HD » Topics » 6.1 Timing of Payment .

This excerpt taken from the HD 8-K filed Aug 20, 2007.

6.1           Timing of Payment.

(a)           Section 409A Accounts.  A Participant’s Section 409A Account shall in all events be distributed or begin to be distributed on the first day of the second calendar month immediately following the month in which the Participant incurs a Termination of Service.

(b)           Non-Section 409A Accounts.  A Participant shall receive or begin receiving a distribution of his or her Non-Section 409A Account either (i) on or as soon as administratively feasible after the first day of the second calendar month immediately following the month in which the Participant incurs a Termination of Service, or (ii) if the Participant has made an election to defer payment in accordance with this Section, on or as soon as administratively feasible after January 1 of the year immediately following the date on which the Participant incurs a Termination of Service.  A Participant must deliver an election to defer the distribution or commencement of distribution of his or her Non-Section 409A Account to the Secretary or the Secretary’s designee at least 5 months before the date on which the Participant incurs a Termination of Service.

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