Common use of Payment of Deferred Compensation Clause in Contracts

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. A. At each the time an the election is made to defer receipt of Compensation, compensation; the Participant shall also make an election (attached to and made part of the Agreement) as to the method of distribution of amounts deferred (such election is attached and made part of this Agreement)deferred. 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 ten (1510). The method of distribution elected in any year shall be controlling for the entire Deferred Compensation Ledger Account and the current election shall supercede any prior election as to payment method. The Participant may elect to change the method of distribution for all or a portion of the Deferred Compensation benefit Ledger Account by written notice to the FundsPhoenix. Such election to change method of distribution shall become effective one in the year from following the date year 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, 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 If no such date is specified, payment shall be made upon the earliest of the date that the Participant ceases to be associated Participant's retirement, termination of employment with the Fund Phoenix, death or upon becoming permanently disabled as reasonably determined by the FundsPhoenix. Any amounts amount payable by reason of the Participant's death shall be paid in one lump sum to the Participant's beneficiary or beneficiaries designated by the Participant in Section III of this Agreementthe Election Form. C. At the sole discretion the Funds, if If the annual installment method is elected, Phoenix, in lieu of payments from the Deferred Compensation Ledger Accountits sole discretion, an amount equal to the balance to the credit of the Participant may elect that all amounts held in the Deferred Compensation Ledger Account may be withdrawn therefrom up to thirty (30) days prior to the first installment payment date and be applied to purchase a period certain annuity in the name of the Deferral Account AgentPhoenix, 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. A. At each time an election is made to defer receipt of Compensationa) In the event the Executive terminates his employment for whatever reason ("Termination Event"), the Participant shall also make an election Company will compute the balance in the Deferred Compensation Account as to of the method last day of distribution of amounts deferred the preceding month (such election is attached and made part of this Agreementthe "Ending Balance"). The method In the event that the Executive becomes disabled, his employment shall for these purposes be deemed to terminate on the first day of distribution the month which he 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). b) The Executive will elect the payment method for receiving his Ending Balance either in a lump sum or as annual installments in an indicated number of installments. This determination will be made at the time of execution of the agreement in section 2(e). Any amendment changing the payment method to defer income over a longer period of time must be made at least two years prior to a Termination Event to be considered effective. c) In the event the Executive chooses the installment option, he will inform the Company of the number of installment he wishes to receive. The installments will be paid quarterly (not to exceed fifteen (15). The Participant may elect to change 20 quarters)commencing with the method of distribution for all or a portion fifteenth day of the Deferred Compensation benefit by written notice quarter following the quarter in which the Executive's service with the Company terminates. Installments will then be paid on the fifteenth day of each succeeding calendar quarter until the Ending Balance and accrued interest has been paid. d) If the Executive dies prior to the Funds. Such election to change method of total 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 benefitEnding Balance, which the Company shall be pay an amount equal to the then current balance to the credit of the Participant including accrued interest 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, Such payment shall be made upon in a lump sum within 30 days following 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 ParticipantExecutive'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 FundsExecutive's Designated Beneficiary (as hereinafter defined). However, if the annual installment method Executive 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 married at the time of purchasedeath, the Executive may designate (at the time of entering this agreement) that the payments specified in 2(c) continue to the spouse. If such spouse dies before all payments are made, the procedures in 3(a) and 3(b) shall apply.