Common use of Restricted Share Unit Award Clause in Contracts

Restricted Share Unit Award. II-VI hereby grants to Recipient an Award of Restricted Share Units under the Plan, as specified in the applicable Summary of Award, subject to the terms, conditions and restrictions set forth in this Agreement (this “Award”). For the purposes of this Award, “Restricted Share Units” shall mean the contingent right to receive the equivalent of one (1) share of II-VI Common Stock, no par value (“II-VI Common Stock”), to the extent the Restricted Share Units vest and become payable pursuant to the terms of this Agreement. Restricted Share Units shall be payable solely in shares of II-VI Common Stock; provided, however, that Restricted Share Units may, in II-VI’s sole discretion, be settled in cash based on the Fair Market Value of II-VI Common Stock as of the third anniversary of the Grant Date.