Common use of SETTLEMENT OF GRANTED UNITS Clause in Contracts

SETTLEMENT OF GRANTED UNITS. (a) The Company shall deliver to the Grantee on the Vesting Date or upon the date the Granted Units pursuant to Sections 3(c) or 3(e), or as soon as practicable thereafter, a number of shares of Common Stock equal to the aggregate number of Granted Units that vest as of such date; provided, however, that no shares of Common Stock will be issued in settlement of this award unless the issuance of shares complies with all relevant provisions of law and the requirements of any stock exchange upon which the shares of Common Stock may then be listed. No fractional shares of Common Stock will be issued. The Company will pay cash in respect of fractional shares of Common Stock. (b) Notwithstanding anything to the contrary contained in this Section 4(a), and subject to this Section 4(b), in the event that any shares are deliverable to the Grantee in respect of Granted Units when there is no effective registration statement on Form S-8 or any successor form under the Securities Act of 1933, as amended, in respect of shares of Common Stock underlying the Granted Units, the number of shares of Common Stock deliverable to the Grantee in respect of any Granted Units which vest on such date shall be deliverable to the Grantee on the first date within calendar year 2010 on which there is an Effective Registration (as defined below) in place, but in no event later than December 31, 2010; provided, however, in the event that any shares are deliverable to the Grantee in respect of Granted Units when there is no effective registration statement on Form S-8 or any successor form under the Securities Act of 1933, as amended, in respect of the shares underlying the Granted Units, unless the Grantee otherwise elects in writing, the Company shall repurchase from the Grantee, contemporaneously with the delivery of the shares underlying the Granted Units to the Grantee, a number of shares of Common Stock issued in settlement of Granted Units with an aggregate value sufficient to cover the aggregate applicable, supplemental rate for Federal, State and local income taxes, with the shares of Common Stock valued using the closing price of the Common Stock on the Termination Date, Vesting Date or other delivery date, as applicable (provided, that, if such date is not a trading day, the Common Stock shall be valued using the price of the Common Stock on the last trading day before such Termination Date, Vesting Date or other delivery date, as applicable).

SETTLEMENT OF GRANTED UNITS. (a) The Company shall deliver to the Grantee on the Vesting Date or upon the date the Granted Units pursuant to Sections 3(c) or 3(e), or as soon as practicable thereafter, a number of shares of Common Stock equal to the aggregate number of Granted Units that vest as of such date; provided, however, that no shares of Common Stock will be issued in settlement of this award unless the issuance of shares complies with all relevant provisions of law and the requirements of any stock exchange upon which the shares of Common Stock may then be listed. No fractional shares of Common Stock will be issued. The Company will pay cash in respect of fractional shares of Common Stock. (b) Notwithstanding anything to the contrary contained in this Section 4(a), and subject to this Section 4(b), in the event that any shares are deliverable to the Grantee in respect of Granted Units when there is no effective registration statement on Form S-8 or any successor form from under the Securities Act of 1933, as amended, in respect of shares of Common Stock underlying the Granted Units, the number of shares of Common Stock deliverable to the Grantee in respect of any Granted Units which vest on such date shall be deliverable to the Grantee on the first date within calendar year 2010 on which there is an Effective Registration (as defined below) in place, but in no event later than December 31, 2010; provided, however, in the event that any shares are deliverable to the Grantee in respect of Granted Units when there is no effective registration statement on Form S-8 or any successor form under the Securities Act of 1933, as amended, in respect of the shares underlying the Granted Units, unless the Grantee otherwise elects in writing, the Company shall repurchase from the Grantee, contemporaneously with the delivery of the shares underlying the Granted Units to the Grantee, a number of shares of Common Stock issued in settlement of Granted Units with an aggregate value sufficient to cover the aggregate applicable, supplemental rate for Federal, State and local income taxes, with the shares of Common Stock valued using the closing price of the Common Stock on the Termination Date, Vesting Date or other delivery date, as applicable (provided, that, if such date is not a trading day, the Common Stock shall be valued using the price of the Common Stock on the last trading day before such Termination Date, Vesting Date or other delivery date, as applicable).

SETTLEMENT OF GRANTED UNITS. (a) The Company shall deliver to the Grantee on the Vesting Date or upon the date the Granted Units pursuant to Sections 3(c) or 3(e), or as soon as practicable thereafter, a number of shares of Common Stock equal to the aggregate number of Granted Units that vest as of such date; provided, however, that no shares of Common Stock will be issued in settlement of this award unless the issuance of shares complies with all relevant provisions of law and the requirements of any stock exchange upon which the shares of Common Stock may then be listed. No fractional shares of Common Stock will be issued. The Company will pay cash in respect of fractional shares of Common Stock. (b) Notwithstanding anything to the contrary contained in this Section 4(a), and subject to this Section 4(b), in the event that any shares are deliverable to the Grantee in respect of Granted Units when there is no effective registration statement on Form S-8 or any successor form under the Securities Act of 1933, as amended, in respect of shares of Common Stock underlying the Granted Units, the number of shares of Common Stock deliverable to the Grantee in respect of any Granted Units which vest on such date shall be deliverable to the Grantee on the first date within calendar year 2010 on which there is an Effective Registration (as defined below) in place, but in no event later than December 31, 201020 I0; provided, however, in the event that any shares are deliverable to the Grantee in respect of Granted Units when there is no effective registration statement on Form S-8 or any successor form under the Securities Act of 1933, as amended, in respect of the shares underlying the Granted Units, unless the Grantee otherwise elects in writing, the Company shall repurchase from the Grantee, contemporaneously with the delivery of the shares underlying the Granted Units to the Grantee, a number of shares of Common Stock issued in settlement of Granted Units with an aggregate value sufficient to cover the aggregate applicable, supplemental rate for Federal, State and local income taxes, with the shares of Common Stock valued using the closing price of the Common Stock on the Termination Date, Vesting Date or other delivery date, as applicable (provided, that, if such date is not a trading day, the Common Stock shall be valued using the price of the Common Stock on the last trading day before such Termination Date, Vesting Date or other delivery date, as applicable).