Vesting of Award and Form of Payout Contract Clauses (16)

Vesting of Award and Form of Payout. With the exception of early vesting for circumstances described in Sections 4 and 5, this Award will vest on December 31, [2022] (the "Vesting Date"). Fifty percent (50%) of your vested Award will be paid out in cash (the "Cash Portion"), and the Company intends to pay out the remaining fifty percent (50%) in shares of the Company's common stock (the "Stock Portion"), although the Company reserves the right, subject to approval by the Committee (as defined below), to pay up to one hundred percen...t (100%) of the vested Award in cash. Your vested Award will be paid out as soon as reasonably practicable following the end of the Performance Period but in no event later than March 15, [2023] (the "Payout Date"). On the Payout Date, the Company will issue to you (i) one share of the Company's common stock for each vested Performance Stock Unit comprising the Stock Portion of your Award, subject to reduction for tax withholding, and (ii) a check with a gross value equal to the closing market price of the Company's common stock on the last business day of the Performance Period (or the date of the Change of Control if Section 5 applies) times the number of vested Performance Stock Units comprising the Cash Portion of your Award, subject to reduction for tax withholding as described in Section 8. View More