Settlement of Deferral Accounts. The Company shall settle a Deferral Account by delivering to the holder thereof (which may be the Grantee or his or her Beneficiary, as applicable) a number of Shares equal to the number of Shares of Deferred Stock then credited to the Grantee’s Deferral Account (or a specified portion in the event of any partial settlement); provided, however, unless otherwise determined by the Committee, that any fractional Shares of Deferred Stock remaining in the Deferral Account on the Settlement Date shall either be forfeited or distributed in cash in an amount equal to the Fair Market Value of a Share as of the Settlement Date multiplied by the remaining fractional Share, as determined by the Committee. The Settlement Date for all Deferred Stock credited in a Grantee’s Deferral Account shall be determined in accordance with Code Section 409A and shall be specified in the applicable Award Agreement or Deferral Election. The Settlement Date for Deferred Stock, as may be permitted by the Committee in its discretion and as specified in the Award Agreement or Deferral Election, is limited to one or more of the following events: (i) a specified date within the meaning of Treasury Regulations Section 1.409A-3(i)(1), (ii) a Change in Control, (iii) the Grantee’s Termination of Service, (iv) the Grantee’s death, (v) the Grantee’s Disability, or (vi) an “unforeseeable emergency” of the Grantee (or his or her dependent) as provided in Treasury Regulations Section 1.409A-3(i)(3).
Settlement of Deferral Accounts. The Company will settle a Participant's Deferral Account by making one or more distributions to the Participant (or his or her Beneficiary, following Participant's death) at the time or times, in a lump sum or installments, as specified in the Participant's election filed in accordance with Section 8(f)(iv); provided, however, that a Deferral Account will be settled at times earlier than those specified in such election in accordance with Sections 8(g)(ii), (iii), and (iv).
Settlement of Deferral Accounts. The Company shall pay or direct the Trustee to pay the net amount credited to a Deferral Account as elected by the Participant in the Participant's Deferral Agreement. Except for payouts due to the death, Disability or termination of employment of the Participant, no payout of amounts credited to a Participant's Deferral Account shall occur prior to the first anniversary of the Deferral Agreement. Except as otherwise provided in the a the applicable Deferral Agreement, a Participant may redefer the payout of his Deferral Account one or more times; provided, that such redeferral is made at least 12 months prior to the first scheduled payout date of the payouts to be deferred, according to the schedule in effect prior to the election to redefer. An election to redefer shall be invalid, and shall not be given effect, with respect to any distribution that would (but for the election to redefer) be paid within 12 months of the date that the redeferral election is made.
Settlement of Deferral Accounts. The Company shall settle the Deferral Account by delivering to the holder thereof (who may be the Grantee or his or her Beneficiary, as applicable) a number of Shares equal to the whole number of shares of Deferred Stock then credited to the Grantee’s Deferral Account (or a specified portion in the event of any partial settlement) on, or as soon as administratively practicable following, the Settlement Date, but in no event later than the end of the calendar year in which the Settlement Date occurs, or, if later, the fifteenth day of the third month following the month in which the Settlement Date occurs. The “Settlement Date” for all Deferred Stock credited to a Grantee’s Deferral Account in connection with the Deferred Stock granted hereunder shall be the earlier of (i) [INSERT APPLICABLE PAYMENT DATE BASED ON ELECTION], and (ii) the date of a Change in Control that also constitutes a “change in control event” (as defined in Treasury Regulation Section 1.409A-3(i)(5)(i)) with respect to the Company. Notwithstanding the foregoing or anything else in this Agreement to the contrary, if any payment hereunder is triggered by a Termination of Service of the Grantee (other than due to the Grantee’s death) and the Grantee is a “specified employee” (as such term is defined in Section 409A of the Code, but generally meaning one of the Company’s key employees within the meaning of Code Section 416(i)), the applicable number of Shares shall, subject to any withholding obligations described in Section 15.a hereof, be delivered to the Grantee on or promptly following the first day of the seventh month after such Termination of Service.
