Class Year Accounting Sample Clauses
Class Year Accounting. (complete (1) and (2)).
(1) Upon (check at least one; (A) must be selected if plan has contributions pursuant to section 1.05(b) or (c)): SEE AMENDMENT
(A) x Termination of employment with the Employer (see Plan Section 7.03); provided however, that if the event is termination of employment, in no event will such distribution begin earlier than the 1st day of the seventh calendar month following such separation if the Participant was a Key Employee.
(B) x The date elected by the Participant, pursuant to Plan Section 8.02, and subject to the restrictions imposed in Plan Section 8.02 with respect to future Deferral Contributions, in which event such date of distribution must be at least one year after the date such Deferral Contribution would have been paid to the Participant in cash in the absence of the election to make the Deferral Contribution.
(2) Timing of distribution subject to Subsection (b)(1)(A) above (check either (A) or (B)). SEE AMENDMENT
(A) ¨ The Distribution of the Participant’s Account will begin (specify month and day) following the event described in (b)(1) above.
(B) ¨ The Distribution of the Participant’s Account will begin (specify month and day) of the calendar year following the event described in (b)(1) above.
(C) x Upon a Change of Control in accordance with Plan Section 7.08. SEE AMENDMENT Note: Internal Revenue Code Section 280G could impose certain, adverse tax consequences on both Participants and the Employer as a result of the application of this Section 1.06(c). The Employer should consult with its attorney prior to electing to apply Section 1. 06(c).
Class Year Accounting. (complete (1) and (2)).
(1) Upon (check at least one; (A) must be selected if plan has contributions pursuant to section 1.05(b) or (c)):
(A) þ Termination of employment with the Employer (see Plan Section 7.03); provided however, that if the event is termination of employment, in no event will such distribution begin earlier than the 1st day of the seventh calendar month following such separation if the Participant was a Key Employee.
(B) þ The date elected by the Participant, pursuant to Plan Section 8.02, and subject to the restrictions imposed in Plan Section 8.02 with respect to future Deferral Contributions, in which event such date of distribution must be at least one year after the date such Deferral Contribution would have been paid to the Participant in cash in the absence of the election to make the Deferral Contribution.
(3) Timing of distribution subject to Subsection (b)(l)(A) above (check either (A) or (B)).
Class Year Accounting. (complete (1) and (2)).
(1) Upon (check at least one; (A) must be selected if plan has contributions pursuant to section 1.05(b) or (c)):
(A) ¨ Termination of employment with the Employer (see Plan Section 7.03); provided however, that if the event is termination of employment, in no event will such distribution begin earlier than the 1st day of the seventh calendar month following such separation if the Participant was a Key Employee.
(B) ¨ The date elected by the Participant, pursuant to Plan Section 8.02, and subject to the restrictions imposed in Plan Section 8.02 with respect to future Deferral Contributions, in which event such date of distribution must be at least one year after the date such Deferral Contribution would have been paid to the Participant in cash in the absence of the election to make the Deferral Contribution.
(2) Timing of distribution subject to Subsection (b)(1)(A) above (check either (A) or (B)).
(A) ¨ The Distribution of the Participant’s Account will begin (specify month and day) following the event described in (b)(1) above.
(B) ¨ The Distribution of the Participant’s Account will begin (specify month and day) of the calendar year following the event described in (b)(1) above.
Class Year Accounting. (complete (1) and (2)).
(1) Upon (check at least one; (A) must be selected if plan has contributions pursuant to section 1.05(b) or (c)):