Option to Defer Receipt of Benefits Sample Clauses

Option to Defer Receipt of Benefits. In the event the Director wishes to delay receipt of benefit payments under this Section 4.1, Exhibit 2 must be provided to the Company prior to the end of Plan Year 9. The Director’s Phantom SAR’s Account will continue to increase in value at two percent (2%) above the 10 Year Treasury Rate. The 10 Year Treasury Rate shall be determined using the average rate in effect for the month of December immediately prior to commencement of benefit payments. The 10 Year Treasury Rate used for this purpose shall not be less than 4.00%. Based on the Account Balance on the Plan Year ended immediately prior to the date specified, the Account Balance shall be annuitized according to the distribution election made for the Normal Benefit Date in Exhibit 1.
Sample 1Sample 2
AutoNDA by SimpleDocs
Option to Defer Receipt of Benefits. In the event the Executive wishes to delay receipt of benefits under this Section 4.1, Exhibit 1 must be provided to the Company prior to the end of either (i) the transition period under Code Section 409A or (ii) Plan Year 9 and, in each case, must conform to the requirements of Code Section 409A, as set forth in Exhibit 1. Interest shall be credited on the Account Balance following the end of Plan Year 10 at an annual rate of 7.72 percent with monthly compounding until the date specified on Exhibit 1. Commencing on the first day of the month immediately after the date specified, the Account Balance shall be annuitized according to Section 4.1.2.
Sample 1Sample 2
Option to Defer Receipt of Benefits. In the event the Director wishes to delay receipt of benefit payments under this Section 4.1, Exhibit 2 must be provided to the Company at least thirteen (13) months prior to the Normal Retirement Date. The Director's Incentive Retirement Account will continue to increase in value at two percent (2%) above
Sample 1
Option to Defer Receipt of Benefits. In the event the Executive wishes to delay receipt of benefit payments under this Section 4.1, Exhibit 2 must be provided to the Company at least thirteen (13) months prior to the Normal Retirement Date. The Executive's Incentive Retirement Account will continue to increase in value at two percent (2%) above the 10 Year Treasury Rate. The 10 Year Treasury Rate shall be determined using the average rate in effect for the month of December immediately prior to commencement of benefit payments. The 10 Year Treasury Rate used for this purpose shall not be less than 4.00%. Based on the Account Balance on the Plan Year ended immediately prior to the date specified, the Account Balance shall be annuitized according to the election made for the Normal Retirement Date in Exhibit 1.
Sample 1

Related to Option to Defer Receipt of Benefits

  • METHOD OF PAYMENT OF ACCRUED BENEFIT The Advisory Committee will apply Section 6.02 of the Plan with the following modifications: (Choose (a) or at least one of (b), (c), (d) and (e))

  • Conditions to Receipt of Severance Benefits The receipt of the Severance Benefits will be subject to you signing and not revoking a separation agreement and release of claims in a form reasonably satisfactory to the Company (the “Separation Agreement”) by no later than the sixtieth (60th) day after your employment termination (“Release Deadline”). No Severance Benefits will be paid or provided until the Separation Agreement becomes effective. You shall also resign from all positions and terminate any relationships as an employee, advisor, officer or director with the Company and any of its affiliates, each effective on the date of termination.

  • BENEFIT PAYMENT ELECTIONS Not earlier than 90 days, but not later than 30 days, before the Participant's annuity starting date, the Advisory Committee must provide a benefit notice to a Participant who is eligible to make an election under this Section 6.03. The benefit notice must explain the optional forms of benefit in the Plan, including the material features and relative values of those options, and the Participant's right to defer distribution until he attains the later of Normal Retirement Age or age 62. If a Participant or Beneficiary makes an election prescribed by this Section 6.03, the Advisory Committee will direct the Trustee to distribute the Participant's Nonforfeitable Accrued Benefit in accordance with that election. Any election under this Section 6.03 is subject to the requirements of Section 6.02 and of Section 6.04. The Participant or Beneficiary must make an election under this Section 6.03 by filing his election with the Advisory Committee at any time before the Trustee otherwise would commence to pay a Participant's Accrued Benefit in accordance with the requirements of Article VI.

  • Payment of Benefits Any amounts due under this Agreement shall be paid in one (1) lump sum payment as soon as administratively practicable following the later of: (i) Xx. Xxxxxx'x Termination Date, or (ii) upon Xx. Xxxxxx'x tender of an effective Waiver and Release to the Company in the form of Exhibit A attached hereto and the expiration of any applicable revocation period for such waiver. In the event of a dispute with respect to liability or amount of any benefit due hereunder, an effective Waiver and Release shall be tendered at the time of final resolution of any such dispute when payment is tendered by the Company.

  • Calculation of Benefits Immediately following delivery of any Notice of Termination, the Company shall notify the Executive of the aggregate present value of all termination benefits to which he would be entitled under this Agreement and any other plan, program or arrangement as of the projected Date of Termination, together with the projected maximum payments, determined as of such projected Date of Termination that could be paid without the Executive being subject to the Excise Tax.

  • Distribution of Benefits Payment to Executive shall occur within thirty (30) days of the effective date of Executive's vesting in his Deferred Bonus Account. For purposes of determining the distributable amount, the Deferred Bonus Account shall be valued through the day prior to the day on which the Deferred Bonus Account is distributed, less any claim, debt, reimbursement, recoupment, or offset the Company may have against Executive.

  • Death Subsequent to Commencement of Benefit Payments In the event the Executive dies while receiving payments, but prior to receiving all payments due and owing hereunder, the Employer shall pay the Beneficiary the same amounts at the same times as the Employer would have paid the Executive, had the Executive survived.

  • Payment of Salary and Receipt of All Benefits Employee acknowledges and represents that, other than the consideration set forth in this Agreement, the Company has paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves, housing allowances, relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, vesting, and any and all other benefits and compensation due to Employee.

  • Payment of Benefit The Company shall pay the annual benefit to the Executive in 12 equal monthly installments commencing with the month following the Executive’s Normal Retirement Date, paying the annual benefit to the Executive for a period of 15 years.

  • Termination of Benefits Except as provided in Section 2 above or as may be required by law, Executive’s participation in all employee benefit (pension and welfare) and compensation plans of the Company shall cease as of the Termination Date. Nothing contained herein shall limit or otherwise impair Executive’s right to receive pension or similar benefit payments that are vested as of the Termination Date under any applicable tax-qualified pension or other plans, pursuant to the terms of the applicable plan.

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