Forfeiture Payment

Forfeiture Payment. The term 'Forfeiture Payment' means the pre-tax proceeds from sales or other transfers, if any, of the number of shares of Stock that became vested during the Restrictive Covenant Period pursuant to this Agreement and that the Participant has sold or otherwise transferred prior to the date of repayment required pursuant to subparagraph 23(b). For purposes of this definition, pre-tax proceeds for any shares of Stock that were transferred by the Participant in a transaction other than a sale on... the New York Stock Exchange means the Fair Market Value of such shares on the New York Stock Exchange as of the date of such transaction. View More