Common use of Irrevocable Elections as to the Time and Form of Payment Clause in Contracts

Irrevocable Elections as to the Time and Form of Payment. I hereby irrevocably elect to defer the payment and my receipt of all Performance Units, Shares and cash that I may become entitled to receive pursuant to the Agreement (the “Deferred Amounts”) from the regularly scheduled time of payment set forth in Section 6 of the Agreement until a later date as follows: A. Specified Time of Payment Election (Put initials by your choice) ___ I elect to have the Deferred Amounts deferred and paid to me on the later of (i) the date of my separation from service as an employee of the Company, or (ii) [________, 20__] in the form specified below. ___ I elect to have the Deferred Amounts deferred and paid to me on the date of my separation from service as an employee of the Company in the form specified below. B. Form of Payment Election (Put initials by your choice) ___ I elect to receive the Deferred Amounts in a single lump sum payment. ____ I elect to receive the Deferred Amounts in ______(specify 2, 3, 4 or 5) equal annual installments commencing on the Specified Time of Payment that I have elected in Part A above, until fully paid. The number of Shares or cash received in each installment will equal the number and amount, respectively, that have not been paid as of the date immediately preceding the installment payment date, divided by the number of installments remaining to be paid as of the date immediately preceding the installment payment date. The resulting number shall be rounded down to the next whole number, except that the final installment shall be rounded up to the next whole number. C. Election in the Event of Death (Put initials by your choice) ___ In the event of my death prior to, or after, the Specified Time of Payment that I have elected above, I elect to have my named beneficiaries (or my estate, if I do not have any designated beneficiaries) receive payment and transfer of the Deferred Amounts in a single lump sum within 60 days following my death. ___ In the event of my death prior to, or after, the Specified Time of Payment that I have elected above, I elect to have my named beneficiaries (or my estate, if I do not have any designated beneficiaries) receive payment and transfer of the Deferred Amounts in ______ (specify 2, 3, 4 or 5) equal annual installments commencing within 60 days following my death, until fully paid. The number of Shares or cash received in each installment will equal the number and amount, respectively, that have not been paid as of the date immediately preceding the installment payment date, divided by the number of installments remaining to be paid as of the same date. The resulting number shall be rounded down to the next whole number, except that the final installment shall be rounded up to the next whole number. D. Change in Ownership or Control (Mandatory Distribution) Notwithstanding the above elections, if a Change in Ownership or Control (within the meaning of Section 409A) occurs prior to the full distribution of the Deferred Amounts, all Deferred Amounts that have not been paid and transferred will be paid and transferred on the date of the Change in Ownership or Control. In the event Shares no longer exist at the time of payment and transfer, each of the deferred Performance Units shall be converted in a manner that is consistent with the manner in which Shares held by shareholders of the Company were treated with respect to the Change in Ownership or Control.

Appears in 4 contracts

Samples: Performance Unit Award Agreement (ONE Gas, Inc.), Performance Unit Award Agreement (ONE Gas, Inc.), Performance Unit Award Agreement (ONE Gas, Inc.)

AutoNDA by SimpleDocs

Irrevocable Elections as to the Time and Form of Payment. I hereby irrevocably elect to defer the payment and my receipt of all Performance Units, Shares and cash that I may become entitled to receive pursuant to the Agreement (the “Deferred Amounts”) from the regularly scheduled time of payment set forth in Section 6 of the Agreement until a later date as follows: A. Specified Time of Payment Election (Put initials by your choice) ___ I elect to have the Deferred Amounts deferred and paid to me on the later of (i) the date of my separation from service as an employee of the Company, or (ii) [________, 20__] in the form specified below. ___ I elect to have the Deferred Amounts deferred and paid to me on the date of my separation from service as an employee of the Company in the form specified below. B. Form of Payment Election (Put initials by your choice) ___ I elect to receive the Deferred Amounts in a single lump sum payment. ____ I elect to receive the Deferred Amounts in ______(specify 2, 3, 4 or 5) equal annual installments commencing on the Specified Time of Payment that I have elected in Part A above, until fully paid. The number of Shares or cash received in each installment will equal the number and amount, respectively, that have not been paid as of the date immediately preceding the installment payment date, divided by the number of installments remaining to be paid as of the date immediately preceding the installment payment date. The resulting number shall be rounded down to the next whole number, except that the final installment shall be rounded up to the next whole number. C. Election in the Event of Death (Put initials by your choice) ___ In the event of my death prior to, or after, the Specified Time of Payment that I have elected above, I elect to have my named beneficiaries (or my estate, if I do not have any designated beneficiaries) receive payment and transfer of the Deferred Amounts in a single lump sum within 60 days following my death. ___ In the event of my death prior to, or after, the Specified Time of Payment that I have elected above, I elect to have my named beneficiaries (or my estate, if I do not have any designated beneficiaries) receive payment and transfer of the Deferred Amounts in ______ (specify 2, 3, 4 or 5) equal annual installments commencing within 60 days following my death, until fully paid. The number of Shares or cash received in each installment will equal the number and amount, respectively, that have not been paid as of the date immediately preceding the installment payment date, divided by the number of installments remaining to be paid as of the same date. The resulting number shall be rounded down to the next whole number, except that the final installment shall be rounded up to the next whole number. D. Change in Ownership or Control (Mandatory Distribution) Notwithstanding the above elections, if a Change in Ownership or Control (within the meaning of Section 409A) occurs prior to the full distribution of the Deferred Amounts, all Deferred Amounts that have not been paid and transferred will be paid and transferred on the date of the Change in Ownership or Control. In the event Shares no longer exist at the time of payment and transfer, each of the deferred Performance Units shall be converted in a manner that is consistent with the manner in which Shares held by shareholders of the Company were treated with respect to the Change in Ownership or Control.

Appears in 1 contract

Samples: Performance Unit Award Agreement (ONE Gas, Inc.)

Irrevocable Elections as to the Time and Form of Payment. I hereby irrevocably elect to defer the payment and my receipt of all Performance Units, Shares and cash that I may become entitled to receive pursuant to the Agreement (the “Deferred Amounts”) from the regularly scheduled time of payment set forth in Section 6 of the Agreement until a later date as follows: A. Specified Time of Payment Election (Put initials by your choice) ___ I elect to have the Deferred Amounts deferred and paid to me on the later of (i) the date of my separation from service as an employee of the Company, or (ii) [________, 20__] in the form specified below. ___ I elect to have the Deferred Amounts deferred and paid to me on the date of my separation from service as an employee of the Company in the form specified below. B. Form of Payment Election (Put initials by your choice) ___ I elect to receive the Deferred Amounts in a single lump sum payment. ____ I elect to receive the Deferred Amounts in _______ (specify 2, 3, 4 or 5) equal annual installments commencing on the Specified Time of Payment that I have elected in Part A above, until fully paid. The number of Shares or cash received in each installment will equal the number and amount, respectively, that have not been paid as of the date immediately preceding the installment payment date, divided by the number of installments remaining to be paid as of the date immediately preceding Exhibit 10.13 the installment payment date. The resulting number shall be rounded down to the next whole number, except that the final installment shall be rounded up to the next whole number. C. Election in the Event of Death (Put initials by your choice) ___ In the event of my death prior to, or after, the Specified Time of Payment that I have elected above, I elect to have my named beneficiaries (or my estate, if I do not have any designated beneficiaries) receive payment and transfer of the Deferred Amounts in a single lump sum within 60 days following my death. ___ In the event of my death prior to, or after, the Specified Time of Payment that I have elected above, I elect to have my named beneficiaries (or my estate, if I do not have any designated beneficiaries) receive payment and transfer of the Deferred Amounts in ______ (specify 2, 3, 4 or 5) equal annual installments commencing within 60 days following my death, until fully paid. The number of Shares or cash received in each installment will equal the number and amount, respectively, that have not been paid as of the date immediately preceding the installment payment date, divided by the number of installments remaining to be paid as of the same date. The resulting number shall be rounded down to the next whole number, except that the final installment shall be rounded up to the next whole number. D. Change in Ownership or Control (Mandatory Distribution) Notwithstanding the above elections, if a Change in Ownership or Control (within the meaning of Section 409A) occurs prior to the full distribution of the Deferred Amounts, all Deferred Amounts that have not been paid and transferred will be paid and transferred on the date of the Change in Ownership or Control. In the event Shares no longer exist at the time of payment and transfer, each of the deferred Performance Units shall be converted in a manner that is consistent with the manner in which Shares held by shareholders of the Company were treated with respect to the Change in Ownership or Control.

Appears in 1 contract

Samples: Performance Unit Award Agreement (ONE Gas, Inc.)

Irrevocable Elections as to the Time and Form of Payment. I hereby irrevocably elect to defer the payment and my receipt of all Performance Units, Shares Common Stock and cash that I may become entitled to receive pursuant to the Agreement (the “Deferred AmountsAmount”) from the regularly scheduled time of payment set forth in Section 6 of the Agreement each Award, until a later date as follows: A. Election of Specified Time of Payment Election (Put initials by your choiceInitial one election of time of payment) ___ I elect to have the Deferred Amounts Amount deferred and paid to me on the later of (i) the date of my separation from service as an employee of with the Company, or (ii) [________, 20__] (specify month and year after February 2019) in the form specified below. ___ I elect to have the Deferred Amounts Amount deferred and paid to me on the date of my separation from service as an employee of with the Company in the form specified belowCompany. B. Election of Form of Payment Election (Put initials by your choiceInitial one election of form of payment) ___ I elect to receive payment of the Deferred Amounts Amount in a single lump sum payment. ____ I elect to receive payment of the Deferred Amounts Amount in ______(specify 2, 3, 4 or 5) equal annual installments commencing on at the Specified Time of Payment that I have elected in Part A A, above, until fully paid. The number of Shares shares of Common Stock or cash received in each installment will equal the number and amount, respectively, that have not been paid as of the date immediately preceding the installment payment date, divided by the number of installments remaining to be paid as of the date immediately preceding the installment payment date. The resulting number shall be rounded down to the next whole number, except that the final installment shall be rounded up to the next whole number. C. Election in the Event of Death (Put initials by your choice) ___ In the event of my death prior to, or after, the Specified Time of Payment that I have elected above, I elect to have my named beneficiaries (or my estate, if I do have not have designated any designated beneficiaries) receive payment and transfer of the Deferred Amounts Amount in a single lump sum within 60 days following my death. ___ In the event of my death prior to, or after, the Specified Time of Payment that I have elected above, I elect to have my named beneficiaries (or my estate, if I do have not have designated any designated beneficiaries) receive payment and transfer of the Deferred Amounts Amount in ______ (specify 2, 3, 4 or 5) equal annual installments commencing within 60 days following my death, until fully paid. The number of Shares shares of Common Stock or cash received in each installment will equal the number and amount, respectively, that have not been paid as of the date immediately preceding the installment payment date, divided by the number of installments remaining to be paid as of the same date immediately preceding the installment payment date. The resulting number shall be rounded down to the next whole number, except that the final installment shall be rounded up to the next whole number. D. Change in Ownership or Control Event (Mandatory DistributionDeemed election) Notwithstanding the above electionsforegoing, if immediately following a Change in Ownership or Control Event (within the meaning of as defined in Treasury Regulations Section 409A) occurs prior to the full distribution 1.409A-3(i)(5)), any remaining portion of the Deferred Amounts, all Deferred Amounts Amount that have has not been paid and transferred as of such date will be paid and transferred on as soon as administratively practicable thereafter, but in no event later than 75 days after the effective date of the such Change in Ownership or ControlControl Event. In the event Shares shares of Common Stock no longer exist at the time of payment and transfer, each of the deferred Performance Units shall be converted in a manner that is consistent with the manner in which Shares shares held by shareholders of the Company ONEOK, Inc. Common Stock were treated with respect to the Change in Ownership or ControlControl Event.

Appears in 1 contract

Samples: Performance Unit Award Agreement (Oneok Inc /New/)

Irrevocable Elections as to the Time and Form of Payment. I hereby irrevocably elect to defer the payment and my receipt of all Performance Units, Shares Common Stock and cash that I may become entitled to receive pursuant to the Agreement (the “Deferred AmountsAmount”) from the regularly scheduled time of payment set forth in Section 6 of the Agreement each Award, until a later date as follows: A. Election of Specified Time of Payment Election (Put initials by your choiceInitial one election of time of payment) ___ I elect to have the Deferred Amounts Amount deferred and paid to me on the later of (i) the date of my separation from service as an employee of with the Company, or (ii) [________, 20__] (specify month and year after February 2020) in the form specified below. ___ I elect to have the Deferred Amounts Amount deferred and paid to me on the date of my separation from service as an employee of with the Company in the form specified belowCompany. B. Election of Form of Payment Election (Put initials by your choiceInitial one election of form of payment) ___ I elect to receive payment of the Deferred Amounts Amount in a single lump sum payment. ____ I elect to receive payment of the Deferred Amounts Amount in ______(specify 2, 3, 4 or 5) equal annual installments commencing on at the Specified Time of Payment that I have elected in Part A A, above, until fully paid. The number of Shares shares of Common Stock or cash received in each installment will equal the number and amount, respectively, that have not been paid as of the date immediately preceding the installment payment date, divided by the number of installments remaining to be paid as of the date immediately preceding the installment payment date. The resulting number shall be rounded down to the next whole number, except that the final installment shall be rounded up to the next whole number. C. Election in the Event of Death (Put initials by your choice) ___ In the event of my death prior to, or after, the Specified Time of Payment that I have elected above, I elect to have my named beneficiaries (or my estate, if I do have not have designated any designated beneficiaries) receive payment and transfer of the Deferred Amounts Amount in a single lump sum within 60 days by December 31 of the year following the year of my death. ___ In the event of my death prior to, or after, the Specified Time of Payment that I have elected above, I elect to have my named beneficiaries (or my estate, if I do have not have designated any designated beneficiaries) receive payment and transfer of the Deferred Amounts Amount in ______ (specify 2, 3, 4 or 5) equal annual installments commencing within 60 days by December 31 of the year following the year of my death, until fully paid. The number of Shares shares of Common Stock or cash received in each installment will equal the number and amount, respectively, that have not been paid as of the date immediately preceding the installment payment date, divided by the number of installments remaining to be paid as of the same date immediately preceding the installment payment date. The resulting number shall be rounded down to the next whole number, except that the final installment shall be rounded up to the next whole number. D. Change in Ownership or Control Event (Mandatory DistributionDeemed election) Notwithstanding the above electionsforegoing, if immediately following a Change in Ownership or Control Event (within the meaning of as defined in Treasury Regulations Section 409A) occurs prior to the full distribution 1.409A-3(i)(5)), any remaining portion of the Deferred Amounts, all Deferred Amounts Amount that have has not been paid and transferred as of such date will be paid and transferred on as soon as administratively practicable thereafter, but in no event later than 75 days after the effective date of the such Change in Ownership or ControlControl Event. In the event Shares shares of Common Stock no longer exist at the time of payment and transfer, each of the deferred Performance Units shall be converted in a manner that is consistent with the manner in which Shares shares held by shareholders of the Company ONEOK, Inc. Common Stock were treated with respect to the Change in Ownership or ControlControl Event.

Appears in 1 contract

Samples: Performance Unit Award Agreement (Oneok Inc /New/)

AutoNDA by SimpleDocs

Irrevocable Elections as to the Time and Form of Payment. I hereby irrevocably elect to defer the payment and my receipt of all Performance Units, Shares Common Stock and cash that I may become entitled to receive pursuant to the Agreement (the “Deferred AmountsAmount”) from the regularly scheduled time of payment set forth in Section 6 of the Agreement each Award, until a later date as follows: A. Election of Specified Time of Payment Election (Put initials by your choiceInitial one election of time of payment) ___ I elect to have the Deferred Amounts Amount deferred and paid to me on the later of (i) the date of my separation from service as an employee of the Company, or (ii) [________, 20__] (specify month and year after February 2020) in the form specified below. ___ I elect to have the Deferred Amounts Amount deferred and paid to me on the date of my separation from service as an employee of the Company in the form specified belowCompany. B. Election of Form of Payment Election (Put initials by your choiceInitial one election of form of payment) ___ I elect to receive payment of the Deferred Amounts Amount in a single lump sum payment. ____ I elect to receive payment of the Deferred Amounts Amount in ______(specify 2, 3, 4 or 5) equal annual installments commencing on at the Specified Time of Payment that I have elected in Part A A, above, until fully paid. The number of Shares shares of Common Stock or cash received in each installment will equal the number and amount, respectively, that have not been paid as of the date immediately preceding the installment payment date, divided by the number of installments remaining to be paid as of the date immediately preceding the installment payment date. The resulting number shall be rounded down to the next whole number, except that the final installment shall be rounded up to the next whole number. C. Election in the Event of Death (Put initials by your choice) ___ In the event of my death prior to, or after, the Specified Time of Payment that I have elected above, I elect to have my named beneficiaries (or my estate, if I do have not have designated any designated beneficiaries) receive payment and transfer of the Deferred Amounts Amount in a single lump sum within 60 days following my death. ___ In the event of my death prior to, or after, the Specified Time of Payment that I have elected above, I elect to have my named beneficiaries (or my estate, if I do have not have designated any designated beneficiaries) receive payment and transfer of the Deferred Amounts Amount in ______ (specify 2, 3, 4 or 5) equal annual installments commencing within 60 days following my death, until fully paid. The number of Shares shares of Common Stock or cash received in each installment will equal the number and amount, respectively, that have not been paid as of the date immediately preceding the installment payment date, divided by the number of installments remaining to be paid as of the same date immediately preceding the installment payment date. The resulting number shall be rounded down to the next whole number, except that the final installment shall be rounded up to the next whole number. D. Change in Ownership or Control Event (Mandatory DistributionDeemed election) Notwithstanding the above electionsforegoing, if immediately following a Change in Ownership or Control Event (within the meaning of as defined in Treasury Regulations Section 409A) occurs prior to the full distribution 1.409A-3(i)(5)), any remaining portion of the Deferred Amounts, all Deferred Amounts Amount that have has not been paid and transferred as of such date will be paid and transferred on as soon as administratively practicable thereafter, but in no event later than 75 days after the effective date of the such Change in Ownership or ControlControl Event. In the event Shares shares of Common Stock no longer exist at the time of payment and transfer, each of the deferred Performance Units shall be converted in a manner that is consistent with the manner in which Shares shares held by shareholders of the Company ONEOK, Inc. Common Stock were treated with respect to the Change in Ownership or ControlControl Event.

Appears in 1 contract

Samples: Performance Unit Award Agreement (Oneok Inc /New/)

Irrevocable Elections as to the Time and Form of Payment. I hereby irrevocably elect to defer the payment and my receipt of all Performance Units, Shares and cash that I may become entitled to receive pursuant to the Agreement (the “Deferred Amounts”) from the regularly scheduled time of payment set forth in Section 6 of the Agreement until a later date as follows: A. Specified Time of Payment Election (Put initials by your choice) ___ I elect to have the Deferred Amounts deferred and paid to me on the later of (i) the date of my separation from service as an employee of the Company, or (ii) [________, 20__] in the form specified below. ___ I elect to have the Deferred Amounts deferred and paid to me on the date of my separation from service as an employee of the Company in the form specified below. B. Form of Payment Election (Put initials by your choice) ___ I elect to receive the Deferred Amounts in a single lump sum payment. ____ I elect to receive the Deferred Amounts in _______ (specify 2, 3, 4 or 5) equal annual installments commencing on the Specified Time of Payment that I have elected in Part A above, until fully paid. The number of Shares or cash received in each installment will equal the number and amount, respectively, that have not been paid as of the date immediately preceding the installment payment date, divided by the number of installments remaining to be paid as of the date immediately preceding the installment payment date. The resulting number shall be rounded down to the next whole number, except that the final installment shall be rounded up to the next whole number. C. Election in the Event of Death (Put initials by your choice) ___ In the event of my death prior to, or after, the Specified Time of Payment that I have elected above, I elect to have my named beneficiaries (or my estate, if I do not have any designated beneficiaries) receive payment and transfer of the Deferred Amounts in a single lump sum within 60 days following my death. ___ In the event of my death prior to, or after, the Specified Time of Payment that I have elected above, I elect to have my named beneficiaries (or my estate, if I do not have any designated beneficiaries) receive payment and transfer of the Deferred Amounts in ______ (specify 2, 3, 4 or 5) equal annual installments commencing within 60 days following my death, until fully paid. The number of Shares or cash received in each installment will equal the number and amount, respectively, that have not been paid as of the date immediately preceding the installment payment date, divided by the number of installments remaining to be paid as of the same date. The resulting number shall be rounded down to the next whole number, except that the final installment shall be rounded up to the next whole number. D. Change in Ownership or Control (Mandatory Distribution) Notwithstanding the above elections, if a Change in Ownership or Control (within the meaning of Section 409A) occurs prior to the full distribution of the Deferred Amounts, all Deferred Amounts that have not been paid and transferred will be paid and transferred on the date of the Change in Ownership or Control. In the event Shares no longer exist at the time of payment and transfer, each of the deferred Performance Units shall be converted in a manner that is consistent with the manner in which Shares held by shareholders of the Company were treated with respect to the Change in Ownership or Control.

Appears in 1 contract

Samples: Performance Unit Award Agreement (ONE Gas, Inc.)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!