Common use of Amount and Duration of Deferrals Clause in Contracts

Amount and Duration of Deferrals. The Director shall make an annual deferral election under this Agreement by timely filing with the Company a completed and signed Election Form. The Director acknowledges that an Election Form needs to be filed with the Company for each year that deferrals are to be made on behalf of Director, and that such completed and signed Election Form must be filed with the Company prior to the beginning of the calendar year in which such deferrals are elected. If the Director fails to file an Election Form for deferrals for the following year in a timely manner, then no deferrals will be made on behalf of the Director for that following year. However, for the Director’s initial deferral election, the Director must file a properly signed Election Form with the Company within 30 days after the Effective Date of this Agreement to elect deferrals for that Plan Year. The Election Form shall state the percentage or dollar amount of Compensation to be deferred. The Election Form shall also state the period for which the Director desires to defer Compensation. If the Director fails to state the amount or percentage of Compensation to be deferred, the Director will be deemed to have elected to defer no Compensation for the applicable Plan Year.