Voluntary Deferral Clause Samples

The Voluntary Deferral clause allows one or both parties to postpone certain obligations or actions under the agreement by mutual consent. In practice, this means that deadlines for performance, such as delivery of goods or completion of services, can be extended if both parties agree to the deferral in writing. This clause provides flexibility to accommodate unforeseen circumstances or changes in project timelines, helping to prevent breaches of contract and maintain a cooperative relationship between the parties.
Voluntary Deferral. (a) Subject to applicable law, receipt of the payment of all or any portion of the Stock Units shall be deferred until the date on which the Participant incurs a Separation from Service, as defined in clause (c) below, if the Participant has filed a deferral election, subject to and in accordance with the provisions of Paragraph 7(b), no later than the deadline described in Paragraph 7(b). Any such election shall likewise apply to the Dividend Equivalents payable with respect to such deferred Stock Units. Deferred Dividend Equivalents shall be credited to a cash account with respect to the Stock Units (“Cash Account”) maintained by Northern on its books in the name of the Participant. Until the entire balance of a Cash Account has been paid to the Participant or to the Participant’s Beneficiaries (as defined in Paragraph 6), such balance shall be adjusted on the last day of each calendar quarter to reflect accrued interest on such balance based on the rate of interest determined from time to time by the Committee. (b) A Participant’s election to defer receipt of the payment of all or any portion of the Stock Units granted hereunder and related Dividend Equivalents to the date of his or her Separation from Service, as defined in clause (c) below, shall be effective if it was made on a deferral election form provided by the Committee and completed and delivered to the Committee no later than the last day of the calendar year preceding the calendar year in which the grant hereunder is made. Such election, if made, became irrevocable upon December 31 of the calendar year completed and delivered to the Committee. Such election shall remain in effect for grants of Stock Units in subsequent calendar years and becomes irrevocable as of each December 31 with respect to Stock Units granted for services performed in the immediately following calendar year, until modified or revoked by the Participant by the completion and delivery to the Committee of a form provided by the Committee for such purpose, setting out such modification or revocation; any such modification or revocation shall be effective only for Stock Units granted to the Participant for services performed in calendar years beginning after the calendar year in which such modification or revocation is completed and delivered to the Committee and shall have no effect on the Stock Units granted hereunder. (c) The entire balance of deferred Stock Units in the Stock Unit Account and deferred Dividend Equivalen...
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Voluntary Deferral. Notwithstanding the provisions of Section 2(a), the Participant may elect, by election filed with the Corporation under its Key Employee Deferred Compensation Plan (2005) (or any successor plan or program) (the “Deferred Compensation Plan”), and on a form acceptable to the Committee, not later than June 30, [ ] and subject to such terms and conditions as the Committee may specify, to have any payment that may become due in respect of Performance Units covered by the Award deferred until such later time as shall be specified in such election.
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Voluntary Deferral. Settlement of any Unit, which otherwise would occur upon the vesting or lapse of the risk of forfeiture of such Unit, will be deferred in certain cases if and to the extent so elected by Employee in accordance with the cover page of this Agreement.
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Voluntary Deferral. Subject to applicable law, in addition and subject to any mandatory deferral under Paragraph 9 of this Agreement, the Participant may elect to defer all or any portion of the Stock Units or any deferred Stock Units so that the Participant becomes entitled to the distribution of such Stock Units on the Applicable Date of any year that is (i) no earlier than three calendar years after the Stock Units vest pursuant to Paragraph 5 of this Agreement, and (ii) no later than the fifth calendar year after the Participant’s Retirement. Such distribution shall be made at one time or in up to five annual installments, as the Participant shall have elected. If the Participant has elected installment distribution, the initial installment shall be distributed as soon as practical after the Applicable Date in the first year to which distribution has been deferred, and the remaining installments shall be distributed on each anniversary date of the initial distribution. The Participant shall make the election to defer the Stock Units by filing a deferral election form with the Committee prior to the first day of the calendar year in which the Participant would otherwise become entitled to the distribution of the Stock Units or by such other date as the Committee may from time to time establish.
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Voluntary Deferral. At such times and upon such terms and conditions as the Company shall determine, the Company may permit the Executive to elect to defer the distribution of an Award otherwise payable to the Executive under this Agreement until termination of the Executive’s Employment or such other date as the Executive shall specify in the deferral election.
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Voluntary Deferral. (a) Subject to applicable law, the Participant may elect to defer all or any portion of the Stock Units so that the Participant becomes entitled to the distribution of any vested Stock Units on the Applicable Date of any year that is (i) no earlier than the end of the third calendar year after the calendar year in which the Stock Units vest pursuant to Paragraph 5 and 8(c) of these Terms and Conditions, and (ii) no later than the fifth calendar year beginning after the Participant’s Retirement or other termination of employment. Notwithstanding the previous sentence, in no event shall distribution of the Stock Units begin earlier than six months following termination of employment, unless due to the Participant’s death, if the Participant was a “Specified Employee” (as defined in Section 409A(a)(2)(B)(i) of the Code) of the Corporation at termination of employment, as determined in accordance with procedures adopted by the Corporation pursuant to Section 409A of the Code and related regulations. (b) The Participant shall make any election to defer receipt of the payment of all or any portion of the Stock Units by filing a deferral election form with the Corporation within thirty (30) days after the date of these Terms and Conditions and at least thirteen (13) months prior to the end of the Vesting Period set forth in the Award Notice. (c) Distribution shall be made at one time or in up to five (5) annual installments, as the Participant shall have elected in the deferral election form described in clause (b) above. If the Participant has elected an installment distribution, the initial installment shall be distributed as soon as practical after the Applicable Date in the first year to which distribution has been deferred, and the remaining installments shall be distributed on each anniversary date of the initial distribution.
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Voluntary Deferral. Notwithstanding anything contained herein or in the Plan to the contrary, only in the event that the Closing does not occur and the Merger Agreement is terminated in accordance with its terms, the Participant may be eligible to defer delivery of shares of Stock hereunder under the terms of the Corporation’s Key Employee Deferred Compensation Plan (2005) (or any successor plan or program) (the “Deferred Compensation Plan”) and in accordance with the terms and conditions established by the Committee.
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Voluntary Deferral. To the extent that your stock ownership requirement has been met, as determined by the Committee, the underlying Shares shall be issued to you, or be assignable or transferable by you per your election under the terms of the Non-Employee Director Deferred Compensation Plan (or any similar plan or program) in which you are eligible to participate.
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Related to Voluntary Deferral

  • Voluntary Deductions A. The Employer agrees to deduct from the wages of any employee who is a member of the Union a PEOPLE deduction as provided for in a written authorization. Such authorization must be executed by the employee and may be revoked by the employee at any time by giving written notice to both the Employer and the Union. The Employer agrees to remit any deductions made pursuant to this provision to the Union together with an electronic report showing: 1. Employee name;

  • Voluntary Demotion An employee requesting a voluntary demotion from a higher-rated position and who is subsequently demoted to the lower-rated position, shall be paid on the increment step appropriate to the employee’s continuous service with the Employer. A voluntary demotion shall not change an employee’s anniversary date.

  • Voluntary Employee Contributions (a) Subject to the governing rules of the relevant superannuation fund, an Employee may, in writing, authorise their Employer to pay on behalf of the Employee a specified amount from the post- taxation wages of the Employee into the same superannuation fund as the Employer makes the superannuation contributions provided for in clause 24.2. (b) An Employee may adjust the amount the Employee has authorised their Employer to pay from the wages of the Employee from the first of the month following the giving of three months’ written notice to their Employer. (c) The Employer must pay the amount authorised under clauses 24.4(a) or 24.4(b) no later than 28 days after the end of the month in which the deduction authorised under clauses 24.4(a) or 24.4(b) was made.

  • Employer Contribution (a) An Employer contribution for health and dental benefits will only be made for each active employee who has at least eighty (80) paid regular hours in a month and who is eligible for medical insurance coverage, unless otherwise required by law. (b) It is understood that the administrative intent of this Article is that the Employer contribution is made for individuals who are participants in the medical insurance coverages. Participation will mean that eligible less-than-full-time employees who drop out of coverage will be considered to participate. Additionally, employees who elect to opt out of coverage for a cash incentive will be considered to participate.

  • Deferral Account Crediting. The Company shall establish a Deferral Account on its books for the Director, and shall credit to the Deferral Account the following amounts: