Common use of Election to Defer Payment Clause in Contracts

Election to Defer Payment. Upon entering into this Agreement and for a period of fourteen (14) days following each anniversary of the date hereof (the "Election Period"), the Employee may, in writing, direct the Company that any amounts which become payable to the Employee pursuant to Paragraphs (a), (c) and (d), above, shall be paid to the Employee in three (3) equal annual installments, with the first of such installments to be paid not later than five (5) business days after the Date of Termination and successive installments paid on the next two (2) succeeding anniversaries of the Date of Termination or the next following business day if such date is not a business day (the "Deferred Payment Election"). A Deferred Payment election, once made, shall be irrevocable except during an Election Period.