Common use of Election Changes Clause in Contracts

Election Changes. With the Bank’s approval, the Director may modify the amount of Compensation to be deferred by filing a new Election Form with the Bank before the beginning of the Plan Year in which the Compensation is to be deferred. The modified deferral election shall not be effective until the calendar year after the year in which the new Election Form is received and approved by the Bank. A change in the Director’s election to receive benefits either in a lump-sum form or in installments shall not be effective unless (a) it is submitted at least one year before benefits would otherwise commence or be paid, (b) it does not take effect until at least 12 months elapse, and (c) the first benefit payment is delayed for at least an additional five years beyond the date the payment otherwise would have been made.