Conversion of Units, Issuance of Common Stock or Cash. Upon satisfaction of all conditions to vesting set forth in paragraph 3, the Committee shall direct the Corporation to deliver, with respect to all Units so vested, a certificate representing the equivalent number of Shares, provided, however, that any fractional Unit shall be paid in cash. Notwithstanding the foregoing, the Grantee may elect, solely as a means of satisfying any federal, state, and/or local tax withholding obligations relating to the conversion of Units pursuant to this paragraph 5, to receive cash for a number of Units as elected by Grantee, with the cash for each Unit equal to the Fair Market Value of one Share. Payment shall be made as soon as practicable following the satisfaction of all conditions to the vesting of such Units. In no event, however, shall the Corporation be obligated to deliver any certificates for Shares prior to the fulfillment by it of any listing obligations with respect to the Shares on any exchange or over-the-counter market or the registration or qualification of the Common Stock under any federal or state securities laws which the Corporation deems advisable.
Appears in 9 contracts
Samples: Stock Incentive Plan (Wausau Paper Corp.), Stock Incentive Plan (Wausau Paper Corp.), Stock Incentive Plan (Wausau Paper Corp.)
