Common use of Payment of Performance Shares Clause in Contracts

Payment of Performance Shares. Payment of any Performance Shares that become earned and vested as set forth herein will be made in the form of Common Shares. Except as otherwise provided in Articles III, IV and V, payment will be made as soon as practicable after the last fiscal year of the Performance Period and the determination by the Committee (or the independent members of the Board of Directors) of the level of attainment of the Performance Measures, but in no event shall such payment occur after two and a half months from the end of the applicable Performance Period. Performance Shares will be forfeited if they are not earned at the end of the Performance Period as provided in Article VI and, except as otherwise provided in this Agreement, if the Grantee ceases to be employed by the Company or a Subsidiary at any time prior to such Performance Shares becoming earned at the end of the Performance Period. To the extent that the Company or any Subsidiary is required to withhold any federal, state, local or foreign tax in connection with the payment of earned Performance Shares pursuant to this Agreement, it shall be a condition to the receipt of such Performance Shares, that the Grantee make arrangements satisfactory to the Company or such Subsidiary for payment of such taxes required to be withheld. This tax withholding obligation may, at the request of the Grantee, be satisfied by the Company withholding Performance Shares otherwise payable pursuant to this Award.

Payment of Performance Shares. Payment of any Performance Shares performance shares that become earned and vested as set forth herein will be made in the form of Common Shares. Except as otherwise provided in Articles III, IV and V, payment will be made as soon as practicable after the last fiscal year of the each Performance Period and the determination by the Committee (or the independent members of the Board of Directors) of the level of attainment of the Performance MeasuresTSR Relative to Peers, but in no event shall such payment occur after two and a half months from the end of the applicable Performance Period. Performance Shares shares will be forfeited if they are not earned at the end of the applicable Performance Period as provided in Article VI and, except as otherwise provided in this Agreement, if the Grantee ceases to be employed by the Company DPL or a Subsidiary at any time prior to such Performance Shares shares becoming earned at the end of the each Performance Period. To the extent that the Company DPL or any Subsidiary is required to withhold any federal, state, local or foreign tax in connection with the payment of earned Performance Shares performance shares pursuant to this Agreement, it shall be a condition to the receipt of such Performance Shares, performance shares that the Grantee make arrangements satisfactory to the Company DPL or such Subsidiary for payment of such taxes required to be withheld. This tax withholding obligation may, at the request of the Grantee, shall be satisfied by the Company DPL withholding Performance Shares performance shares otherwise payable pursuant to this Awardaward.

Payment of Performance Shares. Payment of any Performance Shares performance shares that become earned and vested as set forth herein will be made in the form of Common Shares. Except as otherwise provided in Articles III, IV III and VIV, payment will be made as soon as practicable after the last fiscal year of the Performance Period and the determination by the Committee (or the independent members of the Board of Directors) of the level of attainment of the Performance MeasuresTSR Relative to Peers, but in no event shall such payment occur after two and a half months from the end of the applicable Performance Period. Performance Shares shares will be forfeited if they are not earned at the end of the Performance Period as provided in Article VI and, except as otherwise provided in this Agreement, if the Grantee ceases to be employed by the Company DPL or a Subsidiary at any time prior to such Performance Shares shares becoming earned at the end of the Performance Period. To the extent that the Company DPL or any Subsidiary is required to withhold any federal, state, local or foreign tax in connection with the payment of earned Performance Shares performance shares pursuant to this Agreement, it shall be a condition to the receipt of such Performance Shares, performance shares that the Grantee make arrangements satisfactory to the Company DPL or such Subsidiary for payment of such taxes required to be withheld. This tax withholding obligation may, at the request of the Grantee, shall be satisfied by the Company DPL withholding Performance Shares performance shares otherwise payable pursuant to this Awardaward.

Payment of Performance Shares. Payment of any Performance Shares that become earned and vested as set forth herein will be made in the form of Common Shares. Except as otherwise provided in Articles III, IV Sections 3 and V4, payment will be made as soon as practicable after the receipt of audited financial statements of the Corporation relating to the last fiscal year of the Performance Period and the determination by the Committee (or the independent members of the Board of Directors) of the level of attainment of the Performance MeasuresManagement Objectives, but in no event shall such payment occur after two and a half months from the end of the applicable Performance PeriodMarch 15, 2009. Performance Shares will be forfeited if they are not earned at the end of the Performance Period as provided in Article VI and, except as otherwise provided in this Agreement, if the Grantee ceases to be employed by the Company Corporation or a Subsidiary at any time prior to such Performance Shares shares becoming earned at the end of the Performance Periodearned. To the extent that the Company Corporation or any Subsidiary is required to withhold any federal, state, local or foreign tax in connection with the payment of earned Performance Shares pursuant to this Agreement, it shall be a condition to the receipt of such Performance Shares, Shares that the Grantee make arrangements satisfactory to the Company Corporation or such Subsidiary for payment of such taxes required to be withheld. This tax withholding obligation may, at the request of the Grantee, shall be satisfied by the Company Corporation withholding Performance Shares otherwise payable pursuant to this Awardaward.

Payment of Performance Shares. Payment of any Performance Shares that become earned and vested as set forth herein will be made in the form of Common Shares. Except as otherwise provided in Articles III, IV Sections 3 and V4, payment will be made as soon as practicable after the receipt of audited financial statements of the Corporation relating to the last fiscal year of the Performance Period and the determination by the Committee (or the independent members of the Board of Directors) of the level of attainment of the Performance MeasuresManagement Objectives, but in no event shall such payment occur after two and a half months from the end of the applicable Performance Period. Performance Shares will be forfeited if they are not earned at the end of the Performance Period as provided in Article VI and, except as otherwise provided in this Agreement, if the Grantee ceases to be employed by the Company Corporation or a Subsidiary at any time prior to such Performance Shares shares becoming earned at the end of the Performance Periodearned. To the extent that the Company Corporation or any Subsidiary is required to withhold any federal, state, local or foreign tax in connection with the payment of earned Performance Shares pursuant to this Agreement, it shall be a condition to the receipt of such Performance Shares, Shares that the Grantee make arrangements satisfactory to the Company Corporation or such Subsidiary for payment of such taxes required to be withheld. This tax withholding obligation may, at the request of the Grantee, shall be satisfied by the Company Corporation withholding Performance Shares otherwise payable pursuant to this Awardaward.

Payment of Performance Shares. Payment of any Performance Shares that become earned and vested as set forth herein will be made in the form of Common Shares. Except as otherwise provided in Articles III, IV Sections 3 and V6, payment will be made as soon as practicable after the receipt of audited financial statements of the Corporation relating to the last fiscal year of the Performance Period and the determination by the Committee (or the independent members of the Board of Directors) of the level of attainment of the Performance MeasuresManagement Objectives, but in no event shall such payment occur after two and a half months from the end of the applicable Performance PeriodMarch 15, 2009. Performance Shares will be forfeited if they are not earned at the end of the Performance Period (or such shorter period as provided in Article VI Section 3 or 6, if applicable) and, except as otherwise provided in this Agreement, if the Grantee ceases to be employed by the Company Corporation or a Subsidiary at any time prior to such Performance Shares shares becoming earned at the end of the Performance Periodearned. To the extent that the Company Corporation or any Subsidiary is required to withhold any federal, state, local local, foreign or foreign other tax in connection with the payment of earned Performance Shares pursuant to this Agreement, it shall be a condition to the receipt of such Performance Shares, Shares that the Grantee make arrangements satisfactory to the Company Corporation or such Subsidiary for payment of such taxes required to be withheld. This tax withholding obligation may, at the request of the Grantee, may be satisfied by the Company Corporation withholding Performance Shares otherwise payable pursuant to this Awardaward.