Common use of Subsequent Changes to Time and Form of Payment Clause in Contracts

Subsequent Changes to Time and Form of Payment. The Company, in its sole discretion, may permit a subsequent change to the time and form of benefit distributions. Any such change must be submitted in writing by the Director to the Company and shall be considered made only after such change request is approved by the Company and only when it becomes irrevocable under the terms of the Plan. Any change will be considered irrevocable not later than thirty (30) days following approval of the change by the Committee, subject to the following rules: (1) the subsequent deferral election may not take effect until at least twelve (12) months after the date on which the election is made; (2) the payment (except in the case of death, Disability, or Unforeseeable Emergency) upon which the subsequent deferral election is made is deferred for a period of not less than five (5) years from the date such payment would otherwise have been paid; and (3) in the case of a payment made at a specified time, the election to make a change must be made not less than twelve (12) months before the date the payment is scheduled to be paid.