Common use of Evergreen election Clause in Contracts

Evergreen election. If Participant does not amend (in writing) his existing Deferral Election Form in the timeframe stated above (which would be the date upon which such election becomes irrevocable for the next calendar year), then the Participant shall be deemed to have waived his right to elect a different compensation reduction amount and reaffirmed and ratified the compensation reduction levels and Deferral Election amounts designated in the last prior period. Furthermore, the existing Deferral Election Form applicable to the annual Director’s Fees shall become irrevocable with respect to fees payable in connection with services performed in the immediately following year as of the last date upon which participant could have modified such election to defer.