Common use of Benefit Distributions Clause in Contracts

Benefit Distributions. Except as may otherwise be provided in the Non-Elective Deferred Award Terms, the vested balance in a Non-Elective Deferred Award Account shall be subject to the benefit distribution provisions of Article V of this SERP Agreement. The provisions of paragraphs 1, 3, 6(b), 7, 8 and 10 of Article V of this SERP Agreement shall only apply to the vested balance in a Non-Elective Deferred Award Account. The Executive's election and designations referred to in paragraph 1 of Article V of this SERP Agreement with respect to a Non-Elective Deferred Award Account shall be made by written notice to the Employer within 30 days of the date when the grant and the amount of the Performance Award are first made known to the Executive (the "Notification Date"). Notwithstanding the foregoing, if the Non-Elective Deferred Award Terms provide for the payment or vesting of any portion of the Non-Elective Deferred Award Account within 13 months of the Notification Date, the Executive may make any of the modification elections described in paragraph 6 of Article V of this SERP Agreement with respect to such portion of the Non-Elective Deferred Award Account if such election is made both within 30 days the Notification Date and at least 90 days before such vesting date or the date such payment becomes due.

Benefit Distributions. Except as may otherwise be provided in the Non-Elective Deferred Award Terms, the vested balance in a Non-Elective Deferred Award Account shall be subject to the benefit distribution provisions of Article V of this SERP Agreement. The provisions of paragraphs 1, 34, 6(b7(b), 78, 8 9 and 10 11 of Article V of this SERP Agreement shall only apply to the vested balance in a Non-Elective Deferred Award Account. The Executive's election and designations referred to in paragraph 1 of Article V of this SERP Agreement with respect to a Non-Elective Deferred Award Account shall be made by written notice to the Employer within 30 days of the date when the grant and the amount of the Performance Award are first made known to the Executive (the "Notification Date"). Notwithstanding the foregoing, if the Non-Elective Deferred Award Terms provide for the payment or vesting of any portion of the Non-Elective Deferred Award Account within 13 months of the Notification Date, the Executive may make any of the modification elections described in paragraph 6 7 of Article V of this SERP Agreement with respect to such portion of the Non-Elective Deferred Award Account if such election is made both within 30 days the Notification Date and at least 90 days before such vesting date or the date such payment becomes due.