Common use of Payment of Deferred Compensation Clause in Contracts

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. At each the time an the election is made to defer receipt of Compensation, compensation; the Participant shall also make an election (attached to and made part of the Agreement) as to the method of distribution of amounts deferred (such election is attached and made part of this Agreement)deferred. 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 ten (1510). The method of distribution elected in any year shall be controlling for the entire Deferred Compensation Ledger Account and the current election shall supercede any prior election as to payment method. The Participant may elect to change the method of distribution for all or a portion of the Deferred Compensation benefit Ledger Account by written notice to the FundsPhoenix. Such election to change method of distribution shall become effective one in the year from following the date year 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, 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 If no such date is specified, payment shall be made upon the earliest of the date that the Participant ceases to be associated Participant's retirement, termination of employment with the Fund Phoenix, death or upon becoming permanently disabled as reasonably determined by the FundsPhoenix. Any amounts amount payable by reason of the Participant's death shall be paid in one lump sum to the Participant's beneficiary or beneficiaries designated by the Participant in Section III of this Agreementthe Election Form. C. At the sole discretion the Funds, if If the annual installment method is elected, Phoenix, in lieu of payments from the Deferred Compensation Ledger Accountits sole discretion, an amount equal to the balance to the credit of the Participant may elect that all amounts held in the Deferred Compensation Ledger Account may be withdrawn therefrom up to thirty (30) days prior to the first installment payment date and be applied to purchase a period certain annuity in the name of the Deferral Account AgentPhoenix, 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. At each time an election (a) On the earlier of (i) the date specified by the Executive in paragraph 2(i), (ii) the date the Executive has a separation from service for whatever reason and (iii) the date the Executive is made determined to defer receipt of Compensationsuffer a disability, the Participant Company shall also make an election compute the “Distributable Balance” in the Deferred Compensation Account. This Distributable Balance shall include (i) all bonus deferrals made through the current month and (ii) if the Executive has a separation from service as a result of retirement or death or is determined to suffer a disability, all Company Match amounts credited to the method of distribution of Deferred Compensation Account, or, if the Executive does not have a separation from service or has a separation from service for any other reason and is not determined to suffer a disability, the vested Company Match amounts deferred (such election is attached and made part credited to the Deferred Compensation Account in accordance with the vesting schedule in paragraph 1(b). For all purposes of this Agreement, the Executive shall be deemed to have a separation from service as a result of retirement if the Executive separates from service on or after attaining his or her Early or Normal Retirement Date under the Telephone and Data Systems, Inc. Pension Plan. (b) All payments of deferred compensation hereunder will be made in whole shares of common stock of the Company and cash equal to the Fair Market Value of any fractional share. (c) If the Executive becomes disabled, the Distributable Balance immediately shall become payable to the Executive in accordance with the Executive’s payment election in paragraph 2(g). The method of distribution A lump sum payment shall be either made or installment payments shall commence (as elected by the Executive in paragraph 2(g)) at the time set forth in paragraph 2(f). 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. (d) If the Executive dies prior to the total distribution of the Distributable Balance, the Company shall pay such Balance, 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(g) that, if the Executive is married at the time of death and designates his or her spouse as annual beneficiary, the installment payments specified in paragraph 2(g) immediately shall commence to be paid at the time set forth in paragraph 2(f) 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 remainder of the Distributable Balance 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). (e) The Executive must elect in paragraph 2(g) the payment method for receiving his/her Distributable Balance 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 Distributable Balance. (f) In the event the Executive chooses the installment option, the Executive must inform the Company of the number of installments of over a period of years he or she wishes to receive. The installments will be paid quarterly (not to exceed fifteen (15). The Participant may elect to change 40 quarters) commencing with the method of distribution for all or a portion fifteenth day 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 first month of the Deferred Compensation benefit, calendar quarter following the calendar quarter in which shall be an amount equal the Executive becomes entitled 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 (whether by reason of the Participant's Executive’s election of a Payment Date pursuant to paragraph 2(i) below or by reason of the Executive’s death or disability). Installments will then be paid on the fifteenth day of the first month of each succeeding calendar quarter until the entire Distributable Balance has been paid. For purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), the entitlement to a series of installment payments shall be paid in one treated as the entitlement to a single payment as of the date the first installment is scheduled to be paid. If the Executive chooses the lump sum to the beneficiary or beneficiaries designated by the Participant in Section III of this Agreement. C. At the sole discretion the Fundsoption, 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 such sum will be paid within forty-five (45) days after the date the Executive becomes entitled to payment. (g) Election for payment of 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.Distributable Balance (choose one option): i) x Lump sum distribution; or