Common use of Deferred Distribution Clause in Contracts

Deferred Distribution. Subsection (a) notwithstanding, prior to or as of December 31st of the calendar year ending prior to the calendar year during which your services commence for which this Award is granted, you may irrevocably elect to have all or a portion of the Restricted Stock Units subject to this Agreement: (i) paid in five (5) substantially equal annual installments commencing in the calendar year immediately following the calendar year during which you terminate service as a member of the Board, commencing as soon as practicable after June 30 but no later than December 28, with the remaining installments made in each of the four subsequent calendar years; or (ii) paid in a lump sum in any one of the first through fifth calendar years following the calendar year during which you terminate service as a member of the Board, commencing as soon as practicable after June 30 but no later than December 28.