Common use of Election Changes Clause in Contracts

Election Changes. Upon the Bank’s approval, the Director may modify the amount of Compensation to be deferred by filing a new Election Form with the Bank before the beginning of the Plan Year in which the Compensation is to be deferred. The modified deferral election shall not be effective until the calendar year after the year in which the subsequent Election Form is received and approved by the Bank. A deferral election may not be modified and become effective in the same Plan Year except in the event of an Unforeseeable Emergency as provided in Section 1.15 of the Agreement.

Election Changes. Upon the Bank’s approval, the Director may modify the amount of Compensation to be deferred annually by filing a new Election Form with the Bank before prior to the beginning of the Plan Year in which the Compensation is to be deferred. The modified deferral election shall not be effective until the calendar year after following the year in which the subsequent Election Form is received and approved by the Bank. A deferral election may not be modified and become effective in the same Plan Year except in the event of an Unforeseeable Emergency as provided in Section 1.15 of the Agreement.