Payment of Deferred Compensation. Any compensation that has been earned by the Executive but is unpaid as of the Termination Date, including any compensation that has been earned but deferred pursuant to the Company's Deferred Compensation Plan or otherwise, shall be paid in full to the Executive on the Termination Date.
Payment of Deferred Compensation. Except as provided below, the Deferred Compensation shall be paid in monthly installments over the 12 months following the event giving rise to a Deferred Compensation. If such termination is a result of the death of Executive, the initial Deferred Compensation shall be made within 15 days after the personal representative of Executive's estate notifies the Company that Letters of Administration have been filed in the probate proceeding. The Company shall have the option at all times during the term of this Agreement to maintain key man life insurance on Executive's life to cover the cost of any Deferred Compensation due to Executive. If such key man life insurance is maintained, and the Deferred Compensation is due as a result of Executive's death, the Deferred Compensation shall be paid 100% in cash upon Executive's death. The Bonus Deferred Compensation shall be paid in a single lump sum within 90 days of the end of the year in which Executive's employment is terminated.
Payment of Deferred Compensation. A. At each time an election is made to defer receipt of Compensation, the Participant shall also make an election as to the method of distribution of amounts deferred (such election is attached and made part of this Agreement). The method of distribution shall be either in a lump sum or as annual installments of over a period of years not to exceed fifteen (15). The Participant may elect to change the method of distribution for all or a portion of the Deferred Compensation benefit by written notice to the Funds. Such election to change method of distribution shall become effective one year from the date such election is made, provided the Participant remains an eligible participant during such period. It is hereby provided, however, that the Funds, in their sole discretion, may elect to waive the one-year waiting period for changes in method of distribution. If the annual installment method is elected, no change in the number or timing of such installments shall be permitted after such installments have commenced.
B. The payment of the Deferred Compensation benefit, which shall be an amount equal to the balance to the credit of the Participant in the Deferred Compensation Ledger Account, shall be made or commence to be made in accordance with the manner elected by the Participant not later than 30 days after the payment date specified in the Payment Election Form. Notwithstanding the payment date elected, or if no such date is specified, payment shall be made upon the earliest of the date that the Participant ceases to be associated with the Fund or upon becoming permanently disabled as reasonably determined by the Funds. Any amounts payable by reason of the Participant's death shall be paid in one lump sum to the beneficiary or beneficiaries designated by the Participant in Section III of this Agreement.
C. At the sole discretion the Funds, if the annual installment method is elected, in lieu of payments from the Deferred Compensation Ledger Account, an amount equal to the balance to the credit of the Participant in the Deferred Compensation Ledger Account may be applied to purchase a period certain annuity in the name of the Deferral Account Agent, the proceeds of which will be paid to the Participant in accordance with the installment payment schedule elected. Such annuity will be based on Phoenix Life Insurance Company's current purchase rates for individual annuities in effect at the time of purchase.
Payment of Deferred Compensation. The Deferred Compensation shall be paid in the manner set forth in Section 2.B and 2. C below on the earliest to occur of (i) Xxxxx 0, 0000, (xx) the Director’s Separation from Service, or (iii) the Director’s death. Notwithstanding the foregoing, upon the Director’s Separation from Service prior to April 1, 2012 due to (A) the Director’s voluntary resignation that is other than a Resignation for Good Reason or (B) Cause, the Director shall forfeit and shall not be entitled to receive payment of his Deferred Compensation.
Payment of Deferred Compensation a. Except as provided in Section 6, after a Deferred Compensation Unit vests, no payment shall be made with respect to the Deferred Compensation Unit until the occurrence of a Triggering Event. Except as provided in Section 4(b), within sixty (60) days after any Triggering Event, the Company shall pay to Executive, in cash or other immediately payable funds, an amount (the "Triggered Deferred Compensation Amount") equal to the excess of:
i) the product obtained by multiplying
(1) the value of a Deferred Compensation Unit as of the Triggering Event, determined in accordance with Section 5; by
(2) the lesser of
(a) the number of remaining vested Deferred Compensation Units credited to Executive's Deferred Compensation Account determined immediately prior to the Triggering Event; and
(b) the number of Stock Shares as to which the Triggering Event has occurred; over
ii) the product obtained by multiplying
(1) the sum of the respective quotients obtained by dividing
(a) each amount that has been paid to Executive, pursuant to Section 6(a), as an Accelerated DCA Payment (as defined in Section 6(a)), or that would have been so paid but for the operation of Section 6(b), by
(b) the number of shares of Class B Common Stock issued or issuable under the Company's 2001 Stock Incentive Plan ("Plan Shares") constituting the numerator of the fraction referred to in clause (a)(ii) of Section 6 used to compute such amount; by
(2) the lesser of:
(a) the number of remaining vested Deferred Compensation Units credited to Executive's Deferred Compensation Account determined immediately prior to the Triggering Event; and
(b) the number of Stock Shares as to which the Triggering Event has occurred.
b. Notwithstanding Section 4(a), (i) in the event that the payment hereunder would impair the Company's cash flow, as reasonably determined by the Board in its sole discretion (which may take into account, without limitation, other deferred compensation payments under other deferred compensation agreements) or (ii) to the extent required by any credit agreement or similar instrument, in lieu of paying the entire Triggered Deferred Compensation Amount in a single payment, the Company may elect to pay the Triggered Deferred Compensation Amount in equal installments over a period not exceeding five years, with installment payments being made not less frequently than annually and the first installment payment being made not later than 60 days after the Triggering Event; provided, however,...
Payment of Deferred Compensation. (a) On the earlier of (i) the date specified by the Executive in paragraph 2(i), (ii) the date the Executive has a separation from service for whatever reason and (iii) the date the Executive is determined to suffer a disability, the Company shall compute the “Distributable Balance” in the Deferred Compensation Account. This Distributable Balance shall include (i) all bonus deferrals made through the current month and (ii) if the Executive has a separation from service as a result of retirement or death or is determined to suffer a disability, all Company Match amounts credited to the Deferred Compensation Account, or, if the Executive does not have a separation from service or has a separation from service for any other reason and is not determined to suffer a disability, the vested Company Match amounts credited to the Deferred Compensation Account in accordance with the vesting schedule in paragraph 1(b). For all purposes of this Agreement, the Executive shall be deemed to have a separation from service as a result of retirement if the Executive separates from service on or after attaining his or her Early or Normal Retirement Date under the Telephone and Data Systems, Inc. Pension Plan.
(b) All payments of deferred compensation hereunder will be made in whole shares of common stock of the Company and cash equal to the Fair Market Value of any fractional share.
(c) If the Executive becomes disabled, the Distributable Balance immediately shall become payable to the Executive in accordance with the Executive’s payment election in paragraph 2(g). A lump sum payment shall be made or installment payments shall commence (as elected by the Executive in paragraph 2(g)) at the time set forth in paragraph 2(f). For purposes of this Agreement, an Executive shall be deemed to be disabled if the Executive (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan of the Company or one of its affiliates.
(d) If the Executive dies prior to the total distribution of the D...
Payment of Deferred Compensation. Except as provided below, the Deferred Compensation shall be paid in monthly installments over the 12 months following the event giving rise to a Deferred Compensation.
Payment of Deferred Compensation. Notwithstanding anything contained herein to the contrary, to the extent the Executive is deemed a “key employee” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended, and notwithstanding any contrary provision which exists in any of the Company’s deferred compensation plans, any distribution of deferred compensation to the Executive will be delayed for a period of 6 months after the Termination Date as required by Section 409A of the Internal Revenue Code of 1986, as amended.
Payment of Deferred Compensation. All payments of deferred compensation referred to in this Section 8 shall be paid at the time and in the manner provided for under the applicable deferred compensation plan; provided, however, that notwithstanding anything contained herein or in any deferred compensation arrangement to the contrary, to the extent the Executive is deemed a "key employee" for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"), and notwithstanding any contrary provision which exists in any of the Company's deferred compensation plans, any payment of deferred compensation to the Executive under any deferred compensation arrangement shall be delayed for a period of six (6) months after the Executive's separation from service to the extent required by Section 409A of the Code. The six (6)-month delay shall not apply to any severance payment paid pursuant to Section 8(c)(i), which is intended to be exempt from Section 409A of the Code pursuant to the short-term deferral exemption under Treas. Reg. §1.409A-1(b)(4).
Payment of Deferred Compensation. Notwithstanding anything contained herein or in any deferred compensation arrangement to the contrary, to the extent the Executive is deemed a "key employee" for purposes of Section 409A of the Code, and notwithstanding any contrary provision which exists in any of the Company's deferred compensation plans, any payment of deferred compensation to the Executive under this Agreement or any other deferred compensation arrangement shall be delayed for a period of six (6) months after the Termination Date to the extent required by Section 409A of the Code. For purposes of determining whether any payment of deferred compensation is subject to the six (6)-month delay, each payment under this Agreement shall be considered a separate payment. The six (6)-month delay shall not apply to any payments that are exempt from Section 409A of the Code, including, without limitation, any payments that are exempt under the short-term deferral exemption under Treas. Reg. §1.409A-1(b)(4). The Company and the Executive intend that the Severance Payment provided under Section 5(a) qualify for the short-term deferral exemption, and therefore it shall not be subject to the six (6)-month delay.
