Common use of Payout Date Clause in Contracts

Payout Date. Shares that have been earned pursuant to Sections 2 and 3 hereof shall be transferred to Grantee as soon as practical after the end of the corresponding performance period described in those sections unless prior to the transfer of such Shares (but not later than March 15 following the end of that performance period) the Grantee has experienced a Termination of Service for any reason (other than in connection with a Change in Control (as defined in the Plans) or the death or disability of the Grantee), in which case such Shares shall not be transfrerred to the Grantee and instead shall be forfeited to the Company.

Payout Date. Shares that have been earned pursuant to Sections 2 and 3 hereof shall be transferred to Grantee as soon as practical after the end of the corresponding performance period described in those sections unless prior to the transfer of such Shares (but not later than March 15 following the end of that performance period) the Grantee has experienced a Termination termination of Service for any reason (other than as provided in connection with a Change in Control (as defined in the Plans) Sections 6 or the death or disability of the Grantee7), in which case such Shares shall not be transfrerred transferred to the Grantee and instead shall be forfeited to the Company.