Deferred Compensation Benefit. Subject to the provisions in ----------------------------- paragraphs 2 and 3 hereof, as of the date ten (10) years after the date hereof (the "Deferred Date"), the Company will pay the Executive (or his beneficiary in ------------- the event of his death) a lump sum (the "Benefit Amount") equal to (i) the Bonus -------------- Amount plus (ii) an interest factor of 5.94% per annum, compounding annually, ---- from the date hereof until payment hereunder, regardless of whether the Executive is employed by the Company as of such date; provided that, with -------- ---- respect to the Bonus Amount, the interest factor shall accrue regarding the amounts in clauses (ii) and (iii) of the definition thereof only as of the date such amounts are earned.
Deferred Compensation Benefit. Subject to the provisions in paragraphs 2 and 3 hereof, as of the date nine years after the date hereof (the “Deferred Date”), the Company will pay Executive (or his beneficiary in the event of his death) a lump sum (the “Benefit Amount”) equal to (i) the Bonus Amount plus (ii) an interest factor equal to the applicable mid-term federal rate on the date hereof, compounding annually, from the date hereof until payment hereunder, such Benefit amount to be paid regardless of whether Executive is employed by the Company as of such date.
Deferred Compensation Benefit. So long as Executive remains employed by Employer hereunder, beginning on October 15, 2003, Executive shall be entitled to receive an annual deferred compensation credit of $800,000 (the "Deferred Compensation Benefit") under the Deferred Compensation Plan in respect of the Contract Year beginning on October 15, 2003 and each full (or partial) Contract Year occurring thereafter. Each such Deferred Compensation Benefit shall be credited to an account established for Executive under the Deferred Compensation Plan (the "Deferral Account") in four equal installments of $200,000 each, beginning on January 14, April 14, July 14, and October 14 of each Contract Year in respect of which such Deferred Compensation Benefit is being credited. Notwithstanding anything set forth in this Agreement to the contrary, Executive shall be (A) entitled to receive an additional Deferred Compensation Benefit credit in respect of the Contract Year ending on October 15, 2003, of which one-half shall be credited on each of July 14, 2003 and October 14, 2003 and (B) on each date that any Deferred Compensation Benefit is credited to the Deferral Account, Executive shall be vested in, but not then entitled to payment of, such credited amount. Subject to the foregoing, all Deferred Compensation Benefits shall otherwise be treated under the Deferred Compensation Plan in the same manner (including, without limitation but subject to Section 3(a)(ii) below) as any elective deferrals of Base Salary and Guaranteed Bonus amounts made by Executive under the Deferred Compensation Plan as provided in Section 1(b)(iii) above.
Deferred Compensation Benefit. A Participant’s Deferred Compensation Benefit shall be equal to the total amount credited to the Participant’s Account under this Article IV.
Deferred Compensation Benefit. Nine (9) years following the date of this Agreement, upon the consummation of a Sale of the Company or upon a Public Offering, whichever is earliest, the Company shall pay the Executive (or his beneficiary in the event of his death) a lump sum equal to an amount (such amount, the “Benefit Amount”) determined as follows:
Deferred Compensation Benefit. The total amount payable to the Executive pursuant to Sections 3 and 4 of this Agreement.
Deferred Compensation Benefit. The benefit under this Section A.4 to which a Participant or Beneficiary shall be entitled shall be an amount equal to the excess, if any, of the amount described in paragraph (a) of this Section A.4 over the amount described in paragraph (b) of this Section A.4:
Deferred Compensation Benefit. Subject to the provisions and limitations of this Agreement, the Corporation shall pay to the Executive an annual amount, in equal monthly installments, as stated in the Addendum to this Agreement. Such payments shall commence on the first business day of the month next following the Executive's actual retirement date (on or after Normal Retirement Date) and shall be payable monthly thereafter until one hundred twenty (120) payments have been made.
Deferred Compensation Benefit. Beginning with the first day of the month in which the Executive has designated by the election as set forth in Paragraph 3 hereof (and on that date each year thereafter) or as soon thereafter as is reasonably practicable, the Bank will pay to the Executive an annual benefit for the period and in the amounts set forth on Exhibit B attached hereto. The payment of the deferred compensation benefits under this paragraph shall not in any manner disqualify the Executive from receiving any benefits to which the Executive may be entitled under any other pension, retirement, profit sharing or other similar employee benefit plans arising out of the Executive's services or employment with the Bank, nor is it intended to disqualify the Executive from receiving payment of any social security benefit to which the Executive may be entitled.
Deferred Compensation Benefit. 9 A.5 Payment...........................................................10 A.6 Vesting...........................................................11
