Common use of Elective Contributions Clause in Contracts

Elective Contributions. In addition to any Company Contribution permitted hereunder, each Employer shall contribute to the Trust Fund an amount determined under the provisions of this Section, as an Elective Contribution, on behalf of each Participant who has in effect an agreement electing to reduce his or her Compensation (“Salary Reduction Agreement”). The rate to be contributed as an Elective Contribution on behalf of each such Participant, for each payroll period, as such Participant shall elect, shall be equal to (i) for Participants who are Non-Highly Compensated Employees (as defined in Subsection 4.03(8) hereof) from one to fifteen percent (1% – 15%) of such Participant’s Compensation for the payroll period, and (ii) for Participants who are Highly Compensated Employees (as defined in Subsection 4.03(8) hereof) from one to fifteen percent (1% – 15%) of such Participant’s Compensation for the payroll period, as determined from time to time and set by the Committee and communicated to such Participants, based in part on the anticipated Limitations on Elective Contributions under Section 4.03 hereof for such Participants. The percentage rate of Elective Contributions, if any, which each Participant elects must be in whole percentage points and shall be made on a Salary Reduction Agreement provided by and filed with the Committee. An election of a rate shall initially be effective as of the date as specified by the Committee, provided the Salary Reduction Agreement is filed at the time and in the manner prescribed by the Committee. An election shall not have retroactive effect and shall remain in force until revoked or changed. The Committee shall establish and communicate to Participants uniform and nondiscriminatory procedures for the election of salary reduction amounts, including procedures regarding the effective dates of any such elections and for changes in elections and discontinuances of such elections, and may change said procedures at such times and in such manner as the Committee may determine to be necessary or desirable. Elective Contributions made on behalf of a Participant shall be credited to his Employee Elective Contribution Account under the Plan. Any amounts credited to a Participant’s Employee Elective Contribution Account shall, for all purposes and in all respects, be fully vested and nonforfeitable.

Elective Contributions. In addition to any Company Contribution permitted hereunderIf the Adoption Agreement provides that the Plan is a safe harbor 401(k)/profit sharing plan or a standardized 401(k)/ profit sharing plan, each Employer shall contribute to the Trust Fund an amount determined under the provisions of this Section, as an Elective Contribution, on behalf of each Participant who has in effect is an active Employee may elect to execute a salary reduction agreement electing with the Employer to reduce his Compensation by a specified percentage or her Compensation dollar amount per payroll period, A Participant’s salary reduction agreement shall become effective on the first day of the first payroll period for which the Plan Administrator can reason- ably process the request, but not earlier than the later of (“Salary Reduction Agreement”)a) the effective date of the provisions permitting Elective Contributions or (b) the date the Employer adopts such provisions. The rate to be contributed as Employer shall make an Elective Contribution on behalf of each such Participantthe Participant corresponding to the amount of said reduction. Under no circumstances may a salary reduction agreement be adopted retroactively. Notwithstanding any other provision of the Plan to the contrary, a Participant may on and after the Xxxx Effective Date irrevocably designate all or a portion of his Elective Contributions for each payroll perioda calendar year as Designated Xxxx Contributions. Elective Contributions not designated as Designated Xxxx Contributions will be treated as Pre-Tax Elective Contributions. Elective Contributions contributed to the Plan as Designated Xxxx Contributions or as Pre-Tax Elective Contributions may not later be reclassified to the other type under this Plan (in other words, as such Participant shall elect, shall be equal to (iCode section 402A(c)(4) for Participants who are Non-Highly Compensated Employees (as defined in Subsection 4.03(8) hereof) from one to fifteen percent (1% – 15%) of such does not apply). A Participant’s Compensation for Designated Xxxx Contributions will be deposited in the payroll periodParticipant’s Designated Xxxx Contribution account in the Plan. No contribution other than Designated Xxxx Contributions (and, to the extent provided in Treasury Regulations or applicable IRS guidance, Xxxx 401(k) rollover contributions) and properly attributable earnings will be credited to each Participant’s Designated Xxxx Contribution account, and (ii) for Participants who are Highly Compensated Employees (as defined gains, losses and other credits or charges will be allocated on a reasonable and consistent basis to such account. The Plan will maintain a record of the amount of Designated Xxxx Contributions in Subsection 4.03(8) hereof) from one to fifteen percent (1% – 15%) of such each Participant’s Compensation for the payroll period, as determined from time Designated Xxxx Contribution account. A Participant may elect to time and set by the Committee and communicated to such Participants, based in part on the anticipated Limitations on Elective Contributions under Section 4.03 hereof for such Participants. The percentage rate of make Elective Contributions, if anyor to change or discontinue the percentage or dollar amount by which his Compensation is reduced by notice to the Employer, in the form and manner prescribed by the Plan Administrator, provided that the Participant must have the effective opportunity to make, change or discontinue an election to make Pre-Tax Elective Contributions or, on and after the Xxxx Effective Date, Designated Xxxx Contributions at least once each Plan Year. A Participant may elect to change or discontinue the percentage or dollar amount by which each Participant elects must be in whole percentage points and shall be made on his Compensation is reduced by notice to the Employer within a Salary Reduction Agreement provided by and filed with the Committee. An election of a rate shall initially be effective as of the date reasonable period, as specified by the CommitteePlan Administrator (but not less than 30 days), provided of receiving the Salary Reduction Agreement is filed at the time and notice described in the manner prescribed by the CommitteeSection 12.8. An election shall not have retroactive effect and shall remain in force until revoked or changed. The Committee shall establish and communicate to Participants uniform and nondiscriminatory procedures In order for the election Plan to comply with the requirements of salary reduction amountsCode sections 401(k), including procedures regarding 402(g) and 415 or the effective dates Treasury Regulations promulgated thereunder (as described in Article 12), at any time during a Plan Year the Plan Administrator may reduce the rate of Elective Contributions to be made on behalf of any such elections and Participant, or class of Participants, for changes in elections and discontinuances the remainder of such electionsthe Plan Year, and or the Plan Administrator may change said procedures at such times and in such manner as the Committee may determine require that all Elective Contributions to be necessary or desirable. Elective Contributions made on behalf of a Participant be discontinued for the remainder of that Plan Year. Upon the close of the Plan Year or such earlier date as the Plan Administrator may determine, any reduction or discontinu- ance in Elective Contributions shall be credited to his Employee automatically cease until the Plan Administrator again determines that such a reduction or discontinuance of Elective Contribution Account under the Plan. Any amounts credited to a Participant’s Employee Elective Contribution Account shall, for all purposes and in all respects, be fully vested and nonforfeitableContributions is required.

Elective Contributions. In addition ‌ (a) No Elective Contributions or other Employee contributions shall be required. However, subject to any Company Contribution permitted hereunderthe limitations in Article VI, each Employer Employee who meets the eligibility requirements of Section 3.01 may elect to defer a portion of his Compensation which would have been received in the Plan Year except for the deferral election. Such contributions shall contribute also include any additional elective contribution amounts made by a Participant who is age 50 or older in accordance with the requirements of Code Section 414(v). All such contributions shall be credited to the Trust Fund an amount determined under the provisions of this Section, as an Elective Contribution, on behalf of each Participant who has in effect an agreement electing to reduce his or her Compensation (“Salary Reduction Agreement”). The rate to be contributed as an Elective Contribution on behalf of each such Participant, for each payroll period, as such Participant shall elect, shall be equal to (i) for Participants who are Non-Highly Compensated Employees (as defined in Subsection 4.03(8) hereof) from one to fifteen percent (1% – 15%) of such Participant’s Compensation for the payroll period, and (ii) for Participants who are Highly Compensated Employees (as defined in Subsection 4.03(8) hereof) from one to fifteen percent (1% – 15%) of such Participant’s Compensation for the payroll period, as determined from time to time and set by the Committee and communicated to such Participants, based in part on the anticipated Limitations on Elective Contributions under Section 4.03 hereof for such Participants. The percentage rate of Elective Contributions, if any, which each Participant elects must be in whole percentage points Account and shall be fully vested at all times and shall not be subject to forfeiture for any reason. (b) An Elective Contributions election shall be made on pursuant to a Salary Reduction Agreement provided by and filed with which satisfies the Committeerequirements of Code Section 403(b). An election of a rate shall initially be effective as of the date as specified by the Committee, provided the A Salary Reduction Agreement shall apply only with respect to Compensation for services rendered to the Employer by the Participant which is filed at not currently available prior to the time and effective date of his Salary Reduction Agreement. Subject to the limitations in the manner prescribed preceding sentence, a Participant may enter into more than one Salary Reduction Agreement each year. A Salary Reduction Agreement may be terminated at any time with respect to future Compensation not currently available. (c) Elective Contributions shall be made by the Committee. An election shall not fifteenth business day following the end of the month in which the amount would otherwise have retroactive effect and shall remain been paid to the Participant, or at such other time as the Plan Administrator may require, but in force until revoked or changed. The Committee shall establish and communicate to Participants uniform and nondiscriminatory procedures no event later than is reasonable for the election proper administration of salary reduction amountsthe Plan. (d) Except as provided in Section 6.03 (relating to excess Elective Contributions), including procedures regarding the effective dates of any such elections and for changes in elections and discontinuances of such electionsSection 7.07 (relating to hardship withdrawals), and may change said procedures at such times and Section 14.04 (relating to termination of the Plan), amounts held in such manner as the Committee may determine to be necessary or desirable. Participant’s Elective Contributions made on behalf Account may not be distributable prior to the earlier of: (1) his Severance from Employment; (2) his death; (3) his becoming disabled (within the meaning of a Participant shall be credited to Code Section 72(m)(7)); or (4) his Employee Elective Contribution Account under the Plan. Any amounts credited to a Participant’s Employee Elective Contribution Account shall, for all purposes attainment of age fifty-nine and in all respects, be fully vested and nonforfeitableone-half (59½).

Elective Contributions. In addition Adjusted $7,000 Limitation; Corrective Distributions. Subject to any Company Contribution permitted hereunderthe limitations of Article III(D) and (E) and Article IV(E), each Employer shall contribute to the Trust Fund an amount determined under the provisions of this Section, as an Elective Contribution, on behalf of each Participant who has in effect an agreement electing to reduce his or her Compensation may elect within a reasonable time (“Salary Reduction Agreement”). The rate to be contributed as an Elective Contribution on behalf of each such Participant, for each payroll period, as such Participant shall elect, shall be equal to (i) for Participants who are Non-Highly Compensated Employees (as defined in Subsection 4.03(8) hereof) from one to fifteen percent (1% – 15%) of such Participant’s Compensation for the payroll period, and (ii) for Participants who are Highly Compensated Employees (as defined in Subsection 4.03(8) hereof) from one to fifteen percent (1% – 15%) of such Participant’s Compensation for the payroll period, as determined from time to time and set by the Committee and communicated to such Participants, based in part on the anticipated Limitations on Elective Contributions under Section 4.03 hereof for such Participants. The percentage rate of Elective Contributions, if any, which each Participant elects must be in whole percentage points and shall be made on a Salary Reduction Agreement provided by and filed with the Committee. An election of a rate shall initially be effective as of the date as specified by the Committee) before any Entry Date, provided and before any additional regular periodic dates which the Salary Reduction Agreement is filed at the time and in the manner prescribed by the Committee. An election shall not have retroactive effect and shall remain in force until revoked or changed. The Committee shall establish may designate and communicate to Participants, on a form to be furnished to him by the Committee to reduce the Creditable Compensation which otherwise would be paid to him after such Entry Date (or other designated date) and to have the Company make contributions (herein called "Elective Contributions") to the Trust in the amounts of such reductions on his behalf, provided, however, that no Participant may elect to have Elective Contributions (i) made to the Trust on his behalf of less than 1% or more than 14% of such Creditable Compensation or (ii) made to the Trust and/or to any other tax qualified plan of the Company on his behalf of more than the Adjusted Equivalent of $7,000 in any taxable year of the Participant. Such an election, and any election to change the same made pursuant to this Agreement, may be made only with respect to Creditable Compensation which is not currently available to the electing Participant on the Entry Date (or other designated date) as of which the election is made. Elective Contributions made by means of payroll reductions shall be paid by the Company to the Trustee at the earliest date on which they can reasonably be segregated from the Company's general assets and in no event later than the 15th business day of the month following the month in which (i) the Elective Contributions are received by the Company (in the case of amounts that a Participant pays to the Company) or (ii) such amounts would otherwise have been paid to the Participants uniform and nondiscriminatory procedures in cash (in the case of amounts withheld by the Company from a Participant's Creditable Compensation), plus any extension of such maximum time period obtained by the Company in accordance with applicable U.S. Department of Labor Regulations. Subject to the foregoing, Elective Contributions for a Plan Year shall be made during the Plan Year or within the time prescribed in A. above for making Discretionary Company Contributions for the election Plan Year, except that any additional Company Contributions made under Article IV(G)(2) and treated as Elective Contributions for the Plan Year may be made within 12 months following the close of salary reduction amountsthe Plan Year. A Participant who has elected to have the Company make Elective Contributions to the Trust on his behalf may, including procedures regarding the effective dates as of any such elections Entry Date and for changes in elections and discontinuances as of such elections, and may change said procedures at such times and in such manner any additional regular periodic dates as the Committee may determine and communicate to be necessary or desirable. Participants, change the annual dollar amount of such Elective Contributions or the percentage of Creditable Compensation used to determine the amount of such Elective Contributions. Also, at any time, a Participant may elect to terminate his Elective Contributions for the period subsequent to the effective date of the election. All such elections may be made and become effective only in accordance with such reasonable rules as may be established by the Committee. In the event of the termination of Elective Contributions on behalf of a Participant under this paragraph, the Participant shall not be entitled, until a subsequent Entry Date, to again elect that Elective Contributions be made on his behalf. If the Elective Contributions made to the Trust on behalf of a Participant under the Plan together with any elective deferrals (as defined in Section 402(g)(3) of the Code) under another qualified cash or deferred arrangement as defined in Section 401(k) of the Code, a simplified employee pension as defined in Section 408(k) of the Code, a salary reduction arrangement under Section 403(b) of the Code, a deferred compensation plan under Section 457 of the Code, or a trust described in Section 501(c)(18) of the Code, cumulatively exceed the limitation imposed by Section 402(g) of the Code for the Participant's taxable year, the Participant may, not later than March 1 following the close of such taxable year, notify the Committee in writing of the excess Elective Contributions made to the Trust (in this Agreement called "Excess Elective Deferrals") and request that such Excess Elective Deferrals be paid to the Participant. In such event the Committee may direct the Trustee to pay such Excess Elective Deferrals plus any income, or less any loss, allocable to the same to the Participant not later than the first April 15 following the close of such taxable year. At the request of the Participant Excess Elective Deferrals for a taxable year of the Participant may be paid to the Participant from the Trust during the taxable year for which they were made if the Committee so directs the Trustee, provided that in such event (i) the Participant designates the payment as an Excess Elective Deferral, (ii) the payment is made after the date on which the Trustee received the Excess Elective Deferral, and (iii) the Committee designates the payment as a distribution of Excess Elective Deferrals. Notwithstanding the foregoing, a Participant's Excess Elective Deferrals for the taxable year of the Participant shall be credited reduced, but not below zero, by any distribution of Excess Contributions made to his Employee the Participant pursuant to Article IV(G) for the Plan Year beginning with or within the taxable year of the Participant. The income or loss allocable to an Excess Elective Contribution Account under the Plan. Any amounts credited Deferral paid to a Participant by the Trustee shall be an amount equal to the income or loss of the Participant’s Employee 's Elective Contribution Contributions Account shall, for all purposes the taxable year of the Participant for which the Excess Elective Deferral was made multiplied by a fraction the numerator of which is the Excess Elective Deferral made on behalf of the Participant for such taxable year and the denominator of which is the Participant's Elective Contributions Account balance as of the beginning of such taxable year plus the Participant's Elective Contributions for such taxable year. If Elective Contributions for any Plan Year exceed the percentage limitation imposed on the same by the first paragraph of this Article III(B) the excess shall be refunded to the Participant in all respects, be fully vested and nonforfeitablethe same manner as Excess Elective Deferrals.

Elective Contributions. In addition Adjusted $7,000 Limitation: Corrective Distributions. Subject to any Company Contribution permitted hereunderthe limitations of Article III(D) and (E) and Article IV(E), each Employer shall contribute to the Trust Fund an amount determined under the provisions of this Section, as an Elective Contribution, on behalf of each Participant who has in effect an agreement electing to reduce his or her Compensation may elect within a reasonable time (“Salary Reduction Agreement”). The rate to be contributed as an Elective Contribution on behalf of each such Participant, for each payroll period, as such Participant shall elect, shall be equal to (i) for Participants who are Non-Highly Compensated Employees (as defined in Subsection 4.03(8) hereof) from one to fifteen percent (1% – 15%) of such Participant’s Compensation for the payroll period, and (ii) for Participants who are Highly Compensated Employees (as defined in Subsection 4.03(8) hereof) from one to fifteen percent (1% – 15%) of such Participant’s Compensation for the payroll period, as determined from time to time and set by the Committee and communicated to such Participants, based in part on the anticipated Limitations on Elective Contributions under Section 4.03 hereof for such Participants. The percentage rate of Elective Contributions, if any, which each Participant elects must be in whole percentage points and shall be made on a Salary Reduction Agreement provided by and filed with the Committee. An election of a rate shall initially be effective as of the date as specified by the Committee) before any Entry Date, provided and before any additional regular periodic dates which the Salary Reduction Agreement is filed at the time and in the manner prescribed by the Committee. An election shall not have retroactive effect and shall remain in force until revoked or changed. The Committee shall establish may designate and communicate to Participants uniform Participants, on a form to be furnished to him by the Committee to reduce the Creditable Compensation which otherwise would be paid to him after such Entry Date (or other designated date) and nondiscriminatory procedures to have the Company make contributions (herein called "Elective Contributions") to the Trust in the amounts of such reductions on his behalf, provided, however, that no Participant may elect to have Elective Contributions (i) made to the Trust on his behalf of less than 1% or more than 15% (in whole percentages) of such Creditable Compensation or (ii) made to the Trust and/or to any other tax qualified plan of the Company on his behalf of more than the Adjusted Equivalent of $7,000 in any taxable year of the Participant. Such an election, and any election to change the same made pursuant to this Agreement, may be made only with respect to Creditable Compensation which is not currently available to the electing Participant on the Entry Date (or other designated date) as of which the election is made. Elective Contributions obtained by the Company by means of payroll reductions shall be paid by the Company to the Trustee at the earliest date on which they can reasonably be segregated from the Company's general assets and in no event later than the 15th business day of the month following the month in which such amounts otherwise would have been paid to the Participant as Creditable Compensation. Subject to the foregoing, Elective Contributions for a Plan Year shall be made during the Plan Year or within the time prescribed in (A-2) above for making Discretionary Contributions for the election Plan Year, except that any additional Company Contributions made under Article IV(G)(2) and treated as Elective Contributions for the Plan Year may be made within 12 months following the close of salary reduction amountsthe Plan Year. A Participant who has elected to have the Company make Elective Contributions to the Trust on his behalf may, including procedures regarding the effective dates as of any such elections Entry Date and for changes in elections and discontinuances as of such elections, and may change said procedures at such times and in such manner any additional regular periodic dates as the Committee may determine and communicate to be necessary or desirable. Participants, change the annual dollar amount of such Elective Contributions or the percentage of Creditable Compensation used to determine the amount of such Elective Contributions. Also, at any time, a Participant may elect to terminate his Elective Contributions for the period subsequent to the effective date of the election. All such elections may be made and become effective only in accordance with such reasonable rules as may be established by the Committee. In the event of the termination of Elective Contributions on behalf of a Participant under this paragraph, the Participant shall not be entitled, until a subsequent Entry Date, to again elect that Elective Contributions be made on his behalf. If the Elective Contributions made to the Trust on behalf of a Participant under the Plan together with any elective deferrals (as defined in Section 402(g)(3) of the Code) under another qualified cash or deferred arrangement as defined in Section 401(k) of the Code, a simplified employee pension as defined in Section 408(k) of the Code, a salary reduction arrangement under Section 403(b) of the Code, a deferred compensation plan under Section 457 of the Code, or a trust described in Section 501(c)(l8) of the Code, cumulatively exceed the limitation imposed by Section 402(g) of the Code for the Participant's taxable year, the Participant may, not later than March 1 following the close of such taxable year, notify the Committee in writing of the excess Elective Contributions made to the Trust (in this Agreement called "Excess Elective Deferrals") and request that such Excess Elective Deferrals be paid to the Participant. In such event the Committee may direct the Trustee to pay such Excess Elective Deferrals plus any income, or less any loss, allocable to the same to the Participant not later than the first April 15 following the close of such taxable year. At the request of the Participant Excess Elective Deferrals for a taxable year of the Participant may be paid to the Participant from the Trust during the taxable year for which they were made if the Committee so directs the Trustee, provided that in such event (i) the Participant designates the payment as an Excess Elective Deferral, (ii) the payment is made after the date on which the Trustee received the Excess Elective Deferral, and (iii) the Committee designates the payment as a distribution of Excess Elective Deferrals. Notwithstanding the foregoing, a Participant's Excess Elective Deferrals for the taxable year of the Participant shall be credited reduced, but not below zero, by any distribution of Excess Contributions made to his Employee the Participant pursuant to Article IV(G) for the Plan Year beginning with or within the taxable year of the Participant. The income or loss allocable to an Excess Elective Contribution Account under the Plan. Any amounts credited Deferral paid to a Participant by the Trustee shall be an amount equal to the income or loss of the Participant’s Employee 's Elective Contribution Contributions Account shall, for all purposes the taxable year of the Participant for which the Excess Elective Deferral was made multiplied by a fraction the numerator of which is the Excess Elective Deferral made on behalf of the Participant for such taxable year and the denominator of which is the Participant's Elective Contributions Account balance as of the beginning of such taxable year plus the Participant's Elective Contributions for such taxable year. If Elective Contributions for any Plan Year exceed the percentage limitation imposed on the same by the first paragraph of this Article III(B) the excess shall be refunded to the Participant in all respects, be fully vested and nonforfeitablethe same manner as Excess Elective Deferrals.