Common use of Timing and Form of Payout Clause in Contracts

Timing and Form of Payout. As soon as practicable after the close of the Performance Period, the Chief Financial Officer shall calculate the financial performance and the proposed payout under the Plan based on the achievement of the financial Performance Measure. The proposed payout shall be presented to the Compensation Committee for its review and approval. Once approved, payment of the Award shall be made within 30 days after such approval but not later than June 30th of the calendar year following the end of the Performance Period. All Award payments shall be reduced by amounts required to be withheld for taxes at the time payments are made.

Timing and Form of Payout. As soon as practicable after the close of the Performance Period, the Chief Financial Officer shall calculate the financial performance and the proposed payout under the Plan based on the achievement of the financial Performance MeasurePlan. The proposed payout shall be presented to the Compensation Committee for its review and approval. Once approved, payment of the Performance Award shall be made within 30 days after such approval completion of the annual audit but not later than June 30th 30 of the calendar year following the end of the Performance Period. All Performance Award payments shall be reduced by amounts required to be withheld for taxes at the time payments are made.