LTIP Payment Clause Samples
LTIP Payment. If the Termination Date occurs before the Employee receives payment of an Incentive Compensation Award, the Employee shall receive payment with respect to such Incentive Compensation Award, in the same form and at the same time as would have otherwise been payable to him or her as a Participant in the LTIP (notwithstanding the provisions of Section 11 of the LTIP) had he or she remained employed by the Company through the end of the Incentive Compensation Award Period applicable to such Incentive Compensation Award and had he or she been employed on the date on which such Incentive Compensation Award is paid. The amount payable to the Employee with respect to such Incentive Compensation Award pursuant to this Paragraph 3 shall be equal to the amount that would otherwise have been payable to the Employee with respect to such Incentive Compensation Award had the Employee remained continuously employed by the Company through the end of the Incentive Compensation Award Period and had he or she been employed on the date on which such Incentive Compensation Award is paid, multiplied by a fraction, the numerator of which is the number of full calendar years of the Incentive Compensation Award Period prior to the Termination Date, and the denominator of which is three.
LTIP Payment. Executive will receive a long-term incentive award under The St. ▇▇▇▇ Companies, Inc. Long-Term Incentive Plan for the 1996-1998 performance period, payable in a single lump sum at the same time that active employees will receive payment of their long-term incentive awards for the 1996-1998 performance period. This payment will equal the amount that would have been payable to Executive had Executive remained employed with St. ▇▇▇▇ through December 31, 1998.
LTIP Payment. The management of the Company will recommend to the Compensation Committee of Worthington Industries, Inc. (“Worthington”) to pay to the Employee a cash payment for his cash performance award under the Worthington Industries Long-Term Incentive Plan (“LTIP”) for the three-year period ended May 31, 2007, such payment to be calculated and paid in accordance with the terms of the award and the LTIP. Worthington has received a commitment from the Chairman of such Committee to recommend such payment. Action on such award is expected in June 2007 with payment, assuming its approval, within a reasonable time thereafter at a time consistent with the payment of awards of others, but in any event no later than March 15, 2008.