Common use of Deferral of Payment Clause in Contracts

Deferral of Payment. Employee may elect to defer all or any part of his Severance Payment, Base Salary, and any bonus approved by the Board of Directors until such other time or times as designated by Employee. The election shall be exercisable by the furnishing of written notice to the Board of Directors no later than the last day of the year prior to the year in which the bonus is payable or the benefit vests. Any amounts deferred shall bear interest at the six (6) month rate applicable to Treasury securities determined as of the date of Greenland's receipt of the notice requesting deferral furnished by Employee. Employee may request the Board of Directors that such deferred amounts and interest thereon be set aside in trust for the benefit of Employee subject only to claims of the creditors of Greenland and to such other terms and conditions required by the Board of Directors and communicated in writing to Employee; provided, however, that this action shall be taken only in the sole discretion of the Board of Directors except in the case of a Change in Control, in which case the Board of Directors shall honor such a request by Employee with respect to any amounts which have been or may be deferred pursuant to this Agreement. Employee shall be permitted to withdraw his election to defer his Severance Payment, Base Salary and any bonus if the Board of Directors denies his request to have the deferred amounts and interest set aside in such a trust. Any deferral pursuant to this Section must be accompanied by a statement that Employee acts with the advice of counsel or waives any such representation. Greenland has no right to claim an offset against its obligation to pay Employee any amounts deferred in this Section 8.