Common use of Vesting and Settlement of RSUs Clause in Contracts

Vesting and Settlement of RSUs. (a) The RSUs are fully vested as of the Effective Date. The Board has taken irrevocable action, effective as of the Effective Date, to terminate and liquidate this Agreement in accordance with Section 409A of the Code, including all regulations, guidance, compliance programs and other interpretative authority thereunder (“Section 409A”), and Participant’s right to settlement of the RSUs in connection with such termination shall be as provided below. (b) All vested RSUs shall be settled within thirty (30) days following the date that is twelve (12) months following the Effective Date (such date, the “Payment Date”). Notwithstanding the foregoing, as required by Section 409A, any vested RSUs that would otherwise be settled under the terms of the Prior Agreement as in effect immediately prior to the Effective Date, upon a date earlier than the Payment Date (i.e., assuming no action had been taken to accelerate the vesting or terminate and liquidate the RSUs, as provided herein) shall be settled in accordance with such terms; provided that, any such provisions that relate to a “Qualified IPO” shall no longer be applicable. All payments under this Agreement shall be made in a manner that complies with the requirements of Section 409A. (c) On the Payment Date, sixty percent (60%) of the RSUs shall be settled through the issuance of one Share for each vested RSU, and (ii) forty percent (40%) of the RSUs shall be settled through a cash payment equal to the Fair Market Value of one Share for each vested RSU. The Participant shall not have the rights of a stockholder of the Company with respect to any vested RSUs unless and until Shares are issued to the Participant in accordance with this Section 2(c).

Vesting and Settlement of RSUs. (a) The RSUs are fully vested as of the Effective Date. The Board has taken irrevocable action, effective as of the Effective Date, to terminate and liquidate this Agreement in accordance with Section 409A of the Code, including all regulations, guidance, compliance programs and other interpretative authority thereunder (“Section 409A”), and Participant’s right to settlement of the RSUs in connection with such termination shall be as provided below. (b) All vested RSUs shall be settled within thirty (30) days following the date that is twelve (12) months following the Effective Date (such date, the “Payment Date”). Notwithstanding the foregoing, as required by Section 409A, any vested RSUs that would otherwise be settled under the terms of the Prior Agreement as in effect immediately prior to the Effective Date, upon a date earlier than the Payment Date (i.e., assuming no action had been taken to accelerate the vesting or terminate and liquidate the RSUs, as provided herein) shall be settled in accordance with such terms; provided that, any such provisions that relate to a “Qualified IPO” shall no longer be applicable. All payments under this Agreement shall be made in a manner that complies with the requirements of Section 409A. (c) On the Payment Date, sixty percent (60%) of the vested RSUs shall be settled through the issuance of one Share for each vested RSU, and (ii) forty percent (40%) of the vested RSUs shall be settled through a cash payment equal to the Fair Market Value of one Share for each vested RSU. The Participant shall not have the rights of a stockholder of the Company with respect to any vested RSUs unless and until Shares are issued to the Participant in accordance with this Section 2(c).

Vesting and Settlement of RSUs. (a) The RSUs are fully vested as of the Effective Date. The Board has taken irrevocable action, effective as of the Effective Date, to terminate and liquidate this Agreement in accordance with Section 409A of the Code, including all regulations, guidance, compliance programs and other interpretative authority thereunder (“Section 409A”), and Participant’s right to settlement of the RSUs in connection with such termination shall be as provided below. (b) All vested RSUs shall be settled within thirty (30) days following the date that is twelve (12) months following the Effective Date (such date, the “Payment Date”). Notwithstanding the foregoing, as required by Section 409A, any vested RSUs that would otherwise be settled under the terms of the Prior Agreement as in effect immediately prior to the Effective Date, upon a date earlier than the Payment Date (i.e., assuming no action had been taken to accelerate the vesting or terminate and liquidate the RSUs, as provided herein) shall be settled in accordance with such terms; provided that, any such provisions that relate to a “Qualified IPO” shall no longer be applicable. All payments under this Agreement shall be made in a manner that complies with the requirements of Section 409A. (c) On the Payment Date, sixty percent (60%) of the RSUs shall be settled through the issuance of one Share for each vested RSU, and (ii) forty percent (40%) of the RSUs shall be settled through a cash payment equal to the Fair Market Value of one Share for each vested RSU. The Participant shall not have the rights of a stockholder of the Company with respect to any vested RSUs unless and until Shares are issued to the Participant in accordance with this Section 2(c).

Vesting and Settlement of RSUs. (a) The RSUs are fully vested as of the Effective Date. The Board has taken irrevocable action, effective as of the Effective Date, to terminate and liquidate this Agreement in accordance with Section 409A of the Code, including all regulations, guidance, compliance programs and other interpretative authority thereunder (“Section 409A”), and Participant’s right to settlement of the RSUs in connection with such termination shall be as provided below. (b) All vested RSUs shall be settled within thirty (30) days following the date that is twelve (12) months following the Effective Date (such date, the “Payment Date”). Notwithstanding the foregoing, as required by Section 409A, any vested RSUs that would otherwise be settled under the terms of the Prior Agreement as in effect immediately prior to the Effective Date, upon a date earlier than the Payment Date (i.e., assuming no action had been taken to accelerate the vesting or terminate and liquidate the RSUs, as provided herein) shall be settled in accordance with such terms; provided that, any such provisions that relate to a “Qualified IPO” shall no longer be applicable. All payments under this Agreement shall be made in a manner that complies with the requirements of Section 409A. (c) On the Payment Date, sixty percent (60%) of the vested RSUs shall be settled through the issuance of one Share for each vested RSU, and (ii) forty percent (40%) of the vested RSUs shall be settled through a cash payment equal to the Fair Market Value of one Share for each vested RSU. The Participant shall not have the rights of a stockholder of the Company with respect to any vested RSUs unless and until Shares are issued to the Participant in accordance with this Section 2(c).