This excerpt taken from the CHK 10-K filed Feb 29, 2008.
Modifications to Payment Schedules
Participants Right to Modify. A Participant may modify any or all of the alternative Payment Schedules with respect to an Account, consistent with the permissible
Payment Schedules available under the Plan, provided such modification complies with the requirements of this Article VII.
Time of Election. The date on which a modification election is submitted to the Committee must be at least twelve months prior to the date on which payment is scheduled to
commence under the Payment Schedule in effect prior to the modification.
Date of Payment under Modified Payment Schedule. Except with respect to modifications that relate to the payment of a Death Benefit or a Disability Benefit, the date payments
are to commence under the modified Payment Schedule must be no earlier than five years after the date payment would have commenced under the original Payment Schedule. Under no circumstances may a modification election result in an acceleration of
payments in violation of Code Section 409A.
Effective Date. A modification election submitted in accordance with this Article VII is irrevocable upon receipt by the Committee and becomes effective 12 months after such
Effect on Accounts. An election to modify a Payment Schedule is specific to the Account or payment event to which it applies, and shall not be construed to affect the Payment
Schedules of any other Accounts.
Modifications to Grandfathered Accounts. Notwithstanding the preceding provisions of this Article VII, a Participant may modify the form of payment in which a Retirement
Benefit or Disability Benefit applicable to a Grandfathered Account is payable only if the Committee, in its sole discretion, determines the Participant to be subject to special circumstances, and only if the change is submitted before the 12-month
period prior to the date payment was scheduled to commence. A Participant may also postpone payment of a Specified Date Benefit applicable to a Grandfathered Account to a date at least one year later than the previously scheduled payment date if a
request is filed with the Committee at least one year prior to the date payments are scheduled to begin.
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