Common use of Timing and Form of Distribution Clause in Contracts

Timing and Form of Distribution. The Executive may timely elect on an annual basis, on or before December 31st, to receive the portion of the Deferred Cash Compensation scheduled to vest in the following Plan Year pursuant to an election form, and subject to such terms and conditions set forth in such form, as prescribed by the Committee (“Election Form”). If this Agreement is made with respect to a Participant’s initial award under the Plan (“Initial Award”), then the initial Election Form to be completed on the effective date of this Agreement will be effective for the portions of the Deferred Cash Compensation scheduled to vest in the remainder of the [200 ] Plan Year (the year of the award). If this Agreement is made with respect to an award other than the Initial Award, then: (a) the Election Form to be completed on the effective date of this Agreement will be effective for the portions of the Deferred Cash Compensation scheduled to vest in the remainder of the [200 ] Plan Year (the year of the award); and (b) the Election Form(s) for amounts under prior year awards (“Prior Year Election Forms”) shall continue in effect as to the amounts indicated thereon (and thus shall not be affected by the Election Form(s) initially executed with respect to the amounts under this Agreement), unless and until the Executive executes a subsequent annual Election Form with respect to such Prior Year Election Forms. To the extent the Executive fails to timely elect, properly complete, or subsequently amend the Election Form with respect to any Plan Year, then such amount will be distributed in a lump sum in cash, to the extent vested, on (or as soon as administratively practicable after) the earlier of (i) the date of the termination of Executive’s employment or (ii) December 31st, [ ] (the 7th year after the year in which this Agreement is entered into by the Company and the Executive). The Executive agrees that the Deferred Cash Compensation will be paid out only to the extent that it has vested in accordance with this Agreement and the Plan. Any unvested portion of the Deferred Cash Compensation shall be forfeited and terminate automatically upon termination of employment of the Executive for any reason (other than death, Disability or Vested Retirement as described in Section 3.4 above), unless otherwise provided in the Plan. Notwithstanding the foregoing, the Committee may at any time and from time to time provide that all or any part of the value of the unvested portion of an award of Deferred Cash Compensation shall vest and no longer be subject to forfeiture, and may order payment of the amounts so vested on the date specified in such orders, if it finds such action appropriate in the circumstances.

Timing and Form of Distribution. The Executive may timely elect on an annual basis, on or before December 31st, to receive the portion of the Deferred Cash Compensation scheduled to vest in the following Plan Year pursuant to an election form, and subject to such terms and conditions set forth in such form, as prescribed by the Committee (“"Election Form”"). If this Agreement is made with respect to a Participant’s 's initial award under the Plan (“"Initial Award”"), then the initial Election Form to be completed on the effective date of this Agreement will be effective for the portions of the Deferred Cash Compensation scheduled to vest in the remainder of the [200 200_] Plan Year (the year of the award). If this Agreement is made with respect to an award other than the Initial Award, then: (a) the Election Form to be completed on the effective date of this Agreement will be effective for the portions of the Deferred Cash Compensation scheduled to vest in the remainder of the [200 200_] Plan Year (the year of the award); and (b) the Election Form(s) for amounts under prior year awards (“"Prior Year Election Forms”") shall continue in effect as to the amounts indicated thereon (and thus shall not be affected by the Election Form(s) initially executed with respect to the amounts under this Agreement), unless and until the Executive executes a subsequent annual Election Form with respect to such Prior Year Election Forms. To the extent the Executive fails to timely elect, properly complete, or subsequently amend the Election Form with respect to any Plan Year, then such amount will be distributed in a lump sum in cash, to the extent vested, on (or as soon as administratively practicable after) the earlier of (i) the date of the termination of Executive’s 's employment or (ii) December 31st, [ [_________] (the 7th year after the year in which this Agreement is entered into by the Company and the Executive). The Executive agrees that the Deferred Cash Compensation will be paid out only to the extent that it has vested in accordance with this Agreement and the Plan. Any unvested portion of the Deferred Cash Compensation shall be forfeited and terminate automatically upon termination of employment of the Executive for any reason (other than death, Disability or Vested Retirement as described in Section 3.4 above), unless otherwise provided in the Plan. Notwithstanding the foregoing, the Committee may at any time and from time to time provide that all or any part of the value of the unvested portion of an award of Deferred Cash Compensation shall vest and no longer be subject to forfeiture, and may order payment of the amounts so vested on the date specified in such orders, if it finds such action appropriate in the circumstances.