Common use of Payment in Cash or Shares Clause in Contracts

Payment in Cash or Shares. All payments payable by the Company to the Manager, including the Annual Base Salary and reimbursement of expenses under Section 4.1 hereof, shall be payable in cash or, at the election of the Manager, and subject to the approval of the regulatory authorities, such will be paid in whole or in part in common shares in the capital stock of the Company ("Remuneration Shares"), issued at the 10 day average closing price (for the 10 days prior to the Manager's election) of the Company's common shares on any stock exchange or quotation system upon which the Company's common shares are listed for trading.