Form of Benefit Payment. 4.1 Executive shall, upon executing this Agreement or thereafter, elect the form in which his Benefit shall be distributed. Such election of a distribution form shall be irrevocable; provided, however, that Executive may change his election of a distribution form if such election is made no later than one (1) year prior to the date that Benefit payments actually commence to Executive. If Executive elects a change in the distribution form of his Benefit and such election is made less than one (1) year prior to the date that Benefit payments actually commence to Executive, then such election change shall be ineffective, and the Benefit shall be distributed according to Executive's immediately prior election. If Executive does not elect a distribution form prior to becoming eligible to receive a Benefit under this Agreement, he shall be deemed to have elected the normal form of Benefit pursuant to Section 4.2(a).
4.2 Executive may elect a distribution form for his Benefit from among the following forms:
(a) The normal form of Benefit is a life annuity with a ten (10) year term certain. This form of Benefit shall be paid in equal monthly installments for the longer of the life of Executive or ten (10) years.
(b) The following optional forms of Benefit shall each be calculated to be the Actuarial Equivalent of the normal form of Benefit:
(i) A joint and survivor annuity shall be paid in equal monthly installments for the life of Executive, and after Executive's death, a fifty percent (50%) continuation of such installments shall be paid to Executive's Beneficiary for the life of such Beneficiary.
(ii) A single lump sum payment to Executive.
Form of Benefit Payment. In the event of a Participant’s Separation from Service, the Participant’s vested Account shall be paid in the form of a cash lump sum or in annual cash payments (over a period of five (5), ten (10), or fifteen (15) years), as elected by the Participant. If applicable, the initial installment shall be based on the value of the Participant’s vested Account, measured on the date of his or her Separation from Service, and shall be equal to 1/n (where ‘n’ is equal to the total number of annual benefit payments not yet distributed). Subsequent installment payments shall be computed in a consistent fashion, with the measurement date being the anniversary of the original measurement date. Notwithstanding the Participant’s election regarding the form of the Separation from Service Payment, the Service Recipient shall have the right to make a De Minimis Distribution, as elected by the Service Recipient in the Adoption Agreement, and pay the Participant’s or Beneficiary’s benefit or remaining benefit in a single lump sum payment. Election of the form of the Separation from Service Payment must be provided to the Plan Administrator at the time the Participant first enters into a Compensation Deferral Agreement. Payments made by reason of a Change in Control Event, shall be made in a cash lump sum. A payment to a Specified Employee must be delayed for at least 6 months, or until death, if earlier. If determined by the Service Recipient in the Adoption Agreement, Participants may be permitted to subsequently elect a change in the timing or the form of the Separation from Service Payment, as previously selected, by submitting the appropriate form to the Plan Administrator. The Plan Administrator shall have sole and absolute discretion to decide whether such a request shall be approved but may approve no more than three such requests for any Participant, and such change in form shall be effective only if:
(a) it does not accelerate the time or schedule of any payment;
(b) such election does not take effect until at least twelve (12) months after the date on which the election is made;
(c) such election is made not less than 12 months before a scheduled event; and
(d) the first payment with respect to which such election is made is deferred for a period of five (5) years from the date such payment would otherwise have been made.
Form of Benefit Payment. (Check and Initial 3.(a), (b) or (c)) Pay my Deferred Compensation Benefit in:
(a) one (1) lump-sum payment. (Initial)
(b) five (5) equal installments, payable over a period of five (5) years. (Initial)
(c) ten (10) equal installments, payable over a period of ten (10) years. (Initial)
Form of Benefit Payment. The Supplemental Retirement Benefit shall be paid in the basic form provided below, unless the Participant selects an alternate form of payment. The basic and alternative forms of payment are as follows:
Form of Benefit Payment. (Check only one of the options 4.(a), (b) or (c) if you elected to defer any portion of your compensation into the Plan under Part 2 above) Pay my Deferred Compensation Benefit in:
(a) ___one (1) lump sum payment.
(b) ___five (5) equal installments, payable over a period of five (5) years.
(c) ___ten (10) equal installments, payable over a period of ten (10) years.
Form of Benefit Payment. (a) The benefits determined by Section 2.1 shall be paid by a one-time lump-sum payment at a time determined by the Committee, but not later than twelve months after the Employee has terminated his employment with the Company.
(b) Should an eligible Employee die before receiving the benefit payment, such payment shall be made to the beneficiary selected by the Employee; but if such beneficiary should predecease the Employee, the benefit shall be paid to the Estate of the Employee.
Form of Benefit Payment. The flush sentence immediately following Section 5.4(b) shall be deleted in its entirety and replaced with the following: All payments shall be made in cash; provided, however, to the extent distributable amounts are credited to the Member’s Stock Account, such payments shall be made in shares of Company Stock (with any fractional share interest therein paid in cash to the extent of the then fair market value thereof), cash, or any combination thereof, in the sole discretion of the Plan Committee.
Form of Benefit Payment. The Supplemental Retirement Benefit shall be paid in the basic form provided below, unless, at the Participant’s request, the Committee, in its sole discretion, selects an alternative form. Any form requested by the Participant shall be considered by the Committee, but shall not be binding. Any alternative form shall be the Actuarial Equivalent of the basic form of benefit payments. The basic and alternative forms of payment are as follows:
Form of Benefit Payment. The Retirement Benefit may be paid in any form permitted under applicable supplemental retirement plans maintained by the Company for its senior executives or, by written election delivered to the Company by the Executive at least six (6) months prior to the commencement of Executive's Retirement Benefit or upon termination of Executive's employment after age sixty-two (62), or with the consent of the Company at any other time, the Executive may elect, in lieu of a life annuity, to receive the Retirement Benefit in a lump sum. The amount of such lump sum benefit shall be the actuarially equivalent present value of the Retirement Benefit that would otherwise have been payable, commencing immediately as of the date such lump sum payment is made. Any other optional form of payment shall have an actuarially equivalent present value equal to the amount of such lump sum. For purposes of this Agreement, any actuarially equivalent present value shall not be less than the present value determined on the basis of the applicable mortality table prescribed in Section 417(e)(3)(A)(ii)(I) of the Internal Revenue Code of 1986, as amended (the "Code") and the then prevailing PBGC rate for immediate annuities.
Form of Benefit Payment for Director Participants, the benefit shall be paid in the form elected by the Participant prior to the beginning of each deferral period.
