Common use of Annual Installments Clause in Contracts

Annual Installments. A Participant entitled to elect to defer -------------------- distribution of his Plan Benefit under Subsection 9(b)(i) may elect to have the distribution paid in cash over an installment period of not more than 10 years. Such election must be filed with UDLP on the prescribed form before the date employment terminates, before the Participant dies, or before UDLP determines that the Participant is permanently and totally disabled, as the case may be, and shall, except as provided in Subsection 9(f), be irrevocable. The election shall specify the number of annual installments. If an installment election is made, the Plan Benefit shall be distributed in annual installments as follows: The amount of each annual installment shall be paid during the first month of the year. The value of Stock and/or cash SECTION 9(b)(ii) to be distributed in each installment shall be determined by dividing the amount of Stock and/or cash credited to the Participant's Plan Benefit account as of the date the installment is being paid by the total number of annual installments elected minus the number of annual installments which have previously been paid. The amount payable with respect to the Stock portion of the installment shall be determined as of the Valuation Date immediately preceding the date payment is made.