Common use of Amount and Duration of Deferrals Clause in Contracts

Amount and Duration of Deferrals. The Director shall make a deferral election under this Agreement by filing with the Bank a signed Election Form within 30 days after the Effective Date of this Agreement. The Election Form shall state the percentage or dollar amount of Compensation to be deferred. The Election Form also shall state the period for which the Director desires to defer Compensation, which may be (w) for one year only, or (x) until Normal Retirement Age (or Separation from Service, if earlier), or (y) until Separation from Service, or (z) until a specified date (or Separation from Service, if earlier). If the Director fails to state the amount or percentage of Compensation to be deferred, the Director will be deemed to have elected not to defer any Compensation for the applicable Plan Year. If the Director fails to specify the duration of deferrals, the Director shall be deemed to have elected to defer Compensation for one year only.