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The date when the seller receives the sales price (minus the broker's commission) and the buyer receives the shares. The notation T+2 refers to the obligation in the brokerage business to settle securities trades by the second business day after the trade date. This means that with a cashless exercise, or with a sale at restricted stock/RSU vesting or ESPP purchase, the cash will not show up in your account until at least two days after the transaction.
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