Payment of Deferred Compensation Sample Clauses

Payment of Deferred Compensation a. Except as provided in Section 6, after a Deferred Compensation Unit vests, no payment shall be made with respect to the Deferred Compensation Unit until the occurrence of a Triggering Event. Except as provided in Section 4(b), within sixty (60) days after any Triggering Event, the Company shall pay to Executive, in cash or other immediately payable funds, an amount (the "Triggered Deferred Compensation Amount") equal to the excess of: i) the product obtained by multiplying (1) the value of a Deferred Compensation Unit as of the Triggering Event, determined in accordance with Section 5; by (2) the lesser of (a) the number of remaining vested Deferred Compensation Units credited to Executive's Deferred Compensation Account determined immediately prior to the Triggering Event; and (b) the number of Stock Shares as to which the Triggering Event has occurred; over ii) the product obtained by multiplying (1) the sum of the respective quotients obtained by dividing (a) each amount that has been paid to Executive, pursuant to Section 6(a), as an Accelerated DCA Payment (as defined in Section 6(a)), or that would have been so paid but for the operation of Section 6(b), by (b) the number of shares of Class B Common Stock issued or issuable under the Company's 2001 Stock Incentive Plan ("Plan Shares") constituting the numerator of the fraction referred to in clause (a)(ii) of Section 6 used to compute such amount; by (2) the lesser of: (a) the number of remaining vested Deferred Compensation Units credited to Executive's Deferred Compensation Account determined immediately prior to the Triggering Event; and (b) the number of Stock Shares as to which the Triggering Event has occurred. b. Notwithstanding Section 4(a), (i) in the event that the payment hereunder would impair the Company's cash flow, as reasonably determined by the Board in its sole discretion (which may take into account, without limitation, other deferred compensation payments under other deferred compensation agreements) or (ii) to the extent required by any credit agreement or similar instrument, in lieu of paying the entire Triggered Deferred Compensation Amount in a single payment, the Company may elect to pay the Triggered Deferred Compensation Amount in equal installments over a period not exceeding five years, with installment payments being made not less frequently than annually and the first installment payment being made not later than 60 days after the Triggering Event; provided, however,...

Payment of Deferred Compensation. Except as provided below, the Deferred Compensation shall be paid in monthly installments over the 12 months following the event giving rise to a Deferred Compensation. If such termination is a result of the death of Executive, the initial Deferred Compensation shall be made within 15 days after the personal representative of Executive's estate notifies the Company that Letters of Administration have been filed in the probate proceeding. The Company shall have the option at all times during the term of this Agreement to maintain key man life insurance on Executive's life to cover the cost of any Deferred Compensation due to Executive. If such key man life insurance is maintained, and the Deferred Compensation is due as a result of Executive's death, the Deferred Compensation shall be paid 100% in cash upon Executive's death. The Bonus Deferred Compensation shall be paid in a single lump sum within 90 days of the end of the year in which Executive's employment is terminated.

Payment of Deferred Compensation. A. At each time an election is made to defer receipt of Compensation, the Participant shall also make an election as to the method of distribution of amounts deferred (such election is attached and made part of this Agreement). The method of distribution shall be either in a lump sum or as annual installments of over a period of years not to exceed fifteen (15). The Participant may elect to change the method of distribution for all or a portion of the Deferred Compensation benefit by written notice to the Funds. Such election to change method of distribution shall become effective one year from the date such election is made, provided the Participant remains an eligible participant during such period. It is hereby provided, however, that the Funds, in their sole discretion, may elect to waive the one-year waiting period for changes in method of distribution. If the annual installment method is elected, no change in the number or timing of such installments shall be permitted after such installments have commenced. B. The payment of the Deferred Compensation benefit, which shall be an amount equal to the balance to the credit of the Participant in the Deferred Compensation Ledger Account, shall be made or commence to be made in accordance with the manner elected by the Participant not later than 30 days after the payment date specified in the Payment Election Form. Notwithstanding the payment date elected, or if no such date is specified, payment shall be made upon the earliest of the date that the Participant ceases to be associated with the Fund or upon becoming permanently disabled as reasonably determined by the Funds. Any amounts payable by reason of the Participant's death shall be paid in one lump sum to the beneficiary or beneficiaries designated by the Participant in Section III of this Agreement. C. At the sole discretion the Funds, if the annual installment method is elected, in lieu of payments from the Deferred Compensation Ledger Account, an amount equal to the balance to the credit of the Participant in the Deferred Compensation Ledger Account may be applied to purchase a period certain annuity in the name of the Deferral Account Agent, the proceeds of which will be paid to the Participant in accordance with the installment payment schedule elected. Such annuity will be based on Phoenix Life Insurance Company's current purchase rates for individual annuities in effect at the time of purchase.

Payment of Deferred Compensation. (a) If the Executive becomes disabled, the Company shall pay the Deferred Compensation Account to the Executive in accordance with the Executive’s payment election in paragraph 2(e). A lump sum payment shall be made or installment payments shall commence (as elected by the Executive in paragraph 2(e)) within forty-five (45) days following the date the Company verifies such disability. For purposes of this Agreement, an Executive shall be deemed to be disabled if the Executive (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan of the Company or one of its affiliates. (b) If the Executive dies prior to the total distribution of the Deferred Compensation Account, the Company shall pay such Account, in a lump sum within forty-five (45) days following the Executive’s death, to the Executive’s Designated Beneficiary (as hereinafter defined). However, the Executive may designate in paragraph 2(e) that, if the Executive is married at the time of death, the installment payments specified in paragraph 2(e) shall commence to be paid within forty-five (45) days following the Executive’s death or, if previously being paid to the Executive, shall continue to be paid to the surviving spouse after the Executive’s death. If such spouse dies before all payments are made, the balance of the Deferred Compensation Account shall be paid in a lump sum within forty-five (45) days following the spouse’s death in accordance with any secondary beneficiary designations of the Executive or, if no Designated Beneficiary is then living, as provided in paragraph 3(b). (c) The Executive must elect in paragraph 2(e) the payment method for receiving his/her Deferred Compensation Account in either a lump sum or in an indicated number of installments. This determination must be made at the time of execution of the Agreement and will apply to the entire Deferred Compensation Account. (d) In the event the Executive chooses the installment option, the Executive must inform the Company of th...

Payment of Deferred Compensation. The Deferred Compensation shall be paid in the manner set forth in Section 2.B and 2. C below on the earliest to occur of (i) ▇▇▇▇▇ ▇, ▇▇▇▇, (▇▇) the Director’s Separation from Service, or (iii) the Director’s death. Notwithstanding the foregoing, upon the Director’s Separation from Service prior to April 1, 2012 due to (A) the Director’s voluntary resignation that is other than a Resignation for Good Reason or (B) Cause, the Director shall forfeit and shall not be entitled to receive payment of his Deferred Compensation.

Payment of Deferred Compensation. Except as provided below, the Deferred Compensation shall be paid in monthly installments over the 12 months following the event giving rise to a Deferred Compensation.

Payment of Deferred Compensation. Notwithstanding anything contained herein to the contrary, to the extent the Executive is deemed a “key employee” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended, and notwithstanding any contrary provision which exists in any of the Company’s deferred compensation plans, any distribution of deferred compensation to the Executive will be delayed for a period of 6 months after the Termination Date as required by Section 409A of the Internal Revenue Code of 1986, as amended.

Payment of Deferred Compensation. Subject to the conditions hereinafter set forth, the deferred compensation accrued hereunder and shown to Officer’s credit on the books of the Company shall be payable after Officer’s separation from service for any reason whatsoever. Officer shall generally be deemed to have experienced a separation from service on the date Officer dies, retires, or otherwise has a termination of employment with the Company. Officer may elect the form of payment of his/her account, in one of the following two alternatives: a. Payment may be made in annual periodic payments for specified number of years, not fewer than one (1) nor in excess of twenty (20), with the first payment to be made one (1) year from the date of Officer’s separation from service and subsequent payments to be made on the same date of each succeeding year. During such period, Officer’s bookkeeping account shall continue to be credited with interest at the Interest Equivalent Rate on a monthly basis pursuant to the procedures described in Section 1 above. Each installment payment shall be in an amount equal to the amount shown to Officer’s credit on the books of the Company as of the last day of the month preceding the month in which the payment is made, multiplied by a fraction the numerator of which is one (1) and the denominator of which is the number of payments remaining (including the current payment). b. Complete payment may be made in a lump sum paid one (1) year from the date of Officer’s separation from service. Officer’s election pursuant to this paragraph must be made as of the Effective Date pursuant to a Distribution Election form provided by the Company and, except as provided below, shall be irrevocable. In the absence of an election, payment shall be made in the form of a lump sum. Officer may change his/her distribution election regarding the timing or form of payment only if any such change is (a) made at least twelve (12) months before the first payment is scheduled to commence, and (b) such change results in each payment being made no earlier than five (5) years after such payment was scheduled to begin under the prior election. For purposes of applying the requirements above, the right of Officer to receive his/her account in installment payments shall, as provided in Section 409A of the Internal Revenue Code (hereinafter “Section 409A”), be treated as the entitlement to a single payment. All payments shall be paid to Officer if living, or if not living, to his/her designated bene...

Payment of Deferred Compensation. All payments of deferred compensation referred to in this Section 8 shall be paid at the time and in the manner provided for under the applicable deferred compensation plan; provided, however, that notwithstanding anything contained herein or in any deferred compensation arrangement to the contrary, to the extent the Executive is deemed a "key employee" for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), and notwithstanding any contrary provision which exists in any of the Company's deferred compensation plans, any payment of deferred compensation to the Executive under any deferred compensation arrangement shall be delayed for a period of six (6) months after the Executive's separation from service to the extent required by Section 409A of the Code. The six (6)-month delay shall not apply to any severance payment paid pursuant to Section 8(c)(i), which is intended to be exempt from Section 409A of the Code pursuant to the short-term deferral exemption under Treas. Reg. §1.409A-1(b)(4).