DEFERRED COMPENSATION LEDGER ACCOUNT Sample Clauses
The Deferred Compensation Ledger Account clause establishes a record-keeping mechanism for tracking amounts owed to an employee or service provider that are to be paid at a future date, rather than immediately. This clause typically outlines how deferred compensation is credited, maintained, and adjusted within a separate ledger account, specifying the timing and conditions under which payments will be made. Its core function is to ensure transparency and accuracy in managing deferred compensation obligations, thereby providing both parties with clarity regarding future payment entitlements and the employer’s ongoing liabilities.
DEFERRED COMPENSATION LEDGER ACCOUNT. A. Prior to the beginning of each calendar year while this Agreement is in force, the Participant may make an irrevocable written election (attached to and made a part of this Agreement) to defer receipt of all or any portion of such Participant's Compensation from the Funds that would otherwise be received during the next succeeding calendar year.
B. An irrevocable written election to defer receipt of Compensation may also be made at the time of the Participant's election to the board of trustees of any of the Funds (or appointment to a consulting committee thereof, as applicable) and the election to defer receipt of Compensation shall be effective for the remaining portion of the calendar year in which such Participant was elected or appointed, as the case may be.
C. Any Compensation deferred under the terms of this Agreement shall be controlled solely by the terms of this Agreement.
D. The irrevocable written election of the Participant to defer receipt of Compensation shall be effective only as to the Compensation for the year specified in such election.
E. Any amounts of Compensation deferred by the Participant shall be credited to a Deferred Compensation Ledger Account established for such Participant and maintained by the Deferral Account Agent (as hereafter defined). Any payments of Deferred Compensation based upon such Deferred Compensation Ledger Account shall only be made at the time and under the occurrences set forth in Part II of this Agreement.
F. At the time of the Participant's election to defer Compensation and once each calendar quarter thereafter, the Participant may designate in writing that amounts deferred be deemed to be invested in one of the funds set forth in Exhibit 1 (each of the foregoing a "Deemed Investment Option" and collectively, the "Deemed Investment Options"). In the event that any Deemed Investment Option shall cease to be offered, the Deferral Account Agent shall notify the Participant that such Deemed Investment Option is no longer available. A Participant will not be able to select a Deemed Investment Option if the actual purchase thereof would violate sections 12(d)(1) or 13(a)(3) of the Investment Company Act of 1940, as amended.
G. The election to designate deemed investments as described above shall be subject to restrictions as to minimum and maximum amounts as announced from time to time by the Funds. The Funds shall have the right at any time to add new Deemed Investment Options, cease to offer or withdraw a...
DEFERRED COMPENSATION LEDGER ACCOUNT. A. Each year prior to the determination of any Incentive Plan award and prior to the beginning of the calendar year in which such award would otherwise be paid, the Participant may make an irrevocable written election (attached to and made a part of this Agreement) to defer receipt of all or any portion of such award from Phoenix that would otherwise be received.
B. Any amount awarded and deferred under the terms of this Agreement shall be controlled solely by the terms of this Agreement and shall be net of any applicable employment taxes.
C. Any amounts deferred by the Participant shall be credited to a Deferred Compensation Ledger Account established for such Participant. Payments from such Deferred Compensation Ledger Account shall only be made at the time and under the occurrences set forth in Section II of this Agreement.
D. At the time of the election to defer compensation and once each calendar quarter thereafter, the Participants may designate in writing that amounts deferred be deemed to be invested in one or more of the following:
1. The general account of Phoenix.
2. One or more of various fund options made available under this Agreement. Phoenix shall provide to the Participant with a list of available funds and reserves the right to add or delete available funds as it deems necessary or appropriate.
E. The election to designate deemed investments, as described above, shall be subject to restrictions as to minimum and maximum amounts as announced from time to time by Phoenix. Both initial and subsequent investment allocations must be made in 10% increments. Phoenix shall have the right at any time to add new deemed investment options, cease to offer any or all of the deemed investment options, and alter or adjust the basis or method of calculating any interest or earnings for any of the investment options outlined above.
F. Credits or debits to the Deferred Compensation Ledger Account will be made in a manner corresponding to the performance of the deemed investment or investments of the Deferred Compensation Ledger Account as selected by the Participant.
G. Phoenix reserves the right to reduce the interest or earnings on deferred compensation amounts for any federal or state taxes which it may incur as a result of interest or earnings on amounts held under this Agreement.
H. Phoenix shall be under no obligation to actually make any investment as described in Paragraph D. Reference to any such investment shall be solely for the purpose of aidin...