Distribution of Deferred Compensation Sample Clauses

Distribution of Deferred Compensation. Section 2.2 (b)(l) Termination for any Reason other than Death In the event that the Executives services shall be tenninated by reason of disability, / retirement, voluntary tennination by either party, or for any other reason other than his death, the --JY value of his deferred compensation trust account maintained by the Trustee as of the date in which the first installment is payable to Executive shall be paid by Trustee to the Executive in the following manner, unless forfeited by the occurrence of any of the events of forfeiture specified in Section 2.3 below: -if the value o.f his deferred compensation trust account does not exceed the sum of $100,000, then, said value thereof shall be paid .II II to Executive over a five (5) year period in five (5) annual I installments commencing on January 1st of the year following termination of services and continuing on January 1st of the subsequent four (4) years, or -if such value exceeds the sum of $100,000, then said value thereof shall be paid to Executive, over a ten (10) year period in ten (10) I annual installments commencing on January 1st of the year following termination of services and continuing on each January 1 st of the subsequent nine (9) years. As provided above, during the pay-out period, the trust's income, including net capital gains, will be paid by Trustee to Executive as such income is received by Trustee. , The amount of each installment shall be determined by dividing: (1) the value of the deferred compensation trust account at the date the first installment is payable by, (ii) the total ,. number of installments payable. Any increment in the value of the installments in the deferred compensation trust account during the pay-out period shall increase the amount of the last installment due and any reduction in the value of investments shall reduce the amount of each installment in reverse order of maturity. The Executive may, however, prior to the date of termination of services for the reasons indicated above, file a written document with the Bank and Trustee electing: -to receive the unpaid value of his deferred compensation trust account over a longer period of time, -and/or that the annual installments commence at a later date other than the subsequent January 1st after the date of retirement but no later than his attainment of age sixty (60). .I For purposes of this Section, the Executive shall be deemed to be disabled if he is unable ' /iJ2/ to effectively carryon his normal dutie...
Sample 1Sample 2
AutoNDA by SimpleDocs
Distribution of Deferred Compensation. Upon the earlier of (i) termination of the Grantee's Service for any reason or (ii) the occurrence of a Change in Control, the amounts credited to the Grantee's Stock Unit Account shall be paid to such Grantee (and after his or her death, to his or her beneficiary), to the extent vested, in a single distribution as soon as administratively possible following such termination of Service or Change in Control.
Sample 1
Distribution of Deferred Compensation. Section 2.2 (b)(1)
Sample 1
Distribution of Deferred Compensation. The Deferred Compensation shall be paid on the Deferral Date by wire transfer to an account designated by the Executive prior to the Deferral Date (or by transfer of shares of common stock to the extent of the account referred to in subparagraph (5)).
Sample 1

Related to Distribution of Deferred Compensation

  • Deferred Compensation Account All Participant Deferral Credits and Employer Credits shall be credited to the Deferred Compensation Account of the Participant as provided in Section 8.

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Deferred Compensation Upon the consummation of the Initial Business Combination, the Company will cause the Trustee to pay to the Representative, on behalf of the Underwriters, the Deferred Discount. Payment of the Deferred Discount will be made out of the proceeds of the Offering held in the Trust Account. The Underwriters shall have no claim to payment of any interest earned on the portion of the proceeds held in the Trust Account representing the Deferred Discount. If the Company fails to consummate its Initial Business Combination within the time period prescribed in the Amended and Restated Certificate of Incorporation, the Deferred Discount will not be paid to the Representative and will, instead, be included in the liquidation distribution of the proceeds held in the Trust Account made to the Public Stockholders. In connection with any such liquidation distribution, the Underwriters will forfeit any rights or claims to the Deferred Discount.

  • Deferred Compensation Plans Employees are to be included in the State of California, Department of Personnel Administration's, 401(k) and 457 Deferred Compensation Programs. Eligible employees under IRS Code Section 403(b) will be eligible to participate in the 403(b) Plan.

  • Matching Contributions The Employer will make matching contributions in accordance with the formula(s) elected in Part II of this Adoption Agreement Section 3.01.

  • Deferrals If permitted by the Company, the Participant may elect, subject to the terms and conditions of the Plan and any other applicable written plan or procedure adopted by the Company from time to time for purposes of such election, to defer the distribution of all or any portion of the shares of Common Stock that would otherwise be distributed to the Participant hereunder (the “Deferred Shares”), consistent with the requirements of Section 409A of the Code. Upon the vesting of RSUs that have been so deferred, the applicable number of Deferred Shares shall be credited to a bookkeeping account established on the Participant’s behalf (the “Account”). Subject to Section 5 hereof, the number of shares of Common Stock equal to the number of Deferred Shares credited to the Participant’s Account shall be distributed to the Participant in accordance with the terms and conditions of the Plan and the other applicable written plans or procedures of the Company, consistent with the requirements of Section 409A of the Code.

  • Compensation Benefits Etc During the Employment Period, the Manager shall be compensated as follows:

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law.

  • Tax-Deferred Earnings The investment earnings of your Xxxx XXX are not subject to federal income tax as they accumulate in your Xxxx XXX. In addition, distributions of your Xxxx XXX earnings will be free from federal income tax if you take a qualified distribution, as described below.

  • Employer Contributions 8.1 Rates at which the Employer shall contribute for each hour of work performed on behalf of each employee employed under the terms of this Agreement are contained in the Appendices attached to and forming part of this Agreement.

Time is Money Join Law Insider Premium to draft better contracts faster.