Common use of Payment of Lump Sum Clause in Contracts

Payment of Lump Sum. Subject to approval by the Board or the Plan Administrator, the Company shall pay the lump sum to the Executive within 30 days after the designated payment date requested by the Executive, less any applicable taxes or withholding required by state or federal law, and less a 7% penalty imposed by the Company for the right to receive the Normal Retirement Benefit in a lump sum.

Payment of Lump Sum. Subject to approval by the Board or the Plan Administrator, the Company shall pay the lump sum to the Executive within 30 thirty (30) days after the designated payment date requested by the Executive, less any applicable taxes or withholding required by state or federal law, and less a 7% penalty imposed by the Company for the right to receive the Normal Retirement Benefit in a lump sum.

Payment of Lump Sum. Subject to approval by the Board or the Plan Administrator, the Company shall pay the lump sum to the Executive within 30 thirty (30) days after the designated payment date requested by the Executive, less any applicable taxes or withholding required by state or federal law, and less a seven percent (7% %) penalty imposed by the Company for the right to receive the Normal Retirement Benefit in a lump sum.