Stock Payment Election. At the Purchaser’s sole discretion, the Purchaser may elect to issue Purchaser Shares in lieu of paying any portion of any Earn Out Amount or the Acceleration Amount in cash by providing written notice to the Earn Out Representative at least 20 days prior to the date that such payment is due (such election being referred to as a “Stock Payment Election”). Subject to Section 2.4, if the Purchaser makes a Stock Payment Election with respect to any portion of any Earn Out Amount or the Acceleration Amount, then: (a) the Purchaser shall reduce the amount of cash otherwise payable in respect of each Earn Out Share in connection with the payment of such Earn Out Amount or the Acceleration Amount, as the case may be, pursuant to Section 2.1 or Section 2.2 by subtracting the Per Share Stock Payment Amount (as defined below) therefrom; and (b) the Purchaser shall, in respect of each Earn Out Share, issue to the Earn Out Representative for distribution to the former holder thereof (or such former holder’s Transferee) the number of Purchaser Shares determined by dividing: (i) the Per Share Stock Payment Amount; by (ii) the average closing sale price of a Purchaser Share as reported on the Purchaser Primary Exchange for the period of 15 consecutive trading days following the date of the Stock Payment Election (translated into Euro at the Exchange Rate as of the date that is 15 days after the date of the Stock Payment Election and adjusted as
Stock Payment Election. (a) In its sole discretion, as provided in this section, Borrower may elect to pay accrued interest on a Borrowing on an Interest Payment Date (or, in the case of a prepayment under Section 2.11, on the Prepayment Date) for such Borrowing through the remittance of the Stock Payment (instead of immediately available funds) (such election a "Stock Payment Election").
Stock Payment Election. 31 SECTION 2.15
Stock Payment Election. At any time during the first fourteen (14) days of the next "window period" (such period being the days when the Company's senior executive officers are permitted to execute trades in the Company's Common Stock, as determined by the Company) after the delivery of each Base Compensation Notice (the "Election Period"), the Executive may deliver to the Company a written notice of the Executive's election (each, a "Stock Election") to receive all or part of his Base Compensation for the Next Compensation Period for which such Base Compensation Notice was given in the form of restricted shares of the Company's common stock, par value $1.00 per share ("Common Stock"). Each Stock Election must set forth the dollar amount of Base Compensation to be converted. The number of shares of restricted Common Stock to be awarded to the Executive upon any such election shall be determined in accordance with the following:
