Form of Payment Election definition

Form of Payment Election. -- means the election by the Participant of the form of distribution (lump sum or installments) he or she will receive from his or her Account pursuant to Section 6.

Form of Payment Election means the election by the Member of the form of distribution such Member will receive from his or her Account pursuant to Section 9.02.

Form of Payment Election means the election by the Member of the form of distribution he will receive from his Account or Executive Stock Account pursuant to Section 9.2.

Examples of Form of Payment Election in a sentence

• Form of Payment Election (Put initials by your choice) ___ I elect to receive the Deferred Amounts in a single lump sum payment.

• If a Participant does not timely file a separate payment election in the event of a Change in Control, he will be deemed to have elected the same distribution schedule as the timely filed Form of Payment Election for Account A.

• If a Participant’s employment terminates on or after age 55, other than because of death or Disability, and he has completed at least ten years of Service, he may elect to have his Account balance distributed in accordance with one or more of the following methods, in accordance with the provisions and limitations contained in the Form of Payment Election, as amended from time to time.

• The Form of Payment Elections provided in this Section 6 shall be made in writing and may be changed at any time prior to a date that is six months prior to the date distribution is to commence, after which time the Form of Payment Election shall be irrevocable.

• To make such election, a Non-Employee Director shall be required to complete a written election form (“Form of Payment Election Form”) in such form as the Company may prescribe from time to time, and file such completed Form of Payment Election Form with the Company prior to the first day of the calendar year during which the fiscal year to which such cash retainer fee(s) apply commences.

• Form of Payment Election Assumption: Expenses:Assumed administrative expenses were added to the Normal Cost and arebased on the prior year’s expenses, adjusted for inflation.

• Once a Form of Payment Election Form is filed with the Company, it shall be irrevocable with respect to the cash retainer fee(s) for the immediately following fiscal year.

• Notwithstanding the foregoing, for the fiscal year in which a Non-Employee Director commences service with the Company, such Non-Employee Director may file a Form of Payment Election Form with the Company on or before the commencement of his or her service and such election shall apply to all applicable annual retainers for the then current fiscal year that are due and payable after the date such Form of Payment Election Form is filed.

• After becoming eligible to participate in the SERP, the SERP participant shall make a Form of Payment Election by the later of (i) 30 days after the date the individual becomes eligible to participate in the SERP, provided that such election shall apply to compensation paid for services to be performed subsequent to the election, or (ii) December 31 of the calendar year in which such participant first elects to defer salary under Article 2 for the next calendar year.

• Distributions shall be made to the Director as a lump sum or in equal monthly, quarterly or annual installments over a period not to exceed five (5) years, as selected by the Director on the Form of Payment Election (Exhibit D hereto).