Mechanics of Settlement. On the Settlement Date, the Company shall electronically issue to the Employee one whole Share for each PRSU that became earned and vested as of the Settlement Date (except as provided in Section 6(a)), and, upon such issuance, the Employee’s rights in respect of such PRSU shall be extinguished. In the event that there are any fractional PRSUs that became vested on such date, such fractional PRSUs shall be settled through a cash payment equal to such fractional PRSU multiplied by the Fair Market Value of one (1) Share on the Settlement Date. No fractional Shares shall be issued in respect of the PRSUs.
Appears in 2 contracts
Sources: Employee Performance Based Restricted Stock Unit Agreement (Univar Solutions Inc.), Employee Performance Based Restricted Stock Unit Agreement (Univar Solutions Inc.)