Deferred Compensation Benefits. 1.1 Commencing on the first Business Day of any Compensation Period, and continuing on the first Business Day of each of the following months until the end of such Compensation Period, the Company shall pay Executive a Monthly Executive Deferred Compensation Benefit under this Agreement. The Monthly Executive Deferred Compensation Benefit shall be computed according to the following formula: Monthly Executive Deferred Compensation Benefit = VF (AF (S/M)) where "S" equals the sum of all of the amounts paid to Executive as Salary during Executive's last 60 months of employment with the Company (or, if Executive was an employee of the Company for less than 60 months, during all of Executive's months of employment with the Company), "M" is the number of months in the period of consecutive months used in the computation of S, "AF" is Executive's Accrual Factor, and "VF" is Executive's Vesting Factor.
1.2 For the purposes of paragraph 1.1, a month of employment shall be any calendar month during which Executive has been a full-time employee of the Company at all times. In computing the number of months during which Executive was employed by the Company preceding a Compensation Period, periods of normal paid vacation or of paid leave, of whatever type, shall be treated as periods during which Executive was a full-time employee of the Company. Any unpaid leave of absence taken by Executive with the Company's consent shall be treated (a) as beginning on the first day of the calendar month in which it actually began and ending on the last day of the calendar month in which it actually ended, and (b) as a period during which Executive was not a full-time employee of the Company.
1.3 Except as otherwise provided in this Agreement, Executive's "Accrual Factor" shall be determined under the following table: Years of Service Accrual Factor ------------------------------------------------------- 1 5% 2 10% 3 15% 4 20% 5 25% 6 30% 7 35% 8 40% 9 45% 10 50% 11 55% 12 60% 13 65% 14 70% 15 or more 75% For the purpose of determining Executive's Accrual Factor under the above table, a "Year of Service" shall be any calendar year during which Executive is or was actually employed by the Company as a full-time employee for at least 40 weeks. For the purpose of the preceding sentence, any calendar week shall be treated as a week of full-time employment if Executive was a full-time employee of the Company on any day during such week.
Deferred Compensation Benefits. The Company may enter into one or more deferred compensation arrangements with the Officer to provide for certain supplemental nonqualified cash benefits in such amounts and on such terms and conditions as the parties may agree.
Deferred Compensation Benefits. In response to the American Jobs Creation Act of 2004 (“AJCA”), paragraph 11 of the Agreement is amended to read as follows. All amounts deferred under paragraph 11 on or before December 31, 2004 and earnings thereon shall continue to remain deferred, and shall continue to accrue interest, on the same terms and at the same rate, as existed on December 31, 2004, except as specifically provided below.
(a) To induce the Executive to remain in the employ of the Company and in consideration and recognition of the services heretofore and hereafter to be rendered by the Executive and Executive’s covenants contained herein, the Company hereby agrees to provide the Executive with a deferred compensation benefit (“Deferred Compensation Benefit”). For so long as Executive was a full time employee of the Company, on each anniversary of the date of this Agreement prior to December 31, 2004, the Company credited to the Deferred Compensation Benefit for the period an amount equal to sixteen percent (16%) of the Executive’s Base Salary during the year or other period ending on such date. The Company shall credit interest at the rate of eight percent (8%) per annum from the date on which each amount is credited to the Deferred Compensation Benefit. The Executive’s initial Deferred Compensation Benefit shall also include the total Supplemental Retirement Benefit previously accrued by the Executive under a prior version of this Agreement with the Company’s subsidiary, Xxxxxx North America, Inc.
(b) The aggregate amount of the Deferred Compensation Benefit shall be payable at the time or time elected by the Executive. If the Executive fails to elect a time for payment, the Deferred Compensation Benefit shall be paid at the earlier of the Executive’s death or the termination of the Executive’s employment with the Company. The Executive may change the time for payment of the Deferred Compensation Benefit by filing a new election with the Company, provided that any election shall not be effective until six months after it is filed with the Company.
(c) The Executive shall determine the form of payment of the Deferred Compensation Benefit from one of the following forms, except as provided in (d) below:
(1) A single lump-sum payment in cash to the Executive or his designated beneficiary.
(2) Payments made to the Executive or his designated beneficiary in equal monthly installments for a period of years.
(d) The Company shall make all payments pursuant to the election of the Execu...
Deferred Compensation Benefits. The Bank may enter into a deferred compensation arrangement with the Officer to provide for certain supplemental nonqualified cash benefits in such amounts and on such terms and conditions as the parties may agree.
Deferred Compensation Benefits. The Employee shall become entitled to ------------------------------ the amount described in this Section 5 only in the event that the Employee incurs a termination of employment for any reason prior to January 1, 2001. The benefit amount ("Benefit Amount") payable under this Agreement will be equal to the fair market value ("Value"), determined as of the date of the Employee's termination of employment: (1) of all unvested restricted common shares of beneficial interest, $.01 par value per share, of EQR ("Unvested Restricted Shares") granted to the Employee in exchange for common shares of EWR under the terms of the Employment Agreement and (2) all Unvested Restricted Shares granted to the Employee in payment of the Employee's 1997 bonus with EWR. The Value shall be calculated using the latest closing price of common shares of beneficial interest of EQR reported on the New York Stock Exchange.
Deferred Compensation Benefits monthly retirement allowance payable as long as he shall live, with each such monthly retirement allowance equal to one-twelfth of the difference between item one below and item two below:
Deferred Compensation Benefits. In consideration of the covenants contained herein, Company agrees to provide deferred compensation benefits to Employee, in addition to all other such benefits provided to Employee by Company, in the amount set forth in Schedule A under the column Annual Benefit Upon Termination for the age specified in said schedule (the “Benefit Amount”), upon the termination of his employment. The Benefit Amount shall be paid for seven (7) consecutive years. If Employee dies prior to the commencement of payment of the Benefit Amount, the Company agrees to provide benefits in the amount set forth in Schedule A under the column Pre-retirement Annual Death Benefit (the “Death Benefit Amount”)for the age specified in said schedule upon his death. The Death Benefit Amount shall be paid for seven (7) consecutive years commencing within ninety (90) days of the receipt of a death certificate. If Employee dies after he has commenced drawing the Benefit Amount, then said benefits shall continue to be paid for the balance of the seven (7) year period to his named beneficiary. If Employee is still employed by Company on his sixtieth (60th) birthday, then Company shall commence paying the Benefit Amount on his sixtieth (60th) birthday. Provided, however, if Employee’s employment is Terminated for Cause as defined in Section 1, then Company shall be released from its duty to pay the benefits contemplated in this section.
Deferred Compensation Benefits. In consideration of the covenants contained herein, Company agrees to provide deferred compensation benefits to Employee, in addition to all other such benefits provided to Employee by Company, in the amount set forth in Schedule A under the column “Annual Benefit Upon Termination” for the age specified in said schedule (the “Benefit Amount”), upon Separation from Service. With respect to a Change in Control as defined in Section 1, Employee will be entitled to the benefits in the amount set for the in Schedule A for the year in which the Change in Control occurs under the column “Change in Control Annual Benefit” (the “Change in Control Benefit Amount”). The Benefit Amount shall be paid in twelve (12) equal monthly installments for seven (7) consecutive years. If Employee dies prior to the commencement of payment of the Benefit Amount, the Company agrees to provide benefits in the amount set forth in Schedule A under the column Preretirement Annual Death Benefit (the “Death Benefit Amount”)for the age specified in said schedule upon his death. The Death Benefit Amount shall be paid for seven (7) consecutive years commencing within ninety (90) days of the receipt of a death certificate. If Employee dies after he has commenced drawing the Benefit Amount, then said benefits shall continue to be paid for the balance of the seven (7) year period to his named beneficiary. If Employee is still employed by Company on his sixtieth (60th) birthday, then Company shall commence paying the Benefit Amount on his sixtieth (60th) birthday. Provided, however, if Employee’s employment is Terminated for Cause as defined in Section 1, then Company shall be released from its duty to pay the benefits contemplated in this section.
Deferred Compensation Benefits. The corporation agrees that, commencing ------------------------------ with the date of the Employee's retirement at age 65, he shall be entitled to receive from the Corporation the sum of Ten Thousand Dollars ($10,000.00) per year, payable in monthly installments, for a period of ten (10) years immediately following the date of such retirement or until his death, whichever first occurs. If the Employee should die during said ten-year period, the sum of Ten Thousand Dollars ($10,000.00) per year shall be payable to such individual or individuals as the Employee shall have designated in writing filed with and approved by the Corporation, or in the absence of such designation, to the estate of the Employee, until the expiration of said ten-year period.
Deferred Compensation Benefits. To achieve the purpose of the Plan, the Company agrees to pay each Executive deferred compensation in the following amount:
a. Two and one-half (2 1/2) times the Executive’s annual salary at the time of death, excluding bonuses and other additional compensation, upon the death of the Executive prior to age 70 during active employment with the Company, if death is due to other than accidental causes; or
b. Five (5) times the Executive’s annual salary at the time of death, excluding bonuses and other additional compensation, upon the death of the Executive prior to age 70 during active employment with the Company, if death is due to accidental causes.
