Transition Election definition

Transition Election means an election pursuant to IRS Notice 2005-1, IRS regulations under section 409A of the Code, and IRS Announcement 2006-79, on or before December 31, 2007, in accordance with procedures made available by the Administrator, whereby Participants who were at that time employed by (or rendering service as a director of) the Company were given the opportunity to amend elections as to the time and form of payment of a Participant’s Account (and the Participant’s account under the Prior Plan); provided no such election shall alter a payment to be made in the year the election is made and no such election shall accelerate a future payment into the year the election is made. Upon the offering of a Transition Election, amounts held as “grandfathered” in the Prior Plan shall become subject to the terms of this Plan.

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Transition Election means an election by a Participant pursuant to Section 5.2 regarding the timing and form of payment of his 2005-2009 Contribution Account.

Transition Election means an Executive’s election made on or before December 31, 2008 in accordance with IRS Notice 2007-86 and other applicable guidance under Code Section 409A to designate the time at which the Executive Pension Supplement will commence.

Examples of Transition Election in a sentence

The aggregate maximum amount of the foregoing reimbursement requirement shall be equitably prorated for any Facility(ies) that are subject to the Master Lease for less than the full Lease Year 2020 (e.g., due to the effect of a Management Election or Transition Election).
In the event that, after the second anniversary and up to and including the fourth anniversary of this agreement, the Executive makes an Executive Transition Election or the Company makes a Company Transition Election, each as defined in section 5 below, the Executive shall continue to be employed by the Company under this agreement for a period of one (1) year from the date of such Executive Transition Election or Company Transition Election.
No additional PSUs will be earned following the Transition Election, and additional RSUs may be earned in respect of any dividends paid by the Company prior to the termination of my employment, subject to and in accordance with the applicable award agreement.
Upon any such termination, whether pursuant to a Management Election or a Transition Election, the applicable Facility shall be deleted from the Master Lease.
In the event that the Executive makes an Executive Transition Election or the Company makes a Company Transition Election, each as defined in section 5 below, the immediately preceding sentence shall not apply and the Executive shall be required to devote only such time as is required to perform his duties as Vice Chairman of the Board of Directors of the Company.
The aggregate maximum amount of the foregoing reimbursement requirement shall be equitably prorated for any Facility(ies) that are subject to the Master Lease for less than the full Capital Expenditures Year (e.g., due to the effect of a Management Election or Transition Election).
For so long as I remain employed by the Company and notwithstanding the making by the Company of the Transition Election, the Company will continue to pay me my Base Salary and to provide me with those fringe benefits and perquisites as paid or provided to me, or in which I participated, immediately prior to the start of the Transition Period.
Upon any such termination, whether pursuant to a Management Election or a Transition Election, the applicable Facility shall constitute a Deleted Property and the provisions of Section 17.9 shall pertain.
This Transition Election and the termination of my employment specifically in the capacity as President and Chief Executive Officer will be effective, without further formal notice from the Company, as of the end of the day immediately prior to the date my successor commences to serve as described above.
In the event that, after the fourth anniversary of this agreement, the Executive makes an Executive Transition Election or the Company makes a Company Transition Election, each as defined in section 5 below, the Executive shall continue to be employed by the Company under this agreement until the close of business on the fifth anniversary of this agreement.

More Definitions of Transition Election

Transition Election means the election of the members of the Executive Board at the Transition Meeting.

Transition Election means an election to change the form of payment made by a Participant during the good faith transition period provided under Section 409A; provided, however, that in order to be given effect under the Plan, any such election must be made on or before December 31, 2008, in accordance with procedures and distribution rules established by the Committee for such elections, which procedures and distribution rules shall comply with the requirements for transition period elections under Section 409A.