Settlement of the Award Clause Example from Business Contracts

Settlement of the Award. 6.1Issuance of Shares of Stock. 6.2Beneficial Ownership of Stock; Certificate Registration. Except as provided by the foregoing, a certificate for the shares of Stock acquired by the Participant shall be registered in the name of the Participant, or, if applicable, in the names of the heirs of the Participant. 6.3Restrictions on Grant of the Award and Issuance of Stock. The grant of the Award and issuance of shares of Stock upon settlement of the Award shall be subject to compliance with all app...licable requirements of federal, state or foreign law with respect to such securities. No shares of Stock may be issued hereunder if the issuance of such shares of Stock would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which the Stock may then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company's legal counsel to be necessary to the lawful issuance of any shares of Stock subject to the Award shall relieve the Company of any liability in respect of the failure to issue such shares of Stock as to which such requisite authority shall not have been obtained. As a condition to the settlement of the Award, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the Company. 6.4Fractional Stock. The Company shall not be required to issue fractional shares of Stock upon the settlement of the Award. View More