Common use of Payment Duration Clause in Contracts

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 3(d), Employee shall be entitled, by written election to the Corporation’s Board of Directors, to receive, in connection with Employee’s separation from service prior to age 65, to (i) be paid the lump sum cash payment on the basis of Employee’s Vested Monthly Benefit rather than the Discounted Vested Monthly Benefit (or based on Employee’s 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’s separation from service, (y) such election is not effective for 12 months following the date the election is made, and (z) the first installment of the Monthly Benefit (or the lump sum payment as applicable) is paid no earlier than five years after the month next following the month of Employee’s separation from service (or if earlier, upon death or disability pursuant to subparagraphs 3(b) and 3(c), respectively). Pursuant to (and subject to the requirements of) transitional relief provided with respect to initial and 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 monthly 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. If Employee dies after Employee’s separation from service but prior to the date on which Employee elected to receive payment, the Corporation shall pay to Employee’s Beneficiary the Discounted Vested Monthly Benefit or the Vested Monthly Benefit that Employee had otherwise elected to receive for two hundred and forty (240) months. The first such payment shall begin within thirty (30) days after Employee’s death.

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 3(d6(d), Employee shall be entitled, by written election to the Corporation’s Board of Directors, to receive, in connection with Employee’s separation from service Separation From Service prior to age 65, to (i) be paid the lump sum cash payment on the basis of Employee’s his Vested Monthly Benefit rather than the Discounted Vested Monthly Benefit (or based on Employee’s 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’s separation from service, Separation From Service (y) such election is not effective for 12 months following the date the election is made, and (z) the first installment of the Monthly Benefit (or the lump sum payment as applicable) is paid no earlier than five years after the month next following the month of Employee’s separation from service Separation From Service (or if earlier, upon death or disability pursuant to subparagraphs 3(b6(b) and 3(c6(c), respectively). Pursuant to (and subject to the requirements of) transitional relief provided with respect to initial and subsequent deferral 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 monthly 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. If Employee dies after Employee’s separation from service [his OR her] Separation From Service but prior to the date on which Employee [he OR she] elected to receive payment, the Corporation shall pay to Employee’s Beneficiary the Discounted Vested Monthly Benefit or the Vested Monthly Benefit that Employee had otherwise elected to receive for two hundred and forty (240) months. The first such payment shall begin within thirty (30) days after Employee’s death.

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 3(d4(f)(ii), Employee Executive shall be entitled, by written election to the Corporation’s Board of Directors, to receive, in connection with EmployeeExecutive’s separation from service termination of employment prior to age 65, to (i) be paid the lump sum cash payment on the basis of Employee’s his Vested Monthly Benefit rather than the Discounted Vested Monthly Benefit (or based on Employee’s 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 Executive makes such written election more than 12 months before Employee’s separation from service, termination of employment (y) such election is not effective for 12 months following the date the election is made, and (z) the first installment of the Monthly Benefit (or the lump sum payment as applicable) is paid no earlier than five years after the month next following the month of Employee’s separation from service termination of employment (or if earlier, upon death or disability pursuant to subparagraphs 3(b4(f)(iii) and 3(cor (iv), respectively). Pursuant to (and subject to the requirements of) transitional relief provided with respect to initial and subsequent deferral 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 monthly 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 Executive dies before receiving all two hundred and forty (240) monthly payments specified herein, the Corporation shall pay to EmployeeExecutive’s Beneficiary the remaining unpaid monthly payments as they become due as provided above. If Employee dies after Employee’s separation from service but prior to the date on which Employee elected to receive payment, the Corporation shall pay to Employee’s Beneficiary the Discounted Vested Monthly Benefit or the Vested Monthly Benefit that Employee had otherwise elected to receive for two hundred and forty (240) months. The first such payment shall begin within thirty (30) days after Employee’s death.

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 3(d6(d)(i), Employee shall be entitled, by written election to the Corporation’s Board of Directors, to receive, in connection with Employee’s separation from service Separation From Service prior to age 65, to (i) be paid the lump sum cash payment on the basis of Employee’s his Vested Monthly Benefit rather than the Discounted Vested Monthly Benefit (or based on Employee’s 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’s separation from service, Separation From Service (y) such election is not effective for 12 months following the date the election is made, and (z) the first installment of the Monthly Benefit (or the lump sum payment as applicable) is paid no earlier than five years after the month next following the month of Employee’s separation from service Separation From Service (or if earlier, upon death or disability pursuant to subparagraphs 3(b6(b) and 3(c6(c), respectively). Pursuant to (and subject to the requirements of) transitional relief provided with respect to initial and subsequent deferral 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 monthly 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. If Employee dies after Employee’s separation from service but prior to the date on which Employee elected to receive payment, the Corporation shall pay to Employee’s Beneficiary the Discounted Vested Monthly Benefit or the Vested Monthly Benefit that Employee had otherwise elected to receive for two hundred and forty (240) months. The first such payment shall begin within thirty (30) days after Employee’s death.