McKesson 2005 Annual Report Download - page 122

annual meeting of stock holders next following the Eligible Director’s 72nd birthday. Once such an election has been made, the Eligible
Executive or Eligible Director may alter the period of deferral, provided that:
a. such alteration is made at least one year prior to the earliest date the Participant could have received distribution of the amounts
credited to his or her Account under the earlier election, and
b. such alteration does not provide for the receipt of such amounts earlier than one year from the date of the alteration, subject to the two-
year minimum deferral rule stated above.
3. Election of Form and Time of Payment. A Participant shall elect in writing, and file with the Administrator, at the same time as any
election to defer compensation, a form and time of payment of benefits under this Plan from the following:
a. Form.
i. Payment of the amount credited to the Participant’s Account in a single sum.
ii. Payment of amounts credited to the Participant’s Account in any specified number of approximately equal annual installments (not
in excess of ten).
b. Time.
i. The lump sum or first installment to be paid in January of the year designated by the Participant.
ii. The lump sum or first installment to be paid in January after the designated interval following the earlier of the Participant’s
Retirement or of the determination of Disability.
4. Payments on Termination. If a Participant terminates service with the Company for any reason other than Retirement, Disability or
death, then, notwithstanding the election made by the Participant pursuant to Sections E.2 and E.3 above, the entire undistributed amount
credited to his or her Account shall be paid in the form of a lump sum in the January of the calendar year following the calendar year of
termination of service.
5. Payments on Death.
a. On and after January 1, 2003, each Participant shall make an election at the time and manner in which any amount remaining in the
Participant’s Account at the time of the Participant’s death shall be paid to his or her Beneficiary. Such election shall be made in writing and
filed with the Administrator. Benefits shall be paid in one of the methods specified in Section E.3. The Participant may modify such election at
any time up until the date of the Participant’s death in a writing filed with the Administrator. In addition, within one year following the death of
the Participant the Beneficiary may elect to receive payment in a lump
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