Deferral Benefits Clause Samples

Deferral Benefits. Executive and the Company acknowledge that Executive has previously elected to defer compensation pursuant to one or more Participation Agreements under the Deferral Plan. Consistent with these elections and Executive's timely execution of this Agreement under paragraph 21, and to the extent permitted by the Deferral Plan, on January 31, 1997, the Company shall credit Executive's account under the Deferral Plan with an amount up to, but not to exceed, the total of his unfulfilled deferral commitments under those Participation Agreements. For purposes of this paragraph, unfulfilled deferral commitments of Executive's Value Share Plan award for 1996 shall be equivalent to the amount of the 1995 deferral commitment for the Value Share Plan. The amount to be deferred shall include payments under paragraphs 2 and 6 and an amount up to the total lump sum value of Executive's special supplementary benefit under the Lyondell SERP, as determined in accordance with paragraph 3. The amount of any special supplementary benefit in excess of the amount credited to Executive's account under the Deferral Plan, if any, shall be paid to Executive in the same form of payment Executive has elected for payment of his general benefit payment from the Lyondell SERP. Executive understands that if this Agreement is not executed in a timely basis, in accordance with paragraph 21, the Company may be unable to credit these sums to Executive's account under the Deferral Plan and they will be paid to him directly after the Effective Date. Executive's outstanding deferrals shall be subject to the Designation of Distribution Options which he has made for those deferrals regarding the time and form of payment of his deferred compensation.