Common use of Payout of Award Clause in Contracts

Payout of Award. Provided the award has not previously been forfeited, within two and one-half months after the expiration of the Restriction Period and upon the satisfaction of the applicable tax withholding obligations, (i) if the award is to be paid in Shares, the Company shall issue to the participant the number of Shares underlying the Restricted Units as of the date of the expiration of the Restriction Period; or (ii) if the award is to be paid in cash, the Company shall pay to the participant a single lump sum cash payment equal to the Fair Market Value (as defined in the Plan) of the number of Shares underlying the Restricted Units as of the date of the expiration of the Restriction Period. If the award is to be paid in Shares, upon payout the Company shall at its option, cause such Shares as to which the participant is entitled pursuant hereto: (i) to be released without restriction on transfer by delivery to the custody of the participant of a stock certificate in the name of the participant or his or her designee, or (ii) to be credited without restriction on transfer to a book-entry account for the benefit of the participant or his or her designee maintained by the Company’s stock transfer agent or its designee.

Payout of Award. Provided the award Award has not previously been forfeited, within two and one-half months after the expiration of the Restriction Period and upon the satisfaction of the applicable tax withholding obligations, (i) if the award Award is to be paid in Shares, the Company shall issue to the participant Participant the number of Shares underlying the Restricted Units as of the date of the expiration of the Restriction Period; or (ii) if the award Award is to be paid in cash, the Company shall pay to the participant Participant a single lump sum cash payment equal to the Fair Market Value (as defined in the Plan) of the number of Shares underlying the Restricted Units as of the date of the expiration of the Restriction Period. If the award Award is to be paid in Shares, upon payout the Company shall at its option, cause such Shares as to which the participant Participant is entitled pursuant hereto: (i) to be released without restriction on transfer by delivery to the custody of the participant Participant of a stock certificate in the name of the participant Participant or his or her designee, or (ii) to be credited without restriction on transfer to a book-entry account for the benefit of the participant Participant or his or her designee maintained by the Company’s stock transfer agent or its designee. A Participant shall have no further rights with regard to the Restricted Units once the cash payment or underlying Shares have been delivered.