Deferral of Payments. The Executive shall have the right to elect to defer the Post-Change in Control Severance Payment to be received by the Executive pursuant to this Section 6 under the terms and conditions of the Deferred Compensation Plan. Any such deferral election shall be made in accordance with Section 18(b) hereof.
Deferral of Payments. To the extent that any payment under this Agreement, when combined with all other payments received during the year that are subject to the limitations on deductibility under Section 162(m) of the Code, exceeds the limitations on deductibility under Section 162(m) of the Code, such payment will, in the discretion of the Bank, be deferred to the next succeeding calendar year. Such deferred amounts will be paid no later than the 60th day after the end of such next succeeding calendar year, provided that such payment, when combined with any other payments subject to the Section 162(m) limitations received during the year, does not exceed the limitations on deductibility under Section 162(m) of the Code.
Deferral of Payments. To the extent that any payment under this Agreement, when combined with all other payments received during the year that are subject to the limitations on deductibility under Code Section 162(m), exceeds the limitations on deductibility under Code Section 162(m), such payment will be delayed until the first year in which it is deductible.
Deferral of Payments. Notwithstanding anything herein to the contrary, the Company may defer any payment due under this Agreement to the earliest date upon which the payment can be made and deducted by the Company in light of the provisions of Section 162(m) of the Internal Revenue Code.
Deferral of Payments. The Company reserves the right: - to defer determination of the cash value and payment of the cash value; - to defer payment of a loan or withdrawal; and - to defer determination of a change in the amount of variable insurance or other variable amounts payable on death, and, if such determination has been deferred, to defer payment of the death benefit; during any period when: - the New York Stock Exchange is closed or trading on the New York Stock Exchange is restricted as determined by the SEC; or - the SEC declares that an emergency exists as a result of which the sale or determination of investment results is not reasonably practicable; or - the SEC, by order, permits deferral for the protection of the Company's policyowners.
Deferral of Payments. To the extent that any payment under this Agreement, when combined with all other payments received during the year that are subject to the limitations on deductibility under Section 162(m) of the Code, exceeds the limitations on deductibility under Section 162(m) of the Code, such payment will, in the discretion of inTEST, be deferred to the next succeeding calendar year. Such deferred amounts will be paid no later than the 60th day after the end of such next succeeding calendar year, provided that such payment, when combined with any other payments subject to the Section 162(m) limitations received during the year, does not exceed the limitations on deductibility under Section 162(m) of the Code. If you would like to participate in this special benefits program, please sign and return the extra copy of this letter which is enclosed. Sincerely, /s/ Xxxx X. Xxxx Xxxx X. Xxxx Chairman of the Board ACCEPTANCE I hereby accept the offer to participate in this special benefits program and I agree to be bound by all of the provisions noted above.
Deferral of Payments. Variable Insurance. During any period when: o the sale of securities or the determination of investment results is not reasonably practicable because
Deferral of Payments. The Executive shall have the right to elect to defer any lump sum payments received by the Executive pursuant to this Section 5 under the terms and conditions of the Company's nonqualified deferred compensation plan.
Deferral of Payments. The Company shall defer the payment of 50% of bonus compensation, other than Holiday Bonus, that may be awarded to the Executive by the Company from and after the date of this Agreement through the end of calendar year 2002. The Executive acknowledges that the Company is under no obligation to award any bonus to the Executive and that the award of any bonus, as well as the amount of any bonus that may be awarded, remains fully discretionary with the Company.
Deferral of Payments. During any period when: - the sale of securities or the determination of a Division Index is not reasonably practicable because
