Payment of Deferred Amounts. Any portion of the base salary that is not paid to the Executive as a result of the limitation imposed by paragraph 1 above, together with interest accrued in accordance with paragraph 3 above (collectively, the "Deferred Amounts"), shall be paid to the Executive in full within 10 business days of the earlier of (i) the date on which his employment with the Company terminates for any reason or (ii) the occurrence of a "Change in Control" as defined in the Company's 1995 Stock Incentive Plan (or any successor plan); PROVIDED, HOWEVER, that all or any portion of the Deferred Amounts shall be paid to the Executive in any earlier fiscal year or fiscal years to the extent that (i) such amount, together with all other "applicable employee remuneration" for such fiscal year, would not be disallowed as a federal income tax deduction by the Company for such fiscal year because of the limitation imposed by Section 162(m), as determined in good faith by the Company in its sole discretion and (ii) the fiscal year of payment follows by at least one complete calendar year the fiscal year in which the base salary would have been paid to the Executive but for the provisions of this Agreement.
Payment of Deferred Amounts. Section 2.05 of the Agreement is hereby added as follows: “Payment of Deferred Amounts. Upon the occurrence of the Deferred Payment Termination Date, all Deferred Amounts shall be immediately due and payable in full in cash at the direction of the Majority Funds (or in the case of any Event of Default under clauses (e) or (f) of Article VIII hereof or any Deferral Termination Event occurring by the virtue of an event of default occurring under either clause (h) or clause (i) of Article VII of the Senior Credit Facility, immediately upon the occurrence of such Event of Default or Deferral Termination Event). In any event, all Deferred Amounts, to the extent not previously rendered due and payable pursuant to the terms of the immediately preceding sentence, shall be due and payable (without any action or direction from any Fund) in full in cash on December 31, 2011.”
Payment of Deferred Amounts. Section 2.05 of the Agreement is hereby added as follows:
Payment of Deferred Amounts. Upon the occurrence of the Deferred Payment Termination Date, all Deferred Amounts shall be immediately due and payable in full in cash at the direction of the Majority Funds (or in the case of any Event of Default under clauses (e) or (f) of Article VIII hereof or any Deferral Termination Event occurring by the virtue of an event of default occurring under either clause (h) or clause (i) of Article VII of the Senior Credit Facility, immediately upon the occurrence of such Event of Default or Deferral Termination Event). In any event, all Deferred Amounts, to the extent not previously rendered due and payable pursuant to the terms of the immediately preceding sentence, shall be due and payable (without any action or direction from any Fund) in full in cash on December 31, 2011.”
Payment of Deferred Amounts. Subject to the provisions of Paragraph 5 below, payment of the deferred salary and additional amounts credited to the Account as interest shall not commence to be made to the Employee until the Initial Disbursement Date (as defined herein) and shall be made in quarterly installments over a five-year period following the Initial Disbursement Date. The amount of each quarterly installment shall be computed by dividing the balance of the Account (including interest) by the number of installments remaining to be paid under the agreement. For purposes of this Deferred Compensation Agreement, the term “Initial Disbursement Date” shall be the date of the Employee’s termination of employment with Scholastic; provided, however, that if the Initial Disbursement Date is determined when the Employee is a “key employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, the first installment payment otherwise payable to the Employee hereunder shall be delayed by six calendar months.
Payment of Deferred Amounts. The amount deferred pursuant to the election, plus or minus any earnings or losses thereon pursuant to Subsection (c) hereof (the "Deferred Amount"), will be paid to the Participant (or, in the event of the Participant's death, the person or estate determined under Section 9 hereof), on the date(s) and in the manner selected by the Participant on the payment deferral form prescribed by the Committee. Upon termination of employment other than on account of death, Disability or Retirement, the amount deferred pursuant to the election will ordinarily be paid to the Participant in a lump sum within sixty (60) days of such termination, however, the Committee may, in its sole discretion, choose to defer payment until the time previously elected by such Participant pursuant to this Section 8.
Payment of Deferred Amounts. The Corporation shall pay the following benefits as deferred compensation to the Employee (unless they are forfeited by the occurrence of any of the events of forfeiture specified in paragraph 3(b) below) as follows:
Payment of Deferred Amounts. Upon the occurrence of a Deferral Termination Event, all Deferred Amounts shall be due and payable at the direction of the Required Lenders (or in the case of any Deferral Termination Event occurring by virtue of an Event of Default occurring under either clause (h) or clause (i) of Article VII immediately upon the occurrence of such Deferral Termination Event). For the avoidance of doubt, all Deferred Amounts, to the extent not previously due and payable pursuant to the terms of the immediately preceding sentence, shall be due and payable on December 31, 2011 (or such later date as may be agreed to by the Supermajority Lenders and the Company but in no event to be later than the Maturity Date).
Payment of Deferred Amounts. Amounts in cash equal to the value(s) of the Director's Aon General Account, as determined above, shall be payable to the Director as specified on the Election Form. Distributions from the Aon Common Stock Account may be made in cash, in Aon Common Stock, or in a combination of cash and Aon Common Stock.
