A fixed payout is a preset payout or vesting of a specific number of shares for the achievement of a goal under a performance share plan.

Example: You will receive 10,000 shares of stock for reaching the TSR goal at the end of three years; zero shares will be issued if the goal is not met, and no additional shares will be issued if the goal is exceeded.

Compare the terms target award and variable payout, and see the section of this website on performance shares.