Common use of Method and Timing of Distributions Clause in Contracts

Method and Timing of Distributions. Except as otherwise provided in this Article 9 and Article 10, distributions under the Plan shall be made in accordance with the elections made or deemed made by the Participant under Article 4. Subject to the provisions of Section 9.6 requiring a 6 month delay for certain distributions to Specified Employees, distributions following a payment event shall commence at the time specified in Section 6.01(a) of the Adoption Agreement. If permitted by Section 6.0l(g) of the Adoption Agreement, a Participant may irrevocably elect to delay a scheduled payment for a minimum period of 60 months from the previously scheduled date of payment (or, in the case of installment payments, 60 months from the previously scheduled date of the first payment), provided that such election takes effect at least 12 months after the date on which the election is made and, in the case of Specified Date distribution (pursuant to Section 6.0l(b)(i) of the Adoption Agreement), such election is made at least 12 months before the previously scheduled date of payment (or, in the case of installment payments, 12 months before the previously scheduled date of the first payment), in accordance with Code Section 409A(a)(4)(C) and the final regulations thereunder. The distribution election change must be made in accordance with procedures and rules established by the Administrator. The Participant may, at the same time the date of payment is deferred, change the form of payment but such change in the form of payment may not effect an acceleration of payment in violation of Code Section 409A(a)(3) or the provisions of Reg. Sec. 1.409A-2(b). For purposes of this Section 9.2, a series of installment payments is always treated as a single payment and not as a series of separate payments.