DISTRIBUTION ELECTION. Each Participant shall designate in his or her election the timing of his or her distribution as described in the accompanying election form. Notwithstanding anything to the contrary contained herein provided, no acceleration of the time or schedule of payments under the Plan shall occur except as permitted under both this Plan and Code Section 409A. If the Participant fails to properly designate the time and form of a distribution, the Participant’s Account shall be paid in a lump sum.
DISTRIBUTION ELECTION. Distribution Election" means the form of payment for benefits payable from each Account under this Plan, as elected by the Participant on an Enrollment Form prescribed by the Committee.
DISTRIBUTION ELECTION. Pursuant to the Provisions of my Director Indexed Compensation Benefits Agreement with Heritage Bank of Commerce, I hereby elect to have any distribution of the balance in my Benefit Account paid to me in installments as designated below: ____ thirty-six (36) monthly installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit Account by the number of installments then remaining to be paid, with the final installment to be the entire remaining balance in the Benefit Account. ____ sixty (60) monthly installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit Account by the number of installments then remaining to be paid, with the final installment to be the entire remaining balance in the Benefit Account. ____ one hundred twenty (120) monthly installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit Account by the number of installments then remaining to be paid, with the final installment to be the entire remaining balance in the Benefit Account. ____ one hundred eighty (180) monthly installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit Account by the number of installments then remaining to be paid, with the final installment to be the entire remaining balance in the Benefit Account. Dated: June 6, 1997 Signed:________________________ Xxxxx X. Xxxxxxxxx
DISTRIBUTION ELECTION. You are required to complete the distribution section of your Deferral Election to designate the time and method of distribution for the amounts covered by your Deferral Election and the Company Matching Contribution and distributions relating to such amounts. The distribution instructions set forth in your Deferral Election shall be irrevocable as to the amounts covered by such election; provided, however, that, if you so request, the Committee may, in its sole discretion, allow you to amend your distribution instructions to extend the deferral of the amounts covered by your Deferral Election and the Company Matching Contribution and related distributions, if such amendment is made at least one year prior to the scheduled distribution commencement date for such amounts and the amendment defers commencement of such distribution for at least three years beyond the scheduled distribution commencement date.
DISTRIBUTION ELECTION. Lump sum OR (enter number, not to exceed 15) Annual installments • If you choose a lump sum, the account balance will be paid out and taxed upon vesting. • If you choose to receive annual installments, an initial distribution will be made in the vesting year that is equal to the amount needed to pay federal, state and local income tax withholding on the vested account balance. Subsequent distributions will be distributed in annual installments beginning one year after the initial distribution.
DISTRIBUTION ELECTION. Pursuant to the Provisions of my Director Supplemental Income Agreement with Osage Federal Savings and Loan Association of Pawhuska, I hereby elect to have any distribution of the balance in my Deferral Account paid to me in installments as designated below: _____ Lump sum. _____ Five (5) annual installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit Account by the number of installments then remaining to be paid, with the final installment to be the entire remaining balance in the Benefit Account. _____ Ten (10) annual installments with the amount of each installment determined as of each installment date by dividing the entire amount in my Benefit Account by the number of installments then remaining to be paid, with the final installment to be the entire remaining balance in the Benefit Account.
DISTRIBUTION ELECTION. Pursuant to the Provisions of my Executive Supplemental Retirement Plan Executive Agreement with Butte Community Bank, I hereby elect to have any distribution of the balance in my Deferral Account paid to me in installments as designated below:
DISTRIBUTION ELECTION. Instruction: Your elections under this Section only apply to your 20__ Deferred Stock Award. Your Deferred Stock attributable to earlier years, if any, will be paid pursuant to the terms of the Deferred Stock Award for each of those years. You must complete both Parts A and B below. Part A addresses the time of payment and Part B addresses the form of payment.
DISTRIBUTION ELECTION. The Deferred Stock Unit Award granted under this Agreement shall be distributed following the Grantee’s Termination of Board Membership in accordance with (i) the Grantee’s Initial Election, filed in connection with the first Deferred Stock Unit Award granted to the Grantee pursuant to the Plan (or the Default Election, if no timely Initial Election was made) or (ii) the most recent Distribution Election Modification Form applicable to this Deferred Stock Unit Award. The Grantee may elect to change the time or form of payment for any future Deferred Stock Unit Award by filing a Distribution Election Modification Form, in the form attached hereto as Exhibit A, with the Company. The most recent Distribution Election Modification Form (or, if none, the Initial Election or Default Election) will remain in effect until the Grantee files in accordance with this Agreement, a Distribution Election Modification Form. A Distribution Election Modification Form may be filed at any time prior to, and must be filed no later than, December 31, or such earlier date prescribed by the Committee, of the calendar year prior to the calendar year of the date of grant of the Deferred Stock Unit Award with respect to which the modification is to be effective and will become irrevocable as of such December 31 or earlier date. Any such Distribution Election Modification Form shall apply to all of the Grantee’s deferred stock unit awards granted in calendar years subsequent to the calendar year of filing of such election, unless and until a new Distribution Election Modification Form is filed with the Company. If the Grantee submits a completed Distribution Modification Election Form that is not timely or makes a distribution election not otherwise permitted by the Plan, such form will be disregarded, such new election will be ineffective and the Grantee’s election (including the Default Election) in effect at the time that the Grantee submitted such form will remain in effect. Any election pursuant to this Section 4 may be changed before the last permissible date for filing such election.
DISTRIBUTION ELECTION. Pursuant to the provisions of my Executive Incentive Retirement Plan Agreement with Millington Savings Bank, I hereby elect to have any distribution of the balance in my Incentive Retirement Plan Account paid to me in installments commencing on the later of ________________ ("Alternative Date") or the first day of the calendar month following my Termination of Employment due to retirement, resignation, disability, or removal or upon plan termination, whichever shall occur first; provided that such Alternative Date must be elected in writing not less than one year prior to the payment commencement date, absent such election, and such Alternative Date must be not less than five years later than such payment commencement date absent such updated election Each such annual installment shall be determined as of each installment date by dividing the entire amount in my Incentive Retirement Plan Account by the number of installments then remaining to be paid, plus earnings for the period, with the final installment to be the entire remaining balance in the Incentive Retirement Plan Account. Date:_______________________________ ____________________________________ Signature EXHIBIT "A" Millington Savings Bank Executive Incentive Retirement Plan For the Benefit of Gary T. Jolliffe The annuxx xxxxxx Xxxxd to the Executive under the Executive Plan will be established annually for each respective plan year and will be based upon the Executive's base salary in effect as of July 1 of each calendar year and the Bank's net income for the prior fiscal year (July 1 through June 30); provided that the Board of Directors of the Bank may adjust reported net income numbers attributable to extraordinary items and the Board shall ratify such Award each year prior to such Award being credited to the Executive Incentive Retirement Plan Account. 2006 Net Income/Award Grid (July 1, 2006 through June 30, 2007) % of Prior Year Net Income Amount Executive Award % of Base Salary ---------------------------------- -------------------------------- 79% AND BELOW 0% 80% TO 84% 10% 85% TO 94% 20% 95% TO 104% 35% 105% TO 119% 40% 120% AND HIGHER 50%
