Small Balances Clause Samples
Small Balances. Notwithstanding any Initial Election or Subsequent Election to the contrary:
(i) Distributions pursuant to Initial Elections or Subsequent Elections shall be made in one lump sum payment unless the portion of the Account subject to distribution, as of both the date of the Initial Election or Subsequent Election and the benefit commencement date, has a value of more than $10,000; and
(ii) Following the end of the Term, if the amount credited to the Account has a value of $25,000 or less, the Company may, in its sole discretion, direct that such amount be distributed to the Consultant (or his beneficiary, as applicable) in one lump sum payment.
Small Balances. Notwithstanding any payment election made pursuant to Paragraph 5(a)(iii), if the Fair Market Value of the Shares of Stock underlying a Participant’s Deferred Units, is, in the aggregate, less than $20,000 on the Payment Date, such Shares will be distributed in a lump sum. In addition, the Company may distribute all of a Participant’s unpaid deferred Shares in a lump sum if the Fair Market Value of such Shares does not exceed the limit in Section 402(g)(1)(B) of the Code and results in the termination of the Participant’s entire deferred interest under this Agreement.