Common use of Before-Tax Contributions Clause in Contracts

Before-Tax Contributions. Each Participant may elect to enter into a Salary Reduction Agreement with the Employer, in the manner prescribed by the Plan Administrator, pursuant to which the Employer shall make Before-Tax Contributions to the Plan on the Participant's behalf. Such election shall be applicable to all payroll periods within such Plan Year after the Enrollment Date following execution of the Salary Reduction Agreement. The terms of any such Salary Reduction Agreement shall provide that the Participant agrees to a reduction in Base Pay from the Employer equal to the amount to be contributed on his behalf for each pay period as Before-Tax Contributions, as set forth below. (i) Participants who are Non-Highly Compensated Employees may elect to enter into a Salary Reduction Agreement with the Employer, in a manner prescribed by the Plan Administrator, pursuant to which the Employer will reduce a Participant's Base Pay in an amount equal to any whole percentage from 1% to 10% of Base Pay per payroll period and contribute such amount in the form of Before-Tax Contributions. (ii) Participants who are Highly Compensated Employees may elect to enter into a Salary Reduction Agreement with the Employer, in a manner prescribed by the Plan Administrator, pursuant to which the Employer will reduce a Participant's Base Pay in an amount equal to any whole percentage from 1% to 10% of Base Pay per payroll period and contribute such amount in the form of Before-Tax Contributions. (iii) The sum of Before-Tax Contributions may not exceed the lesser of $8,000 (or any other dollar amount imposed by the P.R. Code) or the applicable maximum percentages set forth in Section 4.1(a)(i)-(ii).

Before-Tax Contributions. Each A. Maximum Before-Tax Percentage: The Maximum Before-Tax Percentage with respect to any Participant is equal to 35%. The Administrative Committee may from time to time establish a different Maximum Before-Tax Percentage for Participants who are Highly Compensated Employees that in its judgment appears desirable or necessary in view of the restrictions imposed by Section 401(k) of the Internal Revenue Code; provided that the Maximum Before-Tax Percentage so established shall not be higher than the Maximum Before-Tax Percentage provided under Section 5.1A(1) for Participants who are not Highly Compensated Employees. The Administrative Committee shall notify all Participants who are Highly Compensated Employees of any increase or decrease in the Maximum Before-Tax Percentage and the date as of which such changes are effective. In the event of a decrease in the Maximum Before-Tax Percentage, the rate at which Before-Tax Contributions are being made on behalf of such Highly Compensated Employees will be automatically reduced, if necessary, to comply with the lower maximum. B. Election: Subject to Section 5.4 (Maximum Benefit) and Section 5.6 (Restrictions on Before-Tax Contributions), a Participant may elect to enter into a Salary Reduction Agreement with the Employer, in the manner prescribed have his Earnings reduced by the Plan Administrator, pursuant to which the Employer shall make Before-Tax Contributions to the Plan on the Participant's behalf. Such election shall be applicable to all payroll periods within such Plan Year after the Enrollment Date following execution of the Salary Reduction Agreement. The terms of any such Salary Reduction Agreement shall provide that the Participant agrees to a reduction in Base Pay from the Employer equal to the amount to be contributed on his behalf for each pay period as Before-Tax Contributions, as set forth below. (i) Participants who are Non-Highly Compensated Employees may elect to enter into a Salary Reduction Agreement with the Employer, in a manner prescribed by the Plan Administrator, pursuant to which the Employer will reduce a Participant's Base Pay in an amount equal to any whole percentage from 1% to 10% of Base Pay per payroll period and contribute such amount in the form of Maximum Before-Tax Contributions. (ii) Participants who are Highly Compensated Employees may elect Percentage applicable to enter into a Salary Reduction Agreement with him and have the Employer, in a manner prescribed by amount of such reduction contributed to the Plan Administratorby his Employing Company on his behalf as deferred compensation, pursuant to which the Employer will reduce with such contribution being known as a Participant's Base Pay in an amount equal to any whole percentage from 1% to 10% of Base Pay per payroll period and contribute such amount in the form of Before-Tax Contributions. (iii) The sum of Contribution. Additionally, all Employees who are eligible to make Before-Tax Contributions may under this Plan and who have attained age 50 before the close of the Plan Year shall be eligible to make Catch-Up Contributions in accordance with, and subject to the limitations of, section 414(v) of the Code. Such Catch-Up Contributions shall not exceed be taken into account for purposes of the lesser provisions of $8,000 (or any other dollar the Plan implementing the required limitations of sections 402(g) and 415 of the Code. If such an election is made, the amount imposed of Earnings otherwise payable to the Participant each payday will be reduced by the P.R. Code) or appropriate percentage, and the applicable maximum percentages set forth in Section 4.1(a)(i)-(ii)amount of the reduction will be contributed to the Plan by his Employing Company as a Before-Tax Contribution.

Before-Tax Contributions. Each Participant (a) A Member may elect to enter into defer an integral percentage of from 1% to 15% (or such lesser percentage as may be prescribed from time to time by the Committee) of his Compensation for a Salary Reduction Agreement with Plan Year by having the Employer contribute the amount so deferred to the Plan. Compensation for a Plan Year not so deferred by such election shall be received by such Member in cash. A Member's election to defer an amount of his Compensation pursuant to this Section shall be made by authorizing his Employer, in the manner prescribed by the Plan AdministratorCommittee, to reduce his Compensation in the elected amount and the Employer, in consideration thereof, agrees to contribute an equal amount to the Plan. The Compensation elected to be deferred by a Member pursuant to which this Section shall become a part of the Employer shall make Employer's Before-Tax Contributions and shall be allocated in accordance with Section 4.2(a). Compensation for a Plan Year not so deferred by a Member shall be received by such Member in cash. (b) A Member's deferral election shall remain in force and effect for all periods following the effective date of such election (which shall be as soon as administratively feasible after the election is made) until modified or terminated or until such Member terminates his employment. A Member who has elected to defer a portion of his Compensation may change his deferral election percentage (within the percentage limits set forth in Paragraph (a) above) by communicating such new deferral election percentage to his Employer in the manner and within the time period prescribed by the Committee. (c) A Member may cancel his deferral election by communicating such cancellation to his Employer in the manner and within the time period prescribed by the Committee. A Member who so cancels his deferral election may resume deferrals by communicating his new deferral election to his Employer in the manner and within the time period prescribed by the Committee. (d) In restriction of the Members' elections provided in Paragraphs (a), (b), and (c) above, the Before-Tax Contributions and the elective deferrals (within the meaning of section 402(g)(3) of the Code) under all other plans, contracts, and arrangements of the Employer on behalf of any Member for any calendar year shall not exceed $10,000 (with such amount to be adjusted automatically to reflect any cost-of-living adjustments authorized by section 402(g)(5) of the Code). (e) In further restriction of the Members' elections provided in Paragraphs (a), (b), and (c) above, it is specifically provided that one of the "actual deferral percentage" tests set forth in section 401(k)(3) of the Code and the Treasury regulations thereunder must be met in each Plan Year with respect to which the Plan does not satisfy the alternative method of satisfying the nondiscrimination requirements as set forth in section 401(k)(12) of the Code. Such testing shall utilize the prior year testing method as such term is defined in Internal Revenue Service Notice 98-1. If multiple use of the alternative limitation (within the meaning of section 401(m)(9) of the Code and Treasury regulation Section 1.401(m)-2(b)) occurs during a Plan Year, such multiple use shall be corrected in accordance with the provisions of Treasury regulation Section 1.401(m)-2(c); provided, however, that if such multiple use is not eliminated by making Employer Safe Harbor Contributions, then the "actual contribution percentages" of all Highly Compensated Employees participating in the Plan shall be reduced, and the excess contributions distributed, in accordance with the provisions of Section 3.6(c) and applicable Treasury regulations, so that there is no such multiple use. (f) If the restrictions set forth in Paragraph (d) or (e) above would not otherwise be met for any Plan Year, the Compensation deferral elections made pursuant to Paragraphs (a), (b), and (c) above of affected Members may be reduced by the Committee on a temporary and prospective basis in such manner as the Committee shall determine. (g) As soon as administratively feasible following the end of each payroll period, but no later than the time required by applicable law, the Employer shall contribute to the Plan on the Participant's behalf. Such election shall be applicable Trust, as Before-Tax Contributions with respect to all payroll periods within such Plan Year after the Enrollment Date following execution of the Salary Reduction Agreement. The terms of any such Salary Reduction Agreement shall provide that the Participant agrees to a reduction in Base Pay from the Employer each Member, an amount equal to the amount of Compensation elected to be contributed on his behalf for each pay period as Before-Tax Contributions, as set forth below. (i) Participants who are Non-Highly Compensated Employees may elect to enter into a Salary Reduction Agreement with the Employer, in a manner prescribed by the Plan Administratordeferred, pursuant to which Paragraphs (a) and (b) above (as adjusted pursuant to Paragraph (f) above), by such Member during such payroll period. Such contributions, as well as the Employer will reduce a Participant's Base Pay in an amount equal contributions made pursuant to any whole percentage from 1% Sections 3.2 and 3.3, shall be made without regard to 10% current or accumulated profits of Base Pay per payroll period and contribute such amount in the form of Before-Tax Contributions. (ii) Participants who are Highly Compensated Employees may elect to enter into a Salary Reduction Agreement with the Employer. Notwithstanding the foregoing, in a manner prescribed by the Plan Administratoris intended to qualify as a profit sharing plan for purposes of sections 401(a), pursuant to which 402, 412, and 417 of the Employer will reduce a Participant's Base Pay in an amount equal to any whole percentage from 1% to 10% of Base Pay per payroll period and contribute such amount in the form of Before-Tax ContributionsCode. (iii) The sum of Before-Tax Contributions may not exceed the lesser of $8,000 (or any other dollar amount imposed by the P.R. Code) or the applicable maximum percentages set forth in Section 4.1(a)(i)-(ii).