Change in Time and Form of Distribution. Once the Director elects to receive benefit payments in installment form, the Director may not elect to change the form of benefit payment to lump-sum form. Provided the subsequent election is made at least 12 months before the scheduled lump-sum payment, the Director may make a subsequent election to change the form of benefit payment from lump-sum to installment form. The Director may not elect to change the time of distribution.
Appears in 6 contracts
Samples: Director Elective Income Deferral Agreement (Bank of Wilmington CORP), Director Elective Income Deferral Agreement (Bank of Wilmington CORP), Director Elective Income Deferral Agreement (Bank of Wilmington CORP)
