Common use of For Plan Years Clause in Contracts

For Plan Years. Commencing Before January 1, 2010. For Elective Deferrals made for Plan Years commencing before January 1, 2010, the following rules set forth in this Section 4.4(a) shall apply. As stated in Section 4.2(c), above, as part of his or her Deferral Election Agreement, a Participant shall elect: (a) the date on which distribution of each Sub-Account established for him or her under the Plan is to commence, which date may be no earlier than December 31 of the Plan Year immediately after the Plan Year in which the Compensation deferred under the Deferral Election Agreement would otherwise have been paid to the Participant; and (b) the form of distribution of each such Sub-Account from the available distribution forms set forth below: (1) a single lump-sum payment; or (2) monthly, quarterly or annual installment payments: (A) in the case of a Cash Sub-Account, (i) of a specified dollar amount; or (ii) over a specified period; and (B) in the case of a Stock Sub-Account, (i) of a number of shares of Stock equal to a specified dollar amount; (ii) of a specified number of shares of Stock; or (iii) over a specified period. All distributions from Cash Sub-Accounts shall be paid in the form of cash. All distributions from Stock Sub-Accounts shall be paid in the form of Stock (with each Stock Unit converted to one share of Stock at the time of distribution). If a Participant elects payment in the form of a lump sum, distribution shall be made to the Participant in a lump sum on the commencement date elected by the Participant. In the case of a Participant who elects to receive a Sub-Account in the form of installments, earnings and dividends shall be credited to the Participant's Sub-Account in the manner provided in Section 4.3(a) and (b) during the payment period. If the Participant elects to receive payment of a Sub-Account in the form of annual installments, the initial installment payment shall be made on January 15 of the Plan Year selected by the Participant. The remaining annual installment payments shall be made on January 15 of each year thereafter until the Participant's entire Sub-Account has been paid. If the Participant elects to receive payment in the form of monthly or quarterly installments, the installment payments shall commence on the first day of the first month or quarter (as the case may be) of the Plan Year selected by the Participant and will continue to be made on the first day of each month or quarter (as the case may be) thereafter until the Participant's entire Sub-Account has been paid. In the case of a Participant who elects to receive installment payments of a specified dollar amount from a Cash Sub-Account, the amount of each installment payment will equal such specified dollar amount until the Sub-Account is exhausted, with the last installment consisting of the balance in the Sub-Account. In the case of a Participant who elects to receive installment payments of a number of shares of Stock equal to a specified dollar amount, the number of shares to be distributed in each installment payment shall be determined by dividing such specified dollar amount by the Fair Market Value of a share of Stock on the distribution date, with the last installment consisting of the balance in the Sub-Account. In the case of a Participant who elects to receive installment payments over a specified period from a Cash Sub-Account or Stock Sub-Account, the amount of each installment payment shall be equal to the cash balance or number of Stock Units (as the case may be) in the Participant's Sub-Account immediately prior to the installment payment, multiplied by a fraction, the numerator of which is one, and the denominator of which is the number of installment payments remaining, with the last installment consisting of the balance of the Participant's Sub-Account. In the case of a Participant who elects to receive installment payments from a Stock-Sub-Account equal to a specified number of shares, each installment payment shall consist of such specified number, with the last installment consisting of the balance of the Participant's Sub-Account. Notwithstanding anything in this Section 4.4(a) to the contrary, a Participant who elects to receive a Sub-Account in installments must elect a payment amount that results in a total annual Plan payment from all Sub-Accounts (of cash, Stock or both) equaling at least $25,000. If, on January 15 of a Plan Year, the balance of a Participant's Sub-Account then being distributed in the form of monthly or quarterly installments is less than $25,000, the entire balance will be paid to the Participant in a single sum on such date. In any event, the remaining balance of a Participant's Account shall be paid on the 25th anniversary of the first payment. A Participant may modify an election for payment of a Sub-Account to postpone the commencement date or change the method of payment to another method permitted under the Plan. In order to be effective, the requested modification must: (a) be in writing and be submitted to the Corporation at the time and in the manner specified by the Committee; (b) not take effect for at least 12 months from the date on which it is submitted to the Corporation; (c) be submitted to the Corporation at least 12 months prior to the then scheduled distribution commencement date ("original distribution date"); and (d) specify a new distribution commencement date no earlier than five years after the original distribution date. For purposes hereof, if the original distribution date is a Plan Year rather than a specified date within a Plan Year, the original distribution date shall be deemed to be the first day of the Plan Year.

For Plan Years. Commencing Before beginning before January 1, 20101989, distribution of. the entire interest of each Participant will be made or will commence being made to the Participant not later than April I of the calendar year following the calendar year in which the Participant attains age 70~, or, in the case of an Employee other than a 5% owner, as defined in Code Section 416, April 1 of the calendar year following the year in which he attains age 70 1/2 or retires, whichever is later. For Elective Deferrals Plan Years beginning after December 31, 1988, distribution of the entire interest of each Participant will be made or will commence being made to the Participant not later than April 1 of the calendar year following the calendar year in which the Participant attains age 70 1/2. If a Participant dies before his interest in the Plan has been distributed to him or if distribution has been commenced to his surviving spouse under one of the methods set forth in subsection (b) above and such surviving spouse dies before the Participant's entire interest has been distributed, the entire interest (or the remaining part of such interest if distribution thereof has commenced) will be distributed within five (5) years after his death (or the death of his surviving spouse). However, the preceding sentence shall not apply if distributions have commenced to the Participant before his death, in which event distributions to the Participant's beneficiary will continue over the period selected by the Participant. Notwithstanding the foregoing, for Plan Years commencing before on or after January 1, 20101985, the following rules set forth in this Section 4.4(afive-year rule does not apply if (i) shall apply. As stated in Section 4.2(cany portion of the Participant's interest is payable to (or for the benefit of) a designated beneficiary, (ii) the portion of the Participant's interest to which the beneficiary-is entitled will be distributed over the life of the beneficiary (or over a period not extending beyond the life expectancy of the beneficiary), above, as part of his or her Deferral Election Agreement, a Participant shall elect: and (aiii) the distributions commence no later than one year after the date on which distribution of each Sub-Account established for him or her under the Plan is to commence, which date may be no earlier than December 31 of the Plan Year immediately after the Plan Year in Participant's death (or such later date which the Compensation deferred Secretary may, under regulations, prescribe). The Retirement Equity Act of 1984 permits the Deferral Election Agreement would otherwise have been paid to annual recalculation of the life expectancy of a Participant; 's and an employee's spouse (b) the form of distribution of each such Sub-Account from the available distribution forms set forth below: (1) a single lump-sum payment; or (2) monthly, quarterly or annual installment payments: (A) other then in the case of a Cash Sublife annuity). Also, the five-Account, year rule does not apply if (i) of a specified dollar amount; or (ii) over a specified period; and (B) in the case of a Stock Sub-Account, (i) of a number of shares of Stock equal to a specified dollar amount; (ii) of a specified number of shares of Stock; or (iii) over a specified period. All distributions from Cash Sub-Accounts shall be paid in the form of cash. All distributions from Stock Sub-Accounts shall be paid in the form of Stock (with each Stock Unit converted to one share of Stock at the time of distribution). If a Participant elects payment in the form of a lump sum, distribution shall be made to the Participant in a lump sum on the commencement date elected by the Participant. In the case of a Participant who elects to receive a Sub-Account in the form of installments, earnings and dividends shall be credited to the Participant's Sub-Account in the manner provided in Section 4.3(a) and (b) during the payment period. If the Participant elects to receive payment of a Sub-Account in the form of annual installments, the initial installment payment shall be made on January 15 of the Plan Year selected by the Participant. The remaining annual installment payments shall be made on January 15 of each year thereafter until the Participant's entire Sub-Account has been paid. If the Participant elects to receive payment in the form of monthly or quarterly installments, the installment payments shall commence on the first day of the first month or quarter (as the case may be) of the Plan Year selected by the Participant and will continue to be made on the first day of each month or quarter (as the case may be) thereafter until the Participant's entire Sub-Account has been paid. In the case of a Participant who elects to receive installment payments of a specified dollar amount from a Cash Sub-Account, the amount of each installment payment will equal such specified dollar amount until the Sub-Account is exhausted, with the last installment consisting of the balance in the Sub-Account. In the case of a Participant who elects to receive installment payments of a number of shares of Stock equal to a specified dollar amount, the number of shares to be distributed in each installment payment shall be determined by dividing such specified dollar amount by the Fair Market Value of a share of Stock on the distribution date, with the last installment consisting of the balance in the Sub-Account. In the case of a Participant who elects to receive installment payments over a specified period from a Cash Sub-Account or Stock Sub-Account, the amount of each installment payment shall be equal to the cash balance or number of Stock Units (as the case may be) in the Participant's Sub-Account immediately prior to the installment payment, multiplied by a fraction, the numerator of which is one, and the denominator of which is the number of installment payments remaining, with the last installment consisting of the balance portion of the Participant's Sub-Account. In interest to which the case of a Participant who elects to receive installment payments from a Stock-Sub-Account equal to a specified number of shares, each installment payment shall consist of such specified number, with surviving spouse is entitled will be distributed over the last installment consisting life of the balance surviving spouse (or over a period not extending beyond the life expectancy of the Participant's Sub-Account. Notwithstanding anything in this Section 4.4(asurviving spouse), and (ii) to the contrary, a Participant who elects to receive a Sub-Account in installments must elect a payment amount that results in a total annual Plan payment from all Sub-Accounts (of cash, Stock or both) equaling at least $25,000. If, on January 15 of a Plan Year, the balance of a Participant's Sub-Account then being distributed in the form of monthly or quarterly installments is less distributions commence no later than $25,000, the entire balance will be paid to the Participant in a single sum on such date. In any event, the remaining balance of a Participant's Account shall be paid on the 25th anniversary of the first payment. A Participant may modify an election for payment of a Sub-Account to postpone the commencement date or change the method of payment to another method permitted under the Plan. In order to be effective, the requested modification must: (a) be in writing and be submitted to the Corporation at the time and in the manner specified by the Committee; (b) not take effect for at least 12 months from the date on which it is submitted to the Corporation; (c) be submitted to the Corporation at least 12 months prior to the then scheduled distribution commencement date ("original distribution date"); and (d) specify a new distribution commencement date no earlier than five years after the original distribution date. For purposes hereof, if the original distribution date is a Plan Year rather than a specified date within a Plan Year, the original distribution date shall be deemed to be the first day of the Plan YearParticipant would have attained age 70 1/2.