Common use of Limitations on Annual Additions Clause in Contracts

Limitations on Annual Additions. Effective January 1, 1996, "Annual Additions," as such term is hereinafter defined, applied to any Participant's Account shall not exceed, for any Plan Year, the lesser of (a) twenty-five percent (25%) of the Participant's Compensation for the entire Plan Year or (b) thirty thousand dollars ($30,000), as adjusted for increases in the cost of living under Section 415(d) of the Code; provided, however, that the special increased limitation of Section 415(c)(6) of the Code shall apply to the ESOP. Notwithstanding the foregoing, effective April 1, 2000, "Annual Additions,” as such term is hereinafter defined, applied to any Participant's Account shall not exceed, for any Plan Year, the lesser of (a) twenty-five percent (25%) of the Participant's Compensation for the entire Plan Year or (b) thirty-five thousand dollars ($35,000), as adjusted for increases in the cost of living under Section 415(d) of the Code; provided, however, that the special increased limitation of Section 415(c)(6) of the Code shall apply to the ESOP. Notwithstanding the foregoing, effective April 1, 2002, except to the extent permitted under Section 414(v) of the Code, if applicable, the Annual Addition that may be contributed or allocated to a Participant’s Account under the Plan for any Plan Year shall not exceed the lesser of: (x) forty thousand dollars ($40,000), as adjusted for increases in the cost-of-living under Section 415(d) of the Code, or (y) 100 percent of the Participant’s Compensation for the Plan Year; provided, however, that the special increased limitation of Section 415(c)(6) of the Code shall apply to the ESOP. The Compensation limit referred to in clause (y) above, shall not apply to any contribution for medical benefits after separation from service (within the meaning of Section 401(h) or Section 419A(f)(2) of the Code) which is otherwise treated as an Annual Addition. If, in addition to this Plan, a Participant participates in one or more other qualified defined contribution plans maintained by the Company during any Plan Year, the Annual Additions to be applied to the Participant’s Account under this Plan, together with the Annual Additions to be applied to such Participant’s account under such other plan or plans for such Plan Year, shall not exceed the lesser of (x) or (y) in the immediately preceding paragraph.

Limitations on Annual Additions. Effective January 1If the Participant does not participate in, 1996and has never participated in, "Annual Additions," another qualified plan maintained by the Employer, or a welfare benefit fund, as such term is defined in Section 419(e) of the Code, maintained by the Employer, or an individual medical account, as defined in Section 415(l)(2) of the Code, maintained by the Employer, which provides an annual addition, then subject to the adjustments hereinafter definedset forth, applied the amount of annual additions which may be credited to any a Participant's Account Accounts during any Limitation Year shall not exceedexceed the maximum permissible amount, which shall equal the lesser of: (a) thirty thousand dollars ($30,000.00) or, if greater, one-fourth of the dollar limitation under Section 415(b)(1)(A) of the Code as in effect for any Plan the Limitation Year, the lesser of or (ab) twenty-five percent (25%) of the Participant's Compensation for the entire Plan Year or Year. The compensation limitation referred to in (b) thirty thousand dollars ($30,000), as adjusted for increases in the cost of living under Section 415(d) of the Code; provided, however, that the special increased limitation of Section 415(c)(6) of the Code shall apply to the ESOP. Notwithstanding the foregoing, effective April 1, 2000, "Annual Additions,” as such term is hereinafter defined, applied to any Participant's Account shall not exceed, for any Plan Year, the lesser of (a) twenty-five percent (25%) of the Participant's Compensation for the entire Plan Year or (b) thirty-five thousand dollars ($35,000), as adjusted for increases in the cost of living under Section 415(d) of the Code; provided, however, that the special increased limitation of Section 415(c)(6) of the Code shall apply to the ESOP. Notwithstanding the foregoing, effective April 1, 2002, except to the extent permitted under Section 414(v) of the Code, if applicable, the Annual Addition that may be contributed or allocated to a Participant’s Account under the Plan for any Plan Year shall not exceed the lesser of: (x) forty thousand dollars ($40,000), as adjusted for increases in the cost-of-living under Section 415(d) of the Code, or (y) 100 percent of the Participant’s Compensation for the Plan Year; provided, however, that the special increased limitation of Section 415(c)(6) of the Code shall apply to the ESOP. The Compensation limit referred to in clause (y) above, shall not apply to any contribution for medical benefits after separation from service (within the meaning of Section 401(h) or Section 419A(f)(2) of the Code) which is otherwise treated as an Annual Additionannual addition under Sections 415(l)(1) or 419A(d)(2) of the Code. If, in addition to this Plan, a Participant participates in one If the Employer contribution that would otherwise be contributed or more other qualified defined contribution plans maintained by the Company during any Plan Year, the Annual Additions to be applied allocated to the Participant’s 's Account under this Plan, together with would cause the Annual Additions annual additions for the Limitation Year to be applied to such Participant’s account under such other plan or plans for such Plan Year, shall not exceed the lesser of (x) maximum permissible amount, the amount contributed or (y) in allocated shall be reduced so that the immediately preceding paragraphannual additions for the Limitation Year shall equal the maximum permissible amount.

Limitations on Annual Additions. Effective January 1If the Participant participates in another qualified defined contribution plan maintained by the Employer, 1996or a welfare benefit fund, "as defined in section 419(e) of the Code, maintained by the Employer, or an individual medical account, as defined in section 415(l)(2) of the Code, maintained by the Employer which provides an Annual Additions," Addition during any Limitation Year, or a simplified employee pension, as such term is defined in section 408(k) of the Code, maintained by the Employer, which provides an Annual Addition, then subject to the adjustments hereinafter definedset forth, applied the amount of Annual Additions which may be credited to any a Participant's Account Accounts during any Limitation Year shall not exceedexceed the maximum permissible amount, for any Plan Year, which shall equal the lesser of of: (a) thirty thousand dollars ($30,000.00) as adjusted under section 415(d) of the Code or, (b) twenty-five percent (25%) of the Participant's Compensation for the entire Plan Year or reduced by the Annual Additions credited to a Participant's Account under the other plans and welfare benefit funds for the same Limitation Year. The compensation limitation referred to in (b) thirty thousand dollars ($30,000), as adjusted for increases in the cost of living under Section 415(d) of the Code; provided, however, that the special increased limitation of Section 415(c)(6) of the Code shall apply to the ESOP. Notwithstanding the foregoing, effective April 1, 2000, "Annual Additions,” as such term is hereinafter defined, applied to any Participant's Account shall not exceed, for any Plan Year, the lesser of (a) twenty-five percent (25%) of the Participant's Compensation for the entire Plan Year or (b) thirty-five thousand dollars ($35,000), as adjusted for increases in the cost of living under Section 415(d) of the Code; provided, however, that the special increased limitation of Section 415(c)(6) of the Code shall apply to the ESOP. Notwithstanding the foregoing, effective April 1, 2002, except to the extent permitted under Section 414(v) of the Code, if applicable, the Annual Addition that may be contributed or allocated to a Participant’s Account under the Plan for any Plan Year shall not exceed the lesser of: (x) forty thousand dollars ($40,000), as adjusted for increases in the cost-of-living under Section 415(d) of the Code, or (y) 100 percent of the Participant’s Compensation for the Plan Year; provided, however, that the special increased limitation of Section 415(c)(6) of the Code shall apply to the ESOP. The Compensation limit referred to in clause (y) above, shall not apply to any contribution for medical benefits after separation from service (within the meaning of Section section 401(h) or Section section 419A(f)(2) of the Code) which is otherwise treated as an Annual AdditionAddition under sections 415(l)(1) or 419A(d)(2) of the Code. If, in addition If the Employer contribution that would otherwise be contributed or allocated to this Plan, a Participant participates in one or more other qualified defined contribution plans maintained by the Company during any Plan Year, Participant's Account would cause the Annual Additions for the Limitation Year to exceed the maximum permissible amount, the amount contributed or allocated shall be applied to the Participant’s Account under this Plan, together with reduced so that the Annual Additions to be applied to such Participant’s account under such other plan or plans for such Plan Year, the Limitation Year shall not exceed equal the lesser of (x) or (y) in the immediately preceding paragraphmaximum permissible amount.

Limitations on Annual Additions. Effective January 1If the Participant does not participate in, 1996and has never participated in, "Annual Additions," another qualified plan maintained by the Employer, or a welfare benefit fund, as such term is defined in Section 419(e) of the Code, maintained by the Employer, or an individual medical account, as defined in Section 415(1)(2) of the Code, maintained by the Employer, which provides an annual addition, then subject to the adjustments hereinafter definedset forth, applied the amount of annual additions which may be credited to any a Participant's Account Accounts during any Limitation Year shall not exceedexceed the maximum permissible amount, which shall equal the lesser of: (a) thirty thousand dollars ($30,000.00) or, if greater, one-fourth of the dollar limitation under Section 415(b) (1)(A) of the Code as in effect for any Plan the Limitation Year, the lesser of or (ab) twenty-five percent (25%) of the Participant's Compensation for the entire Plan Year or Year. The compensation limitation referred to in (b) thirty thousand dollars ($30,000), as adjusted for increases in the cost of living under Section 415(d) of the Code; provided, however, that the special increased limitation of Section 415(c)(6) of the Code shall apply to the ESOP. Notwithstanding the foregoing, effective April 1, 2000, "Annual Additions,” as such term is hereinafter defined, applied to any Participant's Account shall not exceed, for any Plan Year, the lesser of (a) twenty-five percent (25%) of the Participant's Compensation for the entire Plan Year or (b) thirty-five thousand dollars ($35,000), as adjusted for increases in the cost of living under Section 415(d) of the Code; provided, however, that the special increased limitation of Section 415(c)(6) of the Code shall apply to the ESOP. Notwithstanding the foregoing, effective April 1, 2002, except to the extent permitted under Section 414(v) of the Code, if applicable, the Annual Addition that may be contributed or allocated to a Participant’s Account under the Plan for any Plan Year shall not exceed the lesser of: (x) forty thousand dollars ($40,000), as adjusted for increases in the cost-of-living under Section 415(d) of the Code, or (y) 100 percent of the Participant’s Compensation for the Plan Year; provided, however, that the special increased limitation of Section 415(c)(6) of the Code shall apply to the ESOP. The Compensation limit referred to in clause (y) above, shall not apply to any contribution for medical benefits after separation from service (within the meaning of Section 401(h) or Section 419A(f)(2) of the Code) which is otherwise treated as an Annual Additionannual addition under Sections 415(1)(1) or 419A(d)(2) of the Code. If, in addition to this Plan, a Participant participates in one If the Employer contribution that would otherwise be contributed or more other qualified defined contribution plans maintained by the Company during any Plan Year, the Annual Additions to be applied allocated to the Participant’s 's Account under this Plan, together with would cause the Annual Additions annual additions for the Limitation Year to be applied to such Participant’s account under such other plan or plans for such Plan Year, shall not exceed the lesser of (x) maximum permissible amount, the amount contributed or (y) in allocated shall be reduced so that the immediately preceding paragraphannual additions for the Limitation Year shall equal the maximum permissible amount.

Limitations on Annual Additions. Effective January 1, 1996, "Under no circumstances shall the “Annual Additions," ”, as such term is hereinafter defined, applied to any Participant's ’s Account shall not exceed, for any Plan Year, the lesser of (a) twenty-five percent (25%) of the Participant's Compensation ’s compensation as defined in Section 415(c)(3) of the Code and the regulations issued thereunder for the entire Plan Year or (b) thirty thousand dollars ($30,000)) or, as adjusted for increases in if greater, one-fourth of the cost of living dollar limitation set forth under Section 415(d415(b)(1)(A) of the CodeCode for such Plan Year; provided, however, that the special increased limitation of Section 415(c)(6) of the Code shall apply to the ESOP. Notwithstanding the foregoing, effective April 1, 2000, "Annual Additions,” as such term is hereinafter defined, applied to any Participant's Account shall not exceed, for any Plan Year, the lesser foregoing provisions of (a) twenty-five percent (25%) of the Participant's Compensation for the entire Plan Year or (b) thirty-five thousand dollars ($35,000), as adjusted for increases in the cost of living under Section 415(d) of the Code; provided, however, that the special increased limitation of Section 415(c)(6) of the Code shall apply to the ESOP. Notwithstanding the foregoingthis Article 4.8, effective April 1, 2002, except to the extent permitted under Section 414(v) of the Code, if applicable, the Annual Addition that may be contributed or allocated to a Participant’s Account under the Plan for any Plan Year shall not exceed the lesser of: (x) forty thousand dollars ($40,000), as adjusted for increases in the cost-of-living under Section 415(d) of the Code, or (y) 100 percent of the Participant’s Compensation compensation, within the meaning of Section 415(c)(3) of the Code, for the Plan Year; provided, however, that the special increased limitation of Section 415(c)(6) of the Code shall apply to the ESOP. The Compensation limit referred to in clause (yx) above, shall not apply to any contribution for medical benefits after separation from service (within the meaning of Section 401(h) or Section 419A(f)(2) of the Code) which is otherwise treated as an Annual Addition. If, in addition to this Plan, a Participant participates in one or more other qualified defined contribution plans maintained by the Company during any Plan Year, the Annual Additions to be applied to the Participant’s Account under this Plan, together with the Annual Additions to be applied to such Participant’s account under such other plan or plans for such Plan Year, shall not exceed the lesser of (xa) or (yb) in the immediately preceding paragraph. Any excess Annual Additions for a Participant shall be deemed first to be attributable to Annual Additions to the Tandy Employees Investment Plan (“TIP”) and finally to Annual Additions under this Plan.