Common use of Payout of Award Clause in Contracts

Payout of Award. Provided the Award has not previously been forfeited, as soon as administratively practicable following the expiration of the Restriction Period, but in no event later than sixty (60) days following the expiration of the Restriction Period, (i) if the Award Notice specifies that the Restricted Units are to be paid in Shares, the Corporation shall issue to the Employee in a single payment the number of Shares underlying the Restricted Units; or (ii) if the Award Notice specifies that the Restricted Units are to be paid in cash, the Corporation shall pay to the Employee a single lump sum cash payment equal to the Fair Market Value (as of the date of the expiration of the Restriction Period) of the number of Shares underlying the Restricted Units; in each case, subject to applicable withholdings and satisfaction thereof (including retaining Shares otherwise issuable or cash otherwise to be delivered) as provided in Section 13.2 of the Plan. If the Award is to be paid in Shares, upon payout the Corporation shall at its option, cause such Shares as to which the Employee is entitled pursuant hereto: (i) to be released without restriction on transfer by delivery to the custody of the Employee of a stock certificate in the name of the Employee or his or her designee or (ii) to be credited without restriction on transfer to a book-entry account for the benefit of the Employee or his or her designee maintained by the Corporation’s stock transfer agent or its designee.

Payout of Award. Provided the Board, the Board Committee, or its designee has made the final determination that the Performance Condition has been satisfied and the Award otherwise has not previously been forfeited, as soon as administratively practicable following the expiration of the Restriction Period, but in no event later than sixty (60) days following the expiration of the Restriction Period, (i) if the Award Notice specifies that the Restricted Units are to be paid in Shares, the Corporation shall issue to the Employee in a single payment the number of Shares underlying the Restricted UnitsUnits to which the Employee is entitled; or (ii) if the Award Notice specifies that the Restricted Units are to be paid in cash, the Corporation shall pay to the Employee a single lump sum cash payment equal to the Fair Market Value (as of the date of the expiration of the Restriction Period) of the number of Shares underlying the Restricted Units; in each case, subject Units to applicable withholdings and satisfaction thereof (including retaining Shares otherwise issuable or cash otherwise to be delivered) as provided in Section 13.2 of which the PlanEmployee is entitled. If the Award is to be paid in Shares, upon payout the Corporation shall at its option, cause such Shares as to which the Employee is entitled pursuant hereto: (i) to be released without restriction on transfer by delivery to the custody of the Employee of a stock certificate in the name of the Employee or his or her designee or (ii) to be credited without restriction on transfer to a book-entry account for the benefit of the Employee or his or her designee maintained by the Corporation’s stock transfer agent or its designee.

Payout of Award. Provided the Award has not previously been forfeited, as soon as administratively practicable following within two and one-half months of the expiration of the Restriction Period, but in no event later than sixty (60) days following Performance Period and upon the expiration satisfaction of the Restriction Period, applicable withholding obligations (i) if the Award Notice Letter specifies that the Restricted Units are Award is to be paid in Shares, the Corporation shall issue to the Employee in a single payment the number of Shares underlying to which the Restricted UnitsEmployee is entitled pursuant to Section 1(c) hereof; or (ii) if the Award Notice Letter specifies that the Restricted Units are Award is to be paid in cash, the Corporation shall pay to the Employee a single lump sum cash payment equal to the Fair Market Value (as of defined in the date of the expiration of the Restriction PeriodPlan) of the number of Shares underlying the Restricted Units; in each case, subject Award to applicable withholdings and satisfaction thereof (including retaining Shares otherwise issuable or cash otherwise which the Employee is entitled pursuant to be deliveredSection 1(c) as provided in Section 13.2 of the Planhereof. If the Award is to be paid in Shares, upon payout the Corporation shall at its option, cause such Shares as to which the Employee is entitled pursuant hereto: hereto (i) to be released without restriction on transfer by delivery to the custody of the Employee of a stock certificate in the name of the Employee or his or her designee designee, and the certificate shall be released to the custody of the Employee, or (ii) to be credited without restriction on transfer to a book-entry account for the benefit of the Employee or his or her designee maintained by the Corporation’s stock transfer agent or its designee.