ADP 2008 Annual Report Download - page 91

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(b) Lump Sum Election Before 2009. An active Participant who has not had a termination of employment and in respect of whom
payment of benefits hereunder have not commenced by December 31, 2008 may also make an irrevocable election prior to January 1, 2009 to
receive payment of either 25% or 50% of his accrued benefit in a single lump sum.
(c) Change to Form of Payment. On and after January 1, 2009 an active Participant who has not had a termination of employment and
who has not previously elected to receive a portion of his benefit in a single lump sum may make an election to receive either 25% or 50% of
his accrued benefit in a single lump sum if all of the following conditions are met:
(i) The lump sum election shall not take effect until at least 12 months after the date on which it is made;
(ii) The election must be made at least 12 months prior to the date on which the first annuity payment for the Participant is
otherwise scheduled to be made; and
(iii) The election must delay the payment for at least five years from the date the first annuity payment would otherwise have been
made.
(d) Payment Elections for Newly Eligible Participants. Within 30 days following the date on which a Participant first becomes eligible
to participate in the Plan, the Participant shall elect whether to receive payment of his entire accrued benefit (i) in the form of one of the
annuities listed in Section 3.5(a) or (ii) a portion of his benefit in the form of an annuity and 25% or 50% of his accrued benefit in a single lump
sum. If no such election has been made by the 30th day following the date on which the Participant first becomes eligible to participate in the
Plan, the Participants’ accrued benefit under the Plan shall be paid in the form of an annuity listed in Section 3.5(a).
3.6 No Duplication. In no event shall benefits become payable to any Participant under more than one Section of this Article III.
ARTICLE IV
FORFEITURES
4.1 Forfeiture for Competitive Employment. A Participant shall forever and irrevocably forfeit all benefits otherwise due to him under
the terms of the Plan if within 24 months after his employment terminates (including if his employment with the Company is terminated on
account of his dishonesty or gross negligence) he violates the non-competition provisions of any agreement he has entered into with the
Company.
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