Payments Clause Example from Business Contracts

Payments. (a) Except as may be otherwise provided in this Section, the Company shall deliver to the Grantee (or the Grantee's estate in the event of death) the Shares underlying the vested Restricted Share Units within sixty (60) days following the earlier of: (i) The date of Grantee's "separation from service" (within the meaning of Section 409A of the Code) for any reason other than as a result of the failure of the Board to nominate the Grantee for re-election to the Board for any reason other than for... Cause; or (ii) The occurrence of a Change in Control Event. (b) Notwithstanding the foregoing, if the Restricted Share Units become payable as a result of Section 4(a)(i) and the Grantee is a "specified employee", within the meaning of Section 409A of the Code (as determined pursuant to the Company's policy for identifying specified employees) on the date of the Grantee's separation from service, then to the extent required to comply with Section 409A of the Code, the Shares underlying the vested Restricted Share Units shall instead be delivered to the Grantee within sixty (60) days after the first business day that is more than six months after the date of his or her separation from service (or, if the Grantee dies during such six-month period, within sixty (60) days after the Grantee's death). (c) The Company's obligations with respect to the Restricted Share Units shall be satisfied in full upon the delivery of the Shares underlying the vested Restricted Share Units. View More