Deferred Accounts definition

Deferred Accounts means either the unfunded Stock Unit Account or Income Account maintained by the Company into which a Non-Employee Director may defer payment of his or her cash compensation (retainer and fees) or elect to receive a credit to the Stock Unit Account in lieu of a grant of Restricted Stock for service as a Company director.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Deferred Accounts means either the unfunded Stock Unit Account or Income Account maintained by the Company into which a Non-Employee Director may defer payment of his or her cash compensation (retainer and fees) or elect to receive a credit to the Stock Unit Account in lieu of a grant of Restricted Stock for service as a Company director. The Company also shall establish subaccounts under a Non-Employee Director’s Deferred Accounts in order to separately account for the amounts in such Deferred Accounts that are, and that are not, subject to section 409A of the Code.

Deferred Accounts means the accounts maintained by the Committee for each Participant pursuant to Article I. Separate Deferred Accounts shall be maintained for each Participant; however, more than one Deferred Account may be maintained as necessary to reflect the nature of the account and various fund allocations of the Participant. A Participant's Deferred Account(s) shall be utilized solely as a device for the measurement and determination of the amounts to be paid to or on behalf of a Participant pursuant to this Plan provided, however, that such Deferred Account(s) shall not constitute or be treated as a trust fund of any kind nor be deemed a funding arrangement under the Code or ERISA.

Examples of Deferred Accounts in a sentence

• The Deferred Accounts shall be adjusted as provided in Section 7.10(D) upon the issuance of Class A Units to the Class B Unitholders pursuant to Section 7.11.

• The Employer shall pay all of the balances in the Non-Elective Deferred Accounts as of the date of such death (as adjusted for subsequently deemed earnings and losses) within 30 days following such death in one lump-sum to such beneficiary or beneficiaries designated by the Executive in writing filed by the Executive with the Employer, or in the absence of such beneficiary designation, to the Executive's estate.

• The Employer shall pay all of the balances in the Non-Elective Deferred Accounts as of the date of such Disability (as adjusted for subsequent deemed earnings and losses) within 30 days following such Disability in one lump-sum to the Executive.

• Unless otherwise provided in the Non-Elective Deferred Award Terms, the unvested balances in the Non-Elective Deferred Accounts shall immediately vest if the Executive's employment with the Employer is terminated as a result of the Executive's death or Disability (as defined in the LTCIP.

• Any such allocation of tax attributes shall not be reflected in the Deferred Accounts of the Class B Unitholders.

• The Board, or its delegate, shall establish rules and procedures regarding the timing of deferred elections, the time period for deferral, the maximum number of annual installment payments, the measurement units for valuing Deferred Accounts, transfer of the balances in Deferred Accounts among measurement units, statements of Deferred Accounts, the time and manner of payment of Deferred Accounts, and other administrative items for Deferred Accounts.

• The unvested balances in the Non-Elective Deferred Accounts will be immediately forfeited in the event the Executive's employment with the Employer is terminated for any reason other than the Executive's death or Disability.

• The Committee, or the Treasurer of the Company, if designated by the Committee, shall establish procedures and rules regarding the timing of deferred elections, the time period for deferral, the maximum number of annual installment payments, the measurement units for valuing Deferred Accounts, transfer of the balances in Deferred Accounts among measurement units, statements of Deferred Accounts, the time and manner of payment of Deferred Accounts, and other administrative items for Deferred Accounts.

• Any remaining Employer Safe Harbor Contribution for such Plan Year shall be allocated among the Cash or Deferred Accounts of all Members who were Eligible Employees during such Plan Year, with the allocation to each such Member's Cash or Deferred Account being the portion of such remaining Employer Safe Harbor Contribution which is in the same proportion that such Member's Compensation for such Plan Year bears to the total of all such Members' Compensation for such Plan Year.

• Unless a Participant elects annual installment payments pursuant to Section 3.02, payment of the amount attributable to the Participant’s Deferred Accounts shall be paid in a lump sum payment on the Payment Date.

More Definitions of Deferred Accounts

Deferred Accounts means the accounts maintained by the Plan Administrator for each Participant pursuant to Article II. Separate Deferred Accounts shall be maintained for each Participant. More than one Deferred Account may be maintained for each Participant as necessary to reflect the nature of the account and various fund allocations. A Participant's Deferred Accounts shall be utilized solely as a device for the measurement and determination of the amounts to be paid to or on behalf of a Participant pursuant to this Plan. A Participant's Deferred Accounts shall not constitute or be treated as a trust fund of any kind.

Deferred Accounts has the meaning assigned in Section 2.4.3 (b).

Deferred Accounts an unaudited, aggregated profit and loss statement showing the calculation of Revenue for Year 1, Year 2, Year 3 or Year 4 (as applicable) substantially in the format set out in Part 3 of Schedule 4 and prepared in accordance with the specific accounting policies per Part 2 of Schedule 4.