Common use of Election to Defer Clause in Contracts

Election to Defer. The Committee has established procedures for deferral of award payments under the Plan and under the Company’s Deferred Compensation Plan(s) for eligible employees. You may elect, if so eligible, to defer receipt of any FSA Stock and/or cash to which you may be entitled pursuant to this Agreement, provided such election to defer shall have been made in writing to the Committee in accordance with procedures established by the Company. The effect of a timely election to defer under this Section 8 will be that the Committee shall direct that the deferred amount be an obligation of the Company to you under the Plan or the Company’s Deferred Compensation Plan(s), as the case may be, and your rights with respect thereto will thereafter be governed by the Plan or the Deferred Compensation Plan(s), as the case may be.