Common use of Initial Election Clause in Contracts

Initial Election. After being notified by the Plan Administrator of becoming eligible for participation in the Plan, the Participant may make an initial deferral election under this Plan by delivering to the Plan Administrator a signed Deferral Election Form and Beneficiary Designation Form within thirty (30) days of becoming eligible. The Deferral Election Forms shall set forth the amount of Fees to be deferred. However, if the Participant was eligible to participate in any other account balance plans sponsored by the Corporation (as referenced in Section 409A of the Code or the regulations thereunder) prior to becoming eligible to participate in this Plan, the initial election to defer Fees under this Plan shall not be effective until the Plan Year following the Plan Year in which the Participant became eligible to participate in this Plan.

Initial Election. After being notified by the Plan Administrator of becoming eligible for participation in the PlanAgreement, the Participant Director may make an initial deferral election under this Plan Agreement by delivering to the Plan Administrator a signed Deferral Election Form and Beneficiary Designation Form within thirty (30) days of becoming eligible. The Deferral Election Forms Form shall set forth the amount of Fees to be deferred. However, if the Participant Director was eligible to participate in any other account balance plans sponsored by the Corporation Company (as referenced in Section 409A of the Code or the regulations thereunder) prior to becoming eligible to participate in this PlanAgreement, the initial election to defer Fees under this Plan Agreement shall not be effective until the Plan Year following the Plan Year in which the Participant Director became eligible to participate in this PlanAgreement.

Initial Election. After being notified by the Plan Administrator of becoming eligible for participation in the PlanAgreement, the Participant Director may make an initial deferral election under this Plan Agreement by delivering to the Plan Administrator a signed Deferral Election Form and Beneficiary Designation Form within thirty (30) days of becoming eligible. The Deferral Election Forms Form shall set forth the amount of Fees Fee to be deferred. However, if the Participant Director was eligible to participate in any other account balance plans sponsored by the Corporation Company (as referenced in Section 409A of the Code or the regulations thereunder) prior to becoming eligible to participate in this PlanAgreement, the initial election to defer Fees Fee under this Plan Agreement shall not be effective until the Plan Year following the Plan Year in which the Participant Director became eligible to participate in this PlanAgreement.

Initial Election. After being notified by the Plan Administrator of becoming eligible for participation in the PlanAgreement, the Participant Director may make an initial deferral election under this Plan Agreement by delivering to the Plan Administrator a signed Deferral Election Form and Beneficiary Designation Form From within thirty (30) days of becoming eligible. The Deferral Election Forms Form shall set forth the amount of Fees Fee to be deferred. However, if the Participant Director was eligible to participate in any other account balance plans sponsored by the Corporation Bank (as referenced in Section 409A of the Code or the regulations thereunder) prior to becoming eligible to participate in this PlanAgreement, the initial election to defer Fees under this Plan Agreement shall not be effective until the Plan Year following the Plan Year in which the Participant Director became eligible to participate in this PlanAgreement.

Initial Election. After being notified by the Plan Administrator of becoming eligible for participation in the PlanAgreement, the Participant Director may make an initial deferral election under this Plan Agreement by delivering to the Plan Administrator a signed Deferral Election Form Form(s) and Beneficiary Designation Form within thirty (30) days of becoming eligible. The Deferral Election Forms Form(s) shall set forth the amount of Fees to be deferred. However, if the Participant Director was eligible to participate in any other account balance plans sponsored by the Corporation Bank (as referenced in Section 409A of the Code or the regulations thereunder) prior to becoming eligible to participate in this PlanAgreement, the initial election to defer Fees under this Plan Agreement shall not be effective until the Plan Year following the Plan Year in which the Participant Director became eligible to participate in this PlanAgreement.