Election to Defer Compensation. Upon Participant's execution of this Agreement and the Deferral Election, and the Committee's approval of the Deferral Election, the Participant shall commence participation in the Plan.
Election to Defer Compensation. The Employee may elect to defer compensation or bonus hereunder by filing a written notice to that effect with the Employer, referred to as an Election of Deferral. Any such Election of Deferral shall be made before the Employee has earned the right to the compensation or bonus deferred and shall continue until changed in writing by the Employee. Any change in the Employee's Election of Deferral shall be effective with the first payment of compensation or bonus that the Employee earns and that otherwise would be paid following delivery of notice of a change in the Employee's Election of Deferral. Any amount of compensation or bonus deferred shall be referred to as the "Deferral Amount."
Election to Defer Compensation. Except as otherwise provided herein, each Participant may elect to defer receipt of all, or a specified portion of, the Director Fees for the 1996 calendar year and for all subsequent calendar years. The deferral election notice by which a Participant elects to defer Director Fees under this Agreement shall be substantially in the form attached hereto ("Notice"). A Notice must be delivered to the Company prior to January 1 of the calendar year in which the Director Fees would otherwise be payable to the Participant and prior to such time as the Director Fees are earned. Such Notice shall continue until suspended or modified in writing by a subsequent Notice. Any deferral election made by the Participant for a calendar year shall be irrevocable with respect to Director Fees covered by such Notice, including the Director Fees payable for the remainder of the calendar year in which a suspending or modifying Notice is delivered to the Company. Any new Notice shall only apply to the Director Fees otherwise earned and payable to the Participant in following calendar years. Any non-employee appointed or elected to fill a vacancy on the Board is eligible for participation and may elect, before the term of office begins, to defer all or a specified portion of the Director Fees for the balance of the calendar year following such appointment and for subsequent calendar years. Notwithstanding anything herein to the contrary, a Participant whose distributions have commenced pursuant to Section 8 shall cease to be eligible to defer additional Director Fees pursuant to this Section 3.
Election to Defer Compensation. Notwithstanding the initial Election to Defer contemplated under Paragraph 2 hereinabove, the Employee may elect an Annual Deferral hereunder by filing an Election of Deferral. The initial Election of Deferral must be filed within thirty (30) days of the Effective Date of this Agreement. Such initial Election of Deferral, if any, shall be effective commencing with the first day of the first month after it is filed. Thereafter, an Election of Deferral must be filed a least thirty (30) days prior to the beginning of the Fiscal Year to which it pertains and shall be effective on the first day of the Fiscal Year following the filing thereof.
Election to Defer Compensation. The Employee may elect an Annual Deferral Sum hereunder by filing an Election of Deferral. The initial Election of Deferral must be filed within twenty (20) days of the Effective Date of this Agreement. Such initial Election of Deferral, if any, shall be effective commencing with the first day of the month after it is filed. Thereafter, an Election of Deferral must be filed at least twenty (20) days prior to the beginning of the Plan Year to which it pertains and shall be effective on the first day of the Plan Year following the filing thereof. The maximum amount of the Annual Deferral Sum shall be an amount equal to the maximum amount that can be deferred under section 402(g), which limits deferrals under qualified cash or deferred arrangement, which amount is equal to $7000 adjusted annually so that for 1995 the limitation hereunder, for example, is $9240. The minimum deferral shall be One Thousand Dollars ($1,000).
Election to Defer Compensation. 1. To defer Compensation for a given calendar year, a Trustee must complete the steps described in subparagraphs (a) (b) and (c) below prior to the deadline for electing to defer compensation as described in Section III (B)(2).
(a) Step One. Complete a new Participation Agreement (Exhibit A hereto).
(b) Step Two. Designate a Pay-Out Option as provided on the Pay-Out Option Form (Exhibit B-1 hereto). Permissible Pay-Out Options consist of the following:
(i) A lump sum in any designated January within the ten (10) year period commencing one year after the last day of the year for which the Compensation was deferred; or
(ii) A lump sum in January of the year immediately following the year during which the Trustee experiences a Separation from Service; or
(iii) A lump sum in any designated January within the ten (10) year period commencing one year after the last day of the year for which the Compensation was deferred, or in January of the year following the year in which the Trustee experiences a Separation from Service, whichever is earlier; or
(iv) Up to ten (10) annual installments commencing in January of the year immediately following the year in which the Trustee experiences a Separation from Service.
(c) Step Three. Designate one or more Credit Rate Options for Compensation under the Designation of Credit Rate Options Form (the "Credit Rate Options Form") (Exhibit C hereto), unless such Trustee previously filed a Credit Rate Options Form and does not want to modify the designations made on such form. Additional information regarding Credit Rate Options follows.
(i) A Trustee may, from time to time, change the designated Credit Rate Options applicable to such Trustee's Account. Any selection of Credit Rate Options shall apply to all of such Trustee's Sub-Accounts. The designated Credit Rate Options shall remain effective for all future amounts deferred under the Plan until the Trustee changes his or her designated Credit Rate Options by completing a new Credit Rate Options Form and filing it with the Plan Administrator. The new designation of Credit Rate Options shall apply to the entire outstanding balance in the Trustee's Account (all Sub-Accounts) attributable to deferred Compensation and to prospective deferred Compensation amounts (i.e., it "rebalances" the Trustee's entire Account to reflect the newly designated Credit Rate Options), and shall take effect based on the date and time the properly completed Credit Rate Options Form is received by the...
Election to Defer Compensation. The Director shall make a deferral election under this Agreement by filing with the Bank a signed Election Form within 30 days after the Effective Date of this Agreement. The Election Form shall set forth the amount of Compensation to be deferred and the period for which the Director desires that his or her Compensation be deferred. If the Director fails to file a properly completed and executed Election Form with the Plan Administrator by the prescribed time, the Director will be deemed to have elected not to defer any Compensation for the applicable Plan Year.
Election to Defer Compensation. 3.1 Elections. Each Outside Director and Eligible Employee shall have the right to defer all or any portion of the Compensation (including bonuses, if any) which he or she shall receive in the following Plan Year by filing an Election at the time and in the manner described in this Article 3; provided that Severance Pay shall be included as "Compensation" for purposes of this Section 3.1 only to the extent permitted by the Administrator in its sole discretion. The amount of Compensation deferred by a Participant for a Plan Year pursuant to an Election shall be withheld on a pro-rata basis from each periodic installment payment of the Participant's Compensation for the Plan Year (in accordance with the general pay practices of the Participating Companies), and credited to the Participant's Account in accordance with Section 5.1. Except to the extent permitted by the Administrator in its sole discretion, no Election filed by a Former Eligible Employee shall be valid or effective.
Election to Defer Compensation. The Employee may elect an Annual Deferral Sum hereunder by filing an Election of Deferral. The initial Election of Deferral must be filed within twenty-eight (28) days of the Effective Date of this Agreement. Such initial Election of Deferral, if any, to defer compensation for services performed, shall be effective commencing November 1, 1994. If the Employee was not an Employee on the Effective Date, or was otherwise ineligible to file an Election of Deferral, he may file an Election of Deferral within twenty (20) days after he first becomes eligible, which Election of Deferral shall be effective to defer compensation for services performed after the date of the Election of Deferral. Thereafter, an Election of Deferral must be filed at least twenty (20) days prior to the beginning of the Calendar Year to which it pertains and shall be effective to defer compensation for services performed after the first day of the Calendar Year following the filing thereof.
Election to Defer Compensation. Each election of Employee to defer compensation as provided in Section 3.1 shall be in writing, signed by Employee, and delivered to Employer, together with all other documents required under the provisions of the Plan, within thirty (30) days after the Effective Date for the initial Plan Year and at least twenty (20) days prior to the beginning of each Plan Year thereafter with respect to which the compensation to be deferred is otherwise payable to Employee. Any deferral election made by Employee shall be irrevocable with respect to any Compensation covered by such election, including Compensation payable in the Plan Year in which the election suspending or modifying the prior deferral election is delivered to Employer. Employer shall withhold the amount or percentage of base salary specified to be deferred in equal amounts for each payroll period and shall withhold the amount or percentage of cash bonus specified to be deferred at the time or times such bonus is or otherwise would be paid to Employee. The election to defer compensation shall be in the form attached as Appendix 2.
