Common use of Settlement of Phantom Units Clause in Contracts

Settlement of Phantom Units. (a) The Fair Market Value of the Earned Phantom Units that vest in accordance with Section 3 and any related Dividend Equivalents shall be paid to the Grantee in a lump sum cash payment no later than fifteen (15) days following the 20th trading day following the filing date of Ascent Capital’s annual report on Form 10-K in each relevant calendar year (each such date, or the date provided pursuant to the last paragraph of Section 6, as applicable, a “Settlement Date”). (b) In the event of Grantee’s termination without Cause or Termination With Good Reason, following a Committee Certification Date but prior to the applicable Settlement Date, then the Earned Phantom Units shall vest in accordance with Section 3 and shall be paid to the Grantee in accordance with Section 4(a) as if the Grantee had been continuously employed by the Company or any Subsidiary from the Grant Date through the applicable Settlement Date.