Payment of Account Balance. Provided that the Employee is then an employee of SERI, or an affiliate or subsidiary of the Southern Company, SERI shall pay to the Employee the value of his Award Amount, in cash, within ten (10) days of the Vesting Date.
Payment of Account Balance. (a) Executive's "PAYMENT COMMENCEMENT DATE" is the earliest of: (i) the date on which Executive attains age 50; (ii) the date of Executive's death; (iii) if, following the Effective Date, Executive is rendered Totally and Permanently Disabled (as defined in Section 9(a), below), then the earlier of the date on which Executive attains age 50 or the third anniversary of the date on which Executive became Totally and Permanently Disabled; or (iv) if, following the Effective Date, the Company experiences a Change of Control (as defined in Section 9(a), below), then the earlier of the date on which Executive attains age 50 or the third anniversary of the Change of Control.
Payment of Account Balance. Provided that Mr. Xxxx xx then an employee of the Company, Southern, or an affiliate or subsidiary of Southern, and, with respect to the Tax Gross-up amount, has also achieved the Profitability Goals, the Company shall pay to Mr. Xxxx xxx value of his Account, and, if applicable, the Tax Gross-up amount, in cash within ten (10) days of the Vesting Date.
Payment of Account Balance. Provided that Mr. Klappa is then an employee of the Company, Southern, xx xx xxxxliate or subsidiary of Southern, and, with respect to the Tax Gross-up amount, has also achieved the Profitability Goals, the Company shall pay to Mr. Klappa the value of his Account, and, if applicable, xxx Xxx Xxxxx-xx amount, in cash within ten (10) days of the Vesting Date.
Payment of Account Balance. Provided that Ms. Xxxxxx is then an employee of the Company, Southern, or an affiliate or subsidiary of Southern, and, with respect to the Tax Gross-up amount, has also achieved the Profitability Goals, the Company shall pay to Ms. Xxxxxx xxx value of her Account, and, if applicable, the Tax Gross-up amount, in cash within ten (10) days of the Vesting Date.
Payment of Account Balance. Provided that Mr. Leverett is then an employee of the Company, Southern, or ax xxxxxxxxx or subsidiary of Southern, and, with respect to the Tax Gross-up amount, has also achieved the Profitability Goals, the Company shall pay to Mr. Leverett the value of his Account, and, if applicable, the Xxx Xxxxx-xx amount, in cash within ten (10) days of the Vesting Date. 6. Election to Defer. By written election filed with Southern's Vice President, Human Resources no less than Three-Hundred Sixty-Six (366) days prior to the Vesting Date, Mr. Leverett may defer all or a portion of the amount to be recxxxxx xxxxx this Agreement by having such amount contributed on his account to The Southern Company Deferred Compensation Plan, in accordance with the terms and conditions of such Plan. 7.
Payment of Account Balance. Subject to the provisons of Section 10.08 of the Plan that requires a Participant to receive the value of any Employer Securities in cash due to restrictions in the Employer's charter or bylaws in accordance with Code Section 409(h)(2), the Plan Administrator will direct the Trustee to commence distribution of a Participant's Vested Account Balance in accordance with this Section 6.01 if the Participant separates from Service for any reason, or if the Participant exercises an in-Service withdrawal right under the Plan. A distribution date under this Article VI is every business day of the Plan Year, or as soon as administratively practicable following that distribution date.
Payment of Account Balance. The Account Balance shall be paid in cash to Participant under this Article III only when, if and to the extent that the payment thereof would not subject Parent to a limitation on the deductibility of Participant's compensation pursuant to the provisions of Section 162(m) of the Code as in effect on the date of payment. The extent to which payment of Account Balance shall be made pursuant to this Article III shall be determined by the Committee in its sole discretion, based on its good faith estimate and determination of Participant's total annual compensation for each applicable year (including, but not limited to, the value of any restricted stock scheduled to vest during such year), whether Participant may be a covered executive under Section 162(m) for such year and other pertinent factors.
Payment of Account Balance. Provided that Mr. Franklin is then an employee of the Company, Southern, or an axxxxxxxx xx subsidiary of Southern, and, with respect to the Tax Gross-up amount, has also achieved the Profitability Goals, the Company shall pay to Mr. Franklin the value of his Account, and, if applicable, the Tax Xxxxx-xx xxount, in cash within ten (10) days of the Vesting Date. 6. Election to Defer. By written election filed with Southern's Vice President, Human Resources no less than thirteen (13) months prior to the Vesting Date, Mr. Franklin may defer all or a portion of the amount to be receivxx xxxxx xxxs Agreement by having such amount contributed on his account to The Southern Company Deferred Compensation Plan, in accordance with the terms and conditions of such Plan. 7.
Payment of Account Balance. Except as hereinafter described, the entire Account balance shall be paid by the Company to Xxxxxxxx, or in the event of Xxxxxxxx'x death to Xxxxxxxx'x beneficiaries, on the earlier of: (i) June 30 of the year immediately following the date on which Xxxxxxxx first ceases to be a United States resident for United States income tax
