Share Unit Accounts. (i) Compensation deferred and elected by the Director to be credited to the Director’s Share Unit Account, as provided in the Election Form delivered to the Company pursuant to Section 2 of this Agreement, shall be credited to the Director’s share unit bookkeeping account (the “Share Unit Account”). The amount so credited to each Share Unit Account shall be equal to the amount of such Compensation, converted as of the payment dates established by the Committee into share units (the “Share Units”) equivalent to whole Shares based on the Fair Market Value of a Share on such payment date. For purposes of this Agreement, “Fair Market Value” shall mean the closing price per share of the Company’s common stock as reported on The New York Stock Exchange, or if such date is not a regular trading date on such exchange, on the next following regular trading date. The number of Share Units for full Shares so determined shall be credited to the Director’s Share Unit Account. Any unconverted balance remaining in the Director’s Share Unit Account after such conversion, together with other subsequent credits of deferred Compensation thereto, shall be converted into Share Units to the extent possible on the next designated payment date.
Appears in 3 contracts
Sources: Director Deferred Compensation Agreement (Alpha Natural Resources, Inc.), Director Deferred Compensation Agreement (Alpha Natural Resources, Inc.), Director Deferred Compensation Agreement (Alpha Natural Resources, Inc.)