is subject to specific reporting, disclosure, or trading restrictions, often by listing roles or providing criteria for inclusion. Its core function is to ensure compliance with legal requirements and to clearly identify the parties who must adhere to heightened standards of conduct or reporting obligations, thereby reducing ambiguity and legal risk.
Section 16 Persons. Notwithstanding any other provision of the Plan or this Award Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the RSUs, the Grant Notice and this Award Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Law, this Award Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.
Section 16 Persons. (A) Notwithstanding the foregoing, if the Employee is a Section 16 Person and the Phantom Stock Units are settled in Shares, the Employee must provide the Company with an election form that must:
(1) be in writing, signed, irrevocable and delivered at least six months prior to the withholding date and either (x) authorize the Company to withhold Shares sufficient to satisfy any tax or other required source deductions, or (y) confirm that the Employee will deliver to the Company a check in the amount of the required taxes at the time of settlement, except as provided below, and
(2) comply with the Company's ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ policies and special trading procedures for directors and officers as in effect from time to time.
(B) If the Phantom Stock Units are settled in cash, the Company shall automatically deduct from the amount of the cash the payment the amount that is required to allow the Company to meets its obligations under applicable laws or regulations as provided in sub-section (iii) below.
Section 16 Persons. The Company shall take all steps reasonably required to cause the transactions contemplated by this Section 2.4 by each individual who is a director or officer of the Company subject to Section 16 of the Exchange Act to be exempt under Rule 16b-3 of the Exchange Act.