Common use of Mechanics of Settlement Clause in Contracts

Mechanics of Settlement. On the Settlement Date, the Company shall electronically issue to the Director one whole share of Company Common Stock for each Deferred Share Unit, and, upon such issuance, the Director’s rights in respect of such Deferred Share Unit shall be extinguished. On or before the Settlement Date, at the Company’s request, the Company and the Director shall, if requested by the Company, enter into a Subscription Agreement that establishes the rights and obligations of the Company and the Director relating to the shares of Company Common Stock issued in respect of the Deferred Share Units, in the form then customarily used by the Company under the Plan for such purpose.