Common use of ELECTION OF DEFERRED COMPENSATION Clause in Contracts

ELECTION OF DEFERRED COMPENSATION. The Director shall, at the same time as entering this Agreement, file a written statement with the Bank notifying the Bank as to the percent (%) or dollar amount of fees as defined in Paragraph II that is to be deferred. The election to defer fees may only be made for fees not yet earned as of the date of said election. Signed written statements filed under this section, unless modified or revoked, shall be valid for all succeeding years. Any modification or revocation of a signed written statement must be in writing and shall be effective for one (1) calendar year succeeding the year in which the modification or revocation is made.

ELECTION OF DEFERRED COMPENSATION. The Director Executive shall, at the same time as entering this Agreement, file a written statement with the Bank notifying the Bank them as to the percent (%) or dollar amount of fees salary as defined in Paragraph II that is to be deferred. The election to defer fees salary may only be made for fees salary not yet earned as of the date of said election. Signed written statements filed under this section, unless modified or revoked, shall be valid for all succeeding years. Any modification or revocation of a signed written statement must be in writing and shall be effective for one (1) calendar year years succeeding the year in which the modification or revocation is made.

ELECTION OF DEFERRED COMPENSATION. The Director Executive shall, at the same time as entering this Agreement, file a written statement with the Bank notifying the Bank them as to the percent (%) or dollar amount of fees or salary as defined in Paragraph II that is to be deferred. The election to defer fees salary may only be made for fees salary not yet earned as of the date of said election. Signed written statements filed under this section, unless modified or revoked, shall be valid for all succeeding years. Any modification or revocation of a signed written statement must be in writing and shall be effective for one (1) calendar year years succeeding the year in which the modification or revocation is made.

ELECTION OF DEFERRED COMPENSATION. The Director shall, shall at the same time as entering this Agreement, Agreement file a written statement with the Bank notifying the Bank them as to the percent (%) or dollar amount of fees as defined in Paragraph II that is to be deferred. The election to defer fees may only be made for fees not yet earned as of the date of said election. Signed written statements filed under this section, section unless modified or revoked, shall be valid for all succeeding years. Any modification or revocation of a signed written statement must be in writing and shall be effective for one (1) calendar year years succeeding the year in which the modification or revocation is made.