Common use of Settlement of Phantom Units Clause in Contracts

Settlement of Phantom Units. On the Settlement Date, the Company shall deliver to the Participant one share of Common Stock in settlement of each vested Phantom Unit then held by the Participant (or, if applicable, the Cash Amount (as defined below)). For purposes of this Agreement, the “Settlement Date” shall be the earliest of (x) the 30th day following the seventh (7th) anniversary of the Grant Date, (y) the 30th day following the date of a Change in Control (in the case of clause (y), so long as the Change in Control is also a change in control event within the meaning of Section 409A of the Code and the regulations issued thereunder (a “Section 409A Change in Control”)) and (z) the 30th day following the Participant’s termination of employment. In the event that there occurs a Change in Control that is not a Section 409A Change in Control, all vested Phantom Units shall be converted, as of the effective date of such Change in Control, into a notional cash amount (the “Cash Amount”) equal to such number of vested Phantom Units multiplied by the Change in Control Price. The Cash Amount shall be paid to the Participant (minus applicable withholding taxes) on the Settlement Date.