Pre-2013 Account shall mean the account established by an Employer as a book reserve to reflect the amounts credited to a Participant under this Plan for Plan Years before 2013. A Participants Pre-2013 Account under the Plan may include one or more of the following subaccounts:
In such a case, the vested Pre-2013 Account (or remaining balance thereof) shall be paid in a single lump sum distribution as of the first business day of August following such December 31st (even if such vested Pre-2013 Account exceeds $25,000 at that time).
The Participants subsequent election under this Section will become effective only if the following criteria are satisfied: (a) the election does not become effective until one year after the date the election is made; and (b) the election extends the date for payment, or the start date for installment payments, by at least five years from the previously elected date (or other applicable date, in the case of a Participants Pre-2013 Account).
If such election becomes effective as provided below, then that portion of the Participants Account as is affected by such election (i.e., his Pre-2013 Account and one or more Annual Post-2012 Subaccounts) will be payable at the time and in the form specified in his subsequent election.
If a Participant did not make a timely initial election concerning the commencement date and payment schedule of his Pre-2013 Account under Paragraph 10.2(a)(i), then, except as provided in (b) below, payment of his Pre-2013 Account shall be made as of the first business day of August of the Plan Year immediately following the Plan Year in which the Separation from Service occurs in a single lump sum cash distribution.
No Participant or his designated Beneficiary shall acquire any property interest in his Pre-2013 Account or Post-2012 Account or any other assets of the Employer or Fifth Third Bancorp, their rights being limited to receiving from the Employer or Fifth Third Bancorp deferred payments as set forth in this Plan and these rights are conditioned upon continued compliance with the terms and conditions of this Plan.