Common use of Conversion to Stock Clause in Contracts

Conversion to Stock. Unless the Units are forfeited prior to the Vesting Date as provided in Paragraph 2 above or deferred pursuant to Paragraph 4 below, the Units will be converted to actual shares of Stock on the earlier of the date set forth in Section 2(a) above or the effective date of a “change in control event” as defined in §1.409A-3(i)(5) of the final regulations under Code Section 409A (the “Conversion Date”). Stock certificates evidencing the conversion of Units into shares of Stock will be registered on the books of the Company in Grantee’s name as of the Conversion Date and delivered to Grantee as soon as practical thereafter.