Annual Deferred Compensation Sample Clauses

The Annual Deferred Compensation clause establishes the terms under which a portion of an employee's earned compensation is set aside to be paid at a later date, rather than immediately. Typically, this clause outlines how much compensation can be deferred each year, the timing and method of future payments, and any conditions or restrictions on accessing the deferred funds, such as vesting schedules or triggering events like retirement or termination. Its core practical function is to provide employees with a tax-advantaged way to save for the future while allowing employers to structure compensation packages that can help retain key personnel.
Annual Deferred Compensation. The reference in Section 3(b) of the Agreement to $70,000 shall be a reference to $112,500.
View SourceView Similar (4)
Annual Deferred Compensation. In addition to the Base Salary, during the Term, the Company shall pay to the Executive an annual deferred compensation payment (a “Deferred Compensation Payment”) in the amount of $56,000. The Deferred Compensation Payment shall be paid each year during the Term at the end of the calendar year and shall be prorated for the 2005 calendar year for the period from January 1, 2005 through the end of the Term. In the event this Agreement or the Executive’s employment is terminated, the Executive shall not be entitled to any Deferred Compensation Payment for such year or any subsequent period.
View SourceView Similar (2)
Annual Deferred Compensation. In addition to the Base Salary, during the Term, the Company shall pay to the Executive an annual deferred compensation payment (a “Deferred Compensation Payment”) in the amount of $170,000. The Deferred Compensation Payment shall be paid each year during the Term at the end of the calendar year and shall be prorated for the 2005 calendar year for the period from January 1, 2005 through the end of the Term. In the event this Agreement or the Executive’s employment is terminated (x) by the Company for Cause or (y) by the Executive other than for Cause, the Executive shall not be entitled to any Deferred Compensation Payment for such year or any subsequent period. In the event this Agreement or the Executive’s employment is terminated (x) by the Company other than for Cause, or (y) by the Executive for Cause, the Executive’s right with respect to a Deferred Compensation Payment for the year in which such termination occurs shall be governed by Section 4.
View Source
Annual Deferred Compensation. In order to provide an incentive for ▇▇. ▇▇▇▇▇▇▇ to continue serving as President and to fulfill his term of office under this contract, the University shall accrue on behalf of ▇▇. ▇▇▇▇▇▇▇ the following annual deferred compensation amounts: Contract Year Ending Annual Deferred Compensation Accrual July 31, 2017 $25,000 July 31, 2018 $50,000 July 31, 2019 $75,000 July 31, 2020 $100,000 July 31, 2021 $125,000 Each annual deferred compensation accrual amount shall accrue and vest on July 31 of each applicable contract year; provided that, in each case, ▇▇. ▇▇▇▇▇▇▇ continues to serve as President through and including the applicable vesting date. The University’s promise to pay the accrued and vested deferred compensation amounts under this Article VI.B is an unfunded and unsecured obligation of the University to pay such amounts. The University in its sole discretion may elect to set aside and invest funds to meet its obligation hereunder, but any such set aside remains the general assets and property of the University and subject to the University’s creditors. Any set aside is not funding for the benefits, and does not create a trust fund for ▇▇. ▇▇▇▇▇▇▇ or his designated beneficiaries. Neither ▇▇. ▇▇▇▇▇▇▇ nor his designated beneficiaries may sell, assign, transfer, pledge, encumber, or otherwise convey the right to receive payment under this Article VI.B, and such amounts in advance of actual payment to ▇▇. ▇▇▇▇▇▇▇ or his beneficiaries are not subject to their creditors; provided that such amounts as may otherwise become payable hereunder may be paid in accordance with a domestic relations order meeting such requirements as the court may determine.
View Source

Related to Annual Deferred Compensation

  • Deferred Compensation Plan Manager shall be eligible to participate in the First Mid-Illinois Bancshares, Inc. Deferred Compensation Plan in accordance with the terms and conditions of such Plan.

  • Deferred Compensation Account All Participant Deferral Credits and Employer Credits shall be credited to the Deferred Compensation Account of the Participant as provided in Section 8.

  • Deferred Compensation Plans Employees are to be included in the State of California, Department of Personnel Administration's, 401(k) and 457 Deferred Compensation Programs. Eligible employees under IRS Code Section 403(b) will be eligible to participate in the 403(b) Plan.

  • Bonus Compensation During the term hereof, the Executive shall participate in the Company’s Senior Executive Annual Incentive Plan, as it may be amended from time to time pursuant to the terms thereof (the “Plan,” a current copy of which is attached hereto as Exhibit A) and shall be eligible for a bonus award thereunder (the “Bonus”). For purposes of the Plan, the Executive shall be eligible for a Bonus, and the Executive’s specified percentage (the “Specified Percentage”) for such Bonus shall initially be fifty percent (50%) of Base Salary and shall thereafter be established annually by the Board of Directors (the “Board”) or, if the Board delegates the Specified Percentage determination process to a Committee of the Board, by such Committee. In the event the Board or Committee does not approve the Executive’s Specified Percentage within 90 days of the beginning of a fiscal year, such Specified Percentage shall be the same as the immediately preceding year. Whenever any Bonus payable to the Executive is stated in this Agreement to be prorated for any period of service less than a full year, such Bonus shall be prorated by multiplying (x) the amount of the Bonus otherwise earned and payable for the applicable fiscal year in accordance with this Sub-Section 4.2 by (y) a fraction, the denominator of which shall be 365 and the numerator of which shall be the number of days during the applicable fiscal year for which the Executive was employed by the Company. Executive agrees and understands that any prorated Bonus payments will be made only after determination of the achievement of the applicable Performance Measures (as defined in the Plan) in accordance with the terms of the Plan. Any compensation paid to the Executive as Bonus shall be in addition to the Base Salary.

  • Salary Benefits and Bonus Compensation 3.1 BASE SALARY. Effective July 1, 2000, as payment for the services to be rendered by the Employee as provided in Section 1 and subject to the terms and conditions of Section 2, the Employer agrees to pay to the Employee a "Base Salary" at the rate of $180,000 per annum, payable in equal bi-weekly installments. The Base Salary for each calendar year (or proration thereof) beginning January 1, 2001 shall be determined by the Board of Directors of Avocent Corporation upon a recommendation of the Compensation Committee of Avocent Corporation (the "Compensation Committee"), which shall authorize an increase in the Employee's Base Salary in an amount which, at a minimum, shall be equal to the cumulative cost-of-living increment on the Base Salary as reported in the "Consumer Price Index, Huntsville, Alabama, All Items," published by the U.S. Department of Labor (using July 1, 2000, as the base date for computation prorated for any partial year). The Employee's Base Salary shall be reviewed annually by the Board of Directors and the Compensation Committee of Avocent Corporation.