Common use of Form and Timing of Payment of Performance Shares Clause in Contracts

Form and Timing of Payment of Performance Shares. Payment of the Performance Shares, including accrued dividends, shall be made fifty percent (50%) in cash and fifty percent (50%) in shares of Company stock. Payment of Performance Shares shall be made within sixty (60) calendar days following the close of the Performance Period, subject to the following: (a) The Participant shall have no right with respect to any Award or a portion there of, until such award shall be paid to such Participant. (b) If the Committee determines, in its sole discretion, that a Participant at any time has willfully engaged in any activity that the Committee determines was or is harmful to the Company, any unpaid pending Award will be forfeited by such Participant. (c) All appropriate taxes will be withheld from the cash portion of the award.