Payment of Final Cash Award Sample Clauses
The 'Payment of Final Cash Award' clause establishes the obligation for one party to pay a specified monetary amount to the other party upon the conclusion of a process, such as arbitration or litigation. Typically, this clause outlines the timeline for payment, the method by which the funds must be transferred, and any conditions that must be met before payment is due, such as the exhaustion of appeals or the issuance of a final decision. Its core practical function is to ensure that the recipient receives the awarded funds promptly and to provide clear procedures for the settlement of financial obligations, thereby reducing the risk of disputes or delays in payment.
Payment of Final Cash Award. As soon as reasonably practicable after the completion of the Performance Period (and in no event later than March 15 of the year immediately following the last day of the Performance Period), the Committee shall determine the level of attainment of each Performance Goal, which determines the Final Cash Award as provided in Section 4. Payment of the Final Cash Award (if any) shall be made in cash. Such cash amount shall be paid to the Participant or the Participant’s personal representative, if applicable, or in the case of death, to the Participant’s Beneficiary (or as otherwise provided in Article XVII of the Plan in the event there is no Beneficiary) after the Determination Date, but in all events except in the case of a delay allowed under Section 12, between January 1 and March 15 of the year following the end of the Performance Period (the “Payment Period”), except as otherwise provided in Section 5(e).