Common use of Election to Defer Distribution Clause in Contracts

Election to Defer Distribution. If the distribution is subject to U.S. tax law, an eligible Grantee may elect to defer the distribution of either all or none of the RSUs granted under this Award. Such election shall be in accordance with rules established by the Compensation Committee of the Company’s Board of Directors (“Committee”) and in general must have been received in writing by the Company no later than the business day prior to the Grant Date. The deferral, if elected, will result in the transfer of the RSUs into the Company’s deferred compensation plan Stock Equivalent Account in effect, and applicable to the Grantee at the time the RSUs would have otherwise been distributed. The applicable Company deferred compensation plan rules will govern the administration of this Award beginning on the date the RSUs are credited to the applicable deferred compensation plan.