We use cookies on our site to analyze traffic, enhance your experience, and provide you with tailored content.

For more information visit our privacy policy.

DISTRIBUTION ELECTION Sample Clauses

DISTRIBUTION ELECTION. Each Participant shall designate in his or her election the timing of his or her distribution as described in the accompanying election form. Notwithstanding anything to the contrary contained herein provided, no acceleration of the time or schedule of payments under the Plan shall occur except as permitted under both this Plan and Code Section 409A. If the Participant fails to properly designate the time and form of a distribution, the Participant’s Account shall be paid in a lump sum.
DISTRIBUTION ELECTION. Distribution Election" means the form of payment for benefits payable from each Account under this Plan, as elected by the Participant on an Enrollment Form prescribed by the Committee.
DISTRIBUTION ELECTIONYou are required to complete the distribution section of your Deferral Election to designate the time and method of distribution for the amounts covered by your Deferral Election and the Company Matching Contribution and distributions relating to such amounts. The distribution instructions set forth in your Deferral Election shall be irrevocable as to the amounts covered by such election; provided, however, that, if you so request, the Committee may, in its sole discretion, allow you to amend your distribution instructions to extend the deferral of the amounts covered by your Deferral Election and the Company Matching Contribution and related distributions, if such amendment is made at least one year prior to the scheduled distribution commencement date for such amounts and the amendment defers commencement of such distribution for at least three years beyond the scheduled distribution commencement date.
DISTRIBUTION ELECTION. Pursuant to the Provisions of my Director Indexed Compensation Benefits Agreement with Heritage Bank of Commerce, I hereby elect to have any distribution of the balance in my Benefit Account paid to me in installments as designated below:
DISTRIBUTION ELECTION. Pursuant to the Provisions of my Director Supplemental Income Agreement with Osage Federal Savings and Loan Association of Pawhuska, I hereby elect to have any distribution of the balance in my Deferral Account paid to me in installments as designated below: _____ Lump sum. _____ Five (5) annual installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit Account by the number of installments then remaining to be paid, with the final installment to be the entire remaining balance in the Benefit Account. _____ Ten (10) annual installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit Account by the number of installments then remaining to be paid, with the final installment to be the entire remaining balance in the Benefit Account.
DISTRIBUTION ELECTION. Pursuant to the Provisions of my Executive Supplemental Retirement Plan Executive Agreement with Butte Community Bank, I hereby elect to have any distribution of the balance in my Deferral Account paid to me in installments as designated below:
DISTRIBUTION ELECTION. Pursuant to the provisions of my Executive Incentive Retirement Plan Agreement with Millington Savings Bank, I hereby elect to have any distribution of the balance in my Incentive Retirement Plan Account paid to me in installments commencing on the later of ________________ ("Alternative Date") or the first day of the calendar month following my Termination of Employment due to retirement, resignation, disability, or removal or upon plan termination, whichever shall occur first; provided that such Alternative Date must be elected in writing not less than one year prior to the payment commencement date, absent such election, and such Alternative Date must be not less than five years later than such payment commencement date absent such updated election Each such annual installment shall be determined as of each installment date by dividing the entire amount in my Incentive Retirement Plan Account by the number of installments then remaining to be paid, plus earnings for the period, with the final installment to be the entire remaining balance in the Incentive Retirement Plan Account.
DISTRIBUTION ELECTION. Instruction: Your elections under this Section only apply to your 20__ Deferred Stock Award. Your Deferred Stock attributable to earlier years, if any, will be paid pursuant to the terms of the Deferred Stock Award for each of those years. You must complete both Parts A and B below. Part A addresses the time of payment and Part B addresses the form of payment.
DISTRIBUTION ELECTIONLump sum OR (enter number, not to exceed 15) Annual installments  If you choose a lump sum, the account balance will be paid out and taxed upon vesting.  If you choose to receive annual installments, an initial distribution will be made in the vesting year that is equal to the amount needed to pay federal, state and local income tax withholding on the vested account balance. Subsequent distributions will be distributed in annual installments beginning one year after the initial distribution.
DISTRIBUTION ELECTIONWithin thirty (30) days following the Date of Grant, the Grantee shall file an initial Distribution Election Form, in the form attached hereto as Exhibit A (the “Distribution Election Form”), with the Company indicating whether the distribution of the Deferred Stock Unit Award upon the termination of the Grantee’s Board Membership is to be made in a lump sum or in a series of 2 to 10 substantially equal annual installments. If the Grantee fails to file a timely Distribution Election Form, the Deferred Stock Unit Award, by default, shall be distributed in a lump sum upon the termination of the Grantee’s Board Membership. The Initial Election (or the Default Election, if applicable) shall be a standing election and shall apply to the Deferred Stock Unit Award granted under this Agreement and, unless such standing election is modified, to all of the Grantee’s subsequent Deferred Stock Unit Awards. The Grantee may elect to change the form of payment for any future Deferred Stock Unit Award by filing a Distribution Election Modification Form, in the form attached hereto as Exhibit B, with the Company. A Distribution Election Modification Form must be filed no later than December 31, or such earlier date prescribed by the Committee, of the year prior to the year in which the Deferred Stock Unit Award with respect to which the modification shall be effective is granted. Any such Distribution Election Modification Form shall apply to all of the Grantee’s Deferred Stock Unit Awards granted in calendar years subsequent to the filing of such election, unless and until a new Distribution Election Modification Form is filed with the Company.