Common use of Election Timing Clause in Contracts

Election Timing. The election to defer the delivery of the proceeds --------------- from any eligible Non-statutory Stock Option or Stock Appreciation Right must be made at least six (6) months prior to the date such Award is exercised or at such other time as the Committee may specify. The election to defer the delivery of any Stock Award must be made no later than the last day of the calendar year preceding the calendar year in which the Participant would otherwise have an unrestricted right to receive such Award. Deferrals of eligible Awards shall only be allowed for exercises of Options and lapses of restrictions on Stock Awards that occur while the Participant is in active service with the Holding Company or an Affiliate. Any election to defer the proceeds from an eligible Award shall be irrevocable as long as the Participant remains an Employee or Outside Director of the Holding Company or an Affiliate.

Election Timing. The election to defer the delivery of the proceeds --------------- from any eligible Non-statutory Stock Option or Stock Appreciation Right must be made at least six (6) months prior to the date such Award is exercised or at such other time as the Committee may specify. The election to defer the delivery of any Stock Award must be made no later than the last day of the calendar year preceding the calendar year in which the Participant would otherwise have an unrestricted right to receive such Award. Deferrals of eligible Awards shall only be allowed for exercises of Options and lapses of restrictions on Stock Awards that occur while the Participant is in active service with the Holding Company or an Affiliate. Any election to defer the proceeds from an eligible Award shall be irrevocable as long as the Participant remains an Employee or Outside Director of the Holding Company or an Affiliate.