Common use of Payment Duration Clause in Contracts

Payment Duration. It shall be assumed that payments of the Vested Monthly Benefit will be made for two hundred and forty (240) months. Notwithstanding the foregoing in this subparagraph 6(a), Employee shall be entitled, by written election to the Corporation’s Board of Directors, to receive, in connection with a Separation From Service at or after age 65, to have his Vested Monthly Benefit paid in monthly payments rather than the lump-sum described above, provided (x) Employee makes such written election more than 12 months before Employee attains age 65 (y) such election is not effective for 12 months, and (z) the first installment of the Vested Monthly Benefit is paid five years after the month next following the month of such Separation From Service (or if earlier, upon death or disability pursuant to subparagraphs 6(b) and 6(c), respectively). Pursuant to (and subject to the requirements of) transitional relief provided with respect to initial and redeferral elections under Code Section 409A (including without limitation, IRS Notice 2005-1, Notice 2006-79, the Preamble to the final Section 409A treasury regulations, and Notice 2007-86, any election made on or before December 31, 2008 shall not be subject to the foregoing timing requirements. If this election is made, the Vested Monthly Benefit will be paid for two hundred and forty (240) months. If Employee dies before receiving all two hundred and forty (240) monthly payments specified herein, the Corporation shall pay to Employee’s Beneficiary the remaining unpaid monthly payments as they become due as provided above.

Payment Duration. It shall be assumed that payments of the Vested Monthly Benefit will be made for two hundred and forty (240) months. Notwithstanding the foregoing in this subparagraph 6(a), Employee shall be entitled, by written election to the Corporation’s Board of Directors, to receive, in connection with a Separation From Service at or after age 65, to have his Vested Monthly Benefit paid in monthly payments rather than the lump-sum described above, provided (x) Employee makes such written election more than 12 months before Employee attains age 65 (y) such election is not effective for 12 months, and (z) the first installment of the Vested Monthly Benefit is paid five years after the month next following the month of such Separation From Service (or if earlier, upon death or disability pursuant to subparagraphs 6(b) and 6(c), respectively). Pursuant to (and subject to the requirements of) transitional relief provided with respect to initial and redeferral elections under Code Section 409A (including without limitation, IRS Notice 2005-1, Notice 2006-79, the Preamble to the final Section 409A treasury regulations, and Notice 2007-86), any election made on or before December 31, 2008 shall not be subject to the foregoing timing requirements. If this election is made, the Vested Monthly Benefit will be paid for two hundred and forty (240) months. If Employee dies before receiving all two hundred and forty (240) monthly payments specified herein, the Corporation shall pay to Employee’s Beneficiary the remaining unpaid monthly payments as they become due as provided above.

Payment Duration. It shall be assumed that payments of the Discounted Vested Monthly Benefit will be made for two hundred and forty (240) months. Notwithstanding the foregoing in this subparagraph 6(a6(d)(i), Employee shall be entitled, by written election to the Corporation’s Board of Directors, to receive, in connection with a Employee’s Separation From Service at or after prior to age 65, to have (i) be paid the lump sum cash payment on the basis of his Vested Monthly Benefit rather than the Discounted Vested Monthly Benefit (or based on his Discounted Vested Monthly Benefit but commencing at a later date if the payment date is prior to age 65), and/or (ii) to be paid in monthly payments rather than the lump-sum described above, provided (x) Employee makes such written election more than 12 months before Employee attains age 65 Employee’s Separation From Service (y) such election is not effective for 12 monthsmonths following the date the election is made, and (z) the first installment of the Vested Monthly Benefit (or the lump sum payment as applicable) is paid no earlier than five years after the month next following the month of such Employee’s Separation From Service (or if earlier, upon death or disability pursuant to subparagraphs 6(b) and 6(c), respectively). Pursuant to (and subject to the requirements of) transitional relief provided with respect to initial and redeferral elections under Code Section 409A (including without limitation, IRS Notice 2005-1, Notice 2006-79, the Preamble to the final Section 409A treasury regulations, and Notice 2007-86, any election made on or before December 31, 2008 shall not be subject to the foregoing timing requirements. If this election is mademonthly payments are elected, the Vested Monthly Benefit (or the Discounted Vested Monthly Benefit (if payment commences prior to age 65)) will be paid for two hundred and forty (240) months. If Employee dies before receiving all two hundred and forty (240) monthly payments specified herein, the Corporation shall pay to Employee’s Beneficiary the remaining unpaid monthly payments as they become due as provided above.

Payment Duration. It shall be assumed that payments of the Vested Monthly Benefit will be made for two hundred and forty (240) months. Notwithstanding the foregoing in this subparagraph 6(a4(f)(i), Employee Executive shall be entitled, by written election to the Corporation’s Board of Directors, to receive, in connection with a Separation From Service termination of employment at or after age 65, to have his Vested Monthly Benefit paid in monthly payments rather than the lump-sum described above, provided (x) Employee Executive makes such written election more than 12 months before Employee Executive attains age 65 (y) such election is not effective for 12 months, and (z) the first installment of the Vested Monthly Benefit is paid five years after the month next following the month of such Separation From Service termination of employment (or if earlier, upon death or disability pursuant to subparagraphs 6(b4(f)(iii) and 6(c(iv), respectively). Pursuant to (and subject to the requirements of) transitional relief provided with respect to initial and redeferral elections under Code Section 409A (including without limitation, IRS Notice 2005-1, Notice 2006-79, the Preamble to the final Section 409A treasury regulations, and Notice 2007-86, any election made on or before December 31, 2008 shall not be subject to the foregoing timing requirements. If this election is made, the Vested Monthly Benefit will be paid for two hundred and forty (240) months. If Employee Executive dies before receiving all two hundred and forty (240) 240 monthly payments specified herein, the Corporation shall pay to Employeethe Executive’s Beneficiary the remaining unpaid monthly payments as they become due as provided above.

Payment Duration. It shall be assumed that payments of the Vested Monthly Benefit will be made for two hundred and forty (240) months. Notwithstanding the foregoing in this subparagraph 6(a3(a), Employee shall be entitled, by written election to the Corporation’s Board of Directors, to receive, in connection with a Separation From Service separation from service at or after age 65, to have his Employee’s Vested Monthly Benefit paid in monthly payments rather than the lump-sum described above, provided (x) Employee makes such written election more than 12 months before Employee attains age 65 65, (y) such election is not effective for 12 months, and (z) the first installment of the Vested Monthly Benefit is paid five years after the month next following the month of such Separation From Service separation from service (or if earlier, upon death or disability pursuant to subparagraphs 6(b3(b) and 6(c3(c), respectively). Pursuant to (and subject to the requirements of) transitional relief provided with respect to initial and redeferral subsequent deferral elections under Code Section 409A (including without limitation, IRS Notice 2005-1, Notice 2006-79, the Preamble to the final Section 409A treasury regulations, and Notice 2007-86), any election made on or before December 31, 2008 shall not be subject to the foregoing timing requirements. If this election is made, the Vested Monthly Benefit will be paid for two hundred and forty (240) months. If Employee dies before receiving all two hundred and forty (240) monthly payments specified herein, the Corporation shall pay to Employee’s Beneficiary the remaining unpaid monthly payments as they become due as provided above.