Deferral of Payment of Incentive-Based Compensation Sample Clauses

Deferral of Payment of Incentive-Based Compensation. Notwithstanding any provision hereof to the contrary, to the extent that Section 162(m) of the Internal Revenue Code of 1986, as amended, would limit the Company’s deduction of any portion of Employee’s base annual compensation and incentive compensation earned during any one fiscal year if it were paid to Employee, payment of such nondeductible portion of any incentive compensation shall be deferred by the Company until 15 days after the earlier of (i) the first time the deductibility of a payment of some or all of such deferred amount will not be limited by Section 162(m) (as reasonably determined by the Company), and (ii) the date Employee’s employment with the Company is terminated. The deferred amount will bear simple interest until paid, initially at the U.S. Treasury Xxxx rate for Treasury Bills with a three month maturity on the date such payment is deferred, and thereafter adjusted on the first day of each fiscal quarter of the Company to the rate for such Treasury Bills on the last day of the preceding fiscal quarter. Upon payment of any portion of the deferred amount the interest thereon will be paid at the same time and in the same form as the deferred amount is paid.

Deferral of Payment of Incentive-Based Compensation. In the event that Employee’s base annual compensation and incentive compensation earned during any one fiscal year is greater than $900,000.00, the Board of Directors may, in its sole discretion upon recommendation by the Compensation Committee, defer payment of such amount in excess of $900,000.00 until termination of Employee’s employment (whether or not such termination occurs during or subsequent to the term of this Agreement), and such excess amount shall be distributed to Employee in three (3) equal annual installments with the first installment being made one (1) month after such termination of employment. All amounts deferred hereunder shall be assumed to be invested in the common stock of the Company at a price equal to the mean between the high and low sales prices of a share of common stock of the Company on the New York Stock Exchange (“fair market value”) during the period the amount is deferred. During such deferral period, the account shall be credited with all applicable stock dividends, and cash dividends shall be credited to such account in the form of common stock of the Company at a value equal to the fair market value of the stock on the date of payment of such dividend. Shares of the common stock of the Company credited to the account shall be adjusted to reflect any increase or decrease in the number of shares outstanding as a result of stock split-ups, combination of shares, recapitalizations, mergers or consolidations.

Deferral of Payment of Incentive-Based Compensation. Notwithstanding any provision hereof to the contrary, to the extent that Section 162(m) of the Internal Revenue Code of 1986, as amended, would limit the Company's deduction of any portion of Employee's base annual compensation and incentive compensation earned during any one fiscal year if it were paid to Employee, payment of such nondeductible portion of any incentive compensation shall be deferred by the Company until 15 days after the earlier of (i) the first time the deductibility of a payment of some or all of such deferred amount will not be limited by Section 162(m) (as reasonably determined by the Company), and (ii) the date Employee's employment with the Company is terminated. The deferred amount will bear interest until paid at the average U.S. Treasury Bill rate for Treasury Bills with a three month maturity (calculated as the average of such rates on the first day of the deferral period and at the end of each fiscal quarter during the deferral period), and upon payment of any portion of the deferred amount the interest thereon will be paid at the same time and in the same form as the deferred amount is paid.