MoneyGram 2005 Annual Report Download - page 112

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The vested portion of a Participant's Account shall mature and shall become distributable in accordance with Section 7 upon the earliest occurrence of any of
the following events:
(a) the Participant incurs a Termination of Employment;
(b) the Participant dies; and
(c) the Participant incurs a Disability.
SECTION 7
DISTRIBUTIONS
7.1. Scheduled Distributions.
7.1.1. Scheduled Distributions of Compensation Deferrals and Matching Credits. In connection with each election to defer Compensation, a
Participant may irrevocably elect to receive a Scheduled Distribution. The Scheduled Distribution shall be a lump sum payment in an amount that is equal to
the portion of the Annual Deferral Amount (i.e., the Compensation deferral plus any matching credits thereon for such Plan Year, if any) the Participant
elected to have distributed as a Scheduled Distribution, plus amounts credited or debited in the manner provided in Section 4 on that amount, calculated as of
the Valuation Date immediately preceding the date on which the Scheduled Distribution becomes payable. Subject to the other terms and conditions of this
Plan, each Scheduled Distribution elected shall be paid out during a sixty (60)-day period commencing immediately after the first day of any Plan Year
designated by the Participant. The Plan Year designated by the Participant must be at least three (3) Plan Years after the end of the Plan Year to which the
Participant's deferral election relates. By way of example, if a Scheduled Distribution is elected for Compensation deferred for the Plan Year commencing
January 1, 2006, the earliest Scheduled Distribution could become payable during a sixty (60)-day period commencing January 1, 2010.
7.1.2. Scheduled Distributions of Incentive Pay Deferrals and Matching Credits. In connection with each election to defer Incentive Pay, a Participant
may irrevocably elect to receive a Scheduled Distribution. The Scheduled Distribution shall be a lump sum payment in an amount that is equal to the portion
of the Annual Deferral Amount (i.e., the Incentive Pay deferral credited during a Plan Year, plus any matching credits thereon, if any) the Participant elected
to have distributed as a Scheduled Distribution, plus amounts credited or debited in the manner provided in Section 4 on that amount, calculated as of the
Valuation Date immediately preceding the date on which the Scheduled Distribution becomes payable. Subject to the other terms and conditions of this Plan,
each Scheduled Distribution elected shall be paid out during a sixty (60)-day period commencing immediately after the first day of any Plan Year designated
by the Participant. The Plan Year designated by the Participant must be at least three (3) Plan Years after the end of the Plan Year during which the Incentive
Pay deferral is actually credited to the Plan. By way of example, if a Scheduled Distribution is elected for Incentive Pay deferrals that are credited in the Plan
Year -10-