Grandfathered Amounts Clause Samples
The 'Grandfathered Amounts' clause defines specific sums or benefits that are preserved under previous agreements or regulations, even after new rules or changes take effect. In practice, this clause ensures that certain payments, rights, or obligations established before a policy change remain protected and are not subject to new limitations or requirements. For example, employees who accrued benefits under an old pension plan may continue to receive those benefits despite a new plan being implemented. The core function of this clause is to provide continuity and protect vested interests, preventing retroactive loss or reduction of previously granted entitlements.
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Grandfathered Amounts. The following provisions shall apply solely with respect to Grandfathered Deferred Compensation Plan Deferrals and deferred Grandfathered Restoration Plan Benefits:
(A) Notwithstanding the foregoing, in accordance with the written, telephonic or electronic procedures prescribed by the Committee, a Participant may elect to change the form applicable to a particular category of deferral attributable to Grandfathered Deferred Compensation Plan Deferrals or deferred Grandfathered Restoration Plan Benefits at any time, provided that such election must be made at least twelve (12) consecutive months before the date on which such distribution otherwise would have been made or commenced. Any such change that is not in effect for at least the applicable twelve-month period shall be disregarded and the last valid election shall be substituted in its place. In the absence of such a valid election, distribution shall be made in the form of a single lump sum distribution in cash and, to the extent distributable amounts are credited to the Participant’s Deferred Stock Account, in shares of Common Stock (with any fractional share interest therein paid in cash to the extent of the then fair market value thereof).
(B) In addition, with respect to a Participant who has commenced receiving his Grandfathered Deferred Compensation Plan Deferrals or deferred Grandfathered Restoration Plan Benefit paid in installment payments, such Participant may elect, pursuant to the written, telephonic or electronic method prescribed by the Committee (or its delegate), to have all remaining installment payments attributable to such grandfathered amounts that are otherwise to be paid to the Participant at least twelve (12) months after the date of the election be accelerated and paid in a single lump sum payment as of a date specified by the Committee that is at least twelve (12) months after the date of the election.
Grandfathered Amounts. A Grandfathered Amount remains subject to the terms of the Plan as in effect before January 1, 2005, unless the Employer makes a material modification to the Plan as described in Treas. Reg. §1.409A-6(a)(4).
Grandfathered Amounts. With respect to Grandfathered Amounts:
(i) An election to receive an optional benefit form must be made on a form prescribed by the Committee and must be delivered to the Committee no fewer than 12 months before such election is to be effective.
(ii) An election to receive an optional benefit form may be revoked if the electing Member files a written or electronic election with the Committee no fewer than 12 months before the benefit otherwise would have been distributed in the optional benefit form previously elected. This revocation must be made on a form prescribed by the Committee.
(iii) Any election to receive payment in an optional form (or any revocation of an election to do so) will be disregarded unless the Member strictly complies with the procedures described in this Section 6.05(3)(b).
Grandfathered Amounts. XX
(a) Grandfathered Amounts shall be treated in the same manner as all other amounts deferred under the Plan. ___
(b) Other Special Treatment: ________________________.
Grandfathered Amounts. A Substantial Risk of Forfeiture for Grandfathered Amounts is defined in Treas. Reg. §1.83-3(c) and in Notice ▇▇▇▇-▇, ▇/▇-▇▇(▇) or in Applicable Guidance.
Grandfathered Amounts. As of the date hereof, $7,858,893.08 of the SAR Account Balance, as adjusted for earnings, is exempt from the requirements of Section 409A (the “Grandfathered SAR Amount”). Pursuant to the SAR Award Agreements, the Grandfathered SAR Amount will be distributed to the Executive in ten (10) annual installments. On January 10, 2017 (the “Grandfathered SAR Initial Payment Date”), the Company shall make the first payment to the Executive in an amount equal to ten percent (10%) of the Grandfathered SAR Amount, as determined on January 10, 2017. Within thirty (30) days of each of the nine (9) anniversaries of the Grandfathered SAR Initial Payment Date, an additional payment will be made to the Executive equal to (x) the value of the Grandfather SAR Amount, as adjusted for earnings, on the payment date divided by (y) the number of remaining installment payments (i.e., within thirty (30) days of January 10, 2018, 1/9th of the then-current Grandfathered SAR Amount will be distributed to the Executive). The undistributed Grandfathered SAR Amount will continue to be credited with earnings pursuant to the SAR Award Agreements.
Grandfathered Amounts. A Grandfathered Amount remains subject to the terms of the Plan as in effect before January 1, 2005, unless the Employer makes a material modification to the Plan under Section 7.04. Notwithstanding the preceding sentence, the restrictions of Section 5.01(A) and the transition relief of Section 5.01(B) as to Grace Period Assets apply to Grandfathered Amounts.