PAYMENT OF EXECUTIVE’S DEFERRED COMPENSATION Sample Clauses

PAYMENT OF EXECUTIVE’S DEFERRED COMPENSATION. The amounts in the Executive’s Deferred Compensation Account shall be paid in equal monthly installments for one hundred and twenty (120) months. The amount payable shall be the balance of the Executive’s Deferred Compensation Account as defined in Paragraph IV, including all interest credited pursuant to Paragraph V.
Sample 1Sample 2
AutoNDA by SimpleDocs
PAYMENT OF EXECUTIVE’S DEFERRED COMPENSATION. Subject to Paragraph XIII, the amounts in the Executive Incentive Retirement Plan Account shall be paid in equal annual installments for fifteen (15) years certain. The amount payable shall be equal to the vested balance of the Executive's Incentive Retirement Plan Account as defined in Paragraph VI, including all interest credited as of the date of commencement of such payments pursuant to Paragraph V, plus additional interest earnings credited to such account based upon the periodic balance of such account during the pay-out period. Said installment payments of such vested deferred amounts shall commence on the first day of the calendar month following the Termination of Employment of the Executive due to retirement, resignation, disability, or removal or upon plan termination, whichever shall occur first.
Sample 1Sample 2
PAYMENT OF EXECUTIVE’S DEFERRED COMPENSATION. At all times, the Executive shall be one hundred percent (100%) vested in the Executive’s Deferred Compensation Account. The amounts in the Executive Deferred Compensation Account shall be paid in equal monthly installments for one hundred and eighty (180) months. The amount payable shall be the balance of the Executive’s Deferred Compensation Account as defined in paragraph VI, including all interest in effect on the date of retirement, and credited pursuant to Paragraph V. Said installment payments of deferred amounts shall commence on the first day of the calendar month following the end of the Executive’s term of office due to resignation, removal, failure to be reelected or the Executive’s sixty-fifth (65th) birthday, whichever is later.
Sample 1
PAYMENT OF EXECUTIVE’S DEFERRED COMPENSATION. At all times, the Executive shall be one hundred percent (100%) vested in the Executive’s Deferred Compensation Account. The amounts in the Executive Deferred Compensation Account shall be paid as elected by the Executive at least one (1) year prior to being eligible to receive said payment unless the Executive voluntarily terminates service as set forth below. The amount payable shall be the balance of the Executive’s Deferred Compensation Account as defined in Paragraph VI, including all interest in effect on the date of retirement, and credited pursuant to Paragraph V. Said installment payments of deferred amounts shall commence on the first day of the calendar month following the Executive’s term of office due to resignation, termination (voluntary or involuntary) for any reason or the Executive’s fifty-fifth (55th) birthday, whichever is later. If the Executive resigns from the Bank or is involuntarily terminated from their position, the balance of the Executive’s Deferred Compensation Account shall be paid in full to the Executive no later than 60 days following the end of the Executive’s term of office.
Sample 1
PAYMENT OF EXECUTIVE’S DEFERRED COMPENSATION. Subject to Paragraph XIII, the amounts in the Executive Incentive Retirement Plan Account shall be paid in equal annual installments for fifteen (15) years certain. The amount payable shall be equal to the vested balance of the Executive’s Incentive Retirement Plan Account as defined in Paragraph VI, including all interest credited as of the date of commencement of such payments pursuant to Paragraph V, plus additional interest earnings credited to such account based upon the periodic balance of such account during the pay-out period. Said installment payments of such vested deferred amounts shall commence on the first day of the calendar month following the Termination of Employment of the Executive due to retirement, resignation, disability, or removal or upon plan termination, whichever shall occur first. “Disability” (total and permanent disability) means total and permanent disability within the meaning of the Social Security Act. PERMISSIBLE LUMP-SUM PAYOUTS. Notwithstanding the foregoing, the Bank may, in its sole discretion, commence pay-out of the vested amount in such Executive Incentive Retirement Plan Account at any time, provided that such pay-out amount shall be in an amount equal to not less than the lump sum value of such vested account balance, including interest earnings thereon, determined on the date of such pay-out; provided that such pay-out (1) accompanies the termination of the Executive’s entire interest under the Executive Plan and all similar arrangements that constitute a nonqualified deferred compensation plan under Regulations at Section 1.409A-1(c) applicable to Section 409A of the Code; and (2) the payment is not greater than the applicable dollar amount under Code Section 402(g)(1)(B).
Sample 1
PAYMENT OF EXECUTIVE’S DEFERRED COMPENSATION. Subject to Paragraph XIII, the amounts in the Executive Incentive Retirement Plan Account shall be paid in equal annual installments for fifteen (15) years, or in a lump sum, as elected by the Executive at least one (1) year prior to being eligible to receive said benefits. If no such election is made, said amount shall be paid for fifteen (15) years as set forth in this Agreement. The amount payable shall be the balance of the Executive's Incentive Retirement Plan Account as defined in Paragraph VI, including all interest credited as of the date of retirement, pursuant to Paragraph V. Said installment payments of deferred amounts or said lump sum shall commence on the first day of the calendar month following the end of the Executive's term of office due to retirement, resignation, removal, failure to be reelected or the Executive's sixty-fifth (65th) birthday, whichever event last occurs.
Sample 1

Related to PAYMENT OF EXECUTIVE’S DEFERRED COMPENSATION

  • Compensation of Executive (a) The Corporation shall pay the Executive as compensation for his services hereunder, in equal semi-monthly or bi-weekly installments during the Term, the sum of $350,000 per annum (as in effect from time to time, the “Base Salary”), less such deductions as shall be required to be withheld by applicable law and regulations. The Corporation shall review the Base Salary on an annual basis and has the right but not the obligation to increase it, but has no right to decrease the Base Salary.

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • Severance Compensation upon Termination of Employment If the Company shall terminate the Executive’s employment other than pursuant to Section 5(a), (b) or (c) or if the Executive shall terminate his employment for Good Reason, then the Company shall pay to the Executive as severance pay in a lump sum, in cash, on the fifth day following the Date of Termination, an amount equal to three (3) times the average of the aggregate annual compensation paid to the Executive during the three (3) fiscal years of the Company immediately preceding the Change of Control by the Company subject to United States income taxes (or, such fewer number of fiscal years if the Executive has not been employed by the Company during each of the preceding three (3) fiscal years).

  • Executive’s Compensation The Company agrees to compensate the Executive as follows:

  • Accrued Compensation On any termination of the Executive’s employment with the Company Group, the Executive will be entitled to receive all accrued but unpaid vacation, expense reimbursements, wages, and other benefits due to the Executive under any Company-provided plans, policies, and arrangements.

  • Employment Period Compensation In consideration of the other provisions of this Agreement, and the Executive’s agreement to execute a Release Agreement, substantially in the form attached hereto as Exhibit B, in the event of his termination under relevant circumstances pursuant to which he would be paid severance benefits, ESC shall provide the Executive with the following payments and benefits, both those set forth in this section and elsewhere in this Agreement:

  • Compensation Upon Termination of Employment If the Executive’s employment hereunder is terminated, in accordance with the provisions of Article III hereof, and except for any other rights or benefits specifically provided for herein to be effective following the Executive’s period of employment, the Company will provide compensation and benefits to the Executive only as follows:

  • Employment Compensation Schedule 3.16 contains a true and correct list of all employees to whom Company is paying compensation, including bonuses and incentives, at an annual rate in excess of Fifteen Thousand Dollars ($15,000) for services rendered or otherwise; and in the case of salaried employees such list identifies the current annual rate of compensation for each employee and in the case of hourly or commission employees identifies certain reasonable ranges of rates and the number of employees falling within each such range.

  • Severance Compensation In the event (i) Employee terminates this Agreement for Good Reason in accordance with Paragraph 11.3 hereof; (ii) Employee is terminated for any reason (except death or disability) upon, or within six months following, a "Change in Management or Control (as such term is defined in Paragraph 11.5 hereof);" or (iii) Employee is terminated without Cause, the Company shall be obligated to pay severance compensation to Employee in an amount equal to his salary compensation (at the rate payable at the time of such termination) for a period of six (6) months from the date of termination. Notwithstanding the foregoing, if Employee is employed by a new employer, or as a consultant after the termination of this Agreement, the severance compensation payable to Employee hereunder shall be reduced by the amount of compensation that Employee actually receives from the new employer, or as a consultant. However, Employee shall have a duty to inform the Company that he has obtained such new employment, and the failure to do so is a material breach of this Agreement. In such event, the Company shall be entitled to (i) cease all payments to Employee under this Paragraph 11.4; and (ii) recover any unauthorized payments to Employee in an action for breach of contract. Notwithstanding anything else in this Agreement to the contrary, solely in the event of a termination upon or following a Change in Management or Control, the amount of severance compensation paid to Employee hereunder shall not include any amount that the Company is prohibited from deducting for federal income tax purposes by virtue of Section 280G of the Internal Revenue Code of 1986, as amended, or any successor provision. In addition to the foregoing severance compensation, the Company shall pay Employee (i) all compensation for services rendered hereunder and not previously paid; (ii) accrued vacation pay; and (iii) any appropriate business expenses incurred by Employee in connection with his duties hereunder and approved pursuant to Section 4 hereof, all through the date of termination. Employee shall not be entitled to any bonus compensation, whether vested or unvested; or any other compensation, benefits or reimbursement of any kind.

  • Termination of Employment with Severance Benefits (a) The Executive shall be entitled to the severance benefits described in section 9(b) in the event that:

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