A fastener-driving tool including a housing, a power source including a reciprocating driver blade, a tool nose configured for receiving the driver blade for driving fasteners fed into the nose and a magazine configured to house a collation including a plurality of the fasteners. A workpiece contact element is movably connected to the nose and moves between a rest position and an actuated position when the workpiece contact element is pressed against a workpiece, the workpiece contact element moves to the actuated position. A lockout mechanism is operatively associated with the workpiece contact element and the magazine, and is in contact with the collation in a first position when fasteners are in the magazine and moves to a second position when a last fastener in the collation has been driven by the driver blade to block the workpiece contact element and prevent further actuation of the tool.