Dell 2008 Annual Report Download - page 133

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(b) Triggering Events. A Participant's benefit shall become payable upon the earliest to occur of the following events, each of which shall be
classified as a "Triggering Event":
(1) A Participant's Separation From Service with an Employer for any reason;
(2) The death of the Participant;
(3) A determination by the Committee that the Participant has a Disability; or
(4) A Change of Control.
Notwithstanding the preceding sentence, with respect solely to 409A Benefits, if a Participant is a Specified Employee and Separates From
Service for a reason other than death, distribution of the portion of such Participant's Individual Account attributable to 409A Benefits shall
commence six (6) months from the date of his Separation From Service.
8.2 Rules Governing Form and Timing of Payment of Grandfathered Benefits .
(a) Commencement of Payments. The portion of a Participant's Individual Account attributable to Grandfathered Benefits shall be paid, or payments
shall commence, as soon as administratively practicable following a Triggering Event. A Participant's benefit shall be paid to the Participant,
unless the Triggering Event is the death of the Participant, in which case the Participant's benefit shall be paid to the Participant's designated
beneficiary as provided in Section 8.4.
(b) Form of Payment. A Participant's Individual Account attributable to Grandfathered Benefits shall be paid in cash in one of the following forms:
(1) A single lump sum payment; or
(2) Monthly, quarterly or annual installment payments for a term certain not to exceed ten (10) years payable to such Participant or, in the
event of such Participant's death prior to the end of such term certain, to his designated beneficiary as provided in Section 8.4.
(c) Time and Applicability of Election. A Participant must elect one of the forms of payment listed in Subsection (b) above on or before the date he
first becomes a Participant in the Plan pursuant to Article II. Except as provided in Subsection (d) below, such election shall be irrevocable by the
Participant, shall remain in effect for all periods of a Participant's participation in the Plan and shall be effective with respect to all Grandfathered
Benefits. In the event a Participant fails to timely elect the form in which payment of his Grandfathered Benefits is to be made, the Participant
shall be deemed to have elected of a single lump sum cash payment.
(d) Change in the Form of Payment. Solely with respect to his Grandfathered Benefits, a Participant shall be entitled to change his elected form of
benefit payment at any -21-