Common use of Obligation to Issue/Pay Clause in Contracts

Obligation to Issue/Pay. Each annual increment of Time-Based Shares will be released from restrictions promptly upon their vesting. The Performance Shares issued, if any, will be delivered promptly after the Determination Date. Participant must remain in service as an Eligible Person (i) through the vesting date of each annual increment of Time-Based Shares in order to be eligible to receive the applicable annual increment, and (ii) through the Determination Date in order to be eligible to receive Performance Shares earned. Except as provided under Sections 2(a) through (c) below, Participant will have no right to receive payment of a any portion of earned LTIP Shares if Participant does not remain an Eligible Person through the dates specified in the preceding sentence. Prior to their actual issuance, Performance Shares will represent an unsecured obligation of the Company.

Obligation to Issue/Pay. Each annual increment of Time-Based Shares will be released from restrictions promptly upon their vesting. The Performance Shares issued, if any, will be delivered promptly after the Determination Date. Participant must remain in service as an Eligible Person a Service Provider (i) through the vesting date of each annual increment of Time-Based Shares in order to be eligible to receive the applicable annual increment, and (ii) through the Determination Date in order to be eligible to receive Performance Shares earned. Except as provided under Sections paragraph 2(a) through (c) below), Participant will have no right to receive payment of a any ratable portion of earned LTIP Shares if Participant does not remain an Eligible Person through a Service Provider on the dates specified in the preceding sentence. Prior to their actual issuance, Performance Shares will represent an unsecured obligation of the Company.