Common use of Timing of Election Clause in Contracts

Timing of Election. A Participant may elect during the Annual Enrollment Period (or such other time as permitted by the Company in compliance with Code Section 409A), that the sub-account(s) established for the following Plan Year (or portion thereof) or established for a particular equity award be paid at one or more specified dates (as permitted by the Company) prior to the Participant’s Separation from Service. If the Participant Separates from Service prior to the date so specified, then the Participant’s Account will be paid (or payments will commence under Section 8.2, if applicable) upon such Separation from Service in accordance with Section 8.1. All elections must be made in accordance with the procedures (including any deadlines) established by the Company. A Participant’s election to have the Participant’s sub-account(s) paid at one or more specified dates shall be effective only for the calendar year to which the election relates, and shall not carry over from year to year, unless the election form specifies otherwise.

Timing of Election. A Participant may elect during the Annual Enrollment Period (or such other time as permitted by the Company in compliance with Code Section 409A), that the sub-account(s) established for the following Plan Year (or portion thereof) or established for a particular equity award Stock Award be paid at one or more specified dates (as permitted by the Company) prior to the Participant’s Separation from Service. If the Participant Separates from Service prior to the date so specified, then the Participant’s Account will be paid (or payments will commence under Section 8.2, if applicable) upon such Separation from Service in accordance with Section 8.1. All elections must be made in accordance with the procedures (including any deadlines) established by the Company. A Participant’s election to have the Participant’s sub-account(s) paid at one or more specified dates shall be effective only for the calendar year to which the election relates, and shall not carry over from year to year, unless the election form specifies otherwise.