Distribution Date and Distribution Sample Clauses
The 'Distribution Date and Distribution' clause defines when and how distributions of funds or assets will be made to the relevant parties under an agreement. It typically specifies the timing (such as quarterly, annually, or upon a triggering event) and the method of distribution, which may include direct transfers, wire payments, or other agreed mechanisms. This clause ensures all parties have a clear understanding of when they can expect to receive distributions and under what conditions, thereby reducing uncertainty and potential disputes regarding the timing and process of payments.
Distribution Date and Distribution a) The Distribution Date for the Special Account shall be a date selected by BOKF between January 15 and March 1 of the year next following the year in which the Executive retires from BOKF, his employment with BOKF is terminated for whatever reason or the Deferral Date; provided, however:
i) In the event the Executive dies prior to retiring from BOKF or prior to his employment with BOKF having terminated for whatever reason, the Distribution Date shall be a date selected by BOKF not later than 90 calendar days following the date of death; and,
ii) The Executive may, at any time and from time to time (but not more frequently than once each calendar quarter), accelerate the Distribution Date with respect to the value of some or all of the BOKF Shares and/or with respect to one or more Alternative Investments reflected in the Special Account to a date no earlier than ten (10) business days after written notice to BOKF requesting such accelerated Distribution Date provided Executive agrees in such notice to an irrevocable forfeiture of ten per cent (10%) of the value which Executive has requested be distributed (the "Forfeiture"). All Forfeitures shall be debited to the Special Account and allocated among BOKF Shares and/or Alternative Investments reflected in the Special Account in such manner as BOKF shall in its discretion determine.
b) On the Distribution Date (whether accelerated or otherwise), the Company shall:
i) Pay the value of the Special Account (or so much thereof as Executive may have requested be accelerated) on the Distribution Date (net of applicable federal and state taxes required to be withheld and less any Forfeiture) to Executive in cash, BOKF Shares, Alternative Investments or a combination thereof, in sole the discretion of BOKF; and,
ii) eliminate the Special Account (or so much thereof as Executive may have requested be accelerated).
c) In the event of the death of the Executive, the distribution provided in the preceding subsection shall be made to the beneficiary or beneficiaries previously designated by the Executive in a writing filed with the Secretary of BOKF or, in the absence of such designation, as provided by Executive in any trust or will and, in the absence of any such trust or will, to Executive's estate.