Payment of Awards Clause Example with 4 Variations from Business Contracts
This page contains Payment of Awards clauses in business contracts and legal agreements. An example clause is provided at the top of the page, followed by clauses with minor variations. You can view the text differences by selecting the "Show Differences" option.
Payment of Awards. 6.1 Determination of Awards; Certification. (a) Following the completion of each Performance Period, the Committee shall determine the extent to which the Performance Goals have been achieved or exceeded. If the minimum Performance Goals established by the Committee are not achieved, then no payment will be made unless the Committee determines in its Discretion that circumstances warrant a payment to be made. (b) To the extent that the Performance Goals are achieved, the Committee shall certify ...the extent to which the Performance Goals applicable to each Participant have been achieved and shall then determine, in accordance with the prescribed formula, the amount of each Participant's Award. (c) In determining the amount of each Award, the Committee may increase, reduce or eliminate the amount of an Award by applying Discretion if, in its sole discretion, such increase, reduction or elimination is appropriate. 6.2 Form and Timing of Payment. Except as otherwise provided herein, as soon as practicable following the Committee's certification pursuant to Section 6.1 for the applicable Performance Period, each Participant shall receive a cash lump sum payment of his or her Award, less required withholding. In no event shall such payment be made later than 2 1/2 months following the end of the Performance Period. Exhibit A-1 – 6.3 Employment Requirement. Except as otherwise determined by the Committee in its sole discretion, no Award shall be paid to any Participant who is not actively employed by the Company or an Affiliate on the date that Awards are paid. 6.4 Deferral of Awards. The Committee, in its sole discretion, may permit a Participant to defer the payment of an Award that would otherwise be paid under the Plan. Any deferral election shall be subject to such rules and procedures as shall be determined by the Committee in its sole discretion.View More
Variations of a "Payment of Awards" Clause from Business Contracts
Payment of Awards. 6.1 (a) Determination of Awards; Certification. (a) Awards. (i) Following the completion of each Performance Period, the Committee shall determine the extent to which the Performance Goals have been achieved or exceeded. If achieved. Subject to Section 7(a)(iii), if the minimum Performance Goals established by the Committee are not achieved, then no payment will be made unless the Committee determines in its Discretion that circumstances warrant a payment to be made. (b) (ii) To the extent that ...the Performance Goals are achieved, the Committee shall certify the extent to which the Performance Goals applicable to each Participant have been achieved and shall then determine, in accordance with the prescribed formula, determine the amount of each Participant's Award. (c) (iii) In determining the amount of each Award, the Committee may increase, reduce reduce, eliminate or eliminate increase the amount of an Award by applying Discretion if, in its sole discretion, such increase, reduction or elimination adjustment is appropriate. 6.2 (b) Form and Timing of Payment. Except as otherwise provided herein, as soon as practicable following the Committee's certification determination pursuant to Section 6.1 7(a) for the applicable Performance Period, each Participant shall receive a cash lump sum payment of his or her their Award, less required withholding. In no event shall such payment be made later than 2 1/2 months following the end of the Performance Period. Exhibit A-1 – 6.3 (c) Employment Requirement. Except as otherwise determined by the Committee provided in its sole discretion, Section 8, no Award shall be paid to any Participant who is not actively employed by the Company or an Affiliate as a senior or executive officer or outside director on the date that Awards are paid. 6.4 Deferral last day of Awards. The Committee, in its sole discretion, may permit a Participant to defer the payment of an Award that would otherwise be paid under the Plan. Any deferral election shall be subject to such rules and procedures as shall be determined by the Committee in its sole discretion. Performance Period. View More
Payment of Awards. 6.1 Determination 5.1.Determination of Awards; Certification. (a) Following (a)Following the completion of each Performance Period, the Committee shall determine Award and notify the extent to which the Performance Goals have been achieved or exceeded. If the minimum Performance Goals established by the Committee are not achieved, then no payment will be made unless the Committee determines Participants in its Discretion that circumstances warrant a payment to be made. (b) To the extent that the... Performance Goals are achieved, the Committee shall certify the extent to which the Performance Goals applicable to each Participant have been achieved and shall then determine, in accordance with the prescribed formula, writing of the amount of each Participant's the Award. (c) In (b)In determining the amount of each Award, the Committee may increase, reduce or eliminate the amount of an Award by applying Negative Discretion if, in its sole discretion, such increase, reduction or elimination is appropriate. 6.2 Form 5.2.Form and Timing of Payment. Except as otherwise provided herein, as soon as practicable following the Committee's certification pursuant to Section 6.1 5.1 for the applicable Performance Period, each Participant shall receive a cash lump sum payment of his or her Award, less required withholding. In no event shall such payment be made later than 2 1/2 months following the end of the Performance Period. Exhibit A-1 – 6.3 Employment 5.3.Employment Requirement. Except as otherwise determined by the Committee provided in its sole discretion, Section 6, no Award shall be paid to any Participant who is not actively employed by the Company or an Affiliate on the date that Awards are paid. 6.4 Deferral last day of the Performance Period. 5.4.Deferral of Awards. The Committee, in its sole discretion, may permit a Participant to defer the payment of an Award that would otherwise be paid under the Plan. Any deferral election shall be subject to such rules and procedures as shall be determined by the Committee in its sole discretion. View More
Payment of Awards. 6.1 Determination of Awards; Certification. (a) Following the completion of each Performance Period, the Committee shall determine the extent to which the Performance Goals have been achieved or exceeded. If the minimum Performance Goals established by the Committee are not achieved, then no payment will be made unless the Committee determines in its Discretion that circumstances warrant a payment to be made. (b) To the extent that the Performance Goals are achieved, the Committee shall certify ...in writing, in accordance with the requirements of Section 162(m) of the Code, the extent to which the Performance Goals applicable to each Participant Participant, or group of Participants, have been achieved and shall then determine, in accordance with the prescribed formula, the amount of each Participant's Award. (c) In determining the amount of each Award, the Committee may increase, reduce or eliminate the amount of an Award by applying Negative Discretion if, in its sole discretion, such increase, reduction or elimination is appropriate. (d) In no event shall the amount of an Award for any Plan Year exceed the Maximum Award. 6.2 Form and Timing of Payment. Except as otherwise provided herein, as soon as practicable following the Committee's certification pursuant to Section 6.1 for the applicable Performance Period, each Participant shall receive a cash lump sum payment of his or her Award, less required withholding. In no event shall such payment be made later than 2 1/2 months following the end of the Performance Period. Exhibit A-1 – Payment shall generally be made in cash, provided, however, that, at the discretion of the Committee, the Company may elect to satisfy such payment in Shares in lieu of cash, or in a combination of cash and Shares. The issuance of any Shares shall be contingent on the availability of Shares under the Company Long-Term Incentive Plan (or such successor plan). 6.3 Employment Requirement. Except as otherwise determined by the Committee provided in its sole discretion, Section 7, no Award shall be paid to any Participant who is not actively employed by the Company or an Affiliate on the date that Awards are paid. 6.4 Deferral of Awards. The Committee, in its sole discretion, may permit or require a Participant to defer the payment of an Award that would otherwise be paid under the Plan. Any deferral election shall be subject to such rules and procedures as shall be determined by the Committee in its sole discretion. View More
Payment of Awards. 6.1 Determination 6.1Determination of Awards; Certification. (a) Following Awards. (a)Following the completion of each Performance Period, the Committee shall determine the extent to which the Performance Goals have been achieved or exceeded. If Subject to Section 6.1(c), if the minimum Performance Goals established by the Committee are not achieved, then no payment will be made unless the Committee determines in its Discretion that circumstances warrant a payment to be made. (b) To (b)To the ex...tent that the Performance Goals are achieved, the Committee shall certify determine the extent to which the Performance Goals applicable to each Participant have been achieved and shall then determine, in accordance with the prescribed formula, determine the amount of each Participant's Award. (c) In (c)In determining the amount of each Award, the Committee may increase, reduce reduce, eliminate or eliminate increase the amount of an Award by applying Discretion if, in its sole discretion, such increase, reduction reduction, elimination or elimination increase is appropriate. 6.2 Form 6.2Form and Timing of Payment. Except as otherwise provided herein, as soon as practicable following the Committee's certification determination pursuant to Section 6.1 for the applicable Performance Period, each Participant shall receive a cash lump sum payment of his or her Award, less required withholding. In no event shall such payment be made later than 2 1/2 months following the end of the Performance Period. Exhibit A-1 – 6.3 Employment 6.3Employment Requirement. Except as otherwise determined by the Committee provided in its sole discretion, Section 7, no Award shall be paid to any Participant who is not actively employed by the Company or an Affiliate on the date that Awards are paid. 6.4 Deferral 6.4Deferral of Awards. The Committee, in its sole discretion, may permit a Participant to defer the payment of an Award that would otherwise be paid under the Plan. Any deferral election shall comply with Code Section 409A to the extent applicable and shall be subject to such rules and procedures as shall be determined by the Committee in its sole discretion. View More
