Payment of Deferred Compensation. Any compensation that has been earned by the Executive but is unpaid as of the Termination Date, including any compensation that has been earned but deferred pursuant to the Company's Deferred Compensation Plan or otherwise, shall be paid in full to the Executive on the Termination Date.
Payment of Deferred Compensation. Except as provided below, the Deferred Compensation shall be paid in monthly installments over the 12 months following the event giving rise to a Deferred Compensation. If such termination is a result of the death of Executive, the initial Deferred Compensation shall be made within 15 days after the personal representative of Executive's estate notifies the Company that Letters of Administration have been filed in the probate proceeding. The Company shall have the option at all times during the term of this Agreement to maintain key man life insurance on Executive's life to cover the cost of any Deferred Compensation due to Executive. If such key man life insurance is maintained, and the Deferred Compensation is due as a result of Executive's death, the Deferred Compensation shall be paid 100% in cash upon Executive's death. The Bonus Deferred Compensation shall be paid in a single lump sum within 90 days of the end of the year in which Executive's employment is terminated.
Payment of Deferred Compensation. The Deferred Compensation shall be paid in the manner set forth in Section 2.B and 2. C below on the earliest to occur of (i) Xxxxx 0, 0000, (xx) the Director’s Separation from Service, or (iii) the Director’s death. Notwithstanding the foregoing, upon the Director’s Separation from Service prior to April 1, 2012 due to (A) the Director’s voluntary resignation that is other than a Resignation for Good Reason or (B) Cause, the Director shall forfeit and shall not be entitled to receive payment of his Deferred Compensation.
Payment of Deferred Compensation. A. At each time an election is made to defer receipt of Compensation, the Participant shall also make an election as to the method of distribution of amounts deferred (such election is attached and made part of this Agreement). The method of distribution shall be either in a lump sum or as annual installments of over a period of years not to exceed fifteen (15). The Participant may elect to change the method of distribution for all or a portion of the Deferred Compensation benefit by written notice to the Funds. Such election to change method of distribution shall become effective one year from the date such election is made, provided the Participant remains an eligible participant during such period. It is hereby provided, however, that the Funds, in their sole discretion, may elect to waive the one-year waiting period for changes in method of distribution. If the annual installment method is elected, no change in the number or timing of such installments shall be permitted after such installments have commenced.
Payment of Deferred Compensation. Except as provided below, the Deferred Compensation shall be paid in monthly installments over the 12 months following the event giving rise to a Deferred Compensation.
Payment of Deferred Compensation. Notwithstanding anything contained herein to the contrary, to the extent the Executive is deemed a “key employee” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended, and notwithstanding any contrary provision which exists in any of the Company’s deferred compensation plans, any distribution of deferred compensation to the Executive will be delayed for a period of 6 months after the Termination Date as required by Section 409A of the Internal Revenue Code of 1986, as amended.
Payment of Deferred Compensation. Subject to the conditions hereinafter set forth, the deferred compensation accrued hereunder and shown to Officer’s credit on the books of the Company shall be payable after Officer’s separation from service for any reason whatsoever. Officer shall generally be deemed to have experienced a separation from service on the date Officer dies, retires, or otherwise has a termination of employment with the Company. Officer may elect the form of payment of his/her account, in one of the following two alternatives:
Payment of Deferred Compensation. All payments of deferred compensation referred to in this Section 8 shall be paid at the time and in the manner provided for under the applicable deferred compensation plan; provided, however, that notwithstanding anything contained herein or in any deferred compensation arrangement to the contrary, to the extent the Executive is deemed a "key employee" for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), and notwithstanding any contrary provision which exists in any of the Company's deferred compensation plans, any payment of deferred compensation to the Executive under any deferred compensation arrangement shall be delayed for a period of six (6) months after the Executive's separation from service to the extent required by Section 409A of the Code. The six (6)-month delay shall not apply to any severance payment paid pursuant to Section 8(c)(i), which is intended to be exempt from Section 409A of the Code pursuant to the short-term deferral exemption under Treas. Reg. §1.409A-1(b)(4).
Payment of Deferred Compensation. Notwithstanding anything contained herein or in any deferred compensation arrangement to the contrary, to the extent the Executive is deemed a "key employee" for purposes of Section 409A of the Code, and notwithstanding any contrary provision which exists in any of the Company's deferred compensation plans, any payment of deferred compensation to the Executive under this Agreement or any other deferred compensation arrangement shall be delayed for a period of six (6) months after the Termination Date to the extent required by Section 409A of the Code. For purposes of determining whether any payment of deferred compensation is subject to the six (6)-month delay, each payment under this Agreement shall be considered a separate payment. The six (6)-month delay shall not apply to any payments that are exempt from Section 409A of the Code, including, without limitation, any payments that are exempt under the short-term deferral exemption under Treas. Reg. §1.409A-1(b)(4). The Company and the Executive intend that the Severance Payment provided under Section 5(a) qualify for the short-term deferral exemption, and therefore it shall not be subject to the six (6)-month delay.
Payment of Deferred Compensation. (a) In the event the Executive terminates his/her employment for whatever reason, the Company must compute the "Ending Balance" in the Deferred Compensation Account. This Ending Balance shall include all deferrals and interest as of the last day of the preceding month, and any deferrals made in the current month. In the event that the Executive becomes disabled, his/her employment shall for these purposes be deemed to terminate on the first day of the month in which he/she begins to receive long term disability payments provided by the Company's insurance carrier (thus, the Ending Balance shall be computed as of the preceding month). Payment of deferred compensation under these events will be in accordance with the Executive's payment method election in paragraph 2(e).
