Common use of Compensation Deferred Clause in Contracts

Compensation Deferred. (a) NISCO ▇▇▇▇▇es to recognize the contributions of DEBELLA ▇▇▇▇ the date of incorporation to the date of this Agreement, particularly the performance of services at little or no compensation during the formative years. Accordingly, the following deferred benefits have been granted in consideration of such prior services and are not dependent upon completion of the terms of this Agreement. (b) Following termination of DEBELLA'▇ ▇▇▇▇▇yment hereunder, whether early or upon completion of the term hereof, and whether early termination is for cause, without cause, or for reasons of disability, NISCO s▇▇▇▇ provide DEBELLA ▇▇▇▇ ▇he following benefits: (i) NISCO, ▇▇ ▇ISCO's ▇▇▇▇ ▇nd expense, shall continue DEBELLA'▇ medical, surgical, dental and hospitalization insurance coverage, as in effect on the date of termination, for a period of two (2) years following the date of termination. Thereafter, DEBELLA ▇▇▇▇▇ have the option to continue such insurance coverage at his expense. and (ii) if, during the term of DEBELLA'▇ ▇▇▇▇▇yment NISCO s▇▇▇▇ have obtained insurance on DEBELLA'▇ ▇▇▇▇ ▇or a specific business purpose (e.g., collateralization of institutional financing or key man replacement insurance) and such insurance shall no longer be needed for that purpose (e.g., upon repayment of the loan collateralized or upon termination of DEBELLA'▇ ▇▇▇▇▇ion as a key employee), then NISCO, ▇▇ ▇ts cost and expense, shall continue such insurance in force for the benefit of one or more beneficiaries designated from time to time by DEBELLA, ▇▇▇ a period of up to two (2) years following the date of termination. It is the intent of the parties that this provision shall apply to any insurance obtained during DEBELLA'▇ ▇▇▇▇▇yment, even where the need for such insurance shall be obviated because of or following termination of DEBELLA'▇ employment. In such event the period of continued coverage would be from the date the insurance need is obviated to a date two (2) years from the date of termination of DEBELLA'▇ ▇▇▇▇▇yment. Thereafter, DEBELLA ▇▇▇▇▇ have the option to continue such insurance coverage at his expense.

Compensation Deferred. (a) NISCO PACEL desires to recognize the contributions of ▇▇▇▇▇es to recognize the contributions of DEBELLA ▇▇▇▇ from the date of incorporation to the date of this Agreement, particularly the performance of services at as little or no compensation during the formative years. Accordingly, the following deferred benefits have been granted in consideration of such prior services and are not dependent upon completion of the terms of this Agreement. (b) Following termination of DEBELLA'▇ ▇▇▇▇▇yment ▇▇' employment hereunder, whether early or upon completion of the term hereof, and whether early termination is for cause, without cause, or for reasons of disability, NISCO sPACEL shall provide ▇▇▇▇▇▇▇ provide DEBELLA ▇▇▇▇ ▇he with the following benefits: (i) NISCOi. PACEL, ▇▇ ▇ISCOat PACEL's ▇▇▇▇ ▇nd cost and expense, shall continue DEBELLA'▇▇▇▇▇▇▇ medical, surgical, dental and hospitalization insurance coverage, as in effect on the date of termination, for a period of two ten (210) years following the date of termination. Thereafter, DEBELLA ▇▇▇▇▇▇▇ shall have the option to continue such insurance coverage at his expense. andAnd (ii) if. If, during the term of DEBELLA'▇ ▇▇▇▇▇yment NISCO s▇▇▇▇ ' employment PACEL shall have obtained insurance on DEBELLA'▇ ▇▇▇▇ ▇or ▇▇▇' life for a specific business purpose (e.g., collateralization of institutional financing or key man replacement insurance) and such insurance shall no longer be needed for that purpose (e.g., upon repayment of the loan collateralized or upon termination of DEBELLA'▇ ▇▇▇▇▇ion ▇▇' position as a key employee), then NISCOPACEL, ▇▇ ▇ts at its cost and expense, shall continue such insurance in force for the benefit of one or more beneficiaries designated from time to time by DEBELLA, ▇▇▇ ▇▇▇▇▇, for a period of up to two ten (210) years following the date of termination. It is the intent of the parties that this provision shall apply to any insurance obtained during DEBELLA'▇ ▇▇▇▇▇yment▇▇, even where the need for such insurance shall be obviated because of or following termination of DEBELLA'▇ employment. In such event the period of continued coverage would be from the date the insurance need is obviated to a date two ten (210) years from the date of termination of DEBELLA'▇ ▇▇▇▇▇yment▇▇' employment. Thereafter, DEBELLA ▇▇▇▇▇▇▇ shall have the option to continue such insurance coverage at his expense.