Common use of Commencement of Compensation Deferrals Clause in Contracts

Commencement of Compensation Deferrals. The Trustee may elect to defer receipt of Compensation by executing an election form provided by and filed with the Secretary of the Funds prior to the first day of the Deferral Year to which the election applies. Notwithstanding the foregoing, if the Trustee is newly elected or appointed to the Board of Trustees after the commencement of a calendar year, he may elect to defer any unpaid fees earned after his service as Trustee has commenced by filing an election form with the Secretary of the Funds either (i) before beginning service as a Trustee or (ii) within 30 days after beginning service as a Trustee. However, no amounts may be deferred until after the elections in the forms attached hereto as Forms A, B and C have been filed. Any such deferral election with respect to newly elected or appointed Trustees shall apply only to Compensation earned and payable following the date the Trustee files the election form.