Deferral Election Agreement for Performance-Based Restricted Share Unit Award ([Grant Year])
This agreement allows an employee to choose when to receive their performance-based restricted share units (RSUs) granted in a specific year. The employee can defer payment until a chosen date after the RSUs vest, or after their employment ends due to resignation, disability, or death. The agreement sets specific time frames for each scenario and outlines when changes to the deferral election are allowed. The agreement is between the employee and the company granting the RSUs.
EXHIBIT 10.5
DEFERRAL ELECTIONS FOR [GRANT YEAR] PERFORMANCE-BASED RESTRICTED SHARE UNIT AWARD
IN-SERVICE DISTRIBUTION:
I elect to defer receipt of my entire [Grant Year] grant of restricted share units after they vest until , which is a specific date after [date approximately one year following Grant Date] (the last possible time for the Compensation Committee to determine whether performance conditions to the vesting of such grant have been met) and before [date approximately ten years following Grant Year] (ten (10) years after the earliest possible such date).
I understand that this election may only be modified if, at least twelve (12) months prior to the date selected above, I elect to further defer receipt of my entire grant to a specific date between [the last possible time for the Compensation Committee to determine whether performance conditions to the vesting of such grant have been met] and [ten (10) years after the earliest possible such date] that is at least five (5) years after my initial deferral date.
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POST-TERMINATION DISTRIBUTION FOR REASONS OTHER THAN DEATH OR DISABILITY:
I elect to defer receipt of my entire [Grant Year] grant of restricted share units after they vest until after the termination of my employment for reasons other than death or disability, which is a time between six (6) months after my separation from service and three (3) years after my separation from service.
I understand that this election is irrevocable.
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POST-TERMINATION DISTRIBUTION DUE TO DISABILITY:
I elect to defer receipt of my entire [Grant Year] grant of restricted share units after they vest until after the termination of my employment due to disability, which is a time between my separation from service and three (3) years after my separation from service.
I understand that this election is irrevocable.
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POST-TERMINATION DISTRIBUTION DUE TO DEATH:
I elect to defer receipt of my entire [Grant Year] grant of restricted share units after they vest until after the termination of my employment due to death, which is a time between my separation from service and three (3) years after my separation from service.
I understand that this election is irrevocable.
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