Salary Deferrals. For each payroll period beginning on or after the effective date of an Eligible Employee’s Salary Deferral Agreement, his Cash Deferral Account shall be credited with an amount of Salary Deferrals, if applicable. The amount of Salary Deferrals shall be equal to the designated percentage of Compensation elected by the Member in his Salary Deferral Agreement by agreeing to accept a reduction in Compensation equal to a stated whole percentage of Compensation per payroll period which is not less than five percent (5%) nor more than ninety (90%) of Compensation.
Appears in 2 contracts
Sources: Executive Deferred Compensation Plan (Huntington Bancshares Inc/Md), Executive Deferred Compensation Plan (Huntington Bancshares Inc/Md)