Voluntary Deferral. (a) Subject to applicable law, the Participant may elect to defer receipt of the payment of all or any portion of the Stock Units until the date on which the Participant’s service on the Board of Directors of Northern terminates. Any such election would likewise apply to the Dividend Equivalents payable with respect to such deferred Stock Units. Deferred Dividend Equivalents shall be credited to a cash account with respect to the Stock Units (“Cash Account”) maintained by Northern on its books in the name of the Participant. Until the entire balance of a Cash Account has been paid to the Participant or to the Participant’s Beneficiaries (as defined in Paragraph 6), such balance shall be adjusted on the last day of each calendar quarter to reflect accrued interest on such balance based on the rate of interest determined from time to time by the Committee.
Appears in 2 contracts
Samples: 2007 Director Stock Agreement (Northern Trust Corp), 2006 Director Stock Agreement (Northern Trust Corp)
Voluntary Deferral. (a) Subject to applicable law, the Participant may elect to defer receipt of the payment of all or any portion of the Stock Units until the date on which the Participant’s service on the Board of Directors of Northern terminatesParticipant incurs a Separation from Service, as defined in clause (c) below. Any such election would shall likewise apply to the Dividend Equivalents payable with respect to such deferred Stock Units. Deferred Dividend Equivalents shall be credited to a cash account with respect to the Stock Units (“Cash Account”) maintained by Northern on its books in the name of the Participant. Until the entire balance of a Cash Account has been paid to the Participant or to the Participant’s Beneficiaries (as defined in Paragraph 6), such balance shall be adjusted on the last day of each calendar quarter to reflect accrued interest on such balance based on the rate of interest determined from time to time by the Committee.
Appears in 2 contracts
Samples: Director Stock Agreement (Northern Trust Corp), Stock Agreement (Northern Trust Corp)