Common use of Elections Generally Clause in Contracts

Elections Generally. Unless otherwise provided for by the Secretary, the Participant may file annually Base Salary and Performance-Based Compensation Election Form(s) with the Plan Administrator no later than: (a) For Base Salary, the end of the Plan Year preceding the Plan Year in which services leading to such Base Salary will be performed; and (b) For Performance-Based Compensation, no later than six months before the end of the service period during which the Performance-Based Compensation is measured. The Election Form(s) shall set forth the amount of Base Salary and Performance-based Compensation to be deferred and shall – for Base Salary only – be effective to defer only such compensation earned for services performed after the date the Election Form(s) are received by the Plan Administrator. Subsequent Election Form(s), subject to Section 2.3(b), shall only be effective for the Plan Year following the Plan Year in which they are received and approved by the Plan Administrator.

Elections Generally. Unless otherwise provided for by the Secretary, the Participant may file annually Base Salary and Performance-Based Compensation Election Form(s) with the Plan Administrator no later than: (a) For Base Salary, the end of the Plan Year preceding the Plan Year in which services leading to such Base Salary will be performed; and (b) For Performance-Based Compensation, no later than six months before the end of the service period during which the Performance-Based Compensation is measured. The Election Form(s) shall set forth the amount of Base Salary and Performance-based Compensation to be deferred and shall – for Base Salary only – be effective to defer only such compensation earned for services performed after the date the Election Form(s) are received by the Plan Administrator. Subsequent Election Form(s), subject to Section 2.3(b), shall only be effective for the Plan Year following the Plan Year in which they are UNITED LABOR BANK, F.S.B. Executive Deferred Compensation Plan MASTER PLAN DOCUMENT received and approved by the Plan Administrator.