Common use of Timing of Election Clause in Contracts

Timing of Election. The election to defer the delivery of any Plan Shares must be made no later than the last day of the calendar year preceding the calendar year in which the Recipient would otherwise have an unrestricted right to receive such Shares (or by such earlier date as may be required by Section 409A of the Code). Deferrals of eligible Plan Shares shall only be allowed for Plan Share Awards for which all applicable restrictions lapse while the Recipient is in active service with the Corporation or one of the Subsidiary Companies. Any election to defer the proceeds from an eligible Plan Share Award shall be irrevocable as long as the Recipient remains an Employee or a Non-Employee Director. In the event receipt of any Plan Shares are deferred pursuant hereto, any distribution from the deferred compensation plans or arrangements established hereby with respect to such deferred Plan Shares shall be only in shares of Common Stock.

Timing of Election. The election to defer the delivery receipt of any Plan Shares must be made no later than the last day of the calendar year preceding the calendar year in which the Recipient would otherwise have an unrestricted right to receive such Plan Shares, provided that a Recipient may not elect to defer Shares (or by such earlier date as may be required by Section 409A of the Code)subject to a Performance Share Award. Deferrals of eligible Plan Shares shall only be allowed for those Plan Share Awards for which all applicable restrictions lapse Shares scheduled to vest while the Recipient is in active service with the Corporation or one of the its Subsidiary Companies. Any election to defer the proceeds from an receipt of eligible Plan Share Award Shares shall be irrevocable as long as the Recipient remains an Employee or a Non-Employee Director. In Director of the event receipt Corporation or one of any Plan Shares are deferred pursuant hereto, any distribution from the deferred compensation plans or arrangements established hereby with respect to such deferred Plan Shares shall be only in shares of Common Stockits Subsidiary Companies.