ADP 2012 Annual Report Download - page 107

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(e) Method of Election . Elections to participate may be made in writing, through an electronic medium such as a website enrollment
window or an email enrollment form or through a Plan Administrator, provided that the election is binding when made and there is sufficient
record of when such election is made.
3.2 Elections as to Time and Form of Payment . During the Enrollment Period, a Participant shall make an election regarding the time and
form of payment of the Annual Incentive Amounts and PBRS Awards deferred for that Plan Year (and all earnings and losses (based on the
Investment Rate) attributable thereto, including in respect of Dividend Equivalents).
(a) Elections as to Time . A Participant shall elect to receive a distribution of his Annual Incentive Amounts and PBRS Awards to be
deferred for a Plan Year (and all earnings and losses (based on the Investment Rate) attributable thereto, including in respect of Dividend
Equivalents) (i) on an In-Service Distribution Date, (ii) on a Separation from Service Distribution Date or (iii) a portion on an In-Service
Distribution Date and a portion on a Separation from Service Distribution Date; provided , however , that a Participant’s In-Service
Distribution Date may be no earlier than five years following the date on which the deferral of Annual Incentive Amounts and PBRS Awards,
as applicable, is made.
(b) Elections as to Form . A Participant shall elect the form of the distribution of his Annual Incentive Amounts and PBRS Awards,
whether in a lump sum payment or in annual installments. If no such election is made, the Participant shall be deemed to have elected to
receive payment in a lump sum. A Participant may elect annual installments to be paid over a period not to exceed fifteen years. A Participant’
s
election to receive payment in annual installments on a Separation from Service is subject to the terms of Section 6.2(a)(2).
(c) Application of Election . An election as to time and form of payment made with respect to a given Plan Year shall apply only to the
Annual Incentive Amounts and PBRS Awards deferred for such Plan Year.
(d) No Changes Permitted . Except as permitted by Section 3.2(e) below, elections as to time and form of payment shall become
irrevocable as of December 31 of the Plan Year for which Annual Incentive Amounts and PBRS Awards, as applicable, are deferred.
(e) Subsequent Changes in Time and Form of Payment . A Participant may delay the timing of a previously-scheduled payment or may
change the form of a payment only if such subsequent deferral election meets all of the following requirements:
(i) the subsequent deferral election shall not take effect until at least 12 months after the date on which it is made;
7