Short-Term Payout definition

Short-Term Payout means the payout set forth in Section 4.1.

Short-Term Payout means the payout set forth in Article 4.

Short-Term Payout means the type of payout available to a Participant as described in Section 8(a).

Examples of Short-Term Payout in a sentence

• Should an event occur that triggers a benefit under Article 5, 6, 7 or 8, any Annual Deferral Amount, plus amounts credited or debited thereon, that is subject to a Short-Term Payout election under Section 4.1 shall not be paid in accordance with Section 4.1 but shall be paid in accordance with the other applicable Article.

• In connection with each election to defer an Annual Deferral Amount, a Participant may irrevocably elect to receive a future "Short-Term Payout" from the Plan with respect to such Annual Deferral Amount.

• Subject to the Deduction Limitation, in connection with each election to defer an Annual Deferral Amount, a Participant may elect to receive a future "Short-Term Payout" from the Plan with respect to that Annual Deferral Amount.

• In connection with each election to defer an Annual Deferral Amount, a Participant may irrevocably elect to receive a future Short-Term Payout from the Plan with respect to such Annual Deferral Amount.

• Each Short-Term Payout elected shall be payable on the Short-Term Payout Date designated by the Participant on the Election Form with respect thereto.

More Definitions of Short-Term Payout

Short-Term Payout means the payout set forth in Section 4.1 of this Plan.

Short-Term Payout means the distribution election described in Section 4.1. The Plan shall maintain separate accounting for all Short-Term Payouts that are scheduled to be paid in a particular Plan Year.

Short-Term Payout means the Benefit set forth in Section 5.1.

Short-Term Payout means that portion of a Participant’s Annual Deferral Amount that the Participant elects to have distributed in a specific year, in accordance with Section 4.2.

Short-Term Payout means the payout set forth in Article 4. 1.36 “Sponsor” shall mean Rollins, Inc., a Delaware corporation, and any successor to all or substantially all of the Sponsor’s assets or business. 1.37 “Termination Benefit” shall mean the benefit set forth in Article 7. 1.38 “Termination of Employment” shall mean Separation from Service with the Company, voluntarily or involuntarily, for any reason other than Retirement, death or an authorized leave of absence. 1.39 “Trust” shall mean the trust established pursuant to this Plan, as amended from time to time. 1.40 “Unforeseeable Financial Emergency” shall mean a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, the Participant’s Beneficiary, or the Participant’s dependent (as defined in Code Section 152, without regard to Sections 152(b)(1), (b)(2), and (d)(1)(B)); loss of the Participant’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, not as a result of a natural disaster); or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. For example, the imminent foreclosure of or eviction from the Participant’s primary residence may constitute a hardship. In addition, the need to pay for medical expenses, including nonrefundable deductibles, as well as for the costs of prescription drug medication, may constitute a hardship. Finally, the need to pay for the funeral expenses of a spouse, a Beneficiary, or a dependent may also constitute a hardship. Except as otherwise provided in this paragraph, the purchase of a home and the payment of college tuition are not hardships. Whether a Participant is faced with a hardship is to be determined in the sole discretion of the Plan Committee based on the relevant facts and circumstances of each case and in accordance with the requirements of Treas. Reg. Section 1.409A-3(i)(3). 1.41 “Yearly Installment Method” shall be a yearly installment payment over the number of years selected by the Participant in accordance with this Plan, calculated as follows: The Account Balance of the Participant (or the appropriate portion thereof) shall be calculated as of the close of business on the date of reference (or, if the date of reference is not a business day, on the immediately following business day). The date of reference with respect to the first (...

Short-Term Payout means the payout described in Section 4.1.

Short-Term Payout means the payout set forth in Section 4.1. 1.35 "Termination Benefit" shall mean the benefit set forth in Article 7.