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This excerpt taken from the MOV 10-Q filed Sep 5, 2008. Payment.
(a) A
Participant may elect to receive his or her Account balance in a single lump sum
or in ten (10) annual installments. If a Participant elects to
receive his Accrued Benefit in the form of ten (10) annual installments, each
payment shall be equal to the Participant’s Account balance as of the payment
date, divided by the number of then remaining installment
payments. Distributions shall be made to the Participant or, if the
Participant is deceased, to the Participant’s Beneficiary. The method
of distribution must be elected as part of the Participant’s initial Deferral of
Compensation Election.
(b) A
Participant’s subsequent election to delay a payment under the Plan or to change
the form of a payment under the Plan shall be permitted only if (i) the new
payment election does not take effect until at least twelve (12) months after
the date on which the new payment election is made, and (ii) the new payment
election delays payment for at least five (5)
12
years
from the date that payment would otherwise have been met, absent the new payment
election.
(c) Payment
shall be made in Company Stock to the extent the Participant’s Account has been
denominated in Company Stock (under Section 3.3 or
otherwise). Otherwise, payment shall be made in cash.
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