Common use of Payments to the Executive Clause in Contracts

Payments to the Executive. (a) Company has delivered to Trustee a payment schedule attached hereto as Schedule A (the “Payment Schedule”), which Payment Schedule may be amended from time to time as provided in Section 12, indicating the amounts payable to the Executive, a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the SERP), and the time of commencement for payment of such amounts. Except as otherwise provided herein, Trustee shall make payments to the Executive in accordance with such Payment Schedule. The Trustee shall make provision for the reporting and withholding of any federal and state taxes that may be required to be withheld with respect to the payment of benefits pursuant to the SERP and shall pay amounts withheld to the appropriate taxing authorities or determine that such amounts have been reported, withheld and paid by Company. Payment will be made to the Executive’s beneficiary as set forth in the Payment Schedule respecting payments upon death, if the Executive dies before payment is due under the Payment Schedule. (b) The entitlement of the Executive to benefits under the SERP shall be determined by Company or such party as it shall designate under the SERP, and any claim for such benefits shall be considered and reviewed under the procedures, if any, set out in the SERP. (c) Company may make payment of benefits directly to the Executive as they become due under the terms of the SERP. Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to the Executive. In addition, if the principal of the Trust, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the SERP, Company shall make the remainder of each such payment as it falls due. Trustee shall notify Company if principal and earnings are not sufficient.