LAD » Topics » Change in Time and Form of Distribution

This excerpt taken from the LAD 10-K filed Mar 8, 2006.
Change in Time and Form of Distribution. The timing of a distribution of the Deferral Account may not be accelerated except as set forth in Section 4.2 or except as permitted under Rule 409A of the Code. Any change which delays the timing of distributions or changes the form of distributions may only be made by a written agreement signed by the Company and the Executive and only if the following requirements are met:

 

2.3.1        Any election to change the time and form of distribution may not take effect until at least 12 months after the date on which the election is made; and

 

2.3.2        Other than in the event of death, Disability (as defined under Rule 409A of the Code) or Unforeseeable Emergency, the first payment or distribution with respect to such election must be deferred for a period of at least 5 years from the date such payment or distribution would otherwise have been made.

 

2.3.3        Any election related to a payment or distribution to be made at a specified time may not be made less than 12 months prior to the date of the first scheduled payment or distribution.

 

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