Payments Due Upon a Payment Trigger Sample Clauses
The "Payments Due Upon a Payment Trigger" clause defines the obligation for one party to make specified payments when certain predefined events, known as payment triggers, occur. In practice, these triggers could include events such as the completion of a project milestone, delivery of goods, or the occurrence of a default. The clause outlines the timing, amount, and method of payment that must be followed once a trigger event takes place. Its core function is to ensure clarity and predictability in financial transactions by specifying exactly when and how payments are to be made, thereby reducing the risk of disputes over payment obligations.
Payments Due Upon a Payment Trigger. (A) The Corporation shall pay to the Executive the payments described in this Section 4 upon the occurrence of a Payment Trigger during the term of this Agreement.
(B) Upon the occurrence of a Payment Trigger during the term of this Agreement, the Corporation shall pay to the Executive a lump sum payment, in cash, equal to the product of:
(i) three multiplied by
(ii) the sum of --
(a) the higher of the Executive's annual base salary in effect immediately prior to the occurrence of the Change in Control or the Executive's annual base salary in effect immediately prior to the Payment Trigger, plus
(b) the higher of the aggregate maximum amounts payable to the Executive pursuant to all incentive compensation plans for the fiscal year or other measuring period commencing coincident with or most recently prior to the date on which the Change in Control occurs or the aggregate maximum amounts payable to the Executive pursuant to all incentive compensation plans for the fiscal year or other measuring period commencing coincident with or most recently prior to the date on which the Payment Trigger occurs, in each case, assuming that the Executive were continuously employed by the Corporation or a Subsidiary on the terms and conditions, including, without limitation, the terms of the incentive plans, in effect immediately prior to the Change in Control or Payment Trigger, whichever applies, until the last day of that fiscal year or other measuring period. The amount determined under the foregoing provisions of this paragraph (B) shall be reduced by any cash severance benefit otherwise paid to the Executive under any applicable severance plan or other severance arrangement. For purposes of this paragraph (B), amounts payable to the Executive pursuant to an incentive compensation plan for the fiscal year or other measuring period commencing coincident with or most recently prior to the date on which the Change of Control or Payment Trigger, as applicable, occurs (the "applicable year/period") shall not include amounts attributable to a fiscal year or other measuring period that commenced prior to the applicable year/period and that become payable during the applicable year/period. For purposes of this paragraph (B), incentive compensation plans shall include, without limitation, the ALLTEL Corporation Performance Incentive Compensation Plan as in effect from time to time, the ALLTEL Corporation Long-Term Performance Incentive Compensation Plan as in effect from time ...
Payments Due Upon a Payment Trigger. Upon the occurrence of a Payment Trigger during the term of this Agreement, Executive shall receive payments from the Company, or distributions from plans maintained by the company, as provided for in this Section 4.
Payments Due Upon a Payment Trigger. (A) The Corporation shall pay to the Executive the payments described in this Section 4 upon the occurrence of a Payment Trigger during the term of this Agreement.
(B) (i) Upon the occurrence of a Payment Trigger during the term of this Agreement arising by reason of the circumstances described in Paragraph (K)(i) of Section 1:
(a) the Corporation shall pay to the Executive a lump sum payment, in cash, equal to the sum of (1) the Executive’s annual base salary in effect immediately prior to the Payment Trigger, plus (2) the Executive’s bonus for the fiscal year immediately preceding the year in which such termination occurs; and
(b) any then unvested stock option awards previously granted to Executive by the Corporation shall become immediately one-hundred percent vested – any portion of a stock option award accelerated pursuant to this Paragraph (B)(i)(b) shall be exercisable pursuant to the terms of the stock option plan and the stock option award agreement applicable to such award.