Common use of TERMINATION OF ELECTION Clause in Contracts

TERMINATION OF ELECTION. A Participant shall have the right to completely terminate an election under this section 5.3 at any time, and any such termination shall become effective as of the first day of the first pay period following the date he or she timely files a properly completed Election Form terminating such election. Any Participant whose status as an Eligible Employee terminates shall be deemed to have completely terminated his or her election, if any, under this section 5.3 as of the date the Participant's status as such so terminates.

TERMINATION OF ELECTION. A Participant shall have the right to completely terminate an election under this section 5.3 (S)5.3 at any time, and any such termination shall become effective as of the first day of the first pay period following the date he or she timely files a properly completed Election Form terminating such election. Any Participant whose status as an Eligible Employee terminates shall be deemed to have completely terminated his or her election, if any, under this section 5.3 (S)5.3 as of the date the Participant's status as such so terminates.