Transitional Elections Prior to 2008 Sample Clauses

Transitional Elections Prior to 2008. On or before December 31, 2007, if the Executive wishes to change his payment election as to either the time or form of payment or both, the Executive may do so by completing a payment election form approved by the Corporation, provided that (i) any such election must be made while the Executive is an active employee of the Corporation or one of its subsidiaries, (ii) any payment election made in 2006 cannot apply to amounts that would otherwise be payable in 2006 and may not cause an amount to be paid in 2006 that would otherwise be paid in a later year, and (iii) any payment election made in 2007 cannot apply to amounts that would otherwise be payable in 2007 and may not cause an amount to be paid in 2007 that would otherwise be paid in a later year.