Linear interpolation on a straight line basis will apply if actual Participant performance achieved is between Individual Threshold Performance, Individual Target Performance and/or Individual Maximum Performance. If actual Participant performance achieved is less than Individual Threshold Performance, the Individual Payout Percentage shall be 0% and if it is greater than Individual Maximum Performance, the Individual Payout Percentage shall be 200%.
2.5 Determination of Awards. As soon as administratively practicable after the end of each Performance Period, the Committee shall determine each Participants Award, which shall be the sum of (i) the Company Component, which is the product of (a) the Target Award, (b) the Company Payout Percentage, and (c) the Company Weighting, and (ii) the Individual Component, which is the product of (x) the Target Award, (y) the Individual Payout Percentage, and (z) the Individual Weighting. The Committee has the sole discretion to increase or decrease the Award made to a Participant. The Committee has the right, in its sole discretion, to reduce or eliminate the Award otherwise payable based upon individual performance or any other factors that the Committee deems appropriate.
PAYMENT OF AWARDS
3.1 Right to Receive Payment. Each Award that may become payable under this Plan shall be paid solely from the general assets of the Company. Nothing in this Plan shall be construed to create a trust or security interest, or to establish or evidence any Participants claim of any right other than as an unfunded, unsecured general creditor.
3.2 Timing and Form of Payment. Subject to the terms of any severance plan in which a Participant participates, a Participant whose service terminates for any reason prior to the date that an Award is paid shall forfeit his or her rights to such Award. Awards shall be paid in cash, equity or a combination thereof, at the Committees discretion. The Award shall be paid or settled within 30 days of the date such Award is determined, but in no event later than December 31 following the end of the applicable Performance Period.
4.1 Committee is the Administrator. This Plan shall be administered by the Committee. The Committee shall have all discretion and authority necessary or appropriate to administer this Plan and to interpret the provisions of this Plan. Any determination, decision or action of the Committee in connection with the construction, interpretation, administration or application of this Plan shall be final, conclusive, and binding upon all persons, and shall be given the maximum deference permitted by law.