Subsequent Election. If the Executive makes any election under Sections 4.1.2, 4.2.2, 4.4.2 or 5.1.2 subsequent to December 31, 2004 to delay a payment or to change the form of payment, (i) the subsequent election must be made at least twelve (12) months prior to the date that the first payment would otherwise have been made, (ii) payments to be made with respect to such subsequent election shall be deferred for a period of not less five (5) five years from the date such payments would otherwise have been made, and (iii) such subsequent election shall not take effect until at least twelve (12) months after the date on which such subsequent election is made.
Appears in 4 contracts
Samples: Executive Incentive Retirement Agreement (First Litchfield Financial Corp), Executive Incentive Retirement Agreement (First Litchfield Financial Corp), Executive Incentive Retirement Agreement (First Litchfield Financial Corp)
Subsequent Election. If the Executive Director makes any election under Sections 4.1.2, 4.2.2, or 4.4.2 or 5.1.2 subsequent to December 31, 2004 2005 to delay a payment or to change the form of payment, (i) the subsequent election must be made at least twelve (12) months prior to the date that the first payment would otherwise have been made, (ii) payments to be made with respect to such subsequent election shall be deferred for a period of not less five (5) five years from the date such payments would otherwise have been made, and (iii) such subsequent election shall not take effect until at least twelve (12) months after the date on which such subsequent election is made.
Appears in 2 contracts
Samples: Director Incentive Retirement Agreement (First Litchfield Financial Corp), Director Incentive Retirement Agreement (First Litchfield Financial Corp)
Subsequent Election. If the Executive Director makes any election under Sections 4.1.2, 4.2.2, or 4.4.2 or 5.1.2 subsequent to December 31, 2004 2005 to delay a payment or to change the form of payment, (i) the subsequent election must be made at least twelve (12) months prior to the date that the first payment would otherwise have been made, (ii) payments to be made with respect to such subsequent election shall be deferred for a period of not less five (5) five years from the date such payments would otherwise have been made, and (iii) such subsequent election shall not take effect until at least twelve (12) months after the date on which such subsequent election is made.. 118
Appears in 1 contract
Samples: Director Incentive Retirement Agreement (First Litchfield Financial Corp)
