Common use of Deferral Elections Clause in Contracts

Deferral Elections. The Grantee may, by completing a copy of the attached Deferral Election Exhibit and returning it to the Corporate Secretary of the Company no later than [●], irrevocably elect to defer payment of all or a portion of the RSUs to any later date after the Vesting Date, provided that he or she may not elect to defer payment of the RSUs or portion thereof to any date after [●]. The Grantee may also elect multiple payment dates for the RSUs, provided that he or she also specifies in the election the percentage of the RSUs that will be payable on each such date. However, the Grantee may not elect more than one payment date in any particular calendar year for the RSUs or portion of the RSUs. For example, the Grantee may elect to defer payment of 50% of the RSUs to April 1, 2021, and payment of the remaining 50% of the RSUs to July 1, 2022, but may not elect to defer payment of the remaining 50% of the RSUs to another date or dates in 2021. Subject to the rules described in the preceding paragraphs, the Grantee may elect to defer all, some, or none of the RSUs, and may elect different payment dates for each. Notwithstanding the foregoing, if the Grantee separates from service (within the meaning of Section 409A) with the Company, or in the event of the Grantee’s death or disability or a Change of Control, any vested RSUs the Grantee has elected to defer will be paid to the Grantee (in the event of the Grantee’s death, to his or her surviving spouse or, if none, to his or her estate) as soon as practicable (and in no event more than thirty (30) days) thereafter, notwithstanding any later payment dates(s) the Grantee may have elected. If the Grantee fails to complete the Deferral Election Exhibit and timely return it, he or she will be deemed to have elected not to defer payment of any of the RSUs. Under applicable tax rules, late deferral elections are not permitted.

Deferral Elections. The Grantee mayYou are eligible to make a Deferral Election to defer the issuance to you of all of the shares of Common Stock otherwise issuable to you as of the EPS Conversion Date or the TSR Determination Date, as the case may be. To make a Deferral Election, you must complete an election form approved by completing a copy the Committee that conforms to the terms of the attached Deferral Election Exhibit ANNEX B, and returning it return or otherwise submit such form to the Corporate Secretary of the Company no later than [●], irrevocably elect to defer payment of all or a portion of the RSUs to any later date after the Vesting Date, provided that he or she may not elect to defer payment of the RSUs or portion thereof to any date after [●]. The Grantee may also elect multiple payment dates for the RSUs, provided that he or she also specifies in the election the percentage of the RSUs that will be payable on each such date. However, the Grantee may not elect more than one payment date in any particular calendar year for the RSUs or portion of the RSUs. For example, the Grantee may elect to defer payment of 50% of the RSUs to April 1, 2021, and payment of the remaining 50% of the RSUs to July 1, 2022, but may not elect to defer payment of the remaining 50% of the RSUs to another date or dates in 2021. Subject to the rules described in the preceding paragraphs, the Grantee may elect to defer all, some, or none of the RSUs, and may elect different payment dates for each. Notwithstanding the foregoing, if the Grantee separates from service (within the meaning of Section 409A) with the Company, or in the event of the Grantee’s death or disability or a Change of Control, any vested RSUs the Grantee has elected to defer will be paid to the Grantee (in the event of the Grantee’s death, to his or her surviving spouse or, if none, to his or her estate) Record Keeper as soon as practicable (and possible after the date hereof, but in no event more later than thirty 60 days from the date of this Agreement or such shorter period as may be required by applicable law and communicated to you by the Committee. All Deferral Elections must comply with the applicable procedures established by the Committee from time to time. If you make such a Deferral Election (30) days) thereafteror a Re-Deferral Election pursuant to Paragraph 4(b)), notwithstanding any later payment dates(sthen, as of the EPS Conversion Date and/or the TSR Determination Date, as the case may be, the following shall apply: (i) the Grantee Units that would have been earned as of the EPS Conversion Date or the TSR Determination Date, as the case may be, shall be cancelled; (ii) in exchange for such cancelled Units, you will have elected. If a future right to receive a number of shares of Common Stock equal to the Grantee fails number of Units so cancelled, subject to complete Paragraph 5(d); and (iii) as of the EPS Conversion Date and/or TSR Determination Date, as the case may be, the Company shall contribute to the Restricted Stock Trust, subject to Paragraph 5(d), a number of shares of Common Stock equal to the number of Units cancelled, which shares shall be used to satisfy the Company’s payment obligations to you under your Deferral Election Exhibit and timely return itthis Agreement, he or she will and such shares shall be deemed issued to have elected not to defer payment of any you as of the RSUs. Under applicable tax rulesPayment Date(s) specified in your Deferral Election or Re-Deferral Election, late deferral elections are not permittedas the case may be, subject to Paragraph 6, 7 or 8.

Deferral Elections. The Grantee may, by completing a copy of the attached Deferral Election Exhibit and returning it to the Corporate Secretary of the Company no later than [●__________], irrevocably elect to defer payment of all or a portion of the RSUs to any [_____] later date dates after the Vesting Date, provided that he or she may not elect to defer payment of the RSUs or portion thereof to any date after [●______]. The Grantee may also elect multiple payment dates for the RSUs, provided that he or she also specifies in the election the percentage of the RSUs that will be payable on each such date. However, the Grantee may not elect more than one [___] payment date in any particular calendar year for the RSUs or portion of the RSUs. For example, the Grantee may elect to defer payment of 50% of the RSUs to April 1, 2021, and payment of the remaining 50% of the RSUs to July 1, 2022, but may not elect to defer payment of the remaining 50% of the RSUs to another date or dates in 2021[_____________]. Subject to the rules described in the preceding paragraphs, the Grantee may elect to defer all, some, or none of the RSUs, and may elect different payment dates for each. Notwithstanding the foregoing, if the Grantee separates from service (within the meaning of Section 409A) with the Company, or in the event of the Grantee’s death or disability or a Change of Control, any vested RSUs the Grantee has elected to defer will be paid to the Grantee (in the event of the Grantee’s death, to his or her surviving spouse or, if none, to his or her estate) as soon as practicable (and in no event more than thirty (30) days) thereafter, notwithstanding any later payment dates(s) the Grantee may have elected. If the Grantee fails to complete the Deferral Election Exhibit and timely return it, he or she will be deemed to have elected not to defer payment of any of the RSUs. Under applicable tax rules, late deferral elections are not permitted.

Deferral Elections. The Grantee mayYou are eligible to make a Deferral Election to defer the issuance to you of all of the shares of Common Stock otherwise issuable to you as of the Conversion Date. To make a Deferral Election, you must complete an election form approved by completing a copy the Committee that conforms to the terms of the attached Deferral Election Exhibit ANNEX A and returning it return or otherwise submit such form to the Corporate Secretary of the Company no later than [●], irrevocably elect to defer payment of all or a portion of the RSUs to any later date after the Vesting Date, provided that he or she may not elect to defer payment of the RSUs or portion thereof to any date after [●]. The Grantee may also elect multiple payment dates for the RSUs, provided that he or she also specifies in the election the percentage of the RSUs that will be payable on each such date. However, the Grantee may not elect more than one payment date in any particular calendar year for the RSUs or portion of the RSUs. For example, the Grantee may elect to defer payment of 50% of the RSUs to April 1, 2021, and payment of the remaining 50% of the RSUs to July 1, 2022, but may not elect to defer payment of the remaining 50% of the RSUs to another date or dates in 2021. Subject to the rules described in the preceding paragraphs, the Grantee may elect to defer all, some, or none of the RSUs, and may elect different payment dates for each. Notwithstanding the foregoing, if the Grantee separates from service (within the meaning of Section 409A) with the Company, or in the event of the Grantee’s death or disability or a Change of Control, any vested RSUs the Grantee has elected to defer will be paid to the Grantee (in the event of the Grantee’s death, to his or her surviving spouse or, if none, to his or her estate) Record Keeper as soon as practicable (and possible after the date hereof, but in no event more later than the date that is thirty (30) days) thereafterdays following the Date of Grant indicated above or such earlier date as may be required by applicable law and communicated to you by the Committee. All Deferral Elections must comply with the applicable procedures established by the Committee from time to time. If you make such a Deferral Election (or a Re-Deferral Election pursuant to Paragraph 4(b)), notwithstanding any later payment dates(sthen, as of the Conversion Date, the following shall apply: (i) the Grantee may Units that would have elected. If been earned as of the Grantee fails Conversion Date shall be cancelled; (ii) in exchange for such cancelled Units, you will have a future right to complete receive a number of shares of Common Stock equal to the number of Units so cancelled, subject to Paragraph 5(d); and (iii) as of the Conversion Date, the Company shall contribute to the Restricted Stock Trust, subject to Paragraph 5(d), a number of shares of Common Stock equal to the number of Units cancelled, which shares shall be used to satisfy the Company’s payment obligations to you under your Deferral Election Exhibit and timely return itthis Agreement, he and such shares shall be issued to you as of the Payment Date(s) specified in your Deferral Election or she Re-Deferral Election, as the case may be, subject to Paragraphs 6, 7, 8 or 12. Notwithstanding anything in this Paragraph 4(a) to the contrary, if the Committee determines that a Deferral Election is not made within the timeframe required by this Paragraph 4(a) or, as of the last date for submitting such election, is not permitted under the Agreement, such election shall be null and void and the shares (if any) issuable to you under the Agreement will be deemed to have elected not to defer payment of any issued as of the RSUs. Under applicable tax rules, late deferral elections are not permittedConversion Date.

Deferral Elections. The Grantee mayYou are eligible to make a Deferral Election to defer the issuance to you of all of the shares of Common Stock otherwise issuable to you as of the Conversion Date. To make a Deferral Election, you must complete an election form approved by completing a copy the Committee that conforms to the terms of the attached Deferral Election Exhibit ANNEX B, and returning it return or otherwise submit such form to the Corporate Secretary of the Company no later than [●], irrevocably elect to defer payment of all or a portion of the RSUs to any later date after the Vesting Date, provided that he or she may not elect to defer payment of the RSUs or portion thereof to any date after [●]. The Grantee may also elect multiple payment dates for the RSUs, provided that he or she also specifies in the election the percentage of the RSUs that will be payable on each such date. However, the Grantee may not elect more than one payment date in any particular calendar year for the RSUs or portion of the RSUs. For example, the Grantee may elect to defer payment of 50% of the RSUs to April 1, 2021, and payment of the remaining 50% of the RSUs to July 1, 2022, but may not elect to defer payment of the remaining 50% of the RSUs to another date or dates in 2021. Subject to the rules described in the preceding paragraphs, the Grantee may elect to defer all, some, or none of the RSUs, and may elect different payment dates for each. Notwithstanding the foregoing, if the Grantee separates from service (within the meaning of Section 409A) with the Company, or in the event of the Grantee’s death or disability or a Change of Control, any vested RSUs the Grantee has elected to defer will be paid to the Grantee (in the event of the Grantee’s death, to his or her surviving spouse or, if none, to his or her estate) Record Keeper as soon as practicable (and possible after the date hereof, but in no event more later than the date that is thirty (30) days) thereafterdays following the Date of Grant indicated above or such earlier date as may be required by applicable law and communicated to you by the Committee. All Deferral Elections must comply with the applicable procedures established by the Committee from time to time. If you make such a Deferral Election (or a Re-Deferral Election pursuant to Paragraph 4(b)), notwithstanding any later payment dates(sthen, as of the Conversion Date, the following shall apply: (i) the Grantee may Units that would have elected. If been earned as of the Grantee fails Conversion Date shall be cancelled; (ii) in exchange for such cancelled Units, you will have a future right to complete receive a number of shares of Common Stock equal to the number of Units so cancelled, subject to Paragraph 5(d); and (iii) as of the Conversion Date, the Company shall contribute to the Restricted Stock Trust, subject to Paragraph 5(d), a number of shares of Common Stock equal to the number of Units cancelled, which shares shall be used to satisfy the Company’s payment obligations to you under your Deferral Election Exhibit and timely return itthis Agreement, he and such shares shall be issued to you as of the Payment Date(s) specified in your Deferral Election or she Re-Deferral Election, as the case may be, subject to Paragraphs 6, 7, 8 or 12. Notwithstanding anything in this Paragraph 4(a) to the contrary, if the Committee determines that a Deferral Election is not made within the timeframe required by this Paragraph 4(a) or, as of the last date for submitting such election, is not permitted under the Agreement, such election shall be null and void and the shares (if any) issuable to you under the Agreement will be deemed to have elected not to defer payment of any issued as of the RSUs. Under applicable tax rules, late deferral elections are not permittedConversion Date.