Common use of Timing and Manner of Payment of Stock Units Clause in Contracts

Timing and Manner of Payment of Stock Units. On or as soon as administratively practical following each vesting of the applicable portion of the total Award pursuant to Section 3 hereof or Section 7 of the Plan (and in all events not later than two and one-half months after the applicable vesting date), the Corporation shall deliver to the Participant a number of shares of Common Stock (either by delivering one or more certificates for such shares or by entering such shares in book entry form, as determined by the Corporation in its discretion) equal to the number of Stock Units subject to this Award that vest on the applicable vesting date; provided, however, that the Administrator may, in its sole discretion, provide for any or all of such vested Stock Units to be settled in cash as opposed to shares, with the amount of the payment for each such vested Stock Unit that is to be settled in cash to equal the fair market value of a share of Common Stock (as determined under Section 5.5 of the Plan) on the applicable payment date, in each case unless such Stock Units terminate prior to the given vesting date pursuant to Section 8. The Corporation’s obligation to deliver shares of Common Stock or otherwise make payment with respect to vested Stock Units is subject to the condition precedent that the Participant or other person entitled under the Plan to receive any shares with respect to the vested Stock Units deliver to the Corporation any representations or other documents or assurances required pursuant to Section 8.1 of the Plan. The Participant shall have no further rights with respect to any Stock Units that are paid or that terminate pursuant to Section 8.

Timing and Manner of Payment of Stock Units. On or as soon as administratively practical following each vesting of the applicable portion of the total number of Restricted Stock Units subject to the Award pursuant to Section 3 hereof or Section 7 of the Plan (and in all events not later than two and one-half months after the applicable vesting date), the Corporation shall deliver to the Participant a number of shares of Common Stock (either by delivering one or more certificates for such shares or by entering such shares in book entry form, as determined by the Corporation in its discretion) equal to the number of Restricted Stock Units subject to this Award that vest on the applicable vesting date; provided, however, that the Administrator may, in its sole discretion, provide for any or all of such vested Stock Units to be settled in cash as opposed to shares, with the amount of the payment for each such vested Stock Unit that is to be settled in cash to equal the fair market value of a share of Common Stock (as determined under Section 5.5 of the Plan) on the applicable payment date, in each case unless such Restricted Stock Units terminate prior to the given vesting date pursuant to Section 8this Agreement. The Corporation’s obligation to deliver shares of Common Stock or otherwise make payment with respect to vested Restricted Stock Units is subject to the condition precedent that the Participant or other person entitled under the Plan to receive any shares with respect to the vested Restricted Stock Units deliver to the Corporation any representations or other documents or assurances required pursuant to Section 8.1 of the Plan. The Participant shall have no further rights with respect to any Restricted Stock Units that are paid or that terminate pursuant to Section 89.

Timing and Manner of Payment of Stock Units. On or as soon as administratively practical following each vesting of the applicable portion of the total Award pursuant to Section 3 hereof or Section 7 of the Plan (and in all events not later than two and one-half months after the applicable vesting date)9, the Corporation shall deliver to the Participant a number of shares of Common Stock (either by delivering one or more certificates for such shares or by entering such shares in book entry form, as determined by the Corporation in its discretion) equal to the number of Stock Units subject to this Award that vest on the applicable vesting date; provided, however, that the Administrator may, in its sole discretion, provide for date (including any or all of such vested Stock Units credited in respect of Dividend Equivalent Rights pursuant to be settled Section 5(b) hereof). Notwithstanding the foregoing sentence, the Participant may elect, on a form and in cash as opposed a manner prescribed by the Administrator, to shares, with the amount defer any such payment of the payment for each such vested Stock Unit Units, provided that is to such election must be settled in cash to equal the fair market value of a share of Common Stock (as determined under Section 5.5 of the Plan) on the applicable payment date, in each case unless such Stock Units terminate made prior to the given vesting date pursuant to time the Award is granted and any such deferral of payment must comply with any applicable requirements of Section 8409A of the Code (including, without limitation, the six-month waiting period contemplated by Section 18, if applicable). The Corporation’s obligation to deliver shares of Common Stock or otherwise make payment with respect to vested Stock Units is subject to the condition precedent that the Participant or other person entitled under the Plan to receive any shares with respect to the vested Stock Units deliver to the Corporation any representations or other documents or assurances required pursuant to Section 8.1 of the Plan. The Participant shall have no further rights with respect to any Stock Units that are paid pursuant to Section 5(b) or this Section 7 or that terminate pursuant to Section 8.

Timing and Manner of Payment of Stock Units. On or as soon as administratively practical following each vesting of the applicable portion of the total number of Restricted Stock Units subject to the Award pursuant to Section 3 or 8 hereof or Section 7 of the Plan (and in all events not later than two and one-half months after the applicable vesting date), the Corporation shall deliver to the Participant a number of shares of Common Stock (either by delivering one or more certificates for such shares or by entering such shares in book entry form, as determined by the Corporation in its discretion) equal to the number of Restricted Stock Units subject to this Award that vest on the applicable vesting date; provided, however, that the Administrator may, in its sole discretion, provide for any or all of such vested Stock Units to be settled in cash as opposed to shares, with the amount of the payment for each such vested Stock Unit that is to be settled in cash to equal the fair market value of a share of Common Stock (as determined under Section 5.5 of the Plan) on the applicable payment date, in each case unless such Restricted Stock Units terminate prior to the given vesting date pursuant to Section 8. The Corporation’s obligation to deliver shares of Common Stock or otherwise make payment with respect to vested Restricted Stock Units is subject to the condition precedent that the Participant or other person entitled under the Plan to receive any shares with respect to the vested Restricted Stock Units deliver to the Corporation any representations or other documents or assurances required pursuant to Section 8.1 of the Plan. The Participant shall have no further rights with respect to any Restricted Stock Units that are paid or that terminate pursuant to Section 8.