Distribution Elections. Notwithstanding Section III(a), you may, on or before the Grant Date and in all cases at a time that complies with the initial deferral election requirements of Section 409A of the Code, make an election (a “Distribution Election”) to (A) defer your Distribution Date with respect to some or all of your vested Units and/or (B) have your vested Units distributed to you in annual installments as provided in Section III(c), provided that such election complies with this Section III. You may change your Distribution Election with respect to each Tranche (set forth in Section II(a) above) up to three times without the approval of the Committee, provided such Distribution Election is made in a timely manner. Any changes to your Distribution Election with respect to a Tranche in addition to the three provided in the preceding sentence may only be made with the approval of the Committee, in its sole discretion. In order for a change to your Distribution Election to be valid, it must be made at least one year prior to the then-existing Distribution Date with respect to the Units subject to such Distribution Election change, the new Distribution Date must be at least five years after the then-existing Distribution Date with respect to such Units, and the election must otherwise be consistent with the “subsequent election” rules of Section 409A(a)(4)(C) of the Code so as to prevent application of the penalty and interest provisions of Section 409A(a)(1)(B) of the Code. Your Distribution Date with respect to any portion of your Units may not be prior to the earlier of the Vesting Date for such vested Units or the date of the Committee Determination. Distribution Elections may only be made by delivering a written election to the Company care of its General Counsel in the form attached as Exhibit B hereto.
Distribution Elections. (a) A Participant’s election of the form and timing of payment of his or her benefit under the Plan applies (select one):
(i) ☐ separately to each vested Class Year Account
(ii) ☐ to his or her entire vested Account.
(b) If a Participant may submit a new form and timing of payment election for each Class Year Account, a Participant’s form and timing of payment election (select one):
(i) ☐ will
(ii) ☑ will not evergreen (or carry over) to apply to subsequent Class Year Accounts.
(c) For purposes of Section 6.3 of the Plan, Normal Retirement Age means Age ________
Distribution Elections. Except as provided in Section 5.11, a Participant shall elect the form and time of distribution of his Plan Benefit not later than the date by which the Participant makes his initial election to defer Compensation under the Plan or, if later, the 30th day after the date as of which the Employer first determines that an Employer Matching Contribution or an Employer Profit Sharing Contribution shall be credited to the Participant’s Deferred Compensation Account. A Participant shall be entitled to elect the form of payment of his Plan Benefit that is payable upon the Participant’s Separation from Service after Early, Normal or Late Retirement. A Participant may elect that his Plan Benefit be paid in a form listed in Section 5.7. A Participant shall also be entitled to elect the form of payment to his Beneficiary in the event of the Participant’s death. If the Participant does not elect a form of payment, benefits shall be paid in a lump sum. A Participant may elect to change his distribution election provided that such election change satisfies (a) through (c) below:
(a) The election change may not take effect until at least 12 months after the date on which such election is made.
(b) In the case of an election related to a payment that is not on account of Disability or death, the payment with respect to such election is made must be deferred for period of not less than five years from the date such payment would otherwise have been paid (or in the case of installment payments, five years from the date the first installment is scheduled to be paid).
(c) Any election related to a payment at a specified time or pursuant to a fixed schedule may not be made less than 12 months prior to the date the payment is scheduled to be paid (or in the case of installment payments, 12 months prior to the date of the first installment scheduled to be paid).
Distribution Elections. The time at which benefits under this Agreement will be paid and their manner of distribution are specified below. The Director may not change the time or manner of benefit payment under this Agreement without the written approval of the Board of Directors of the Company. Any change in the time or form of benefit payment (i) may not take effect until at least 12 months after the date on which an election to make such change is received in writing by the Company and approved by the Board of Directors; (ii) in the case of an election related to a payment not attributable to death, disability or hardship, as provided in this Agreement, must defer payment for a period of not less than 5 years from the date such payment would otherwise have been made; and (iii) in the case of any election related to a payment based upon a specified time or fixed schedule may not be made less than 12 months prior to the date of the first scheduled payment. For purposes of changing the time or form of benefits distribution, if the Director has elected in this Agreement an installment form of payment, the installments shall be treated as a single payment occurring on the date of the first installment, and subject to the other rules for changes in distribution elections as set forth above, the Director may elect to receive a lump sum payment five years after the first installment payment would otherwise have been made. Notwithstanding the foregoing, a Director may, on or before December 31, 2006, make distribution elections different from those previously made by the Director without regard to the limitations described in (i), (ii) and (iii) of this Section 2.3; provided, however, that the Director may not make any election that would have the effect of deferring payment to a later year of an amount that would otherwise be payable in 2006 or that would have the effect of causing a payment to be made in 2006 that would otherwise be paid after 2006, and any such purported election by the Director shall be ineffective. Similarly, a Director may, on or before December 31, 2007, make distribution elections different from those previously made by the Director without regard to the limitations described in (i), (ii) and (iii) of this Section 2.3; provided, however, that the Director may not make any election that would have the effect of deferring payment to a later year of an amount that would otherwise be payable in 2007 or that would have the effect of causing a payment to be made in 2...
Distribution Elections. Except as provided in Section 5.11, a Participant shall elect the form and time of distribution of his Plan Benefit not later than the date by which the Participant makes his initial election to defer Compensation under the Plan or, if later, the 30th day after the date as of which the Employer first determines that an Employer Matching Contribution or an Employer Profit Sharing Contribution shall be credited to the Participant’s Deferred Compensation Account. A Participant shall be entitled to elect the form of payment of his Plan Benefit that is payable upon the Participant’s Separation from Service after Early, Normal or Late Retirement. A Participant may elect that his Plan Benefit be paid in a form listed in Section 5.7. A Participant shall also be entitled to elect the form of payment to his Beneficiary in the event of the Participant’s death. If the Participant does not elect a form of payment, benefits shall be paid in a lump sum. A Participant may elect to change his distribution election provided that such election change satisfies (a) through (c) below: (a) The election change may not take effect until at least 12 months after the date on which such election is made.
Distribution Elections. For a Participant, the Company will pay deferred compensation in compliance with the most recent signed and dated Deferral Election on file with the Company. In no circumstance (except for hardship as determined by the Committee as set forth in Article VI and except as provided in Section 5.2. below) will payment be made to a Participant before the distribution payment date elected by the Participant. Notwithstanding the forgoing, any and all elections made by a Participant with respect to distributions and/or payments as set forth in Section 5.1 of the Prior Program and are in effect as of the date before the Effective Date shall continue to be in effect as distribution and/or payment elections under Section 5.1 of this Program.
Distribution Elections. Notwithstanding Section III(a), you may, on or before the Grant Date and in all cases at a time that complies with the initial deferral election requirements of Section 409A of the Code, make an election (a “Distribution Election”) to (A) defer your Distribution Date with respect to some or all of your vested Units and/or (B) have your vested Units distributed to you in annual installments as provided in Section III(c), provided that such election complies with this Section III. You may change your Distribution Election up to three times without the approval of the Committee, provided such Distribution Election is made in a timely manner. Any changes to your Distribution Election in addition to the three provided in the preceding sentence may only be made with the approval of the Committee, in its sole discretion. In order for a change to your Distribution Election to be valid, it must be made at least one year prior to the then-existing Distribution Date with respect to the Units subject to such Distribution Election change, the new Distribution Date must be at least five years after the then-existing Distribution Date with respect to such Units, and the election must otherwise be consistent with the “subsequent election” rules of Section 409A(a)(4)(C) of the Code so as to prevent application of the penalty and interest provisions of Section 409A(a)(1)(B) of the Code. Your Distribution Date with respect to any portion of your Units may not be prior to the earlier of the Vesting Date for such vested Units or the date of the Committee Determination. Distribution Elections may only be made by delivering a written election to the Company care of its General Counsel in the form attached as Exhibit B hereto.
Distribution Elections
