Subsequent Deferrals. Subsequent to the initial deferral provided for in Section 3.01 above, any election to continue to defer, revise, or terminate the deferral of Director’s Fees hereunder shall be made no later than January 1 of each Plan Year. Should the Participant terminate the deferral, the Benefit Account cannot be distributed until such time as requested and stated in the Adoption Agreement, or on the most recent annual deferral election form.
Subsequent Deferrals. In addition to the Initial Fiscal Year, subject to Section 8, the terms of this Agreement shall apply to any Deferral Election by the Participant with respect to a Fiscal Year after the Initial Fiscal Year. Any such subsequent Deferral Election shall be made by the Participant's completion, execution and submission of a deferral election form prescribed for such purpose by the Company, in the manner established by the Company for subsequent Deferral Elections. The Participant's participation in the Program for the Initial Fiscal Year, however, shall not confer on the Participant any right to participate in the Program with respect to any subsequent Fiscal Year, and the Participant's eligibility so to participate will depend upon the satisfaction of eligibility criteria for such subsequent Fiscal Years to be established by the Company in its sole discretion.
Subsequent Deferrals. The Director may specify a later date for commencement of payment of his or her account at a Specified Time by submitting a new Election Form to the Bank, provided that (i) the subsequent election does not take effect for at least twelve (12) months after it is made, (ii) the lump sum payment with respect to the subsequent election is deferred for a period of not less than five (5) years, and (iii) any subsequent election with respect to the timing of payment is made not less than twelve (12) months before the lump sum payment is to commence pursuant to the prior election.
Subsequent Deferrals. If the election described in Section 3.02 is made after the later of January 1, 2006 or the 30th day following the Participant’s entry into this Agreement, such benefits shall commence with the first day of the month next following the fifth anniversary of the Payment Date. A Participant’s subsequent election to receive benefits in annual installments must be made at least twelve months prior to the expiration of the Participant’s Term. An election by the Participant made within the twelve month period prior to the Participant’s Termination Date shall be null and void and the Participant’s benefits under the Plan shall be distributed in a lump sum.
Subsequent Deferrals. If the election described in Section 3.02 is made after the later of December 31, 2007 or the 30th day following the commencement of the Director’s Term, such benefits shall commence with the first day of the month next following the fifth anniversary of the Payment Commencement Date and thereafter shall continue on each anniversary of the Payment Commencement Date during the installment period elected. Notwithstanding the foregoing, a Director’s election to receive benefits in annual installments under this Section 3.02(b) shall be null and void unless it is made at least twelve months prior to the date his or her benefit would otherwise have commenced under this Agreement.
