Common use of Form of Benefit Clause in Contracts

Form of Benefit. You may choose only one of the below options, and please designate your choice by initialing. o Upon my Separation from Service, I elect to have my Director Benefit paid to me in one lump sum on the first day of the first month immediately following my Separation from Service. o Upon my Separation from Service, I elect to have my Director Benefit paid to me in Thirty-Six (36) substantially equal monthly installment payments. Payments shall commence on the first day of the first month immediately following my Separation from Service and continue monthly thereafter for the designated period. The exact amount of each payment shall be determined by dividing the balance of my Deferred Compensation Account by the number of installments remaining, with the final installment to be the entire remaining balance in my Deferred Compensation Account. o Upon my Separation from Service, I elect to have my Director Benefit paid to me in Sixty (60) substantially equal monthly installment payments. Payments shall commence on the first day of the first month immediately following my Separation from Service and continue monthly thereafter for the designated period. The exact amount of each payment shall be determined by dividing the balance of my Deferred Compensation Account by the number of installments remaining, with the final installment to be the entire remaining balance in my Deferred Compensation Account. o Upon my Separation from Service, I elect to have my Director Benefit paid to me in One Hundred and Twenty (120) substantially equal monthly installment payments. Payments shall commence on the first day of the first month immediately following my Separation from Service and continue monthly thereafter for the designated period. The exact amount of each payment shall be determined by dividing the balance of my Deferred Compensation Account by the number of installments remaining, with the final installment to be the entire remaining balance in my Deferred Compensation Account. o Upon my Separation from Service, I elect to have my Director Benefit paid to me in One Hundred and Eighty (180) substantially equal monthly installment payments. Payments shall commence on the first day of the first month immediately following my Separation from Service and continue monthly thereafter for the designated period. The exact amount of each payment shall be determined by dividing the balance of my Deferred Compensation Account by the number of installments remaining, with the final installment to be the entire remaining balance in my Deferred Compensation Account. In addition to the forgoing, I understand that any modification to the time and/or form of distribution of amounts previously deferred must comply with the following restrictions: (1) any modifying election must be made at least twelve (12) months before it becomes effective; (2) a subsequent election must provide for a deferral of the required payments for at least five additional (5) years; and (3) deferral elections with respect to a specified time or fixed schedule may not be made less than twelve (12) months before payments are scheduled to be made.