Common use of Payout of Award Clause in Contracts

Payout of Award. Subject to the provisions of this Contract and the Plan, the Participant is awarded the aggregate number of Units set forth in this Contract, evidencing the right to receive an equivalent number of shares of Stock. Payment of vested Units shall be made as soon as practicable following the Vesting Date. Settlement will be made by payment in shares of Stock or cash, as determined by the Committee and in accordance with the Plan. If paid in shares of Stock, such shares of Stock shall not be subject to any restriction on transfer other than any such restriction as may be required pursuant to the Plan, or any applicable law, rule or regulation.

Payout of Award. Subject to the provisions of this Contract and the Plan, the Participant is awarded the aggregate number of Units set forth in this Contract, evidencing the right to receive an equivalent number of shares of Stock. Payment of vested Units shall be made as soon as practicable following the Vesting Date. Settlement will be made by payment in shares of Stock or cash, as determined by the Committee and in accordance with the Plan. If paid in shares of Stock, such shares of Stock shall not be subject to any restriction on transfer other than any such restriction as may be required pursuant to the PlanSection 7, or any applicable law, rule or regulation.

Payout of Award. Subject to the provisions of this Contract and the Plan, the Participant is awarded the aggregate number of Units set forth in this Contract, evidencing the right to receive an equivalent number of shares of Stock. Payment of vested Units shall be made as soon as practicable following the Vesting Date. Settlement will be made by payment in shares of Stock or cash, as determined by the Committee and in accordance with the Plan. If paid in shares of Stock, such shares of Stock shall not be subject to any restriction on transfer other than any such restriction as may be required pursuant to the PlanSection 9, or any applicable law, rule or regulation.