Deferred Compensation Payments Clause Samples

Deferred Compensation Payments. Immediately prior to the Effective Time, SFFS will pay or cause to be paid to me $___ (the “SERP Payment”) pursuant to the election made by me prior to January 1, 2006 under the Sound Federal Savings Amended and Restated Supplemental Executive Retirement Agreement between Sound Federal Savings, SFFS and me (the “SERP”) in full settlement of my rights in, to and under the SERP and $___ (the “Director Plan Payment”) in full settlement of my rights in, to and under the Sound Federal Savings Amended and Restated Director Retirement Plan (the “Director Plan”) upon the termination of the Director Plan. In addition, Schedule A hereto, discloses as of December 31, 2005, the aggregate cash account and stock account balances in the SFFS Restated Director Deferred Fee Plan and SFFS 2005 Director Deferred Fee Plan. Immediately prior to the Effective Time, SFFS will distribute the amounts and shares, as applicable, plus any dividends paid and interest accrued after December 31, 2005 to me (the “Deferred Fee Plan Payment”). The SERP Payment, the Director Plan Payment and H▇▇▇▇▇ City Bancorp, Inc. February 8, 2006 Page 2. the Deferred Fee Plan Payment will be subject to applicable federal, state and local income, excise and employment withholding taxes and will be reported as wages on the Wage and Tax Statement on IRS Form W-2 issued for me for the year of payment. I hereby irrevocably consent to the termination of the SERP and the Director Plan by or at the direction of SFFS at the Effective Time or by or at the direction of HCBK after the Effective Time.

Deferred Compensation Payments. Deferred compensation covered by the Company’s deferred compensation plan (Restated SERP) will be treated and distributed in accordance with terms and conditions of the Restated SERP.

Deferred Compensation Payments. Following Employee’s “Retirement” (as defined below) from his employment with Employer, Employer shall pay to Employee the sum of TWO THOUSAND ONE HUNDRED EIGHTY-NINE and 06/100 Dollars ($2,189.06) per month, beginning not later than two months after Employee’s Retirement, for a period of ten years following Employee’s Retirement or until his death, whichever first occurs. Payments hereunder (“Deferred Compensation Payments”) shall be subject to any and all applicable withholding, Social Security, employment, income and other taxes or assessments. To the extent that Employer reasonably believes itself obligated to do so, it may withhold any such taxes from payments made to Employee hereunder. If the amount of any such taxes that Employer believes itself required to withhold and transmit to any governmental or taxing authority exceeds the amount of any payments then due and payable under this Agreement and from which such withholding may be made, then Employer may require that Employee pay to it the full amount of any such taxes then due and, if Employee shall fail to make such payment, Employer may itself advance and pay the amount of those taxes and recover any such payments by offset against future payments due under this Agreement. If Employee should die during the ten-year period during which Deferred Compensation Payments are being made under this Paragraph 1, then those payments shall terminate and future payments, if any, shall be made to Employee’s designated beneficiary(ies) or Employee’s estate in accordance with the provisions of Paragraph 3 of this Agreement.

Deferred Compensation Payments. Pay or cause to be paid when due all amounts necessary to fund in accordance with their terms all such deferred compensation plans, whether now in existence or hereafter created, and the Borrower will not withdraw from participation in, permit the termination or partial termination of, or permit the occurrence of any other event with respect to, any deferred compensation plan maintained for the benefit of its employees under circumstances that could result in liability to the Pension Guaranty Corporation, or any of its successors or assigns, or to the entity which provides funds for such deferred compensation plan.

Deferred Compensation Payments. Notwithstanding the foregoing, the Company shall not make any distributions pursuant to Section 4.4(a)(i) unless it contemporaneously causes Holdings to make any corresponding distributions that are required pursuant to the Deferred Compensation Plan of Holdings, in which certain Members are participants.

Deferred Compensation Payments. During the Executive’s period of employment with the Company following the execution of the Agreement, the Company shall make an annual payment to a separate account maintained for the Executive. The annual payment to the Executive shall be Fifty Thousand Dollars ($50,000) (the “Payment”). If a dividend is paid on shares of common stock of the Holding Company previously credited to the Executive’s separate account, the Executive’s separate account will be credited with such dividend (the “Dividend”), which dividend will be reinvested in the common stock of the Holding Company. The funds in the separate account shall earn interest, calculated on an actual/actual basis, equal to the dividend yield of the common stock of the Holding Company, as calculated on a calendar quarter by the annualized dividend paid during the quarter divided by the closing price of the stock as of the close of business of the last business day of the preceding quarter. The Executive’s separate account will be credited with such interest (which together with the Payment and the Dividend shall hereinafter be referred to as the “Benefit”).” The amendment shall be effective the 1st day of January, 2013. To the extent that any term, provision, or paragraph of the Agreement is not specifically amended herein, or in any other amendment thereto, said term, provision, or paragraph shall remain in full force and effect as set forth in said Agreement.

Deferred Compensation Payments. During the Executive’s period of employment with the Company following execution of this Agreement, the Company shall make an annual payment to a separate account maintained for the Executive. The annual payment to Executive shall be Ten Thousand Dollars ($10,000) (the “Payment”). The Payment shall be invested in the common stock of the Holding Company. If a dividend is paid on the shares credited to the Executive’s separate account, the Executive’s separate account shall be credited with such dividend (the “Dividend”, which together with the Payment, shall hereinafter be referred to as the “Benefit”), which dividend shall be reinvested in the common stock of the Holding Company, except that no fractional shares shall be credited to the Executive’s separate account. The price per share for all shares of the Holding Company purchased by the Company for the benefit of Executive shall be the average of the daily closing price of the stock for each day within the past quarter. The closing price on Fridays will be used to determine the closing price for Saturdays and Sundays and the closing price on the last business day before a holiday that results in the closure of the financial markets will be used to determine the closing price for that holiday.

Deferred Compensation Payments. The Corporation shall begin payments under this Agreement within thirty (30) days after the Employee's Payment Date. Unless otherwise provided in Section 4, the amount of the payments shall be determined as follows: (a) If the Employee is an Officer described in Category A, an amount equal to two hundred percent (200%) of his Annual Compensation, payable in substantially equal monthly installments over a period of ten (10) years; (b) If the Employee is an Officer described in Category B, an amount equal to one hundred and fifty percent (150%) of his Annual Compensation, payable in substantially equal monthly installments over a period of ten (10) years; (c) If the Employee is an Officer described in Category C, an amount equal to one hundred percent (100%) of his Annual Compensation, payable in substantially equal monthly installments over a period of ten (10) years; Notwithstanding any contrary provision of this Agreement, no payment shall be made under this Agreement by reason of the death of the Employee as a result of suicide which occurs within two years of the date of the Prior Agreement. The provisions of the preceding sentence shall apply whether or not the Employee is sane at the time the suicide occurs. If the Employee dies while this Agreement is in effect, and: (i) at the time of his death, the Employee has not received all of the payments to which he is entitled under this Agreement; or (ii) payments under this Agreement begin because of the death of the Employee: Any payments otherwise due shall be paid by the Corporation to a beneficiary or beneficiaries designated by the Employee in accordance with the provisions of Section 4.

Deferred Compensation Payments. In recognition of Angel's activities in assisting Gaming in the issuance of the Notes, and subject to the provisions of Section 2 hereof, for each quarter beginning with the quarter ending September 30, 2012, Gaming agrees to pay to Angel on each Payment Date (as herein defined), based on Gaming's financial statements for the applicable quarter, 5% of: (a) amounts received by Gaming during the quarter from each and every source; minus (b) debts and obligations actually incurred by Gaming or Gaming Finance during the quarter in the ordinary course of their respective businesses, not including bonuses or any other form of compensation paid by Gaming and Gaming Finance to their respective officers, directors, shareholders, or partners, other than compensation paid to ▇▇▇ ▇▇▇▇▇▇ under his Employment Agreement with Gaming ("Deferred Compensation Payment").