Example ContractsClausesSettlement of Award
Settlement of Award
Settlement of Award contract clause examples

Settlement of Award. The Award, if earned in accordance with the terms of this Agreement, shall be payable in whole shares of Common Stock. The total number of Shares that may be acquired upon earning of the Award (or portion thereof) shall be rounded down to the nearest whole share. A certificate or certificates for the Shares subject to the Award or portion thereof shall be issued in the name of the Participant or his or her beneficiary (or, in the case of uncertificated shares, other written evidence of ownership in accordance with Applicable Law shall be provided) within 70 days following the date the Award or portion thereof has been earned and vested in accordance with the terms of this Agreement; provided that the following shall apply: # in the event the Award is earned following completion of the Performance Period as described in Section 4 and [Schedule A], herein, the portion of the Shares that have vested shall be distributable no later than 70 days following the applicable Vesting Dates; # in the event that the Award is earned due to death or Disability as described in Section 5(b) herein, the Shares shall be distributable no later than 70 days following the first Vesting Date that occurs after the Participant’s Termination Date; and # in the event that the Award is earned pursuant to Section 6 herein, the Shares shall be distributable no later than 70 days following the occurrence of the Change of Control (as defined for these purposes under Code [Section 409A]) in the case of payment pursuant to [Section 6(a)] or [Section 6(b)] (if the payment event is a Change in Control) or within 70 days of the Participant’s Termination Date if the payment event pursuant to [Section 6(b)] is the Participant’s termination of employment or service. If the 70-day period described herein begins in one calendar year and ends in another, the Participant (or his or her beneficiary) shall not have the right to designate the calendar year of the distribution (except as otherwise provided below with respect to a delay in distribution if the Participant is a “specified employee”). Notwithstanding the foregoing, if the Participant is or may be a “specified employee” (as defined under Code [Section 409A]), and the distribution is considered deferred compensation under Code [Section 409A], then such distribution if made due to separation from service shall be subject to delay if and to the extent provided in [Section 21] of the Plan (or any successor provision thereto).

Settlement of the Award. This Award will be settled on the date(s) the RSUs vest under Section 3 above or under the Plan, or as soon thereafter as administratively practicable, but in any event within a period of two and one-half (2½) months following the applicable vesting date. At the time of settlement, Participant will receive one whole Share for each vested RSU, less any Shares withheld or sold to satisfy Tax-Related Items (as defined in Section 10 below). The Company may, at its sole discretion, substitute an equivalent amount of cash if the distribution of Shares is not reasonably practicable due to the requirements under applicable laws, in which case, the amount of cash will be determined on the basis of the Fair Market Value of the Common Stock on the applicable vesting date.

Settlement of Award. Within 90 days following the Settlement Date, the Company will, in full satisfaction of the RSUs and any associated Dividend Equivalent Units granted hereby, pay to the Grantee the amount owed in whole shares of Common Stock.

Settlement of Award. Subject to Article 6, as soon as practicable (but not later than 30 days) after the vesting of the Award, in whole or part, the Company shall issue or transfer to the Participant (or such other person as is acceptable to the Company and designated in writing by the Participant) the number of Ordinary Shares underlying the vested portion of the Award. The Company may effect such issuance or transfer either by the delivery of one or more share certificates to the Participant or by making an appropriate entry on the books of the Company or the transfer agent of the Company. Except as otherwise provided in Section 6.1, the Company shall pay all original issue or transfer taxes and all fees and expenses incident to such delivery or issuance. Prior to the issuance or transfer to the Participant of the Ordinary Shares subject to the Award, the Participant shall have no direct or secured claim in any specific assets of the Company or in such Ordinary Shares, and will have the status of a general unsecured creditor of the Company.

Settlement of Award. Subject to the terms and conditions of the Plan and this Agreement, any cash amount that is determined to be payable pursuant to Section 3 above shall be distributed to Participant (or Participant’s estate in the event of death) with respect to Participant’s Award within 30 days following the Vesting Date for such Award, except as otherwise provided in Section 8.1 of this Agreement (the “Settlement Date”).

Settlement of PSU Award. The Earned PSUs shall be settled by the issuance of Shares within thirty (30) days following the Vesting Date (except # as otherwise provided in Section 7(a), and (b) that Earned PSUs will be settled upon a Participant’s Termination of Service following a Change in Control by the issuance of Shares within thirty (30) days following the Termination of Service; provided that if the PSU Award constitutes “nonqualified deferred compensation” subject to Section 409A of the Code, this clause (b) shall apply only if the Termination of Service occurs within two (2) years following a [[Unknown Identifier]] Change in Control).

The Company, at its discretion, shall deliver to the Participant one share of Stock for each vested PSU subject of this Agreement or the cash equivalent. The PSUs shall vest pursuant to the performance- and time-based vesting conditions set forth in the Notice of Grant.

Settlement of the Retention Award. As soon as administratively practicable following the vesting of the Retention Award (or any portion thereof) pursuant to [Section 2], but in no event later than 30 days after such vesting date, the Company shall deliver to Employee (or Employee’s permitted transferee, if applicable) an amount in cash equal to the portion of the Retention Award that has become vested on the applicable vesting date. Neither this [Section 3] nor any action taken pursuant to or in accordance with this Agreement shall be construed to create a trust or a funded or secured obligation of any kind.

Settlement of PSU Award. The Earned PSUs shall be settled by the issuance of Shares within thirty (30) days following the Vesting Date (except # as otherwise provided in Section 7(a), and (b) that Earned PSUs will be settled upon a Participant’s Termination of Service following a Change in Control by the issuance of Shares within thirty (30) days following the Termination of Service; provided that if the PSU Award constitutes “nonqualified deferred compensation” subject to Section 409A of the Code, this clause (b) shall apply only if the Termination of Service occurs within two (2) years following a [[Unknown Identifier]] Change in Control).

Settlement of Award. On or as soon as practicable after the Settlement Date, the Company will, in full satisfaction of the PSUs granted hereby, pay to the Grantee the amount owed in whole shares, rounded down to the nearest whole share, of Common Stock.

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