Common use of Settlement of Awards Clause in Contracts

Settlement of Awards. (a) As soon as practicable following the Vesting Date, but no later than the March 15th immediately following the calendar year which includes the vesting date, if the Director has not forfeited the Units hereunder, the Company shall pay to the Director, with respect to each Unit one share of Company Stock. (b) Notwithstanding Paragraphs 4 and 5(a), the Director may elect, prior to the January 1 immediately preceding the Effective Date, the timing of the distribution of the Units and the Dividends. The Director may elect the payment to the earliest or latest of any combination of the Director’s death, Total Disability, attainment of a specific age, a specified date, or cessation of service as a Board member, or upon a Change of Control (as such term is defined in the Plan). The election must be made to the Company on a form provided by the Company. The final payment must occur within three years after the termination of the Director’s service as a director. Subsequent to the initial election, the Director can change the timing of the distribution of the Units and Dividends, subject to the following conditions: (i) the election is made and delivered to the Company on a form provided by the Company; (ii) the election does not become effective until at least twelve (12) months after the election is made; (iii) the election is made at least twelve (12) months before the first scheduled payment hereunder; and (iv) except for a payment on account of Total Disability, the election extends the deferral period at least five (5) years. All payments shall be in a lump sum within thirty (30) days of the applicable event, with Dividends paid in cash and Units paid by the delivery of one share of Company Stock for each Unit.