Common use of Optional Forms of Payment Clause in Contracts

Optional Forms of Payment. In lieu of the life annuity payments provided either (i) in Section 2.1 above (life annuity payments and joint and survivor annuity payments as described in Section 2.1 above are hereinafter referred to as payments made in the “Normal Form”), or (ii) as an Accrued Benefit under this Agreement, the Executive may elect, in writing, in a form acceptable to the Corporation, an optional form of payment which shall be the actuarial equivalent of payments that would otherwise be made in the Normal Form, and which shall be (x) any optional form which is made available under the terms of the Pension Plan (including the different forms of annuities set forth in Section 4.04 of the Pension Plan) or (y) a single lump sum payment, provided that such election is made as set forth below. In addition, the Executive may elect to receive his benefits under this Agreement upon any of the following events: (i) early retirement before age 65, if the Executive is entitled to any early retirement benefit under the Pension Plan and if such early retirement constitutes a Separation from Service, or (ii) termination of employment after the Executive’s Normal Retirement Date if such termination constitutes a Separation from Service, provided that in no event shall payments that are made under this Agreement as a result of a Separation from Service be made prior to the lapse of six months from the date of such Separation from Service.

Optional Forms of Payment. In lieu of the life annuity fifteen year certain payments provided either (i) in Section 2.1 above (life annuity payments and joint and survivor annuity payments as described in Section 2.1 above are hereinafter referred to as payments made in the “Normal Form”)2.01 above, or (ii) as whenever an Accrued Benefit is payable under this Agreement, the Executive may elect, in writing, in a form acceptable elect to the Corporation, an optional form of receive payment which shall be the actuarial equivalent of payments that would otherwise be made in the Normal Form, and which shall be (x) in any optional form which is made of the forms of benefit available under the terms of the Pension Plan (including the different forms of annuities set forth in Section 4.04 of the Pension Plan) ), in which case the amount of payments under such alternate form shall be determined in accordance with the provisions of the Pension Plan controlling the determination of the amount of payments under such form under the Pension Plan or (y) in a single lump sum payment, provided that such election is made payment following Separation from Service in an amount equal to the Actuarial Equivalent (as set forth belowdefined in the Pension Plan) of the Accrued Benefit determined in the manner prescribed for determining Actuarial Equivalents under the Pension Plan. In addition, the Executive may elect to receive his benefits under this Agreement upon any of the following events: (i) early retirement before age 65, if the Executive is entitled to any early retirement benefit under the Pension Plan and if such early retirement constitutes a “Separation from Service” as defined in Section 2.04(e) below, (ii) death, or (iiiii) termination of employment after the Executive’s Normal Retirement Date Date, if such termination constitutes a “Separation from Service” as defined in Section 2.04(e) below, provided that in no event shall any payments that are made under this Agreement as a result of triggered by a Separation from Service shall be delayed as set forth in Section 2.04(e) below. Any election of an alternate form or time of benefit shall be made prior to the lapse of six months from the date of such Separation from Serviceas set forth below.

Optional Forms of Payment. In lieu of the life annuity fifteen year certain payments provided either (i) in Section 2.1 above (life annuity payments and joint and survivor annuity payments as described in Section 2.1 above are hereinafter referred to as payments made in the “Normal Form”)2.01 above, or (ii) as whenever an Accrued Benefit is payable under this Agreement, the Executive may elect, in writing, in a form acceptable elect to the Corporation, an optional form of receive payment which shall be the actuarial equivalent of payments that would otherwise be made in the Normal Form, and which shall be (x) in any optional form which is made of the forms of benefit available under the terms of TD Banknorth Inc. Retirement Plan (the “Pension Plan Plan”) (including the different forms of annuities set forth in Section 4.04 of the Pension Plan) ), in which case the amount of payments under such alternate form shall be determined in accordance with the provisions of the Pension Plan controlling the determination of the amount of payments under such form under the Pension Plan or (y) in a single lump sum payment, provided that such election is made payment following Separation from Service in an amount equal to the Actuarial Equivalent (as set forth belowdefined in the Pension Plan) of the Accrued Benefit determined in the manner prescribed for determining Actuarial Equivalents under the Pension Plan. In addition, the Executive may elect to receive his benefits under this Agreement upon any of the following events: (i) early retirement before age 65, if the Executive is entitled to any early retirement benefit under the Pension Plan and if such early retirement constitutes a “Separation from Service” as defined in Section 2.04(d) below, (ii) death, or (iiiii) termination of employment after the Executive’s Normal Retirement Date Date, if such termination constitutes a “Separation from Service” as defined in Section 2.04(d) below, provided that in no event shall any payments that are made under this Agreement as a result of triggered by a Separation from Service shall be delayed as set forth in Section 2.04(d) below. Any election of an alternate form or time of benefit shall be made prior to the lapse of six months from the date of such Separation from Serviceas set forth below.