Payment for Performance Shares Sample Clauses

Payment for Performance Shares. (1) As soon as administratively practicable after the end of the Performance Period, the Committee shall determine the level attained for each Performance Measure. At such time, the Participant shall be awarded the final number of Performance Shares as determined under Section A(4). Each final Performance Share represents one Share. Each Performance Share shall be paid as soon as administratively practicable following the end of the Performance Period, but in any event not later than March 15, 2009 (the "Payment Date"). (2) The final Performance Shares may be paid in Shares, in cash in an amount equal to the number of final Performance Shares multiplied by the Fair Market Value of a Share as of the last day of the Performance Period, or in a combination of cash and Shares, as determined by the Committee. (3) If during the Performance Period dividends with respect to Shares are declared or paid by the Company, the Participant shall be entitled to receive dividend equivalents in an amount equal to the cumulative dividends declared or paid on a Share during the Performance Period multiplied by the number of final Performance Shares awarded to the Participant. Subject to Section F, the dividend equivalents shall be paid in cash on the Payment Date. If the Participant's employment terminates during the Performance Period for any reason set forth in Sections C(1) or C(2) of this Award Agreement or if a Change of Control occurs, the Participant shall be entitled to receive dividend equivalents in an amount equal to (i) the cumulative dividends declared or paid on a Share during the period beginning on the first day of the Performance Period and ending on the last day of the month during which the termination of employment or Change of Control, as applicable, occurs multiplied by (ii) the number of final Performance Shares. (4) A Participant may elect to defer the payment of Shares or cash pursuant to Sections B(1), B(2) and B(3) above as provided in Section F of this Award Agreement.
Sample 1See All (4)
AutoNDA by SimpleDocs
Payment for Performance Shares. (1) As soon as practicable after the end of the Performance Period, the Committee shall determine the level attained for each Performance Measure. At such time, subject to the attainment of the level of the Performance Leverage Factor Grid set forth in Section A(2), the Participant shall receive a number of Shares equal to the number of Performance Shares as determined under Section A(4) or if cash is paid, the Fair Market Value of a Share as of the last day of the Performance Period multiplied by the number of Performance Shares awarded to the Participant pursuant to Section A(4). (2) At the discretion of the Committee, the aggregate value of such Performance Shares determined under Section B(1) shall be paid, in Shares of equivalent value, in cash, or in some combination thereof, subject to the availability of Shares to the Company. (3) If dividends with respect to Shares are declared or paid by the Company, the Participant shall receive, as soon as practicable after the end of the Performance Period, the cumulative value of dividend equivalents in the amount equal to the declared or paid dividends during the Performance Period that the Participant would have received if the number of awarded Performance Shares were Shares; provided, however, such dividend equivalents shall be subject to the same restrictions as apply to dividends payable with respect to Restricted Stock granted by the Company. If the Participant's employment terminates during the Performance Period for reasons as set forth in Sections C(1) or C(2) or if a Change of Control occurs, the Participant will receive dividend equivalents for the period beginning with the start of the Performance Period and ending at the end of the month during which the termination of employment or Change of Control occurs. (4) A Participant may elect to defer receipt of Shares or cash equivalent value pursuant to paragraph (1) above, as provided in Section F of this Award Agreement.
Sample 1
Payment for Performance Shares. The Company shall pay each Employee who is entitled to payment for Performance Shares earned with respect to any Performance Period an amount for those Performance Shares (a) in cash (based upon the per share Fair Market Value of Common Shares on the last day of the Performance Period), (b) in Common Shares (one Common Share for each Performance Share earned), (c) in Restricted Shares (one Common Share of Restricted Shares for each Performance Share earned), or (d) any combination of the foregoing, in such proportions as the Committee may determine. Restricted Shares issued by the Company in payment of Performance Shares shall be subject to the provisions of Section 7 to the extent provided by the Committee.
Sample 1

Related to Payment for Performance Shares

  • Performance Shares Each Performance Share is a bookkeeping entry that records the equivalent of one Share. Upon the vesting of the Performance Shares as provided in Section 2, the vested Performance Shares will be settled as provided in Section 3.

  • Performance Share Units The Committee may, in its discretion, grant to Executive performance share units subject to performance vesting conditions (collectively, the “Performance Units”), which shall be subject to restrictions on their sale as set forth in the Plan and an associated Performance Unit Grant Letter.

  • Performance Units Subject to the limitations set forth in paragraph (c) hereof, the Committee may in its discretion grant Performance Units to any Eligible Person and shall evidence such grant in an Award Agreement that is delivered to the Participant which sets forth the terms and conditions of the Award.

  • Performance Share Awards On the Performance Share Vesting Date next following the Executive's date of death, the number of Performance Shares that shall become Vested Performance Shares shall be determined by multiplying (a) that number of shares of Company Common Stock subject to the Performance Share Agreement that would have become Vested Performance Shares had no such termination occurred; provided, however, in no case shall the number of Performance Shares that become Vested Performance Shares exceed 100% of the Target Number of Performance Shares set forth in the Performance Share Agreement, by (b) the ratio of the number of full months of the Executive's employment with the Company during the Performance Period (as defined in the Performance Share Agreement) to the number of full months contained in the Performance Period. Vested Common Shares shall be issued in settlement of such Vested Performance Shares on the Settlement Date next following the Executive’s date of death.

  • Performance Share Award If your Award includes a Performance Share Award, and you voluntarily terminate your employment prior to the end of the Performance Period, you will forfeit your entire Performance Share Award. 

  • Performance Pay In accordance with Section 8 of the General Appropriations Act for Fiscal Year 2020-2021, contingent upon the availability of funds and at the Agency Head’s discretion, each agency is authorized to grant merit pay increases based on the employee’s exemplary performance, as evidenced by a performance evaluation conducted pursuant to Rule 60L-35, Florida Administrative Code.

  • Consideration for Performance The consideration to be paid to the Contractor under this Agreement will be compensation for all the Contractor’s expenses incurred in the performance of this Agreement, unless otherwise expressly provided.

  • Annual Performance Bonus During the Employment Term, the Executive shall be entitled to participate in the STIP, with such opportunities as may be determined by the Chief Executive Officer in his sole discretion (“Target Bonuses”), and as may be increased (but not decreased, except for across-the-board reductions generally applicable to the Company’s senior executives) from time to time, and the Executive shall be entitled to receive full payment of any award under the STIP, determined pursuant to the STIP (a “Bonus Award”).

  • Performance Awards With respect to any Performance Award, the length of any Performance Period, the Performance Goals to be achieved during the Performance Period, the other terms and conditions of such Award, and the measure of whether and to what degree such Performance Goals have been attained will be determined by the Board.

  • Grant of Performance Share Units The Company hereby grants to the Participant the Target Number of PSUs Granted, effective as of the Date of Award and subject to the terms and conditions of the Plan and this Award Agreement. Each PSU represents the unsecured right to receive a number of Shares, if any, in accordance with the terms and conditions of this Award Agreement. The Participant shall not be required to pay any additional consideration for the issuance of the Shares, if any, upon settlement of the PSUs.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!