Common use of Settlement of Performance Units Clause in Contracts

Settlement of Performance Units. Promptly upon the expiration of the Restricted Period, and in any event no later than March 15th of the calendar year following the calendar year in which the Restricted Period ends, the Company shall (a) issue and deliver to the Participant, or his or her beneficiary, without charge, the number of Common Shares equal to the number of Vested Units, and (b) enter the Participant’s name on the books of the Company as the shareholder of record with respect to the Common Shares delivered to the Participant; provided, however, that the Committee may, in its sole discretion elect to (i) pay cash or part cash and part Common Share in lieu of delivering only Common Shares in respect of the Performance Units or (ii) defer the delivery of Common Shares (or cash or part Common Shares and part cash, as the case may be) beyond the expiration of the Restricted Period if such delivery would result in a violation of applicable law until such time as is no longer the case. If a cash payment is made in lieu of delivering Common Shares, the amount of such payment shall be equal to the Fair Market Value of the Common Shares as of the date on which the Restricted Period lapsed with respect to the Performance Units, less an amount equal to any required tax withholdings.

Settlement of Performance Units. 7.1 Promptly upon the expiration of the Restricted Period, and in any event no later than March 15th of the calendar year following the calendar year in which the Restricted Period ends, the Company shall (a) issue and deliver to the Participant, or his or her beneficiary, without charge, the number of Common Shares equal to the number of Vested Units, and (b) enter the Participant’s name on the books of the Company as the shareholder of record with respect to the Common Shares delivered to the Participant; provided, however, that the Committee may, in its sole discretion elect to (i) pay cash or part cash and part Common Share in lieu of delivering only Common Shares in respect of the Performance Units Units, or (ii) defer the delivery of Common Shares (or cash or part Common Shares and part cash, as the case may be) beyond the expiration of the Restricted Period if such delivery would result in a violation of applicable law until such time as is no longer the case. If a cash payment is made in lieu of delivering Common Shares, the amount of such payment shall be equal to the Fair Market Value of the Common Shares as of the date on which the Restricted Period lapsed with respect to the Performance Units, less an amount equal to any required tax withholdings. 7.2 Notwithstanding the preceding, the form of payment for this Award will be determined based on approval by the Company’s shareholders of the proposed increase in the number of shares available for issuance under the Plan at the May 19, 2022 annual meeting of Company’s shareholders. If such approval is not received, then all payments under this Award will be made in cash.

Settlement of Performance Units. 7.1 Promptly upon the expiration of the Restricted Period, and in any event no later than March 15th of ‎of the calendar year following the calendar year in which the Restricted Period ends, the Company ‎Company shall (a) issue and deliver to the Participant, or his or her beneficiary, without charge, the ‎the number of Common Shares equal to the number of Vested Units, and (b) enter the Participant‎Participant’s name on the books of the Company as the shareholder of record with respect to the Common ‎Common Shares delivered to the Participant; provided, however, that the Committee may, in its sole ‎sole discretion elect to (i) pay cash or part cash and part Common Share in lieu of delivering only Common ‎Common Shares in respect of the Performance Units or (ii) defer the delivery of Common Shares ‎Shares (or cash or part Common Shares and part cash, as the case may be) beyond the expiration of ‎of the Restricted Period if such delivery would result in a violation of applicable law until such time ‎time as is no longer the case. If a cash payment is made in lieu of delivering Common Shares, the amount ‎amount of such payment shall be equal to the Fair Market Value of the Common Shares as of the date ‎date on which the Restricted Period lapsed with respect to the Performance Units, less an amount ‎amount equal to any required tax withholdingswithholdings.‎ 7.2 Notwithstanding the preceding, the form of payment for this Award will be determined based on approval by the Company’s shareholders of the proposed increase ‎in the number of shares available for issuance under the Plan at the May 19, 2022 ‎annual meeting of Company’s shareholders‎. If such approval is not received, then all payments under this Award will be made in cash.