Common use of Form of Payment and Vesting Clause in Contracts

Form of Payment and Vesting. Each Endocentive Stock Award granted hereunder shall represent the right to receive (1) one share of Company Stock as of the date of vesting. Except as provided in Section 7 of the Plan or Paragraph 4 of this Award Agreement, such vesting shall occur on the vesting dates set forth above provided that the Participant is employed by the Company on the applicable vesting date. Upon vesting of Endocentive Stock Awards, the shares vesting on the vesting date shall be delivered to the Participant (fully registered and listed for trading) as soon as practicable thereafter, but in no event later than the end of the taxable year in which such vesting occurs or, if later, by the fifteenth (15th) day of the third calendar month following the vesting date.