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 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. You 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 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 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 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. (a) Those individuals that have the title of Senior Vice President or above or have a salary grade of X15 or above on the effective date of the Plan (“Eligible Executives”) may make distribution elections with respect to any Shares that may be granted to such individuals after such election and during the 2005 Year by filing a written distribution election with the Committee no later than 30 days following the effective date of the Plan.
(b) For Years following 2005, Eligible Executives may file a written distribution election with the Committee no later than December 31 of the preceding Year that shall be applicable with respect to any Shares that may be granted to the Eligible Executive in all following Years. Except as otherwise provided in this Section 4.4, all distribution elections, once made, are irrevocable.
(c) Upon an individual being employed as an Eligible Executive or an employee being promoted to a position where he or she is an Eligible Executive following the effective date of the Plan, such individual may make distribution elections for Shares to be granted to the Eligible Executive after such election and during such Year by filing with the Committee a distribution election, on a form provided by the Committee, no later than the last day of his or her Initial Election Period. Such election shall only apply to Shares granted to the Eligible Executive following the filing of the election. Distribution elections made pursuant to this subsection (c) shall be irrevocable, except as otherwise provided in this Section 4.4.
(d) Any distribution election made under this Section 4.4 shall be irrevocable and shall apply to any Shares that may be granted to the Eligible Executive during subsequent Years until the Eligible Executive makes a new election; provided, however, that a distribution election may not be changed for the first Year with respect to which the Eligible Executive files a distribution election after the election is filed. With respect to subsequent Years, a distribution election may not be changed except as follows. An Eligible Executive may make changes to his or her election, subject to the limitations set forth in this Article 4, to change the distribution under a previous election by filing with the Committee on forms provided by the Committee, a new election on or before the December 31 preceding the Year for which the new election is to apply. Such distribution election shall only apply with respect to Shares granted in subseq...
DISTRIBUTION ELECTION. Lump 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.
