Common use of Settlement of the RSUs Clause in Contracts

Settlement of the RSUs. 6.1. On the date a RSU becomes vested pursuant to Section 3 or Section 4, the Company shall issue to the Participant one Share, less applicable withholding, in exchange for each vested RSU, and thereafter the Participant shall have no further rights with respect to such vested RSU. The Company shall cause those Shares to be issued in book-entry form or to be delivered in the form of a stock certificate to the Participant (or the Participant’s executor, administrator, guardian or other legal representative) in exchange for the RSUs awarded under this Agreement, and those Shares shall be transferable by the Participant (except as may be provided under Sections 13, 14 and 15). If the Board or the Committee determines Shares are not available for payment pursuant to the Plan, the payment shall then be made in cash based on the Fair Market Value of the Shares on the date that payment is required.