Common use of Settlement of Vested Units Clause in Contracts

Settlement of Vested Units. (a) Each Vested Unit will be settled by the delivery of one share of Common Stock (subject to adjustment under Section 15 of the Plan) to Participant or, in the event of Participant’s death, to Participant’s estate, heir or beneficiary, following the applicable Vesting Date (or vesting date in accordance with Paragraph 3(b) or 3(c) above); provided that Participant has satisfied all of the tax withholding obligations described in Paragraph 6, and that Participant has completed, signed and returned any documents and taken any additional action that the Company deems appropriate to enable it to accomplish the delivery of the Common Stock. The issuance of the Common Stock hereunder may be effected by the issuance of a stock certificate, recording shares on the stock records of the Company or by crediting shares in an account established on Participant’s behalf with a brokerage firm or other custodian, in each case as determined by the Company. Fractional shares will not be issued pursuant to the Award. (b) Notwithstanding the above, (i) for administrative or other reasons, the Company may from time to time temporarily suspend the issuance of Common Stock in respect of Vested Units, (ii) the Company shall not be obligated to deliver any Common Stock during any period when the Company determines that the delivery of Common Stock hereunder would violate any federal, state or other applicable laws, (iii) the Company may issue Common Stock hereunder subject to any restrictive legends that, as determined by the Company’s counsel, are necessary to comply with securities or other regulatory requirements and (iv) the date on which Common Stock are issued hereunder may include a delay in order to provide the Company such time as it determines appropriate to address administrative matters.

Settlement of Vested Units. (a) Each Vested Unit will be settled by the delivery of one share of Common Stock (subject to adjustment under Section 15 of the Plan) to Participant or, in the event of Participant’s death, to Participant’s estate, heir or beneficiary, following the applicable Vesting Date (or vesting date in accordance with Paragraph 3(b) or 3(c) above)Date; provided that Participant has satisfied all of the tax withholding obligations described Tax Withholding Obligations (as defined in Paragraph 67), and that Participant has completed, signed and returned any documents and taken any additional action that the Company deems appropriate to enable it to accomplish the delivery of the Common Stock. . (b) The issuance of the Common Stock hereunder may be effected by the issuance of a stock certificate, recording shares on the stock records of the Company or by crediting shares in an account established on Participant’s behalf with a brokerage firm or other custodian, in each case as determined by the Company. Fractional shares will not be issued pursuant to the Award. (bc) Notwithstanding the above, (i) for administrative or other reasons, the Company may from time to time temporarily suspend the issuance of Common Stock in respect of Vested Units, (ii) the Company shall not be obligated to deliver any Common Stock during any period when the Company determines that the delivery of Common Stock hereunder would violate any federal, state or other applicable laws, (iii) the Company may issue Common Stock hereunder subject to any restrictive legends that, as determined by the Company’s counsel, are necessary to comply with securities or other regulatory requirements and (iv) the date on which Common Stock are issued hereunder may include a delay in order to provide the Company such time as it determines appropriate to address tax withholding and other administrative matters.

Settlement of Vested Units. (a) Each Vested Unit will be settled by the delivery of one share of Common Stock Share (subject to adjustment under Section 15 of the Plan) to Participant or, in the event of Participant’s death, to Participant’s estate, heir or beneficiary, within thirty (30) days following the applicable Vesting Date (or vesting date in accordance with Paragraph 3(b) or 3(c) above); provided that Participant has satisfied all of the tax withholding obligations described in Paragraph 6, and that Participant has completed, signed and returned any documents and taken any additional action that the Company deems appropriate to enable it to accomplish the delivery of the Common StockShares. The issuance of the Common Stock Shares hereunder may be effected by the issuance of a stock certificate, recording shares on the stock records of the Company or by crediting shares in an account established on Participant’s behalf with a brokerage firm or other custodian, in each case as determined by the Company. Fractional shares will not be issued pursuant to the Award. (b) Notwithstanding the above, (i) for administrative or other reasons, the Company may from time to time temporarily suspend the issuance of Common Stock Shares in respect of Vested Units, (ii) the Company shall not be obligated to deliver any Common Stock Shares during any period when the Company determines that the delivery of Common Stock shares hereunder would violate any federal, state or other applicable laws, (iii) the Company may issue Common Stock Shares hereunder subject to any restrictive legends that, as determined by the Company’s counsel, are necessary to comply with securities or other regulatory requirements and (iv) the date on which Common Stock shares are issued hereunder may include a delay in order to provide the Company such time as it determines appropriate to address administrative matters.

Settlement of Vested Units. (a) a. Each Vested Unit will be settled by the delivery of one share of Common Stock Share (subject to adjustment under Section 15 4.1 of the MeadWestvaco Corporation 2005 Performance Incentive Plan (the “Plan”)) to Participant you or, in the event of Participant’s your death, to Participant’s your estate, heir or beneficiary, within 60 days following the applicable Vesting Date (or vesting date in accordance with Paragraph 3(b) or 3(c) above)third anniversary of the Award Date; provided that Participant has you have satisfied all of the tax withholding obligations described in Paragraph 69 below, and that Participant has you have completed, signed and returned any documents and taken any additional action that the Company deems appropriate to enable it to accomplish the delivery of the Common Stock. Shares. b. The date upon which Shares are to be issued under either Paragraph 3(a) or 3(b) above is referred to as the “Settlement Date.” The issuance of the Common Stock Shares hereunder may be effected by the issuance of a stock certificate, recording shares on the stock records of the Company or by crediting shares Shares in an account established on Participant’s your behalf with a brokerage firm or other custodian, in each case as determined by the Company. Fractional shares Shares will not be issued pursuant to the Award, but instead an amount of cash equal to the fair market value of such fractional Shares will be delivered to you. (b) c. Notwithstanding anything herein to the abovecontrary, (i) for administrative or other reasons, the Company may from time to time temporarily suspend the issuance of Common Stock Shares in respect of Vested Units, (ii) the Company shall not be obligated to deliver any Common Stock Shares during any period when the Company determines that the delivery of Common Stock shares hereunder would violate any federal, state or other applicable laws, (iii) the Company may issue Common Stock Shares hereunder subject to any restrictive legends that, as determined by the Company’s counsel, are necessary to comply with securities or other regulatory requirements requirements, and (iv) the date on which Common Stock Shares are issued hereunder may include a delay in order to provide the Company such time as it determines appropriate to address tax withholding and other administrative matters.

Settlement of Vested Units. (a) Each Vested Unit will be settled by the delivery of one share of Common Stock (subject to adjustment under Section 15 of the Plan) to Participant or, in the event of Participant’s death, to Participant’s estate, heir or beneficiary, no later than 30 days following the applicable date that the Committee certifies the achievement of the Performance Targets and the resulting number of Vested Units (and in no event later than March 15 of the calendar year following the calendar year in which the Vesting Date (or vesting date in accordance with Paragraph 3(b) or 3(c) aboveoccurs); provided that Participant has satisfied all of the tax withholding obligations described Tax Withholding Obligations (as defined in Paragraph 67), and that Participant has completed, signed and returned any documents and taken any additional action that the Company deems appropriate to enable it to accomplish the delivery of the Common Stock. . (b) The issuance of the Common Stock hereunder may be effected by the issuance of a stock certificate, recording shares on the stock records of the Company or by crediting shares in an account established on Participant’s behalf with a brokerage firm or other custodian, in each case as determined by the Company. Fractional shares will not be issued pursuant to the Award. (bc) Notwithstanding the above, (i) for administrative or other reasons, the Company may from time to time temporarily suspend the issuance of Common Stock in respect of Vested Units, (ii) the Company shall not be obligated to deliver any Common Stock during any period when the Company determines that the delivery of Common Stock hereunder would violate any federal, state or other applicable laws, (iii) the Company may issue Common Stock hereunder subject to any restrictive legends that, as determined by the Company’s counsel, are necessary to comply with securities or other regulatory requirements and (iv) the date on which Common Stock are issued hereunder may include a delay in order to provide the Company such time as it determines appropriate to address tax withholding and other administrative matters.