Common use of Election By Employee Clause in Contracts

Election By Employee. An election to defer receipt of all or a portion of Employee's Bonus shall be made in writing and shall become effective upon filing with the Company. An election shall remain in effect unless Employee amends or terminates the election by a notice in writing filed with Company. An amendment or termination of election shall be applicable only prospectively to Employee's Bonus and shall apply for the fiscal year immediately following the fiscal year of filing such notice with the Company, and shall not affect amounts previously credited to the Account. Employee may not amend or terminate the election with respect to the method or time of payment of the amounts credited to the Account.