Common use of Initial Election Clause in Contracts

Initial Election. Concurrently with the execution of this Participation Agreement (or at such later time as is permitted under Section 409A of the Code and applicable Internal Revenue Service guidance adopted thereunder), the Participant shall elect any one of the following distribution methods, which, subject to paragraph (b) of this Section 4, shall be irrevocable: (i) lump sum payment; or (ii) lifetime annuity; or (iii) lifetime annuity with 120 months of guaranteed payments; or (iv) 50% joint and survivor annuity; or (v) 75% joint and survivor annuity; or (vi) 100% joint and survivor annuity. In the event the Participant fails to elect any of the above forms of distribution methods as required herein, the Participant shall be deemed to have chosen the lifetime annuity described in Section 4(a)(ii). Except for a lump sum distribution, all distributions shall be made on a monthly basis. If the Participant elects a lump sum payment method of distribution, the Participant acknowledges and accepts that the lump sum payment actually received shall be the actuarial equivalent of the lifetime annuity described in Section 4(a)(ii). If the Participant elects any joint and survivor annuity method of distribution or a Guaranteed Payment Lifetime Annuity method of distribution, the Participant acknowledges and accepts the reduction of his or her monthly distribution to actuarially accommodate such distribution election. If the Participant elects a distribution method other than a lifetime annuity described in Section 4(a)(ii), the actuarial equivalent will be determined using the same actuarial equivalent assumptions contained in the First United Bank & Trust Pension Plan (or any successor or replacement plan) in effect as of the date that distributions of SERP Benefits commence hereunder.

Initial Election. Concurrently with the execution of this Participation Agreement (or at such later time as is permitted under Section 409A of the Code and applicable Internal Revenue Service guidance adopted thereunder), the Participant shall elect any one of the following distribution methods, which, subject to paragraph (b) of this Section 4, shall be irrevocable: (i) lump sum payment; or (ii) lifetime single life annuity; or (iii) lifetime level payment single life annuity; (iv) level payment single life annuity with 120 months of guaranteed payments; or (ivv) 50% joint and survivor annuity; or (v) 75% joint and survivor level payment annuity; or (vi) 75% joint and survivor level payment annuity; or (vii) 100% joint and survivor level payment annuity. In the event the Participant fails to elect any of the above forms of distribution methods as required herein, the Participant shall be deemed to have chosen the lifetime level payment single life annuity described in Section 4(a)(ii4(a)(iii). Except for a lump sum distribution, all distributions shall be made on a monthly basis. In the case of a single life annuity, due to the offsets required by Section 3(g), the amount of any Defined Benefit payment that is made prior to the date(s) on which the payment of the Participant’s Pension Plan benefits and/or Social Security benefits commence (or are deemed to commence) will be greater than the amount of any Defined Benefit payment that is made after such date(s). In the case of a level payment annuity, the calculation of the Defined Benefit payments will take into account the offsets required by Section 3(g) such that the payments will be approximately the same both before and after the commencement (or deemed commencement) of the Participant’s Pension Plan benefits and Social Security benefits. If the Participant elects a lump sum payment method of distribution, the Participant acknowledges and accepts that the lump sum payment actually received shall be the actuarial equivalent of the lifetime single life annuity described in Section 4(a)(ii). If the Participant elects any joint and survivor level payment annuity method of distribution or a distribution, including the Guaranteed Period Level Payment Lifetime Annuity method of distributionLife Annuity, the Participant acknowledges and accepts that the reduction of elected method is actuarially equivalent to the single life annuity described in Section 4(a)(ii) and his or her monthly distribution will be adjusted to actuarially accommodate such distribution election. If the Participant elects a distribution method other than a lifetime single life annuity described in Section 4(a)(ii), the actuarial equivalent will be determined using the same actuarial equivalent assumptions contained in the First United Bank & Trust Pension Plan (or any Plan. If there is no successor or replacement plan) plan to the Pension Plan, the actuarial equivalent will be determined using reasonable actuarial assumptions adopted by the Administrator and in effect as of the date that distributions of SERP Defined Benefits commence hereunder.

Initial Election. Concurrently with the execution of this Second Amended Participation Agreement (or at such later time as is permitted under Section 409A of the Code and applicable Internal Revenue Service guidance adopted thereunder), the Participant shall elect any one of the following distribution methods, which, subject to paragraph (b) of this Section 4, shall be irrevocable: (i) lump sum payment; or (ii) lifetime annuity; or (iii) lifetime annuity with 120 months of guaranteed payments; or (iv) 50% joint and survivor annuity; or (v) 75% joint and survivor annuity; or (vi) 100% joint and survivor annuity. In the event the Participant fails to elect any of the above forms of distribution methods as required herein, the Participant shall be deemed to have chosen the lifetime annuity described in Section 4(a)(ii). Except for a lump sum distribution, all distributions shall be made on a monthly basis. If the Participant elects a lump sum payment method of distribution, the Participant acknowledges and accepts that the lump sum payment actually received shall be the actuarial equivalent of the lifetime annuity described in Section 4(a)(ii). If the Participant elects any joint and survivor annuity method of distribution or a Guaranteed Payment Lifetime Annuity method of distribution, the Participant acknowledges and accepts that the reduction of elected method is actuarially equivalent to the lifetime annuity described in Section 4(a)(ii) and his or her monthly distribution will be reduced to actuarially accommodate such distribution election. If the Participant elects a distribution method other than a lifetime annuity described in Section 4(a)(ii), the actuarial equivalent will be determined using the same actuarial equivalent assumptions contained in the First United Bank & Trust Pension Plan (or any successor or replacement plan) in effect as of the date that distributions of SERP Benefits commence hereunder. If there is no successor or replacement plan to the First United Bank & Trust Pension Plan, the actuarial equivalent will be determined using reasonable actuarial assumptions adopted by the Administrator and in effect as of the date that distributions of SERP Benefits commence hereunder.

Initial Election. Concurrently with the execution of this Participation Agreement (or at such later time as is permitted under Section 409A of the Code and applicable Internal Revenue Service guidance adopted thereunder), the Participant shall elect any one of the following distribution methods, which, subject to paragraph (b) of this Section 4, shall be irrevocable: (i) lump sum payment; or (ii) lifetime annuity; or (iii) lifetime annuity with 120 months of guaranteed payments; or (iv) 50% joint and survivor annuity; or (v) 75% joint and survivor annuity; or (vi) 100% joint and survivor annuity. In the event the Participant fails to elect any of the above forms of distribution methods as required herein, the Participant shall be deemed to have chosen the lifetime annuity described in Section 4(a)(ii). Except for a lump sum distribution, all distributions shall be made on a monthly basis. If the Participant elects a lump sum payment method of distribution, the Participant acknowledges and accepts that the lump sum payment actually received shall be the actuarial equivalent of the lifetime annuity described in Section 4(a)(ii). If the Participant elects any joint and survivor annuity method of distribution or a Guaranteed Payment Lifetime Annuity method of distribution, the Participant acknowledges and accepts the reduction of his or her monthly distribution to actuarially accommodate such distribution election. If the Participant elects a distribution method other than a lifetime annuity described in Section 4(a)(ii), the actuarial equivalent will be determined using the same actuarial equivalent assumptions contained in the First United Bank & Trust Pension Plan (or any successor or replacement plan) in effect as of the date that distributions of SERP Benefits commence hereunder.

Initial Election. Concurrently with the execution of this Second Amended Participation Agreement (or at such later time as is permitted under Section 409A of the Code and applicable Internal Revenue Service guidance adopted thereunder), the Participant shall elect any one of the following distribution methods, which, subject to paragraph (b) of this Section 4, shall be irrevocable: (i) lump sum payment; or (ii) lifetime annuity; or (iii) lifetime annuity with 120 months of guaranteed payments; or (iv) 50% joint and survivor annuity; or (v) 75% joint and survivor annuity; or (vi) 100% joint and survivor annuity. In the event the Participant fails to elect any of the above forms of distribution methods as required herein, the Participant shall be deemed to have chosen the lifetime annuity described in Section 4(a)(ii). Except for a lump sum distribution, all distributions shall be made on a monthly basis. If the Participant elects a lump sum payment method of distribution, the Participant acknowledges and accepts that the lump sum payment actually received shall be the actuarial equivalent of the lifetime annuity described in Section 4(a)(ii). If the Participant elects any joint and survivor annuity method of distribution or a Guaranteed Payment Lifetime Annuity method of distribution, the Participant acknowledges and accepts that the reduction of elected method is actuarially equivalent to the lifetime annuity described in Section 4(a)(ii) and his or her monthly distribution will be reduced to actuarially accommodate such distribution election. If the Participant elects a distribution method other than a lifetime annuity described in Section 4(a)(ii), the actuarial equivalent will be determined using the same actuarial equivalent assumptions contained in the First United Bank & Trust Pension Plan (or any successor or replacement plan) in effect as of the date that distributions of SERP Benefits commence hereunder. If there is no successor or replacement plan to the First United Bank & Trust Pension Plan, the actuarial equivalent will be determined using reasonable actuarial assumptions adopted by the Administrator and in effect as of the date that distributions of SERP Benefits commence hereunder.