Payment Election definition

Payment Election means an election pursuant to Section 5.1.

Payment Election means the Election Agreement (or portion thereof) completed by a Participant and filed with the Committee in accordance with Article 9 hereof, that indicates the payment commencement date for Incentive Deferrals and the form of payment for Base Deferrals (including Company Matching Contributions) and Incentive Deferrals.

Payment Election means the instrument executed by a Participant which specifies the method of payment of compensation deferred.

Examples of Payment Election in a sentence

• If no Payment Election is provided by the Participant in accordance with this Section 3.5(b), the Participant will be deemed to have elected to receive the Payout Amount upon the vesting of the applicable Restricted Share Units.

• A Payment Election must be made in respect of 100% of the Vested Restricted Share Units covered by the relevant Restricted Share Unit Grant Agreement (including, for greater certainty, all dividend equivalent Restricted Share Units credited on such underlying Restricted Share Units pursuant to Section 3.7 and must contemplate delivery of either the Payout Amount or Payout Shares in respect of all such Vested Restricted Share Units.

• The Payment Election to receive the Payout Amount or Payout Shares shall be delivered by the Participant on or before the Election Deadline for the applicable Restricted Share Units.

More Definitions of Payment Election

Payment Election means the Election Agreement (or portion thereof) completed by a Participant and filed with the Committee that indicates the time of commencement of payment and form of payment of the Participant’s Fees that are or will be deferred pursuant to a Deferral Election under the Plan.

Payment Election means a completed election made under subsection (c) pursuant to which a Participant has affirmatively elected to have his or her Cash Dividends paid to the Participant in cash outside the Plan.

Payment Election means a written election made in accordance with the provisions of Section 5 to select an Elected Payment Date with regard to an award of Restricted Stock Units or Stock-Based Awards.

Payment Election means the elections made by a Participant for his Grandfathered Benefit and/or 409A Benefit, as applicable, under Section 5 or Section 7, as applicable.

Payment Election shall have the meaning set forth in Section 3(a) hereof.

Payment Election means an election as to the form and timing of distribution of a Participant’s Deferred Amounts elected in writing by the Participant at the time of his corresponding Deferral Election made by the Election Date. Unless the Committee determines otherwise, in its sole discretion, the form of distribution of an Account Value pursuant to a Payment Election may be in the form of a single sum payment or in twenty-five annual installments over a period that does not exceed 25 years.

Payment Election means the Election Agreement (or portion thereof) completed by a Participant and filed with the Company that indicates the time of the commencement of a payment and the form of a payment of that portion of the Participant’s Base Salary, Incentive Compensation and/or Excess Core Contributions that is deferred pursuant to a Deferral Election under the Plan. A Payment Election shall include such an election made by a Transferred Participant under the Timken Plan.