Form and Time of Payment of PRSUs Contract Clauses (16)

Grouped Into 1 Collection of Similar Clauses From Business Contracts

This page contains Form and Time of Payment of PRSUs clauses in business contracts and legal agreements. We have organized these clauses into groups of similarly worded clauses.
Form and Time of Payment of PRSUs. a.General. Subject to Section 5 and Section 6(b), payment for Vested PRSUs will be made in cash or Common Shares (as determined by the Committee) between January 1 and March 15 of the year following the year in which the Performance Period ends. 3 b.Other Payment Event. Notwithstanding Section 6(a), to the extent that the PRSUs are Vested on the date of a Change in Control, Grantee will receive payment for Vested PRSUs in cash or Common Shares (as determined by the Committee) within 10 days of t...he date of the Change in Control; provided, however, that if such Change in Control would not qualify as a permissible date of distribution under Section 409A(a)(2)(A) of the Code, and the regulations thereunder, and where Section 409A of the Code applies to such distribution, Grantee is entitled to receive the corresponding payment on the date that would have otherwise applied pursuant to Section 6(a). View More
Found in Timken Co contract
View All 4 Similar Clauses
Form and Time of Payment of PRSUs. a.General. (a) General. Subject to Section 5 5, Section 6(b), and Section 6(b), 6(c), payment for Vested PRSUs will be made in cash or Common Shares (as determined by the Committee) between January 1 and March 15 of in the year following the year in which last day of the Performance Period ends. 3 b.Other Payment Event. but in no event later than March 15 of that year. NAI- 1511148714v4 -6- (b) Change in Control. Notwithstanding Section 6(a), to the extent that the PRSUs are Vested on the date o...f a Change in Control, Grantee will receive payment for Vested PRSUs in cash or Common Shares (as determined by the Committee) within 10 days of on the date of the Change in Control; provided, however, that if such Change in Control would not qualify as a permissible date of distribution under Section 409A(a)(2)(A) of the Code, and the regulations thereunder, and where Section 409A of the Code applies to such distribution, Grantee is entitled to will receive the corresponding payment on the date that would have otherwise applied pursuant to this Section 6(a). 6. (c) Payment Following a Change in Control. Notwithstanding Section 6(a), if, during the two-year period following a Change in Control, Grantee experiences a "separation from service" (within the meaning of Treasury Regulation section 1.409A-1(h)), the PRSUs that are Vested as of the date of such separation from service shall be paid in cash or Common Shares (as determined by the Committee) within 10 days of the separation from service to the extent they have not been previously paid to Grantee; provided, however, that if such Change in Control would not qualify as a permissible date of distribution under Section 409A(a)(2)(A) of the Code, and where Section 409A of the Code applies to such distribution, Grantee will receive the corresponding payment on the date that would have otherwise applied pursuant to this Section 6. View More
Found in TimkenSteel Corporation contract
View Variations (4)