Common use of Maximum Limitation Clause in Contracts

Maximum Limitation. Commencing January 1, 1983, in no event shall the sum of the annual additions to a participant's account for any Plan year exceed the lesser of: (a) (i) Thirty thousand dollars ($30,000.00) or such higher amount as may be prescribed by regulations issued pur-suant to Section 415(d) of the Internal Revenue Code to reflect increases in the cost of living; plus (ii) the lesser of thirty thousand dollars ($30,000.00) (as adjusted for cost of living increases) or the amount of Company stock contributed to the Plan; [Effective January 1, 1989, Subparagraph (ii) is deleted] or (b) Twenty-five percent (25%) of such participant's compen-sation for the Plan year. No more than one-third (1/3) of the Company contributions for a year shall be allocated to the group of "highly compensated employees" defined as follows: Priorto January 1, 1997, an employee who, during the year or the preceding year: (1) Was at any time a five percent (5%) owner of the company, (2) Received compensation from the company in excess of seventy-five thousand dollars ($75,000.00), (3) Received compensation from the company in excess of fifty thousand dollars ($50,000.00) and was in the top-paid group of employees for such year, or (4) Was at any time an officer and received compensation greater than fifty percent (50%) of the amount in effect under Section 415(b)(1)(A) of the Internal Revenue Code for such year. Beginning January 1, 1997, an employee who: (5) Was a five percent (5%) owner of the Company at any time during the year or preceding year, or (6) For the preceding year A. had compensation [as defined in Code Section 415(c)(3)] from the Company in excess of $80,000.00 and B. if the Company elects the application of this clause for the preceding year, was in the group consisting of the top twenty percent (20%) of the employees ranked on the basis of compensation paid during the preceding year. Annual additions to a participant's account for a Plan year shall be the sum for any year of the Company's contributions plus the amount of any employee contributions plus the forfeitures.

Maximum Limitation. Commencing January 1, 1983, in no event shall the sum of the annual additions to a participant's ’s account for any Plan year exceed the lesser of: (a) (i) Thirty thousand dollars ($30,000.00) or such higher amount as may be prescribed by regulations issued pur-suant pursuant to Section 415(d) of the Internal Revenue Code to reflect increases in the cost of living; plus (ii) the lesser of thirty thousand dollars ($30,000.00) (as adjusted for cost of living increases) or the amount of Company stock contributed to the Plan; [Effective January 1, 1989, Subparagraph (ii) is deleted] or (b) Twenty-five percent (25%) of such participant's compen-sation ’s compensation for the Plan year. Commencing January 1, 2002, the annual additions to a participant’s account for any Plan year shall not exceed the lesser of: (a) Forty-thousand dollars ($40,000.00) [subject to annual adjustments pursuant to Internal Revenue Code Section 415(d)]. (b) One hundred percent (100%) of such participant’s compensation within the meaning of Internal Revenue Code Section 415(c)(3) for the Plan year. The compensation limit referred to in (b) shall not apply to any contribution for medical benefits after separation from service [within the meaning of Internal Revenue Code Sections 401(h) or 419A(f)(2)] which is otherwise treated as an annual addition. No more than one-third (1/3) of the Company contributions for a year shall be allocated to the group of "highly compensated employees" ” defined as follows: Priorto Prior to January 1, 1997, an employee who, during the year or the preceding year: (1) Was at any time a five percent (5%) owner of the company, (2) Received compensation from the company in excess of seventy-five thousand dollars ($75,000.00), (3) Received compensation from the company in excess of fifty thousand dollars ($50,000.00) and was in the top-paid group of employees for such year, or (4) Was at any time an officer and received compensation greater than fifty percent (50%) of the amount in effect under Section 415(b)(1)(A) of the Internal Revenue Code for such year. Beginning January 1, 1997, an employee who: (5) Was a five percent (5%) owner of the Company at any time during the year or preceding year, or (6) For the preceding year A. had compensation [as defined in Code Section 415(c)(3)] from the Company in excess of $80,000.00 80,000 and B. if the Company elects the application of this clause for the preceding year, was in the group consisting of the top twenty percent (20%) of the employees ranked on the basis of compensation paid during the preceding year. Annual additions to a participant's ’s account for a Plan plan year shall be the sum for any year of the Company's ’s contributions plus the amount of any employee contributions plus the forfeituresforfeitures other than forfeitures of employer securities acquired with the proceeds of a loan (as described in Internal Revenue Code Section 404(a)(9)(A) or the Company’s contributions which are deductible under Internal Revenue Code Section 404(a)(9)(A) and charged to the participant’s account. Notwithstanding anything in this Paragraph 12.1 to the contrary, the $80,000 amount under subparagraph (6)(A) shall be adjusted at the same time and in the same manner as under Internal Revenue Code section 415(d), except that the base period shall be the calendar quarter ending September 30, 1996.

Maximum Limitation. Commencing January 1, 1983, in no event shall the sum of the annual additions to a participant's ’s account for any Plan year exceed the lesser of: (a) (i) Thirty thousand dollars ($30,000.00) or such higher amount as may be prescribed by regulations issued pur-suant to Section 415(d) of the Internal Revenue Code to reflect increases in the cost of living; plus (ii) the lesser of thirty thousand dollars ($30,000.00) (as adjusted for cost of living increases) or the amount of Company stock contributed to the Plan; [Effective January 1, 1989, Subparagraph (ii) is deleted] or (b) Twenty-five percent (25%) of such participant's compen-sation for the Plan year. Commencing January 1, 2002, the annual additions to a participant's account for any Plan year shall not exceed the lesser of: (a) (a) Forty-thousand dollars ($40,000.00) [subject to annual adjustments pursuant to Internal Revenue Code Section 415(d)]. (b) One hundred percent (100%) of such participant’s com-pensation within the meaning of Internal Revenue Code Section 415(c)(3) for the Plan year. The compensation limit referred to in (b) shall not apply to any contribution for medical benefits after separation from service [within the meaning of Internal Revenue Code Sections 401(h) or 419A(f)(2)] which is otherwise treated as an annual addition. No more than one-third (1/3) of the Company contributions for a year shall be allocated to the group of "“highly compensated employees" ” defined as follows: Priorto Prior to January 1, 1997, an employee who, during the year or the preceding year: (1) Was at any time a five percent (5%) owner of the company, (2) Received compensation from the company in excess of seventy-five thousand dollars ($75,000.00), (3) Received compensation from the company in excess of fifty thousand dollars ($50,000.00) and was in the top-paid group of employees for such year, or (4) Was at any time an officer and received compensation greater than fifty percent (50%) of the amount in effect under Section 415(b)(1)(A) of the Internal Revenue Code for such year. Beginning January 1, 1997, an employee who: (5) Was a five percent (5%) owner of the Company at any time during the year or preceding year, or (6) For the preceding year year A. had compensation [as defined in Code Section 415(c)(3)] from the Company in excess of $80,000.00 and B. if the Company elects the application of this clause for the preceding year, was in the group consisting of the top twenty percent (20%) of the employees ranked on the basis of compensation paid during the preceding year. Annual additions to a participant's account for a Plan year shall be the sum for any year of the Company's contributions plus the amount of any employee contributions plus the forfeitures.