Transitional Elections in 2006 Sample Clauses

Transitional Elections in 2006. On or before December 31, 2006, if the Executive wishes to change his payment election, the Executive may do so by completing a payment election form approved by the Corporation, provided that any such election (i) must be made at least 12 months before the date on which benefit payments are scheduled to commence, (ii) must be made while the Executive is an active employee of the Corporation or one of its subsidiaries, (iii) shall not take effect before the date that is 12 months after the date the election is made and accepted by the Corporation, (iv) does not cause a payment that would otherwise be made in 2006 to be delayed to a later year, and (v) does not accelerate into 2006 a payment that is otherwise scheduled to be made in a later year. With respect to the additional age and service credits that the Executive is entitled to under his Employment Agreement for purposes of calculating his benefits under this Agreement, the Executive may make a transitional election in 2006 to have such additional benefits paid to the Executive in the form of an increased retirement benefit under this Agreement, provided that the Executive submits a properly completed payment election form to the Corporation in a timely manner.