Normal Settlement Clause Samples
The Normal Settlement clause defines the standard process and timeline for completing the exchange of goods, services, or financial instruments between parties under a contract. Typically, it outlines when and how payments or deliveries are to be made, specifying the expected dates, methods, and any necessary documentation involved in the settlement. This clause ensures that both parties have a clear understanding of their obligations and the procedures to follow, thereby reducing the risk of disputes or delays in fulfilling contractual commitments.
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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-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 sum in cash to the Participant no later than March 15, 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.
Normal Settlement. Except in the event of (i) a Participant’s Separation from Service during the Period of Restriction because of death or Disability or (ii) a Change-in-Control that occurs prior to the Lapse Date, the Restricted Stock Units shall be settled in cash no later than the 60th day after the Lapse Date. On such date, the Company shall pay to the Participant, in a lump sum, a cash amount equal to the aggregate value of the Restricted Stock Units based upon the Fair Market Value of the Common Stock on the Lapse Date.
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), ii) the performance goals condition described in Paragraph 3(c) have been 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 Performance Shares shall be made in a lump sum in cash to the Participant no later than March 15, 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.