Common use of EMPLOYEE ELECTIVE DEFERRALS Clause in Contracts

EMPLOYEE ELECTIVE DEFERRALS. 4.1 ELECTIVE DEFERRAL REQUIREMENTS Elective Deferrals shall only be permitted for Plan Years in which: (a) Not less than 50% of the Participants elect to make Elective Deferrals to the SEP-IRA xx their behalf; and (b) The Employer had no more than 25 Employees at all times during the prior Plan Year who were eligible to participate in the Plan. 4.2 SALARY SAVINGS AGREEMENT An Employee may elect to have Elective Deferrals made under this Plan through either a lump sum or continuing Elective Deferrals, or both, pursuant to his or her Salary Savings Agreement. The amount of Elective Deferrals may not exceed the percentage or dollar amount specified in the Employer's Adoption Agreement. Under no circumstances may an Employee's Elective Deferrals in any calendar year exceed the lesser of: (a) Fifteen percent of the Employee's Compensation determined without including the SEP-IRA xxxtributions, (13.0435% of Compensation plus Elective Deferrals), or (b) $7,000 as adjusted for inflation at the beginning of such taxable year. This amount may be reduced if a Participant contributes pre-tax contributions to qualified plans of this or other Employers. 4.3 TIMING OF ELECTIVE DEFERRALS Elective Deferrals may not be based on Compensation an Employee has received, or had a right to receive, prior to the execution of the Employee's Salary Savings Agreement. A Participant may amend his or her Salary Savings Agreement to increase, decrease or terminate the Elective Deferral percentage upon written notice to the Employer. Such increase, decrease or termination shall be effective as soon as reasonably possible, but in any event within 90 days of written notice. If a Participant terminates his or her Elective Deferrals, such Participant shall not be permitted to put a new Salary Savings Agreement into effect until after 90 days. The Employer may also amend or terminate said agreement on written notice to the Participant to insure the Plan's qualified status. If a Participant has not authorized the Employer to withhold at the maximum rate and desires to increase the total withheld for a Plan Year, such Participant may authorize the Employer to withhold a supplemental amount up to 100% of his or her Compensation for one or more pay periods. In no event may the sum of the amounts withheld under the Salary

EMPLOYEE ELECTIVE DEFERRALS. 4.1 ELECTIVE DEFERRAL REQUIREMENTS Elective Deferrals shall only be permitted for Plan Years in which: (a) Not less than 50% of the Participants elect to make Elective Deferrals to the SEP-IRA xx on their behalf; and (b) The Employer had no more than 25 00 Employees at all times during the prior Plan Year who were eligible to participate in the Plan. 4.2 SALARY SAVINGS AGREEMENT An Employee may elect to have Elective Deferrals made under this Plan through either a lump sum or continuing Elective Deferrals, or both, pursuant to his or her Salary Savings Agreement. The amount of Elective Deferrals may not exceed the percentage or dollar amount specified in the Employer's Adoption Agreement. Under no circumstances may an Employee's Elective Deferrals in any calendar year exceed the lesser of: (a) Fifteen percent of the Employee's Compensation determined without including the SEP-IRA xxxtributionscontributions, (13.0435% of Compensation plus Elective DeferralsDeferralx), or (b) $7,000 as adjusted for inflation at the beginning of such taxable year. This amount may be reduced if a Participant contributes pre-tax contributions to qualified plans of this or other Employers. 4.3 TIMING OF ELECTIVE DEFERRALS Elective Deferrals may not be based on Compensation an Employee has received, or had a right to receive, prior to the execution of the Employee's Salary Savings Agreement. A Participant may amend his or her Salary Savings Agreement to increase, decrease or terminate the Elective Deferral percentage upon written notice to the Employer. Such increase, decrease or termination shall be effective as soon as reasonably possible, but in any event within 90 days of written notice. If a Participant terminates his or her Elective Deferrals, such Participant shall not be permitted to put a new Salary Savings Agreement into effect until after 90 days. The Employer may also amend or terminate said agreement on written notice to the Participant to insure the Plan's qualified status. If a Participant has not authorized the Employer to withhold at the maximum rate and desires to increase the total withheld for a Plan Year, such Participant may authorize the Employer to withhold a supplemental amount up to 100% of his or her Compensation for one or more pay periods. In no event may the sum of the amounts withheld under the Salary