Common use of Effect of Contrary Election/Covered Employee status Clause in Contracts

Effect of Contrary Election/Covered Employee status. A Participant's Contrary Election continues in effect until the Participant subsequently revokes or modifies his/her Salary Reduction Agreement, or the Contrary Election expires under Section 3.02(A)(3) or otherwise. A Participant who makes a Contrary Election is not thereafter subject to the Automatic Deferral or to any scheduled increases thereto, even if the Participant later revokes the Contrary Election or the Contrary Election expires, unless the Participant is a Covered Employee.

Effect of Contrary Election/Covered Employee status. A Participant who makes a Contrary Election is not subject to Automatic Deferral or to any scheduled increases thereto. A Participant's ’s Contrary Election continues in effect until the Participant subsequently revokes or modifies changes his/her Salary Reduction Agreement, Agreement or the Contrary Election expires under Section 3.02(A)(3) or otherwise. A Participant who makes is revoked, and upon revocation or expiration of a Contrary Election the Participant is not thereafter subject to the Automatic Deferral or to any scheduled increases thereto, even if the Participant later revokes the Contrary Election or the Contrary Election expires, unless the Participant is a Covered Employee.