Election of Form of Payment. The Director shall also specify on the Election Form whether payment of the Deferral Account shall be a single lump sum or installments. If installment payments are elected, the Deferral Account balance shall be paid to the Director in 120 equal monthly installments. Failure to specify on the Election Form a form of payment shall constitute an election for a single lump-sum payment.
Appears in 5 contracts
Samples: Director Elective Income Deferral Agreement (Cape Fear Bank CORP), Director Elective Income Deferral Agreement (Cape Fear Bank CORP), Director Elective Income Deferral Agreement (Cape Fear Bank CORP)
