Common use of Deferral Option Clause in Contracts

Deferral Option. If the Executive so elects by notifying the Company in writing at least one year prior to the Date of Termination, (x) all or a portion, as specified by the Executive in such election notice, of the payment provided for by the foregoing provisions of this Section 5.2(b), and (y) a portion of the lump-sum severance payment provided for by Section 5.2(a) hereof, as specified by the Executive in the election notice, up to the product of the Classification Factor (or, if less, the Retirement Factor) and the Executive's Annual Bonus, shall not be paid to the Executive, but instead shall be credited to an account established for the Executive under the Deferred Compensation Plan. Such credited amount shall be administered in the same manner as amounts otherwise deferred under the Deferred Compensation Plan and shall be distributed to the Executive at the time and in the manner specified in the Executive's election notice.

Deferral Option. If the Executive so elects by notifying the Company in writing at least one (1) year prior to the Date of Termination, (x) all or a portion, as specified by the Executive in such election notice, of the payment provided for by the foregoing provisions of this Section 5.2(b), and (y) a portion of the lump-sum severance payment provided for by Section 5.2(a) hereof), as specified by the Executive in the election notice, up to the product of the Classification Factor (or, if less, the Retirement Factor) and the Executive's ’s Annual Bonus, shall not be paid to the Executive, but instead shall be credited to an account established for the Executive under the Deferred Compensation Plan. Such credited amount shall be administered in the same manner as amounts otherwise deferred under the Deferred Compensation Plan and shall be distributed to the Executive at the time and in the manner specified in the Executive's ’s election notice.