This excerpt taken from the GWW 10-Q filed Aug 2, 2006.
Timing of Deferral Election. A deferral election shall be made by written notice (a Deferral Election) filed with the Secretary of the Company:
(i) on or before the Effective Date (covering Compensation to be earned after the Effective Date),
(ii) no more than 30 days after an Outside Director is first elected or appointed to the Board (covering Compensation to be earned at any time after the filing of such election),
(iii) on or before the date of any Annual Meeting (covering Compensation to be earned after such Annual Meeting), or
(iv) on or before such other date or dates as may be approved in advance by the Committee (covering Compensation earned for such period or periods commencing after such other date as may be specified by the Committee).
Subject to Section 8.6, a Deferral Election may be accompanied by a Distribution Election. Subject to Section 10.1, any Deferral Election shall continue in effect (including with respect to the Compensation relating to subsequent periods) unless and until revoked or modified by a new Deferral Election filed with the Secretary of the Company. Amounts credited to an Outside Directors Account prior to the effective date of any such revocation or modification of a Deferral Election shall not be affected by such revocation or modification. An Outside Director who has revoked a Deferral Election may file a new Deferral Election to defer Compensation relating exclusively to services to be rendered during the calendar year following the year in which such new Deferral Election is filed with the Company.