Avis 2008 Annual Report Download - page 185

ARTICLE VI – DISTRIBUTIONS AND FORM OF BENEFITS
Effective November 1, 2008, a Participant shall elect the date at which distribution of his or her Non-Grandfathered Account will
commence in writing in a manner acceptable to the Committee. Such election will be irrevocable and will be made in such Participant’s
Benefit Payment Direction Form on the date of such Participant’s initial participation in the Plan. The Participant may elect distribution
to occur on a specified date or the date that is six months after Termination of Employment.
The Participant shall also make an irrevocable election for distribution to be made in either:
Except as provided in Sections 6.2, 6.3, 6.4 or 6.7, payment of a Participant’s Non-Grandfathered Account shall be made in accordance
with the Participant’s elections under this Section 6.1.
In accordance with Section 409A of the Code and the regulations thereunder, prior to December 31, 2008, each Participant shall have the
opportunity to revoke their current distribution election on file and make a new distribution election which will apply to Non-
Grandfathered Accounts. Amounts previously scheduled to be paid after the 2008 calendar year cannot be modified to be paid in the 2008
calendar year, but can be modified to be paid in any calendar year after 2008. The Committee, in its sole discretion, shall establish
procedures to implement this special election process consistent with the requirements of Section 409A of the Code and the regulations
thereunder.
Notwithstanding Section 6.1, as soon as possible following a Change of Control, each Participant shall be paid his or her Non-
Grandfathered Account in a single lump sum.
Notwithstanding Section 6.1, if a Participant becomes Disabled prior to the complete distribution of his or her Non-Grandfathered
Account, the Participant shall be paid his or her Non-Grandfathered Account in the form elected by the Participant pursuant to
Section 6.1.
9
6.1
Timing of Distribution: Non
-
Grandfathered Accounts
a.
A single lump
-
sum payment; or
b.
A series of installment paid over a period elected by the Participant of up to 5 years, the amount of each installment to equal the
balance of his or her Account immediately prior to the installment divided by the number of installments remaining to be paid.
The Participant shall elect whether such installments are made annually, semiannually, quarterly or monthly.
6.2
Change of Control: Non
-
Grandfathered Accounts
6.3
Disability: Non
-
Grandfathered Accounts