Common use of OPTIONAL FORM OF BENEFIT Clause in Contracts

OPTIONAL FORM OF BENEFIT. In lieu of the lump sum Retirement Benefit provided in Section 1.18, upon request the Executive may obtain an optional form of payment that is the Actuarial Equivalent of such lump sum payment; provided that such form is a permitted form of benefit under the SBERA Pension Plan, and provided that such request complies with the provisions of Section 409A of the Code and any regulations or other Internal Revenue Service guidance promulgated thereunder. Acceptable forms of payment presently include: - Life Annuity - Joint and 50% Survivor Annuity or Joint and 100% Survivor Annuity. The Executive shall have the right within thirty (30) days upon becoming subject to the Plan to elect the form of payment in which her benefit is to be paid. Prior to the Payment Date, the Executive may change the form of payment she has elected, provided, however, that such change must conform with the provisions of this Agreement and with any applicable requirements of Section 409A (and any other applicable tax law regarding deferral of income or avoidance of constructive receipt). As of the date of this Agreement, all such changes (other than those from one form of life annuity to an actuarially-equivalent form of life annuity) must be made at least one year before the Payment Date and must extend the Payment Date for an additional period of at least five (5) years (which means that payment of the benefit under this Agreement shall be made or commence on a date that is at least five years after the Payment Date).

OPTIONAL FORM OF BENEFIT. In lieu of the lump sum Retirement Benefit provided in Section 1.181.19, upon request the Executive may obtain an optional form of payment that is the Actuarial Equivalent of such lump sum payment; provided that such form is a permitted form of benefit under the SBERA Pension Plan, and provided that such request complies with the provisions of Section 409A of the Code and any regulations or other Internal Revenue Service guidance promulgated thereunder. Acceptable forms of payment presently include: - Life Annuity - Joint and 50% Survivor Annuity or Joint and 100% Survivor Annuity. The Executive shall have the right within thirty (30) days upon becoming subject to the Plan to elect the form of payment in which her his benefit is to be paid. Prior to the Payment Date, the Executive may change the form of payment she he has elected, provided, however, that such change must conform with the provisions of this Agreement and with any applicable requirements of Section 409A (and any other applicable tax law regarding deferral of income or avoidance of constructive receipt). As of the date of this Agreement, all such changes (other than those from one form of life annuity to an actuarially-equivalent form of life annuity) must be made at least one year before the Payment Date and must extend the Payment Date for an additional period of at least five (5) years (which means that payment of the benefit under this Agreement shall be made or commence on a date that is at least five years after the Payment Date).

OPTIONAL FORM OF BENEFIT. In lieu of the lump sum Retirement Benefit provided in Section 1.18, upon request the Executive may obtain an optional form of payment that is the Actuarial Equivalent of such lump sum payment; provided that such form is a permitted form of benefit under the SBERA Pension Plan, and provided that such request complies with the provisions of Section 409A of the Code and any regulations or other Internal Revenue Service guidance promulgated thereunder. Acceptable forms of payment presently include: - Life Annuity - Joint and 50% Survivor Annuity or Joint and 100% Survivor Annuity. The Executive shall have the right within thirty (30) days upon becoming subject to the Plan to elect the form of payment in which her his benefit is to be paid. Prior to the Payment Date, the Executive may change the form of payment she he has elected, provided, however, that such change must conform with the provisions of this Agreement and with any applicable requirements of Section 409A (and any other applicable tax law regarding deferral of income or avoidance of constructive receipt). As of the date of this Agreement, all such changes (other than those from one form of life annuity to an actuarially-equivalent form of life annuity) must be made at least one year before the Payment Date and must extend the Payment Date for an additional period of at least five (5) years (which means that payment of the benefit under this Agreement shall be made or commence on a date that is at least five years after the Payment Date).

OPTIONAL FORM OF BENEFIT. In lieu of the lump sum Retirement Benefit provided in Section 1.181.19, upon request the Executive may obtain an optional form of payment that is the Actuarial Equivalent of such lump sum payment; provided that such form is a permitted form of benefit under the SBERA Pension Plan, and provided that such request complies with the provisions of Section 409A of the Code and any regulations or other Internal Revenue Service guidance promulgated thereunder. Acceptable forms of payment presently include: - • Life Annuity - • Joint and 50% Survivor Annuity or Joint and 100% Survivor Annuity. The Executive shall have the right within thirty (30) days upon becoming subject to the Plan to elect the form of payment in which her his benefit is to be paid. Prior to the Payment Date, the Executive may change the form of payment she he has elected, provided, however, that such change must conform with the provisions of this Agreement and with any applicable requirements of Section 409A (and any other applicable tax law regarding deferral of income or avoidance of constructive receipt). As of the date of this Agreement, all such changes (other than those from one form of life annuity to an actuarially-equivalent form of life annuity) must be made at least one year before the Payment Date and must extend the Payment Date for an additional period of at least five (5) years (which means that payment of the benefit under this Agreement shall be made or commence on a date that is at least five years after the Payment Date).

OPTIONAL FORM OF BENEFIT. In lieu of the lump sum Retirement Benefit provided in Section 1.18, upon request the Executive may obtain an optional form of payment that is the Actuarial Equivalent of such lump sum payment; provided that such form is a permitted form of benefit under the SBERA Pension Plan, and provided that such request complies with the provisions of Section 409A of the Code and any regulations or other Internal Revenue Service guidance promulgated thereunder. Acceptable forms of payment presently include: - • Life Annuity - • Joint and 50% Survivor Annuity or Joint and 100% Survivor Annuity. The Executive shall have the right within thirty (30) days upon becoming subject to the Plan to elect the form of payment in which her benefit is to be paid. Prior to the Payment Date, the Executive may change the form of payment she has elected, provided, however, that such change must conform with the provisions of this Agreement and with any applicable requirements of Section 409A (and any other applicable tax law regarding deferral of income or avoidance of constructive receipt). As of the date of this Agreement, all such changes (other than those from one form of life annuity to an actuarially-equivalent form of life annuity) must be made at least one year before the Payment Date and must extend the Payment Date for an additional period of at least five (5) years (which means that payment of the benefit under this Agreement shall be made or commence on a date that is at least five years after the Payment Date).