Common use of Elective Deferral Clause in Contracts

Elective Deferral. The Committee may determine to permit Employee to elect to defer settlement (or redefer) if such election would be permissible under Section 409A of the Code. In addition to any applicable requirements under Section 409A of the Code, any such deferral election shall be made only while Employee remains employed and at a time permitted under Section 409A. Any elective deferral will be subject to such additional terms and conditions as the Vice President — Corporate Services, or the officer designated by the Company as responsible for administration of the Agreement, may reasonably impose.

Elective Deferral. The Committee may determine to permit Employee to elect to defer settlement (or redefer) if such election would be permissible under Code Section 409A of the Code. In addition to any applicable requirements under Code Section 409A of the Code, any such deferral election shall be made only while Employee remains employed and at a time permitted under Code Section 409A. Any elective deferral will be subject to such additional terms and conditions as the Vice President — – Corporate Services, or the officer designated by the Company as responsible for administration of the Agreement, may reasonably impose.