Common use of Payment of Mandatorily Deferred Incentive Compensation Payments Clause in Contracts

Payment of Mandatorily Deferred Incentive Compensation Payments. To the extent not earlier paid in accordance with the terms and conditions of the governing plan documents, all amounts, if any, that had been determined to be payable to the Executive under any long term incentive compensation program, but the payment of which was mandatorily deferred under the terms and conditions of such governing documents, shall be paid (plus all earnings credited with respect thereto) in a single lump sum payment, as soon as practicable after the next succeeding valuation date under the applicable plans, but in no event later than the first March 15 following the Executive's Date of Termination.