Deferred Compensation Contributions. The Company shall make the following contributions to Executive’s discretionary contribution account under the Company’s Non-Qualified Deferred Savings Plan for U.S. Employees (the “Deferred Compensation Plan”), subject to Executive’s continued employment with the Company on each applicable contribution date: (a) $1 million on January 1, 2019, which shall vest based on Executive’s employment on the first anniversary of the contribution date, (b) $1 million on January 1, 2020, which shall vest based on Executive’s employment on and until the Expiration Date, and (c) $520,000 on the Expiration Date, which shall be contributed on a fully vested basis subject to Executive’s retirement from the Company as of such date (the “Deferred Compensation Contributions”). Interest at an annual rate of 4.5% shall be credited to each of the Deferred Compensation Contributions from the date of contribution until the date of payment. The Deferred Compensation Contributions, including accrued interest, shall be paid to Executive on August 31, 2021. Notwithstanding the foregoing, upon any termination of Executive’s employment pursuant to Section 3(b) hereof, any Deferred Compensation Contributions that have been made prior to the date of such termination shall be vested in full, and all vested amounts shall be paid in accordance with the Deferred Compensation Plan, subject to the release of claims requirement in Section 3(g) hereof. Upon termination of Executive’s employment for any reason, Executive shall not be entitled to receive any Deferred Compensation Contributions that have not been made prior to such date.
Deferred Compensation Contributions. The Employee shall specify in his Joinder Agreement the amount of Compensation to be deferred under the Plan for each payroll period, subject to the limitations set forth in subparagraphs (b), (c), (d) and (e), below. The Employee may increase or decrease the amount of Deferred Compensation with respect to future payroll periods at any time in a manner approved by the Plan. An Employee’s election to defer Compensation or to modify the amount of Compensation deferred will be effective for the pay period following the election. The Employee may terminate his Joinder Agreement and be restored to full Compensation as of the beginning of the payroll period, which commences after notice of such termination is received by the Administrator. An election to defer Compensation under this Plan, or any modification of such election, shall be applicable only to Compensation to be earned on or after the first of the month subsequent to such election or modification of election. An Employee may elect to defer accumulated sick pay, terminal leave pay, vacation pay and back pay amounts into the Plan, provided that a Joinder Agreement is entered into before the beginning of the month in which the amounts would otherwise be paid or made available and the Participant is an Employee of the City in that month. In the case of accumulated sick pay, terminal leave pay, vacation pay, or back pay that is payable before the Participant has a Severance from Employment, the requirements of the preceding sentence are deemed satisfied if the Joinder Agreement is entered into before the amount is currently available (as defined in regulations under Code Section 401(k)).
Deferred Compensation Contributions. Subject to Executive’s continued employment hereunder, the Company will continue to make contributions to Executive’s account under the Excelerate Energy Deferred Compensation Plan (each, a “Contribution”) through September 30, 2023. Such Contributions shall consist of a $37,500 Contribution on December 31, 2022 and a $50,000 Contribution on June 30, 2023. In addition, subject to Executive’s continued employment through the payment date and Executive’s execution and nonrevocation of the Supplemental Release (as defined below), the Company will pay Executive a lump sum of $175,000 within thirty (30) days following the Separation Date in lieu of any additional Contributions to such plan.
Deferred Compensation Contributions
