Common use of Payment Elections Clause in Contracts

Payment Elections. (a) Not later than December 31, 2006, the Executive shall make an election under (b) or (c) below regarding the date and form of payment of his Benefit. The election shall apply only with respect to Compensation earned after the date on which the election is made to the extent required by Section 409A of the Code. The election made under this Section 2.3 shall be made in the manner prescribed by the Company.

Payment Elections. (a) Not later than December 31, 2006, the Executive shall Executive, in lieu of receiving his supplemental retirement benefit in the form of a single life annuity, may make an election under (b) or (c) below regarding as to the date and form of payment of his Benefit. The election shall apply only with respect to Compensation earned after the date on which the election is made to the extent required by Section 409A of the Codebenefit under (b) below. The election made under this Section 2.3 3.1 shall be made in the manner prescribed by the Company.