Common use of ELECTION OF DEFERRED COMPENSATION Clause in Contracts

ELECTION OF DEFERRED COMPENSATION. The Executive shall, at the same time as entering this Agreement, file a written statement with the Bank notifying the Bank as to the percent (%) or dollar amount of salary and compensation as defined in Paragraph II that is to be deferred. The election to defer salary and compensation may only be made for salary and compensation not yet earned as of the date of said election. Signed written statements filed under this section, unless modified or revoked, shall be valid for all succeeding years. Any modification or revocation of a signed written statement must be in writing and shall be effective for one (l) calendar year succeeding the year in which the modification or revocation is made.

ELECTION OF DEFERRED COMPENSATION. The Executive shall, at the same time as entering this Agreement, file a written statement with the Bank notifying the Bank as to the percent (%) or dollar amount of salary and compensation as defined in Paragraph II that is to be deferred. The election to defer salary and compensation may only be made for salary and compensation not yet earned as of the date of said election. Signed written statements filed under this section, unless modified or revoked, shall be valid for all succeeding years. Any modification or revocation of a signed written statement must be in writing and shall be effective for one (l1) calendar year succeeding the year in which the modification or revocation is made.