IN AMOUNTS TO BE DETERMINED
IN THE SOLE DISCRETION OF THE EMPLOYER.
ARTICLE 4
FORMS OF BENEFIT PAYMENT
4.1
NORMAL FORM OF BENEFITS.
EXCEPT AS PROVIDED IN ARTICLE 3, A
PARTICIPANT WHO IS ENTITLED TO RECEIVE A SERP BENEFIT PURSUANT TO THIS PLAN
SHALL RECEIVE SUCH BENEFIT IN THE FORM OF A LIFE ANNUITY UNLESS AN OPTIONAL FORM
OF BENEFIT PAYMENT IS ELECTED BY A PARTICIPANT IN ACCORDANCE WITH SECTION 4.2.
4.2
OPTIONAL FORM OF BENEFITS.
A PARTICIPANT MAY ELECT, IN CONNECTION
WITH HIS COMMENCEMENT OF PARTICIPATION IN THE PLAN, TO RECEIVE HIS SERP BENEFIT
IN A FORM OTHER THAN A LIFE ANNUITY BY ELECTING TO RECEIVE SUCH BENEFIT IN THE
FORM OF A (I) TEN YEAR TERM CERTAIN LIFE ANNUITY, (II) FIFTEEN YEAR TERM CERTAIN
LIFE ANNUITY, OR (III) JOINT AND 50% SURVIVOR ANNUITY; PROVIDED, HOWEVER, THAT
THE PARTICIPANT'S SERP BENEFIT WILL BE INCREASED OR DECREASED, AS APPLICABLE, TO
BE A BENEFIT THAT IS THE ACTUARIAL EQUIVALENT OF A LIFE ANNUITY, AND WHICH
REFLECTS THE ACTUAL FORM OF BENEFIT PAYMENT ELECTED BY THE PARTICIPANT PURSUANT
TO THIS SECTION 4.2.
IF A PARTICIPANT DOES NOT MAKE ANY ELECTION IN CONNECTION
WITH HIS COMMENCEMENT OF PARTICIPATION IN THE PLAN WITH RESPECT TO THE FORM OF
THE BENEFIT IN ACCORDANCE WITH THIS SECTION 4.2, THEN SUCH PARTICIPANT SHALL BE
DEEMED TO HAVE ELECTED TO RECEIVE SUCH BENEFIT AS A LIFE ANNUITY IN ACCORDANCE
WITH SECTION 4.1.
4.3
CHANGES TO FORM OF SERP BENEFIT.
A PARTICIPANT MAY CHANGE THE
FORM OF HIS SERP BENEFIT FROM A LIFE ANNUITY TO AN ALLOWABLE FORM PROVIDED IN
SECTION 4.2 BY SUBMITTING AN ELECTION FORM TO THE COMMITTEE IN ACCORDANCE WITH
THE FOLLOWING CRITERIA:
(i)
The election shall have no effect until at least twelve (12)
months after the date on which the election is made; and
(ii)
The first benefit payment (excluding payments made upon the
Participant's death or Disability) shall be delayed at least five (5) years from
the date on which such payment would otherwise have been made.
8
Notwithstanding the foregoing, the Committee shall interpret all provisions
relating to a Participant's election to change the form of his SERP Benefit
under this Section 4.3 in a manner that is consistent with Code Section 409A and
related Treasury guidance.
The Election Form most recently accepted by the Committee shall govern the
payout of the SERP Benefit.
ARTICLE 5
FORFEITURE
5.1
FORFEITURE.
NOTWITHSTANDING ANY PROVISION OF THIS PLAN TO THE
CONTRARY, THE RIGHT OF A PARTICIPANT AND HIS BENEFICIARIES TO BE ELIGIBLE TO
RECEIVE OR TO CONTINUE TO RECEIVE BENEFITS HEREUNDER IS EXPRESSLY CONDITIONED
UPON THE PARTICIPANT NOT VIOLATING ANY NONCOMPETE PROVISIONS CONTAINED IN THE
PARTICIPANT'S PLAN AGREEMENT.
IF THE COMMITTEE DETERMINES THAT A PARTICIPANT
HAS VIOLATED THE TERMS OF THIS SECTION 5.1, THE PARTICIPANT AND HIS OR HER
BENEFICIARIES SHALL FORFEIT ANY BENEFITS NOT YET RECEIVED UNDER THIS PLAN AND
SHALL BE REQUIRED TO REPAY TO THE EMPLOYER ANY BENEFITS ALREADY RECEIVED FROM
THE PLAN.
ARTICLE 6
TERMINATION OF PLAN PARTICIPATION, AMENDMENT OR