Distribution Events. Participants may elect the following payment events and the associated form or forms of payment. If multiple events are selected, the earliest to occur will trigger payment. For installments, insert the range of available periods (e.g., 5-15) or insert the periods available (e.g., 5,7,9). Lump Sum Installments
Distribution Events. (i) Subject to Section 15(l) of the Plan, distribution of the vested portion of the Participant’s Company Contribution Account shall commence on the fifth day of the month following the later to occur of the Participant’s attainment of age 65 or the Participant’s Separation from Service other than due to the Participant’s Disability or death.
Distribution Events. (a) Upon the occurrence of a Mandatory Distribution Event (as defined in Section 5(b)), the value of the Account as of the date of such Mandatory Distribution Event shall be paid in whole to Executive at the election of the Company (i) in cash, (ii) in shares of Company capital stock, or (iii) a combination of cash or shares of Company capital stock, in each case having a Fair Market Value equal to the value of the Account as of the date of such Mandatory Distribution Event. Upon the occurrence of a Special Distribution Event, the Executive shall be distributed shares of Company capital stock having a Fair Market Value equal to the lesser of the Applicable Value (as defined in Section 5(c)) and the value of the Account as of the date of such Special Distribution Event. In addition, at any time on or following the effective date of Executive's termination of employment, the Company shall have the right, in its sole and absolute discretion, to distribute the value of the Account, in whole or in part (a "Permissive Distribution Event" and, together with a Mandatory Distribution Event and a Special Distribution Event, a "Distribution Event"), at the election of the Company (i) in cash, (ii) in shares of Company capital stock, or (iii) a combination of cash or shares of Company capital stock, in each case having a Fair Market Value equal to the value of the Account (or portion thereof being distributed) as of the date of such Permissive Distribution Event, PROVIDED, that after giving effect to the distribution and the election, the Tax Liability Condition (as defined in Section 5(c)) for the Permissive Distribution Event would be satisfied with respect thereto. Except as necessary to satisfy the Tax Liability Condition, the shares distributed in connection with a Mandatory Distribution Event or a Permissive Distribution Event need not be Marketable Securities (as defined in Section 5(d)).
Distribution Events. In addition to permitting distributions after a Participant’s Severance from Employment, or in accordance with Article VIII and Section 12.16 of the Plan, a Participant may also elect to receive a distribution in the following situations (check all that apply):
Distribution Events. The Benefit shall be paid to the Executive or the Executive's Beneficiary upon the following events: o If the Executive's employment is terminated on or after the Benefit Distribution Date, the Executive shall be entitled to payment of Sixteen Thousand Five Hundred Dollars ($16,500) per month for 120 monthly installments, unless another equivalent form of distribution is selected by the Board of Directors in its sole discretion. Payment will begin as soon as practicable following the Executive's termination of employment. o If the Executive's employment is terminated by reason of his death or if the Executive's death occurs after a Distribution Event but before full payment of the Benefit has been made to the Executive, the Beneficiary shall be entitled to the continuation of monthly installments of Sixteen Thousand Five Hundred Dollars ($16,500) per month, so that a total of 120 such installments are paid to the Executive and the Executive's Beneficiary, unless another equivalent form of distribution is selected by the Board of Directors in its sole discretion. Payment to the Beneficiary will begin (or continue to the Beneficiary) as soon as practicable following the Executive's death. o If the Executive becomes Disabled before reaching his Benefit Distribution Date and while in the employ of First Charter, the Executive shall be entitled to payment of Sixteen Thousand Five Hundred Dollars ($16,500) per month for 120 monthly installments, unless another equivalent form of distribution is selected by the Board of Directors in its sole discretion. Payment will begin as soon as practicable following the date the Executive becomes Disabled. o If the Executive's employment is terminated before the Executive attains his Benefit Distribution Date for any reason other than the Executive's death or if the Executive becomes Disabled, the Executive shall be entitled to payment of the vested portion of the Benefit in 120 equal monthly installments in the amount indicated in Section 3.2, unless another equivalent form of distribution is selected by the Board of Directors in its sole discretion. Payment will begin as soon as practicable following the date the Executive's termination of employment.
Distribution Events. The Custodian shall have no responsibility for making distribution from the Custodial Account prior to receipt of an executed distribution election form, which shall be in such form and completed in such manner as the Custodian may prescribe. Distribution from the Employee's Custodial Account shall not be made prior to the date on which one of the following events has occurred:
Distribution Events. (a) The Executive's Plan Amount shall promptly be distributed to the Executive by the Company (or any successor) upon the occurrence of a Liquidity Event, or as soon as practicable thereafter.
Distribution Events. A Participant's Vested Benefit will be payable to the Participant in accordance with ss. 8 upon his or her severance from employment (within the meaning of Code ss. 401(k)). In addition, a Participant may request an in-service withdrawal from his or her Vested Benefit before those events in accordance with ss. 7.3. Finally, distributions must begin to a Participant who is a 5% owner in accordance with ss. 8.2(c).
Distribution Events. If a Distribution Event has been initiated and is continuing, then the Senior Lenders shall be entitled to receive payment in full of the Senior Indebtedness before the Holder is entitled to receive any Subordinated Debt Distribution (other than Reorganization Securities) on account of the Subordinated Debt. For purposes of this Note, the term "REORGANIZATION SECURITIES" shall mean any securities of the Maker or any other entity provided for by a plan of reorganization or readjustment if (i) the payment thereof is subordinate at least to the extent provided in this Article II with respect to this Note to the payment of Senior Indebtedness, and (ii) the payment or distribution of such securities has been authorized in a Distribution Event under any applicable Bankruptcy Law giving effect, and stating in such order or decree that effect is given, to the purpose and intention of the subordination of this Note to the Senior Indebtedness.
Distribution Events. Participants may elect one of the following payment events and the associated form or forms of payment. For installments, insert the range of available periods (e.g., 5-15) or insert the periods available (e.g., 5,7,9).
