Payment of Account Balance. Provided that the Employee is then an employee of SERI, or an affiliate or subsidiary of the Southern Company, SERI shall pay to the Employee the value of his Award Amount, in cash, within ten (10) days of the Vesting Date.
Payment of Account Balance. (a) Executive's "PAYMENT COMMENCEMENT DATE" is the earliest of: (i) the date on which Executive attains age 50; (ii) the date of Executive's death; (iii) if, following the Effective Date, Executive is rendered Totally and Permanently Disabled (as defined in Section 9(a), below), then the earlier of the date on which Executive attains age 50 or the third anniversary of the date on which Executive became Totally and Permanently Disabled; or (iv) if, following the Effective Date, the Company experiences a Change of Control (as defined in Section 9(a), below), then the earlier of the date on which Executive attains age 50 or the third anniversary of the Change of Control.
(b) Unless Executive has forfeited the Account as of the Payment Commencement Date in accordance with Section 2(a), on the Payment Commencement Date the Company shall pay the Account to Executive (or his beneficiaries in the event of his death) in a lump sum, unless Executive shall have elected at least one year prior to the Payment Commencement Date to have the Account paid on a different date or in installments, in which case payment of the Account shall be made on the date or dates specified in any such election.
Payment of Account Balance. Provided that Mr. Xxxx xx then an employee of the Company, Southern, or an affiliate or subsidiary of Southern, and, with respect to the Tax Gross-up amount, has also achieved the Profitability Goals, the Company shall pay to Mr. Xxxx xxx value of his Account, and, if applicable, the Tax Gross-up amount, in cash within ten (10) days of the Vesting Date.
Payment of Account Balance. Provided that Ms. Fuller is then an employee of the Company, Southern, xx xx xxxxliate or subsidiary of Southern, and, with respect to the Tax Gross-up amount, has also achieved the Profitability Goals, the Company shall pay to Ms. Fuller the value of her Account, and, if applicable, xxx Xxx Xxxxx-xx amount, in cash within ten (10) days of the Vesting Date.
Payment of Account Balance. Subject to the provisons of Section 10.08 of the Plan that requires a Participant to receive the value of any Employer Securities in cash due to restrictions in the Employer's charter or bylaws in accordance with Code Section 409(h)(2), the Plan Administrator will direct the Trustee to commence distribution of a Participant's Vested Account Balance in accordance with this Section 6.01 if the Participant separates from Service for any reason, or if the Participant exercises an in-Service withdrawal right under the Plan. A distribution date under this Article VI is every business day of the Plan Year, or as soon as administratively practicable following that distribution date.
(A) Distribution upon Separation from Service.
(1) Participant's Vested Account Balance not exceeding $5,000. Upon the Participant's Separation from Service for any reason other than death, the Plan Administrator will direct the Trustee to distribute all of a Participant's Vested Account Balances, subject to the Participant's election under Section 6.08 of the Plan, in a lump sum as soon as administratively feasible after the Participant's Separation from Service, but in no event later than the 60th day following the close of the Plan Year in which the Participant attains Normal Retirement Age, or if later, no later than the 60th day following the close of the Plan Year in which the Participant's Separation from Service occurs.
(2) Participant's Vested Account Balance exceeds $5,000. Upon the Participant's Separation from Service for any reason other than death or disability, the Plan Administrator, subject to the Participant's election to postpone distribution and the consent requirements of Section 6.01(A)(5), will direct the Trustee to commence distribution of the Participant's Vested Account Balances, within one hundred twenty (120) days after the close of the Plan Year in which the Participant first incurs five consecutive Breaks in Service, unless the Participant elects in writing to an earlier distribution, and in a form elected by the Participant. Any election under this Section 6.01(A)(2) is subject to the requirements of Section 6.03 and of Section
Payment of Account Balance. Except as hereinafter described, the entire Account balance shall be paid by the Company to Xxxxxxxx, or in the event of Xxxxxxxx'x death to Xxxxxxxx'x beneficiaries, on the earlier of: (i) June 30 of the year immediately following the date on which Xxxxxxxx first ceases to be a United States resident for United States income tax
Payment of Account Balance. Provided that Mr. Franklin is then an employee of the Company, Southern, or an axxxxxxxx xx subsidiary of Southern, and, with respect to the Tax Gross-up amount, has also achieved the Profitability Goals, the Company shall pay to Mr. Franklin the value of his Account, and, if applicable, the Tax Xxxxx-xx xxount, in cash within ten (10) days of the Vesting Date.
Payment of Account Balance. Provided that Mr. Klappa is then an employee of the Company, Southern, xx xx xxxxliate or subsidiary of Southern, and, with respect to the Tax Gross-up amount, has also achieved the Profitability Goals, the Company shall pay to Mr. Klappa the value of his Account, and, if applicable, xxx Xxx Xxxxx-xx amount, in cash within ten (10) days of the Vesting Date.
Payment of Account Balance. Provided that Ms. Xxxxxx is then an employee of the Company, Southern, or an affiliate or subsidiary of Southern, and, with respect to the Tax Gross-up amount, has also achieved the Profitability Goals, the Company shall pay to Ms. Xxxxxx xxx value of her Account, and, if applicable, the Tax Gross-up amount, in cash within ten (10) days of the Vesting Date.
Payment of Account Balance. Provided that Mr. Hairston is then an employee of the Company, Southern, or an axxxxxxxx xx subsidiary of Southern, and, with respect to the Tax Gross-up amount, has also achieved the Performance Goals, the Company shall pay to Mr. Hairston the value of his Account, and, if applicable, the Tax Xxxxx-xx xxount, in cash within ten (10) days of the Vesting Date.
