Common use of Settlement of Performance Units Clause in Contracts

Settlement of Performance Units. Except as otherwise provided herein, the ‎Performance Units shall ‎‎be ‎settled and paid in cash in an amount equal to the number of earned Performance Units multiplied by the Fair Market Value of the Company’s Common Stock as of the Vesting Date. The payment will be made within 2½ months after the end of the Performance ‎Period (or ‎earlier ‎as provided ‎in the Plan). At any time prior to the end of the Performance Period, the Committee shall have the authority to provide that the Performance Units will be settled in shares of the Company’s Common Stock instead of cash (the date of such Committee action referred to herein as the “Conversion Date”). In such event, if requested by the Committee, Grantee and the Company shall enter into an appropriate amendment to this Award Agreement to document such change. Notwithstanding the foregoing, in the event that the Grantee is a “specified employee” ‎within the meaning of Section 409A(a)(2)(B)(i) of the Code and the Award is considered ‎to be Nonqualified Deferred Compensation upon the Grantee’s “Separation from ‎Service” as defined below, any payment under this Award Agreement which results ‎from a Separation from Service shall be delayed until the earlier of (i) first day of the ‎seventh (7th) month beginning after the Grantee’s Separation from Service, or (ii) the ‎Grantee’s death, if such a delay is necessary to avoid the imposition of additional tax ‎and interest on the Grantee under Section 409A(a)(1)(B) of the Code.‎

Settlement of Performance Units. Except as otherwise provided herein, the ‎Performance Units shall ‎‎be ‎settled and paid in cash in an amount equal to the number of earned Performance Units multiplied by the Fair Market Value of the Company’s Common Stock as of the Vesting Date. The payment will be made within 2½ months after the end of the Performance ‎Period (or ‎earlier ‎as provided ‎in the Plan). ‎ At any time prior to the end of the Performance Period, the Committee shall have the authority to provide that the Performance Units will be settled in shares of the Company’s Common Stock instead of cash (the date of such Committee action referred to herein as the “Conversion Date”). In such event, if requested by the Committee, Grantee and the Company shall enter into an appropriate amendment to this Award Agreement to document such change. Notwithstanding the foregoing, in the event that the Grantee is a “specified employee” ‎within the meaning of Section 409A(a)(2)(B)(i) of the Code and the Award is considered ‎to be Nonqualified Deferred Compensation upon the Grantee’s “Separation from ‎Service” as defined below, any payment under this Award Agreement which results ‎from a Separation from Service shall be delayed until the earlier of (i) first day of the ‎seventh (7th) month beginning after the Grantee’s Separation from Service, or (ii) the ‎Grantee’s death, if such a delay is necessary to avoid the imposition of additional tax ‎and interest on the Grantee under Section 409A(a)(1)(B) of the Code.‎