Settlement of Performance Shares Clause Example with 6 Variations from Business Contracts

This page contains Settlement of Performance Shares 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.
Settlement of Performance Shares. Normal Settlement. Upon completion of the Performance Period, the Committee shall evaluate and determine the extent to which the time-based vesting conditions described in Paragraph 3(b) and the performance goals condition described in Paragraph 3(c) have been satisfied and shall certify in writing the level of the performance goals attained and the amount payable as a result thereof. Payment in respect of the Performance Shares shall be made in a lump sum in cash to the Participant no later tha...n March 15, 2023 (the "Settlement Date"), such date being the fifteenth day of the third month after the end of the first calendar year in which the Performance Shares are no longer subject to a "substantial risk of forfeiture" within the meaning of Internal Revenue Code Section 409A. View More
Found in TrustCo Bank Corp NY contract

Variations of a "Settlement of Performance Shares" Clause from Business Contracts

Settlement of Performance Shares. (a) Normal Settlement. Upon completion of the Performance Period, the Committee shall evaluate and determine the extent to which the time-based vesting conditions described in Paragraph 3(b) and the performance goals condition performance-based vesting conditions described in Paragraph 3(c) have been satisfied and shall certify in writing the level of the performance goals attained and the amount payable as a result thereof. Payment in respect of the Performance Shares shall be made in a lump su...m in cash to the Participant no later than March 15, 2023 2021 (the "Settlement Date"), such date being the fifteenth day of the third month after the end of the first calendar year in which the Performance Shares are no longer subject to a "substantial risk of forfeiture" within the meaning of Internal Revenue Code Section 409A. (b) Settlement upon a Qualified Change-in-Control. Subject to the other provisions of the Plan, including without limitation Section 16 thereof, in the event of a Qualified Change-in-Control, the Performance Share Awards shall be settled in accordance with the provisions of the Plan. (c) Tax Withholding. The Company shall deduct or withhold from any payment under this Agreement an amount sufficient to satisfy Federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Agreement and the Plan. View More
Found in TrustCo Bank Corp NY contract
Settlement of Performance Shares. (a) Normal Settlement. Upon completion of the Performance Period, the Committee shall evaluate and determine the extent to which the time-based vesting conditions described in Paragraph 3(b) and the performance goals condition performance-based vesting conditions described in Paragraph 3(c) have been satisfied and shall certify in writing the level of the performance goals attained and the amount payable as a result thereof. Payment in respect of the Performance Shares shall be made in a lump su...m in cash to the Participant no later than March 15, 2023 2019 (the "Settlement Date"), such date being the fifteenth day of the third month after the end of the first calendar year in which the Performance Shares are no longer subject to a "substantial risk of forfeiture" within the meaning of Internal Revenue Code Section 409A. (b) Settlement upon a Qualified Change-in-Control. Notwithstanding the provisions of Paragraph 4(a), in the event of a Qualified Change-in-Control prior to the Settlement Date, the Committee shall evaluate and determine the extent to which the performance-based vesting conditions described in Paragraph 3(c) have been met up to the date of the Qualified Change-in-Control and shall certify in writing the level of the performance goals attained. Payment in respect of the Performance Shares shall be made in a lump sum in cash to the Participant on the date of the Qualified Change in Control in an amount determined based upon the extent to which the performance goals described in Paragraph 3(c) during the Performance Period have been met up to the date of the Qualified Change-in-Control, or at Target Vesting, whichever is higher, as provided in Paragraph 3(f). (c) Tax Withholding. The Company shall deduct or withhold from any payment under this Agreement an amount sufficient to satisfy Federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Agreement and the Plan. View More
Found in TrustCo Bank Corp NY contract
Settlement of Performance Shares. (a) Normal Settlement. Upon completion of the Performance Period, the Committee shall evaluate and determine the extent to which the time-based vesting conditions described in Paragraph 3(b) and the performance goals condition performance-based vesting conditions described in Paragraph 3(c) have been satisfied and shall certify in writing the level of the performance goals attained and the amount payable as a result thereof. Payment in respect of the Performance Shares shall be made in a lump su...m in cash to the Participant no later than March 15, 2023 2016 (the "Settlement Date"), such date being the fifteenth day of the third month after the end of the first calendar year in which the Performance Shares are no longer subject to a "substantial risk of forfeiture" within the meaning of Internal Revenue Code Section 409A. (b) Settlement upon a Qualified Change-in-Control. Notwithstanding the provisions of Paragraph 4(a), in the event of a Qualified Change-in-Control prior to the Settlement Date, the Committee shall evaluate and determine the extent to which the performance-based vesting conditions described in Paragraph 3(c) have been met up to the date of the Qualified Change-in-Control and shall certify in writing the level of the performance goals attained. Payment in respect of the Performance Shares shall be made in a lump sum in cash to the Participant on the date of the Qualified Change in Control in an amount determined based upon the extent to which the performance goals described in Paragraph 3(c) during the Performance Period have been met up to the date of the Qualified Change-in-Control, or at Target Vesting, whichever is higher, as provided in Paragraph 3(f). (c) Tax Withholding. The Company shall deduct or withhold from any payment under this Agreement an amount sufficient to satisfy Federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Agreement and the Plan. View More
Found in TrustCo Bank Corp NY contract
Settlement of Performance Shares. (a) Normal Settlement. Upon completion of the Performance Period, the Committee shall evaluate and determine the extent to which the time-based vesting conditions described in Paragraph 3(b) and the performance goals condition performance-based vesting conditions described in Paragraph 3(c) have been satisfied and shall certify in writing the level of the performance goals attained and the amount payable as a result thereof. Payment in respect of the Performance Shares shall be made in a lump su...m in cash to the Participant no later than March 15, 2023 2020 (the "Settlement Date"), such date being the fifteenth day of the third month after the end of the first calendar year in which the Performance Shares are no longer subject to a "substantial risk of forfeiture" within the meaning of Internal Revenue Code Section 409A. (b) Settlement upon a Qualified Change-in-Control. Notwithstanding the provisions of Paragraph 4(a), in the event of a Qualified Change-in-Control prior to the Settlement Date, the Committee shall evaluate and determine the extent to which the performance-based vesting conditions described in Paragraph 3(c) have been met up to the date of the Qualified Change-in-Control and shall certify in writing the level of the performance goals attained. Payment in respect of the Performance Shares shall be made in a lump sum in cash to the Participant on the date of the Qualified Change in Control in an amount determined based upon the extent to which the performance goals described in Paragraph 3(c) during the Performance Period have been met up to the date of the Qualified Change-in-Control, or at Target Vesting, whichever is higher, as provided in Paragraph 3(f). (c) Tax Withholding. The Company shall deduct or withhold from any payment under this Agreement an amount sufficient to satisfy Federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Agreement and the Plan. View More
Found in TrustCo Bank Corp NY contract
Settlement of Performance Shares. (a) Normal Settlement. Upon completion of the Performance Period, the Committee shall evaluate and determine the extent to which the time-based vesting conditions described in Paragraph 3(b) and the performance goals condition performance-based vesting conditions described in Paragraph 3(c) have been satisfied and shall certify in writing the level of the performance goals attained and the amount payable as a result thereof. Payment in respect of the Performance Shares shall be made in a lump su...m in cash to the Participant no later than March 15, 2023 2021 (the "Settlement Date"), such date being the fifteenth day of the third month after the end of the first calendar year in which the Performance Shares are no longer subject to a "substantial risk of forfeiture" within the meaning of Internal Revenue Code Section 409A. (b) Settlement upon a Qualified Change-in-Control. Subject to the other provisions of the Plan, including without limitation Section 16 thereof, in the event of a Qualified Change-in-Control, the Performance Share Awards shall be settled in accordance with the provisions of the Plan. View More
Found in TrustCo Bank Corp NY contract
Settlement of Performance Shares. Normal Settlement. Upon completion of the Performance Period, the Committee shall (i) evaluate and determine the extent to which the time-based vesting conditions described in Paragraph 3(b) and 3(b), ii) the performance goals condition described in Paragraph 3(c) have been satisfied satisfied, (iii) apply any adjustment required by Paragraph 3(d) and (iv) shall certify in writing the level of the performance goals attained and the amount payable as a result thereof. Payment in respect of the Pe...rformance Shares shall be made in a lump sum in cash to the Participant no later than March 15, 2023 2026 (the "Settlement Date"), such date being the fifteenth day of the third month after the end of the first calendar year in which the Performance Shares are no longer subject to a "substantial risk of forfeiture" within the meaning of Internal Revenue Code Section 409A. View More
Found in TrustCo Bank Corp NY contract