Distributable Events. Except as provided in Section 9.2 or 9.5 of this Article, the Participant shall be entitled to distribution of assets in the Participant Account only after the occurrence of one of the following events, subject to any additional exceptions or limitations applicable under the Plan and applicable law: The Participant attains age 59 ½; The Participant has a severance from employment with the Employer; The Participant’s death, The Disability of the Participant, The existence of a Hardship, The Employer terminates the Plan or If permitted under the Employer’s Plan, a Participant who is on active duty performing qualified military service for a period of at least 30 days and who meets the requirements of Section 414(u) of the Code may elect to receive a distribution of the Participant’s elective deferrals into the Plan as permitted thereunder. Notwithstanding the foregoing, Rollover Contributions may be distributed at any time without restriction. The Custodian may make distributions hereunder in accordance with Instructions from the Employer, the Program Sponsor or the TPA, if applicable, and may rely on such Instructions in making any distribution from the Custodial Account.
Distributable Events. (a) The vested amount of a Participant's account shall become payable to a Participant or his Beneficiary pursuant to this Article X as follows:
Distributable Events. Except as provided in Paragraph 9.2 or 9.5 of this Article, the Participant shall be entitled to distribution of assets in the Participant Account only after the occurrence of one of the following events, subject to any additional limitations applicable under the Plan or other applicable law: The Participant attains age 59 ½; The Participant separates from service with the Employer; The Participant’s death, or The Disability of the Participant.
Distributable Events. The Benefit shall be paid to the Executive or the Executive's estate (unless forfeited by the occurrence of any of the events of forfeiture specified in Article VII) upon the following events: o Upon termination of the Executive's employment on or after the Executive's Target Distribution Date, First Charter shall begin payments of the Executive's Benefit to the Executive in equivalent monthly installments over a period of ten (10) years, unless another form of distribution is selected by the Board of Directors in its sole discretion. Payment will begin as soon as practicable following the Executive's termination of employment. o In the event that the Executive's employment with First Charter is terminated by reason of his death or if the Executive's death occurs after a Distributable Event but before full payment of the Benefit has been made to the Executive, First Charter shall pay (or continue to pay) the Executive's Benefit to the Executive's Beneficiary in equivalent monthly installments such that the Executive's Benefit is paid to the Executive's Beneficiary over a period of ten (10) years unless another form of distribution is selected by the Board of Directors in its sole discretion. Payment to the Beneficiary will be begin as soon as practicable following the Executive's death. o In the event that the Executive becomes Disabled before reaching his Target Distribution Date and while in the employ of First Charter, First Charter shall pay the Executive's vested Benefit to the Executive in equivalent monthly installments over a period of ten (10) years unless another form of distribution is selected by the Board of Directors in its sole discretion. Payment will be begin as soon as practicable following the date the Executive attains his Target Distribution Date. o In the event that the Executive's employment with First Charter is terminated before the Executive attains his Target Distribution date for any reason other than the Executive's death or if the Executive becomes Disabled, First Charter shall begin payments to the Executive of the Executive's vested Benefit as soon as practicable following the date the Executive attains his Target Distribution Date. FORM OF PAYMENT. Payment of the Benefit will be made in the form of equivalent monthly installments over a period of ten (10) years, or in such other form as the Board of Directors, in its sole discretion, may determine.
Distributable Events. ANSWER EACH OF THE FOLLOWING ITEMS.
Distributable Events. Payment of Employee’s Supplemental Retirement Benefit shall be paid upon the earlier to occur of the following distributable events:
Distributable Events. The Employee, or in the event of his death, the Employee’s designated Beneficiary, shall be entitled to elect to receive a distribution of the assets in the Account attributable to contributions made pursuant to a salary reduction agreement, at any time on or after the earliest of:
Distributable Events. Answer each of the following:
Distributable Events. The following distributable events are in addition to those enumerated in the Plan document at paragraph 7.2. [ ] Upon completion of __ Years of Service determined with reference to the Employee's date of hire. [ ] Other (as follows):__________________________________ [ ] Attainment of the Normal Retirement Age. X FORM OF PAYMENT (SELECT ONE OR MORE) [X] Lump sum. [X] Installment payments. The payment period may not exceed the life expectancy of the Participant and his or her Beneficiary (provided that the Beneficiary is an individual). [ ] monthly installment payments over a period of not more than _____ years. [ ] quarterly installment payments over a period of not more than _____ years. [ ] annual installment payments over a period of not more than _____ years. [X] Other (please specify): Equal (sum certain) installment payments over an expected period as selected by the Participant prior to commencement of participation. Notwithstanding the foregoing, the actual period over which installment payments will extend will be based on the Participant's Account Balance . XI SIGNATURES This Nonqualified Deferred Compensation Plan, including this Adoption Agreement, has been designed to permit Participants to defer Federal and state income tax on amounts credited to their Accounts until the amounts are actually paid. The Employer adopting this Plan should consult with tax counsel regarding the consequences of adopting this Plan to both the Employer and Employees. Advice should also be sought on the advisability of submitting this document to the Internal Revenue Service to obtain a Private Letter Ruling. Independent legal counsel should be consulted with respect to securities law issues. By executing this Adoption Agreement, the Employer acknowledges that no representations or warranties as to the tax consequences to the Employer and Participants of the operation of this Plan have been made by the entity who has provided this Plan document and Adoption Agreement. The Plan and this accompanying Adoption Agreement were adopted by the Employer the 1st day of December, 2002. Executed for the Employer by: XXXXXXX X. XXXX Title of Individual: SENIOR VICE PRESIDENT, CFO Signature: /s/ XXXXXXX X. XXXX
Distributable Events
