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This excerpt taken from the EYE 10-K filed Mar 2, 2005. TERMINATION BENEFITS
7.1 Entitlement to Termination Benefits. Upon Termination of Employment prior to Retirement Date, the Company shall pay termination benefits to the Participant equal to the balance of the Participant’s Deferral Account at the time and in the form provided in Sections 7.2 and 7.3 below.
7.2 Time of Commencement. Payment of a termination benefit shall commence or shall be made within sixty (60) days following the date of Termination of Employment unless the Participant elects in the Deferral Election Form to have payment of the termination benefit made in a single lump sum on the first business day of January of the next following calendar year. Notwithstanding the foregoing, (i) payment of termination benefits may be delayed (but not more than thirty (30) days) for reasons of administrative convenience, including, without limitation, in order to complete any necessary valuation or accounting with respect to the Deferral Account of the Participant and (ii) in the case of a Participant who is a Key Employee, payment of termination benefits shall commence no earlier than (A) six (6) months after the Participant’s Termination of Employment or (B) the death of the Participant whichever occurs first.
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7.3 Form of Termination Benefits. A termination benefit shall be paid in a single lump sum unless the Participant elects in the Deferral Election Form to have the termination benefit paid in five (5) annual installments. Notwithstanding the foregoing, termination benefits shall be paid in a single lump sum if (i) the balance of the Participant’s Deferral Account at the time of distribution is fifty thousand dollars ($50,000) or less or (ii) to the extent permitted under Section 409A of the Code, the Participant has less than five (5) years of Credited Service at the time of Termination of Employment.
7.4 Change in Time and/or Form of Payment. All elections, including default elections, as to time and form of payment made pursuant to Sections 7.2 and 7.3 shall be irrevocable.
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