Common use of Deferral of Awards Clause in Contracts

Deferral of Awards. If an Optionee so elects in accordance with the terms of an Agreement, the Optionee may defer any or all of the amount otherwise payable on the exercise of Performance Units in accordance with the provisions of a deferred compensation plan maintained by the Corporation or a Subsidiary, provided: (i) that the Optionee makes such election by delivering to the Corporation written notice of such election, in such form as the Committee may from time to time prescribe, prior to the beginning of the Performance Period; (ii) that such election shall be irrevocable until at least six months after termination of the Optionee's employment; and (iii) that such deferred payment shall be made in accordance with the provisions of such deferred compensation plan.

Deferral of Awards. If an Optionee so elects in accordance with the terms of an Agreement, the Optionee may defer any or all of the amount otherwise payable on the exercise of Performance Units in accordance with the provisions of a deferred compensation plan maintained by the Corporation or a Subsidiary, provided: (i) that the Optionee makes such election by delivering to the Corporation written notice of such election, in such form as the Committee may from time to time prescribe, prior to the beginning of the Performance Period; (ii) that such election shall will be irrevocable until at least six months after termination of the Optionee's ’s employment; and (iii) that such deferred payment shall will be made in accordance with the provisions of such deferred compensation plan.