Initial Election Sample Clauses
The Initial Election clause establishes the process by which a party must make an initial choice or selection regarding a specific right, option, or course of action under the agreement. Typically, this clause outlines the timeframe and method for making the election, such as providing written notice within a set period after the contract is signed. Its core practical function is to ensure clarity and certainty by requiring parties to declare their intentions early, thereby preventing disputes or confusion about which options have been chosen.
Initial Election. The Director shall make an initial deferral election under this Agreement by filing with the Company a signed Election Form within 30 days after the Effective Date of this Agreement. The Election Form shall set forth the amount of Fees to be deferred and shall be effective to defer only Fees earned after the date the Election Form is received by the Company.
Initial Election. The Executive shall make an initial deferral election under this Agreement by filing with the Company a signed Election Form within 30 days after the Effective Date of this Agreement. The Election Form shall set forth the amount of Compensation to be deferred and shall be effective to defer only Compensation earned after the date the Election Form is received by the Company.
Initial Election. After being notified by the Plan Administrator of becoming eligible to participate in this Agreement, the Executive may make an initial deferral election by delivering to the Plan Administrator a signed Deferral Election Form and Beneficiary Designation Form within thirty (30) days of becoming eligible. The Deferral Election Form shall set forth the amount of Compensation to be deferred. However, if the Executive was eligible to participate in any other account balance plans sponsored by the Bank (as referenced in Code Section 409A) prior to becoming eligible to participate in this Agreement, the initial election to defer Compensation under this Agreement shall not be effective until the Plan Year following the Plan Year in which the Executive became eligible to participate in this Agreement.
Initial Election. The Executive shall make an initial deferral election under this Agreement by filing with the Bank a signed Election Form within 120 days after the Effective Date of this Agreement. The Election Form shall set forth the amount of Bonus to be deferred and shall be effective to defer only Bonus earned after the date the Election Form is received by the Bank. In order to participate in this plan to defer Bonus, the Executive must defer a minimum of 5% and a maximum of 25% of the Executive's Bonus.
Initial Election. After being notified by the Plan Administrator of becoming eligible to participate in this Agreement, the Director may make an initial deferral election by delivering to the Plan Administrator a signed Deferral Election Form and a Beneficiary Designation Form within thirty (30) days of becoming eligible, with respect to any Fees to be paid for services to be performed after such election is made. The Deferral Election Form shall set forth the amount of Fees to be deferred. However, if the Director was eligible to participate in any other account balance plans sponsored by the Company (as referenced in Code Section 409A) prior to becoming eligible to participate in this Agreement, the initial election to defer Fees under this Agreement shall not be effective until the Plan Year following the Plan Year in which the Director became eligible to participate in this Agreement.
Initial Election. After being notified by the Plan Administrator of eligibility for participation in the Plan, a Participant may make an initial deferral election under this Plan by delivering to the Plan Administrator a signed Election Form(s) and Beneficiary Designation Form within thirty (30) days. The Election Form(s) shall set forth the amount of Base Salary and Performance-Based Compensation and shall be effective to defer, subject to Section 2.1(b), only Base Salary and Performance-based Compensation earned for services performed after the date the Election Form(s) are received by the Plan Administrator.
Initial Election. (i) If you make a valid initial deferral election, then you can elect to defer the timing of receipt of the Common Stock otherwise deliverable under Section 5 to a later date. You may make a separate initial deferral election with respect to each one-fourth portion of your RSU award. The initial deferral election must be made within 30 days of the Grant Date.
(ii) If you are a “specified employee” (as determined in accordance with Section 409A(a)(2)(B)(i) of the Code and Treasury Regulation Section 1.409A-1(i)) on the date of your “separation from service” (as defined in Section 1.409A-1(h) of the Treasury Regulations), the delivery of any of your Common Stock to be delivered upon such “separation from service” shall be delayed to the extent necessary to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, and such payment shall be paid or distributed to you on the earlier of (a) the expiration of the six-month period measured from the date of your “separation from service” or (b) the date of your death.
Initial Election. After being notified by the Administrator of becoming eligible to participate in this Agreement, the Director may make an initial deferral election by delivering to the Administrator a signed Deferral Election Form within thirty (30) days of becoming eligible. The Deferral Election Form shall set forth the amount of Fees to be deferred. However, if the Director was eligible to participate in any other account balance plans sponsored by the Bank (as referenced in Code Section 409A) prior to becoming eligible to participate in this Agreement, the initial election to defer Fees under this Agreement shall not be effective until the Plan Year following the Plan Year in which the Director became eligible to participate in this Agreement.
Initial Election. Concurrently with the execution of this Participation Agreement (or at such later time as is permitted under Section 409A of the Code and applicable Internal Revenue Service guidance adopted thereunder), the Participant shall elect any one of the following distribution methods, which, subject to paragraph (b) of this Section 4, shall be irrevocable:
(i) lump sum payment; or
(ii) lifetime annuity; or
(iii) lifetime annuity with 120 months of guaranteed payments; or
(iv) 50% joint and survivor annuity; or
(v) 75% joint and survivor annuity; or
(vi) 100% joint and survivor annuity. In the event the Participant fails to elect any of the above forms of distribution methods as required herein, the Participant shall be deemed to have chosen the lifetime annuity described in Section 4(a)(ii). Except for a lump sum distribution, all distributions shall be made on a monthly basis. If the Participant elects a lump sum payment method of distribution, the Participant acknowledges and accepts that the lump sum payment actually received shall be the actuarial equivalent of the lifetime annuity described in Section 4(a)(ii). If the Participant elects any joint and survivor annuity method of distribution or a Guaranteed Payment Lifetime Annuity method of distribution, the Participant acknowledges and accepts the reduction of his or her monthly distribution to actuarially accommodate such distribution election. If the Participant elects a distribution method other than a lifetime annuity described in Section 4(a)(ii), the actuarial equivalent will be determined using the same actuarial equivalent assumptions contained in the First United Bank & Trust Pension Plan (or any successor or replacement plan) in effect as of the date that distributions of SERP Benefits commence hereunder.
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