Common use of Payment of Deferred Compensation Clause in Contracts

Payment of Deferred Compensation. (a) In the event the Executive terminates his/her employment for whatever reason, the Company must compute the "Ending Balance" in the Deferred Compensation Account. This Ending Balance shall include all deferrals and interest as of the last day of the preceding month, and any deferrals made in the current month. In the event that the Executive becomes disabled, his/her employment shall for these purposes be deemed to terminate on the first day of the month in which he/she begins to receive long term disability payments provided by the Company's insurance carrier (thus, the Ending Balance shall be computed as of the preceding month). Payment of deferred compensation under these events will be in accordance with the Executive's payment method election in paragraph 2(e).

Payment of Deferred Compensation. (a) In the event the Executive terminates his/her employment for whatever reason, the Company must compute the "“Ending Balance" ” in the Deferred Compensation Account. This Ending Balance shall include all deferrals and interest as of the last day of the preceding month, and any deferrals made in the current month. In the event that the Executive becomes disabled, his/her employment shall for these purposes be deemed to terminate on the first day of the month in which he/she begins to receive long term disability payments provided by the Company's ’s insurance carrier (thus, the Ending Balance shall be computed as of the preceding month). Payment of deferred compensation under these events will be in accordance with the Executive's ’s payment method election in paragraph 2(e).