Payment of Amounts Deferred and Vested Clause Samples
The "Payment of Amounts Deferred and Vested" clause defines when and how deferred compensation or benefits that have become vested are to be paid out to an individual. Typically, this clause outlines the specific events or dates that trigger payment, such as retirement, termination of employment, or reaching a certain age, and may specify the form of payment, such as a lump sum or installments. Its core practical function is to provide clarity and predictability regarding the timing and method of distributing deferred and vested amounts, thereby preventing disputes and ensuring both parties understand their rights and obligations.
Payment of Amounts Deferred and Vested. Subject to the terms of this Agreement, amounts credited to the Executive’s Deferred Compensation Account will be paid to the Executive (or the Executive’s designated beneficiary if the Executive dies before payment), subject to applicable withholding taxes on, or as soon as practicable after, the date the Executive separates from service with the Company (as defined in Treas. Reg. section 1.409A-1(h)) but in no event later than the end of the calendar year in which Executive separates from service or, if later, the 15th day of the third month following the date the Executive separates from service. The Company, in its sole discretion, may provide an investment facility for all or a portion of such deferred amounts, but is not required to do so.
Payment of Amounts Deferred and Vested. Subject to Section 6(j), amounts credited to the Executive’s Deferred Compensation Account will be paid to the Executive (or the Executive’s designated beneficiary if the Executive dies before payment), subject to applicable withholding taxes on, or as soon as practicable after, the date the Executive separates from service with the Company (as defined in Treas. Reg. section 1.409A-1(h)). The Company, in its sole discretion, may provide an investment facility for all or a portion of such deferred amounts, but is not required to do so.
Payment of Amounts Deferred and Vested. Subject to Section 6(l), amounts credited to the Executive's Deferred Compensation Account will be paid to the Executive (or the Executive's designated beneficiary if the Executive dies before payment), subject to applicable withholding taxes on, or as soon as practicable after, the date the Executive separates from service with the Company (as defined in Treas. Reg. section 1.409A-1(h)). The Non-Deductible Amount will be paid at the earliest date at which the Company reasonably expects that the deduction will not be limited or eliminated by Code section 162(m). The Company, in its sole discretion, may provide an investment facility for all or a portion of such deferred amounts, but is not required to do so.