Common use of Distribution at Retirement or Termination Clause in Contracts

Distribution at Retirement or Termination. Amounts reserved for a Participant shall not be paid until a Participant terminates employment with the Company and all subsidiaries, retires, dies or becomes disabled, whichever event shall occur first. The value of the Participant's reserves under this Plan shall be determined as of the Valuation Date next following such termination of employment, retirement, death or disability. Such value shall be paid to him or his beneficiaries in five annual installments commencing on the Payment Date next following such Valuation Date; provided, however, that if a Participant has requested that the value of his reserves be paid in a single sum or in up to ten annual installments, in accordance with such prior written notice requirements as the Committee may adopt in its sole discretion, then the value of his reserves shall be paid in such other manner or time. Notwithstanding the preceding provisions of this Section C.6, a Participant may request from the Committee a different form and commencement date for the payment of the value of his reserves, including, but not limited to an immediate distribution of the value of his reserves in a single sum as promptly as practicable after his termination of employment. The Committee shall have the sole authority to approve such immediate distribution. Any immediate distribution shall be equal to the value of the Participant's reserves as of the last day of the calendar quarter in which the later of the termination of employment or approval of the request occurs and shall be paid as promptly as practicable but in no event later than 45 days after such last day of the calendar quarter. Notwithstanding the foregoing, the Committee, in its sole discretion, shall establish a commencement date for the payment of benefits, the deductibility of which may be limited by Code Section 162(m), as the earliest Payment Date upon which such limitations would not apply.

Distribution at Retirement or Termination. Amounts reserved for a Participant shall not be paid until a Participant terminates employment with the Company and all subsidiaries, retires, dies or becomes disabled, whichever event shall occur first. The value of the Participant's reserves under this Plan shall be determined as of the Valuation Date next following such termination of employment, retirement, death or disability. Such value shall be paid to him or his beneficiaries in five annual installments commencing on the Payment Date next following such Valuation Date; provided, however, that if a Participant has requested that the value of his reserves be paid in a single sum or in up to ten annual installments, in accordance with such prior written notice requirements as the Committee may adopt in its sole discretion, then the value of his reserves shall be paid in such other manner or time. Notwithstanding the preceding provisions of this Section C.6B.9, a Participant may request from the Committee a different form and commencement date for the payment of the value of his reserves, including, but not limited to an immediate distribution of the value of his reserves in a single sum as promptly as practicable after his termination of employment. The Committee shall have the sole authority to approve such immediate distribution. Any immediate distribution shall be equal to the value of the Participant's reserves as of the last day of the calendar quarter in which the later of the termination of employment or approval of the request occurs and shall be paid as promptly as practicable but in no event later than 45 days after such last day of the calendar quarter. Notwithstanding the foregoing, the Committee, in its sole discretion, shall establish a commencement date for the payment of benefits, the deductibility of which may be limited by Code Section 162(m), as the earliest Payment Date upon which such limitations would not apply.calendar

Distribution at Retirement or Termination. Amounts reserved for a Participant shall not be paid until a Participant terminates employment with the Company and all subsidiaries, retires, dies or becomes disabled, whichever event shall occur first. The value of the Participant's reserves under this Plan shall be determined as of the Valuation Date next following such termination of employment, retirement, death or disability. Such value shall be paid to him or his beneficiaries in five annual installments commencing on the Payment Date next following such Valuation Date; provided, however, that if a Participant has requested that the value of his reserves be paid in a single sum or in up to ten annual installments, in accordance with such prior written notice requirements as the Committee may adopt in its sole discretion, then the value of his reserves shall be paid in such other manner or time. Notwithstanding the preceding provisions of this Section C.6B.9, a Participant may request from the Committee a different form and commencement date for the payment of the value of his reserves, including, but not limited to an immediate distribution of the value of his reserves in a single sum as promptly as practicable after his termination of employment. The Committee shall have the sole authority to approve such immediate distribution. Any immediate distribution shall be equal to the value of the Participant's reserves as of the last day of the calendar quarter in which the later of the termination of employment or approval of the request occurs and shall be paid as promptly as practicable but in no event later than 45 days after such last day of the calendar quarter. Notwithstanding the foregoing, the Committee, in its sole discretion, shall establish a commencement date for the payment of benefits, the deductibility of which may be limited by Code Section 162(m), as the earliest Payment Date upon which such limitations would not apply.