Common use of Settlement of Performance Units Clause in Contracts

Settlement of Performance Units. Subject to the provisions of this Section 2, Section 4, and Section 5, the Payment Value of each Performance Unit covered by the Award which the Committee determines, in writing, to be earned pursuant to Section 3 shall be paid by the Corporation on a date (the “Vesting Date”) as soon as administratively practicable after the end of the Performance Cycle described in Section 3(a) (but in any event on or prior to March 15 of the calendar year immediately following the calendar year in which the Performance Cycle ends). Payments hereunder shall be made in cash, shares of Stock, or a combination thereof, as determined by the Committee in its sole discretion; provided that, in the event that a fractional number of shares of Stock would otherwise be issued with respect to the Award, the number of shares of Stock, if any, issued with respect to the Award shall be rounded down to the nearest whole share of Stock. Notwithstanding the foregoing, the Vesting Date shall be the last day of the Performance Cycle if (i) the Participant experiences a Qualifying Termination on or after December 31, [ ] or (ii) the Committee determines, in its discretion, pursuant to Section 4(b), that the Participant will not forfeit his or her rights to Performance Units upon his or her termination of employment for other reasons; in either case, provided that the Committee determines, in writing, that Performance Units are to be awarded hereunder.