FORMS OF PAYMENT; ELECTIONS. The Participant shall elect on an Election Form to have his (i) SERP Benefit paid in a lump sum or in equal annual installments for fifteen (15) years, and (ii) Death Benefit paid in a lump sum or in equal annual installments over the remaining number of years and in the same amounts as such benefit would have been paid to the Participant had the Participant survived. The Participant may change his initial elections or any subsequent elections by submitting new Election Forms to the Committee, provided that any such Election Forms are submitted to and accepted by the Committee in its sole discretion at least one (1) year prior to the date on which the payment of the applicable benefit commences. The Election Forms most recently accepted by the Committee shall govern the payout of the Participant's SERP Benefit and Death Benefit. If the Participant does not make an election with respect to the form of payment of his SERP Benefit or if his initial election is not submitted in a taxable year prior to the taxable year in which the date of his Retirement falls, then such benefits shall be payable in fifteen (15) equal annual installments. Similarly, if the Participant does not make an election with respect to the form of payment of his Death Benefit, then such benefits shall be paid in a lump sum.
FORMS OF PAYMENT; ELECTIONS. The Participant shall elect on an Election Form to have his (i) SERP II Benefit paid in a lump sum or in equal annual installments for fifteen (15) years, and (ii) Death Benefit paid in a lump sum or in equal annual installments over the remaining number of years and in the same amounts as such benefit would have been paid to the Participant had the Participant survived. The Participant may change his initial elections once during calendar year 2005 by submitting a new Election Form to the Committee by December 31, 2005. Thereafter, a new election can be made once if the Participant elected a lump sum payment in his prior election, he submits the new election on an Election Form to the Committee and that election meets the following requirements: (i) the election cannot take effect until at least twelve (12) months after the date on which the election is made, (ii) in the case of the SERP II Benefit only, the payment with respect to which such election is made must be deferred for a period of five (5) years from the date such payment would otherwise have been made, (iii) the election is for equal annual installments for fifteen (15) years, and (iv) the election is accepted by the Committee in its sole discretion. The Election Forms most recently accepted by the Committee shall govern the payout of the Participant’s SERP II Benefit and Death Benefit. If the Participant does not make an election with respect to the form of payment of his SERP II Benefit, then such benefit shall be paid in a lump sum. Similarly, if the Participant does not make an election with respect to the form of payment of his Death Benefit, then such benefit shall be paid in a lump sum.
