Common use of Compensation Deferral Elections Clause in Contracts

Compensation Deferral Elections. (a) Except as provided below, in order to defer amounts under this Plan the Trustee must file an executed election form with the Secretary of the Funds in the manner described in Section 2.1 above. The election form must set forth the amount of the Compensation Deferral in whole percentage amounts, and must specify the time period over which the Trustee’s Deferral Account will be distributed, in accordance with Section 4.1. Compensation Deferrals shall be withheld from each payment of Compensation by the Funds to the Trustee based upon the percentage amount elected by the Trustee in his election form. A sample election form is attached as Form A hereto, but may be revised by the Board of Trustees from time to time. (b) The Compensation Deferral shall remain effective for all subsequent Deferral Years unless it is canceled or modified as provided below. If the Trustee files multiple election forms with the Secretary of the Funds before the commencement of any given Deferral Year, the latest dated election form shall take effect. (c) The Trustee may cancel or modify the amount of his Compensation Deferrals for prospective Deferral Years by filing a revised election form with the Secretary of the Funds. Such change will be effective as of the first day of the Deferral Year following the date the revised election form is filed with the Secretary of the Funds. Compensation Deferrals already credited to the Trustee’s Deferral Account are irrevocable and cannot be distributed in any manner other than as provided under this Agreement.

Appears in 4 contracts

Samples: Deferred Compensation Agreement (Columbia Funds Series Trust Ii), Deferred Compensation Agreement (Columbia Funds Variable Insurance Trust I), Deferred Compensation Agreement (Columbia Funds Master Investment Trust, LLC)

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