Procedures for Making Elections Clause Samples
The Procedures for Making Elections clause outlines the specific steps and requirements that parties must follow to formally make choices or select options provided under the agreement. Typically, this clause details how and when an election must be communicated, the form such notice should take (such as written notice or electronic communication), and any deadlines or conditions that must be met for the election to be valid. By establishing a clear process, this clause ensures that all parties understand how to exercise their rights or options under the contract, thereby reducing the risk of disputes or misunderstandings regarding the validity of an election.
Procedures for Making Elections. The Committee has complete discretion to establish procedures for the completion of Enrollment Agreements, including the acceptable forms and formats of the deferral election (for example, written or electronic, as a whole percentage of Compensation or specific dollar amount, and the manner in which the Enrollment Agreement coordinates with the Savings Plan). The Committee has complete discretion to establish the enrollment periods during which Participants may make Enrollment Agreements, within the bounds described in subsections (a) and (c). The Committee may establish different enrollment periods for different types of Compensation or different groups of Participants. The Committee may specify any default choices that will apply unless the Participant affirmatively elects otherwise. For example, the Committee could decide that the failure to complete a new Enrollment Agreement means that (i) the prior Plan Year’s Enrollment Agreement will be continued for another year, or (ii) no Participant Deferrals will be made, or (iii) the Participant will defer 6% of his Compensation.
Procedures for Making Elections. The Committee has complete discretion to establish procedures for the completion of Enrollment Agreements, including the acceptable forms and formats of the deferral election (for example, written or electronic, as a whole percentage of Compensation or specific dollar amount, and the manner in which the Enrollment Agreement coordinates with the Savings Plan). The Committee has complete discretion to establish the enrollment periods during which Participants may make Enrollment Agreements, within the bounds described in subsections (a) and (c). The Committee may establish different enrollment periods for different types of Compensation or different groups of Participants. The Committee may specify any default choices that will apply unless the Participant affirmatively elects otherwise. For example, the Committee could decide that the failure to complete a new Enrollment Agreement means that (i) the prior Plan Year’s Enrollment Agreement for that type of Compensation will be continued for another year, or (ii) no Participant Deferrals will be made, or (iii) the Participant will defer 8% of his Compensation in excess of the limit on compensation that can be taken into account for benefit-calculation purposes in the Savings Plan and the Retirement Plan pursuant to Code §401(a)(17).