Common use of Company’s Obligation to Pay Clause in Contracts

Company’s Obligation to Pay. Each Restricted Stock Unit represents the right to receive a share of Common Stock (or a cash amount equal to the value of a share on the date it becomes vested if the Company elects to settle the Restricted Stock Unit in cash) on the date it becomes vested. Unless and until the Restricted Stock Units will have vested in the manner set forth in Sections 3 and 4, the Participant will have no right to payment of any such Restricted Stock Units. Prior to actual payment of any vested Restricted Stock Units, such Restricted Stock Units will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company.

Appears in 10 contracts

Samples: Restricted Stock Unit Agreement (NetApp, Inc.), Netapp (NetApp, Inc.), Restricted Stock Unit Agreement (NetApp, Inc.)

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Company’s Obligation to Pay. Each Restricted Stock Unit represents the right to receive a share of Common Stock (or a cash amount equal to the value of a share on the date it becomes vested if the Company elects to settle the Restricted Stock Unit in cash or in a combination of shares and cash) on the date it becomes vested. Unless and until the Restricted Stock Units will have vested in the manner set forth in Sections 3 and 4through 5, the Participant will have no right to payment of any such Restricted Stock Units. Prior to actual payment of any vested Restricted Stock Units, such Restricted Stock Units will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company.

Appears in 4 contracts

Samples: Restricted Stock Unit Agreement (NetApp, Inc.), Restricted Stock Unit Agreement (NetApp, Inc.), Restricted Stock Unit Agreement (NetApp, Inc.)

Company’s Obligation to Pay. Each Restricted Stock Unit represents the right to receive a share of Common Stock Share (or a cash amount equal to the value of a share Share on the date it becomes vested if the Company elects to settle the Restricted Stock Unit in cash or in a combination of Shares and cash) on the date it becomes vestedvests. Unless and until the Restricted Stock Units will have vested in the manner set forth in Sections 3 and 4through 5, the Participant will have no right to payment of any such Restricted Stock Units. Prior to actual payment of any vested Restricted Stock Units, such Restricted Stock Units Unit will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company.

Appears in 1 contract

Samples: Restricted Stock Unit Agreement (NetApp, Inc.)

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Company’s Obligation to Pay. Each Restricted Stock Unit represents the right to receive a share of Common Stock (or a cash amount equal to the value of a share Share on the date it becomes vested if vests, unless the Company elects to settle Administrator determines that the Restricted Stock Unit Units will be settled in cash) , in which instance each Restricted Stock Unit will represent the right to receive an amount in cash equal to the Fair Market Value of a Share on the date it becomes vestedvests. Unless and until the Restricted Stock Units will have vested in the manner set forth in Sections Section 3 and or 4, the Participant will have no right to payment of any such Restricted Stock Units. Prior to actual payment of any vested Restricted Stock Units, such Restricted Stock Units Unit will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company.

Appears in 1 contract

Samples: Restricted Stock Unit Agreement (Penumbra Inc)

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