Common use of Compensation Deferrals Clause in Contracts

Compensation Deferrals. (a) The Company shall credit to the Account of a Participant an amount equal to the amount designated in the Participant's Participation Election Form for that Plan Year. Such amounts shall not be made available to such Participant, except as provided in ARTICLE VII hereof, and, as Compensation Deferrals, shall reduce such Participant's Compensation from the Company in accordance with the provisions of the applicable Participation Election Form; provided, however, that all such amounts shall be subject to the rights of the general creditors of the Company as provided in ARTICLE IX hereof. (b) Each Eligible Employee or Director shall deliver a Participation Election Form to the Company before any Compensation Deferrals can become effective. Such Participation Election Form shall be void with respect to any Compensation Deferral unless submitted before the beginning of the calendar year during which the amount to be deferred will be earned; provided, however, that in the year in which the Plan is first adopted or an Employee or Director is first eligible to participate, such Participation Election Form shall be filed within thirty (30) days of the date on which the Plan is adopted or the date on which an Employee or Director is first eligible to participate, respectively, with respect to Compensation earned during the remainder of the calendar year. Notwithstanding the foregoing, a Participant may cease Compensation Deferrals upon thirty (30) days advanced written notice to the Administrator. (c) The Participation Election Form shall, subject to the limitations set forth in this Section 4.1, designate the amount of Compensation deferred by each Participant, the beneficiary or beneficiaries of the Participant and such other items as the Administrator may prescribe. Such designations shall remain effective unless amended as provided in subsection (d), below. (d) A Participant may amend his or her Participation Election Form from time to time; provided, however, that any amendment to the amount of a Participant's Compensation Deferrals shall comply with the provisions of subsection (b), above.

Compensation Deferrals. (a) Each Participant may elect to defer a portion of his Compensation during each Plan Year, and his Compensation shall be reduced by the amount he elects to defer. The Company shall credit amount each Participant elects to defer will be contributed to the Account of a Participant an amount equal to the amount designated in the Participant's Participation Election Form for that Plan Year. Such amounts shall not be made available to such Participanton his behalf, except as provided in ARTICLE VII hereof, and, as Compensation Deferrals, shall reduce such Participant's Compensation from the Company in accordance with the provisions following provisions: (a) In no event shall the amount a Participant defers to the Plan, or any other plan, during any taxable year of the applicable Participation Election Form; provided, however, that all such amounts shall be subject to Participant (excluding Catch-Up Contributions under Section 5.01(b)) exceed the rights dollar limitation contained in Section 402(g) of the general creditors Code in effect for the Participant’s taxable year, as adjusted by the Secretary of the Company as provided in ARTICLE IX hereofTreasury for cost-of-living increases under § 402(g)(4). (b) Each Eligible Employee or Director shall deliver a Participation Election Form In addition, Participants who have attained age fifty (50) by the end of their taxable year may make Catch-Up Contributions. “Catch-Up Contributions” are Participant deferrals to the Company before any Compensation Deferrals can become effectivePlan that are in excess of an otherwise applicable plan limit. Such Participation Election Form shall be void with respect An otherwise applicable plan limit is a limit in the Plan that applies to any Compensation Deferral unless submitted before deferrals without regard to Catch-Up Contributions, such as the beginning limits on Annual Additions under Section 9.01, the dollar limitation on Participant deferrals under Section 402(g) of the calendar Code and Section 5.01(a) above, and the limit imposed by the actual deferral percentage (ADP) test under Section 401(k)(3) of the Code, if applicable. Catch-Up Contributions for a Participant for a taxable year during which may not exceed the amount lesser of: (a) one hundred percent (100%) of the Participant’s Compensation when added to be deferred will be earned; providedthe Participant’s other deferrals under the Plan, howeveror (b) the dollar limit on Catch-Up Contributions under Section 414(v)(2)(B)(i) of the Code for the taxable year, that as adjusted by the Secretary of the Treasury for cost-of-living increases under Section 414(v)(2)(C) of the Code. Catch-Up Contributions are not counted in determining the year minimum allocation under Section 6.07, but Catch-Up Contributions made in which prior years are counted in determining whether the Plan is first adopted or an Employee or Director top-heavy under Section 27.02. The amount by which the Participant’s Compensation is first eligible to participatereduced, such Participation Election Form including Catch-Up Contributions, shall be filed within thirty that Participant’s Deferred Income and shall be contributed to the Plan as an Elective Contribution by the Employer and allocated to the Participant’s Deferred Income Account. Except for occasional, bona fide administrative considerations, Elective Contributions made pursuant to a Participant’s deferral election cannot precede the earlier of (30a) days of the date on which the Plan Service related to the contribution is adopted performed, or (b) the date on which an Employee or Director the Compensation that is first eligible to participate, respectively, with respect to Compensation earned during the remainder of the calendar year. Notwithstanding the foregoing, a Participant may cease Compensation Deferrals upon thirty (30) days advanced written notice to the Administrator. (c) The Participation Election Form shall, subject to the limitations set forth in this Section 4.1, designate the amount of Compensation deferred by each Participant, the beneficiary or beneficiaries of ’s deferral election would be payable to the Participant and in the absence of such other items as the Administrator may prescribe. Such designations shall remain effective unless amended as provided in subsection (d), belowdeferral election. (d) A Participant may amend his or her Participation Election Form from time to time; provided, however, that any amendment to the amount of a Participant's Compensation Deferrals shall comply with the provisions of subsection (b), above.