Common use of Election to Defer Clause in Contracts

Election to Defer. Director may elect to defer, in accordance with the terms set forth in Section 2 of this Agreement, receipt of up to 100% of the Compensation payable to him or her until the date of a distribution event described in Section 4. If such an election is made, the Compensation shall, at the election of the Director, either be credited to the Cash Account (as defined below) established for the Director, or credited to the Director’s Share Unit Account, and converted to Share Units pursuant to Section 3 of this Agreement.

Election to Defer. Director may elect to defer, in accordance with the terms set forth in Section 2 of this Agreement, defer receipt of up to 100% of the Compensation Shares payable pursuant to him or her the Quarterly Share Retainer until the date of a distribution event described in Section 4. If such an election is madeIn the situation of a deferral, the Compensation shall, at the election cash value of the Director, either such Shares shall be credited to the Cash Share Unit Account (as defined below) established for the Director, or credited to the Director’s Share Unit Account, Director and converted to Share Units (as defined below) pursuant to Section 3 of this Agreement.