Common use of Timing of Issuance Clause in Contracts

Timing of Issuance. (a) Upon the vesting of the Units pursuant to Section 2 hereof, one Share shall be issuable for each Unit that vests, subject to the terms and provisions of the Program and this Agreement. Thereafter, upon the Grantee’s satisfaction of any required tax withholding obligations, the Company shall issue to the Grantee Shares underlying any vested Units as soon as practicable (but in no event later than 2½ months after the date such Unit becomes vested pursuant to Section 2 hereof). The Company will cause the Shares to be issued in the Grantee’s name in uncertificated form. At such time as any Units become vested, the Company will adjust its ownership records so as to remove any legends and stop-transfer orders with respect to the Shares underlying such vested Units, and the Company will cause a statement of ownership with respect to the Shares underlying such vested Units to be issued and delivered to the Grantee (provided that appropriate arrangements have been made with the Company for the withholding or payment of any taxes that may be due with respect to the Shares underlying such vested Units). (b) Upon each transfer of Shares in accordance with this Section 3, the Company shall have satisfied its obligation with respect to the number of Units equal to the number of Shares issued to the Grantee pursuant thereto (and, the number of Shares (if any) the issuance of which was withheld in satisfaction of applicable tax withholding requirements), taking into account any adjustment pursuant to Section 5 hereof, and the Grantee shall have no further rights to claim any additional Shares in respect thereof. (c) The Company shall have a right to require the Grantee to remit to the Company an amount sufficient to satisfy any federal, state and local withholding tax requirements prior to the issuance of any Shares. The Grantee may satisfy the applicable withholding tax obligations by paying the amount of any taxes in cash, or, to the extent permitted by the Committee, Shares or other securities may be delivered to the Company or deducted from the number of Shares to be issued to the Grantee pursuant to this Agreement to satisfy the obligation in full or in part as long as such withholding of Shares does not violate any applicable laws, rules, or regulations of federal, state, or local authorities (including Section 16 of the Securities Exchange Act of 1934, and the rules promulgated thereunder, if applicable). The Grantee shall make such payment or arrangement no later than the date as of which an amount first becomes includible in the gross income of the Grantee for federal income tax purposes with respect to any Shares. The obligations of the Company under the Program are conditioned on such payment or arrangement and the Company, to the extent permitted by law, has the right to deduct any such taxes from any distribution of any kind otherwise due to the Grantee.

Timing of Issuance. (a) Upon the vesting of the Units pursuant to Section 2 hereof, one Share shall be issuable for each Unit that vests, subject to the terms and provisions of the Program Plan and this Agreement. Thereafter, upon the Grantee’s satisfaction of any required tax withholding obligations, the Company shall issue to the Grantee Shares underlying any vested Units as soon as practicable (but in no event later than 2½ months after the date such Unit becomes vested pursuant to Section 2 hereof). . (b) The Company will cause the Shares to be issued in the Grantee’s name in uncertificated form. At such time as any Units become vested, the The Company will adjust its ownership records so as to remove any legends and stop-transfer orders with respect to the Shares underlying such vested Unitstransferred to the Grantee, and the Company will cause a statement of ownership with respect to the such Shares underlying such vested Units to be issued and delivered to the Grantee (provided that appropriate arrangements have been made with the Company for the withholding or payment of any taxes that may be due with respect to the Shares underlying such vested Units). (bc) Upon each transfer of Shares in accordance with this Section 3, the Company shall have satisfied its obligation with respect to the number of Units equal to the number of Shares issued to the Grantee pursuant thereto (and, the number of Shares (if any) the issuance of which was withheld in satisfaction of applicable tax withholding requirements), taking into account any adjustment pursuant to Section 5 hereof, and the Grantee shall have no further rights to claim any additional Shares in respect thereof. (cd) The Company shall have a right to require the Grantee to remit to the Company an amount sufficient to satisfy any federal, state and local withholding tax requirements prior to the issuance of any Shares. The Grantee may satisfy the applicable withholding tax obligations by paying the amount of any taxes in cash, or, to the extent permitted by the Committee, Shares or other securities may be delivered to the Company or deducted from the number of Shares to be issued to the Grantee pursuant to this Agreement to satisfy the obligation in full or in part as long as such withholding of Shares does not violate any applicable laws, rules, or regulations of federal, state, or local authorities (including Section 16 of the Securities Exchange Act of 1934, and the rules promulgated thereunder, if applicable). The Grantee shall make such payment or arrangement no later than the date as of which an amount first becomes includible in the gross income of the Grantee for federal income tax purposes with respect to any Shares. The obligations of the Company under the Program Plan are conditioned on such payment or arrangement and the Company, to the extent permitted by law, has the right to deduct any such taxes from any distribution of any kind otherwise due to the Grantee.