Trust Units. (a) At such time or times as any Equity Interests shall be deposited under Section 2.01 or 2.02, the Trustee shall issue to the Beneficiary depositing such Equity Interest one Trust Unit to represent each share of Equity Interests so deposited. (b) The ownership of Trust Units by the Beneficiaries shall be recorded and reflected in the books and records of the Trustee, and physical certificates representing Trust Units will not be issued.
Appears in 1 contract
Sources: Voting Trust Agreement (Nxu, Inc.)
Trust Units. (a) At such time or times as any Equity Interests shall be deposited under Section 2.01 or 2.02otherwise become subject to the Voting Trust, the Trustee shall issue to the each Beneficiary depositing such Equity Interest one Trust Unit to represent each share of Equity Interests Interest so depositeddeposited by such Beneficiary.
(b) The ownership of Trust Units by the Beneficiaries shall be recorded and reflected in the books and records of the TrusteeVoting Trust, and physical certificates representing Trust Units will not be issued.
Appears in 1 contract
Sources: Voting Trust Agreement (Palantir Technologies Inc.)