Separation from Service Payment Sample Clauses

Separation from Service Payment. Upon the Executive’s separation from service, including by reason of death, disability, termination by the Company for any reason, and termination by the Executive for any reason, the Company will pay to the Executive a lump sum cash payment within ninety (90) days of separation from service in an amount equal to a pro-rata portion (based on the number of days preceding the Executives termination in the fiscal year of termination) of the bonus that otherwise would have been paid in the fiscal year of the Executive’s termination, assuming that targeted EBITDA had been met. For purposes of this Section, references td separation from service means a “separation from service” (as defined at Section 1.409A-1(h) of the Treasury Regulations) from the Company and from all other corporations and trades or businesses, if any, that would be treated as a single “service recipient” within the Company under Section 1.409A-1(h)(3) of the Treasury Regulations.

Separation from Service Payment. In the event of a Participant’s Separation from Service, the Participant’s Class Year Account shall be paid in the form of a cash lump sum or, if elected by the Participant, in annual cash payments (over a period of five (5) or ten (10) years) as elected for the Class Year Account. Effective with respect to a Participant’s Pre‑2025 Class Year Accounts (as defined in Section 6.2(a)), the Participant’s election of annual cash payments in lieu of a cash lump sum will have no effect if the Participant’s Separation from Service occurs before the Participant’s Normal Retirement Age. For purposes of Code Section 409A, installment payments shall be treated as a single payment. If applicable, the initial installment shall be based on the value of the Participant’s Class Year Account, measured on the date of his or her Separation from Service, and shall be equal to 1/n (where ‘n’ is equal to the total number of annual benefit payments not yet distributed). Subsequent installment payments shall be computed in a consistent fashion, with the measurement date being the anniversary of the original measurement date and subsequent installment payments being made within 90 days of such anniversary date. Election of the form of the Separation from Service payment with respect to a Class Year Account must be provided to the Plan Administrator at the time required by Section 6.2 of this Plan. The Participant’s election of a Separation from Service payment form is irrevocable, except as provided in Section 6.2(b). Effective with respect to a Participant’s Pre-2025 Class Year Accounts (as defined in Section 6.2(a)), in the event the Participant incurs a Separation from Service before the Participant’s Normal Retirement Age, all of the Participant’s Pre-2025 Class Year Accounts shall be paid in the form of a lump sum payment within ninety (90) days after the Separation from Service, notwithstanding any election that the Participant has made. Notwithstanding the foregoing, a distribution resulting from a Separation from Service by a Participant who is a Specified Employee on the date of Separation from Service shall be made within the ninety (90) days following the date that is 6 months after the Separation from Service or, if earlier, following the death of the Specified Employee as specified in Section 6.5. The first payment made following the 6‑month period described in the preceding sentence shall include all payments that otherwise would have been made after Separation from S...

Separation from Service Payment. In the event of a Participant’s Separation from Service, the Participant’s vested Account shall be paid in the form of a cash lump sum or, if elected by the Participant, in annual cash payments (over a period of five (5), ten (10), or fifteen (15) years). For purposes of Code § 409A, installment payments shall be treated as a single payment. If applicable, the initial installment shall be based on the value of the Participant’s vested Account, measured on the date of his or her Separation from Service, and shall be equal to 1/n (where ‘n’ is equal to the total number of annual benefit payments not yet distributed). Subsequent installment payments shall be computed in a consistent fashion, with the measurement date being the anniversary of the original measurement date. Election of the form of the Separation from Service Payment must be provided to the Plan Administrator at the time the Participant first enters into a Compensation Deferral Agreement. Notwithstanding a Participant’s election regarding the form of the Separation from Service Payment, the Plan Sponsor shall make a De Minimis Distribution, as elected by the Plan Sponsor in the Adoption Agreement, and pay the Participant’s or Beneficiary’s benefit in a single lump-sum payment. Notwithstanding the foregoing, a distribution resulting from a Separation from Service by a Participant who is a Specified Employee on the date of Separation from Service shall be made within the ninety (90) days following the date that is 6 months after the Separation from Service or, if earlier, within the ninety (90) days following the death of the Specified Employee. The first payment made following the 6-month period described in the preceding sentence shall include all payments that otherwise would have been made after Separation from Service but for the delay required by this paragraph.

Separation from Service Payment. In the event of a Participant’s Separation from Service, the Participant’s vested Account shall be paid in the form of a cash lump sum or, if elected by the Participant, in annual cash payments (over a period of two(2), five (5), or ten (10) years). For purposes of Code § 409A, installment payments shall be treated as a single payment. If applicable, the initial installment shall be based on the value of the Participant’s vested Account, measured on the date of his or her Separation from Service, and shall be equal to 1/n (where ‘n’ is equal to the total number of annual benefit payments not yet distributed). Subsequent installment payments shall be computed in a consistent fashion, with the measurement date being the anniversary of the original measurement date. Election of the form of the Separation from Service Payment must be provided to the Plan Administrator at the time the Participant first enters into a Compensation Deferral Agreement. Notwithstanding the foregoing, a distribution resulting from a Separation from Service by a Participant who is a Specified Employee on the date of Separation from Service shall be made within the ninety (90) days following the date that is 6 months after the Separation from Service or, if earlier, within the ninety (90) days following the death of the Specified Employee. The first payment made following the 6-month period described in the preceding sentence shall include all payments that otherwise would have been made after Separation from Service but for the delay required by this paragraph.