Incentive Deferral Sample Clauses
The Incentive Deferral clause establishes that a portion of incentive compensation, such as bonuses or performance awards, will be withheld and paid out at a later date rather than immediately. Typically, this clause outlines the percentage or amount of the incentive to be deferred, the conditions under which the deferred amount will be paid (such as continued employment or achievement of specific goals), and any potential forfeiture scenarios. Its core practical function is to align employee interests with long-term organizational objectives and to manage risk by discouraging short-term decision-making that could harm the company.
Incentive Deferral. On March 1 following each Plan Year, the Company shall declare and pay the Incentive Award in the form of compensation and the Director shall defer such amount to the Deferral Account.
Incentive Deferral. As of December 31 of each year while this Agreement is in effect, the Bank shall declare the Incentive Award for the most recently completed Plan Year in the form of compensation and credit such amount to the Deferral Account.
Incentive Deferral. Within sixty (60) days following the end of each Plan Year, the Bank shall declare the Incentive Award for the most recently completed Plan Year and credit such amount to the Deferral Account. Effective on August 29, 2007, no further Incentive Awards shall be made under the Plan.
Incentive Deferral. On December 31 of each plan year, the Company shall defer the Incentive Award into the Deferral Account.
Incentive Deferral. As soon as practicable after December 31 of each Plan Year, the Bank shall calculate and declare the Incentive Award and the amount of such award to be deferred under this Agreement. A portion of the Incentive Award may, in the discretion of the Committee, be paid in cash to Executive within 75 days following the determination of the Incentive Award under this Agreement. The remainder (the "Incentive Deferral") shall be deferred as set forth below. Deferral of Incentive Awards under this Agreement is not elective, and all such Incentive Awards shall be deferred by the Executive to be paid pursuant to the terms of this Agreement. Provided, however, nothing contained herein will affect the payment of any other awards and/or bonuses due to Executive under any other agreement or writing. The Bank may discontinue Incentive Awards under this Agreement at any time, in its sole discretion, by giving notice to the Executive of its intent to discontinue or suspend Incentive Awards.