Timing and Form of Payment Contract Clauses (28)

Timing and Form of Payment. (a) Performance Shares, if any, that vest pursuant to Section 2(b) will be paid in Shares not later than sixty (60) days following the date of your termination of employment on account of long-term disability or death, as applicable. (b) Performance Shares, if any, that vest pursuant to Section 2(a) or (c), will be paid in Shares as soon as administratively practicable following the date the Committee certifies the Relative TSR and Adjusted EPS Growth, and the number of Performance Shares payabl...e based on the applicable pre-established target, minimum threshold and maximum threshold annual growth rate percentages, but in no event later than March 15, 2019. (c) Performance Shares, if any, that vest pursuant to Section 3(a) will be paid in Shares not later than sixty (60) days following the date of your termination of employment. Performance Shares, if any, that vest pursuant to Section 3(b) will be paid in Shares not later than sixty (60) days following the effective date of the Change in Control. (d) If Performance Shares are to be paid to you, you will receive evidence of ownership of those Shares. View More

Timing and Form of Payment. Once a Unit vests, the Participant will be entitled to receive a Share in its place or, in the Committee's discretion, an equivalent amount in cash (or partly in cash and partly in Shares). Delivery of the Shares or cash, as applicable, will be made as soon as administratively feasible following the vesting of the associated Unit, and in no event later than the sixtieth (60th) day following the applicable Vesting Date. Any Shares paid will be credited to an account established for the benefit of... the Participant with the Company's administrative agent. The Participant will have full legal and beneficial ownership of the Shares at that time. View More

Timing and Form of Payment. Once a Restricted Stock Unit vests, the Participant will be entitled to receive a Share in its place. Delivery of the Share will be made as soon as administratively feasible following the vesting of the associated Restricted Stock Unit. Shares will be credited to an account established for the benefit of the Participant with the Company's administrative agent. The Participant will have full legal and beneficial ownership of the Shares at that time.

Timing and Form of Payment. (a) The Deferred Compensation Benefit shall be payable to the Participant (or if deceased to his Beneficiary) from the general assets of the Cooperative in a lump sum payment immediately upon the lapse of the substantial risk of forfeiture specified by the Cooperative in writing pursuant to Section 4, above, but in no event later than two and a half months following the calendar year in which the lapse of the substantial risk of forfeiture occurs, provided, however, that payments received by a P...articipant in the year following the year of the lapse of the risk of forfeiture shall be treated as includable income for the year the risk of forfeiture lapsed. The Cooperative has the sole responsibility for compliance with the timely payment of PRP benefits. Payment of benefits may be delayed if calculation of the Pension Limitation cannot be performed for any reason (including because necessary data is not available or has not been provided to NRECA and/or the Cooperative has not provided information regarding the Severance Pay Limit), but in no event will payment occur later than two and a half months following the calendar year in which the lapse of the substantial risk of forfeiture occurs. If a Participant has one or more Subsequent Vesting Dates, then payment shall occur no later than two and a half months following the calendar year in which each such Subsequent Vesting Date occurs. (b) The Cooperative shall make arrangements to satisfy any federal, state or local income tax withholding requirements, employment taxes, or other requirements applicable to the granting, crediting, vesting, or payment of benefits under the Plan. There shall be deducted from any payment under the Plan or any other compensation payable to the Participant all taxes which are required to be withheld by the Cooperative in respect to such payment or the Plan. Determining withholding and payment of taxes shall be the responsibility of the Cooperative and not NRECA. View More