Deferred Compensation Plan Benefits. Executive will be entitled to his vested account balance under the Deferred Compensation Plan. The Company shall, through action of the Compensation Committee of the Board of Directors, fully vest Executive’s accounts balance under the Deferred Compensation Plan and, effective eight (8) calendar days after this Agreement is signed by Executive, to make an additional contribution of One Hundred Forty Seven Thousand Six Hundred Eighty Four Dollars ($147,684.00) to Executive’s account under the Deferred Compensation Plan, which amount shall be fully vested when contributed. Actual vested Company Contributions for Retirement and Restoration Match shall be determined as of the Retirement Date and will be payable based on the Executive’s termination election on records with the Plan Administrator and provided for in the 2005 Executive Deferred Compensation Plan provisions. Executive will receive this payment at the time specified in the Deferred Compensation Plan, but not before July 1, 2008, as required by Code Section 409A(2)(B)(i). In addition, Executive shall be entitled to receive a distribution of his accrued benefits under the Company’s Supplemental Executive Retirement Plan for Senior Officers, which shall be paid in accordance with the terms of such plan.
Deferred Compensation Plan Benefits. The Employee will remain a participant in the Company’s Consolidated Employee Savings and Investment Plan and Key Employee Savings and Investment Plan during the term of this Agreement, except that (a) after December 31, 2008 there will be no additional Employee deferrals or Company matching contributions under such plans, (b) the Employee’s pre-2005 balance in the Key Employee Savings and Investment Plan will be paid to the Employee in a lump sum after the Board of Directors approves this Agreement, and (c) the post-2004 balance in such plan shall be paid to the Employee after July 1, 2009.
Deferred Compensation Plan Benefits. Any right to receive a vested benefit under the Xxxxxxx Dynamics Nonqualified Deferred Compensation Plan (and the timing of payment of any such benefit) shall be governed by and administered in accordance with the terms of such plan and Bob’s distribution elections thereunder. For clarity, Bob’s deferred compensation as of December 31, 2023, is: $692,994.
