Participant Deferrals. A Participant is fully vested in the portion of his Account that is attributable to his Participant Deferrals.
Participant Deferrals. For purposes of calculating Participant Deferrals, Compensation includes only those amounts paid after the Employee has made both his initial payout election under section 5.04 and his Enrollment Agreement under section 3.01. Compensation does not include any amounts paid after the Participant ceased to be eligible to participate in the Plan. A Participant who begins participating in the middle of a Plan Year cannot make Participant Deferrals from a bonus under paragraph (a)(iii) that is attributable to the Participant’s services during the Plan Year in which his participation begins. For example, a Participant hired in September 2010 cannot make Participant Deferrals from the incentive compensation paid to him in February 2011.
Participant Deferrals. (a) A Participant may elect to defer a portion of his Compensation by filing an Enrollment Form with the Committee. The Enrollment Form must be filed on or before the first day of the Plan Year in which the deferral is to be made, unless the Participant was not eligible to participate in the Plan on such date, in which case the Enrollment Form must be filed within 30 days after the date on which such Participant became eligible to participate.
(b) The amount of a Participant's Deferred Contributions made pursuant to the Plan shall equal the amount of Participant Deferrals which would have been credited to the Participant's Deferral Account pursuant to Section 3.01(a) of the Retirement/Savings Plan but could not be so credited due to restrictions imposed by the Code, including without limitation restrictions under Sections 401(a)(17), 401(k)(3), 402(g) and 415(c). The amount of a Participant's Deferred Contribution shall be determined by reference to the Participant's elected Deferral Percentage under the Retirement/Savings Plan as of the first day of the Plan Year or, if the Participant was not eligible to participate in this Plan on such date, on the first day on which the Participant was eligible to participate in this Plan, without regard to any change in the Participant's Deferral Percentage under the Retirement/Savings Plan which subsequently becomes effective in such Plan Year. An election to participate in this Plan for any Plan Year shall be irrevocable; provided, however, that a Participant's Deferred Contributions shall be suspended for a period of twelve (12) months following the date the Participant receives a hardship withdrawal pursuant to Section 5.01 of the Retirement/Savings Plan or Section 5.04 of the Plan. Notwithstanding anything herein to the contrary, a Participant shall not be permitted to defer Compensation which is earned or payable prior to the execution and delivery of the Participant's Enrollment Agreement.
(c) Deferred Contributions shall be deducted through payroll withholding from the Participant's regular compensation payable by the Company and shall be credited to the Participant's Account on or about the date or dates such amount would have been credited to his account in the Retirement/Savings Plan, if such amounts had in fact been credited to his account in the Retirement/Savings Plan.
Participant Deferrals. Each Plan Year, a Participant may elect to have Participant Deferrals withheld from his Compensation and credited to his Plan Account in any whole percentage of his Compensation from 1%-50%. The maximum amount of Compensation that may be deferred and allocated to a Participant's Plan Account in any Plan Year shall be 50% of his Compensation determined, for this purpose, on the basis of the Participant's annualized Compensation as of December 31 of the year immediately preceding the Plan Year of deferral. In addition, a Participant may elect to have the Company withhold from any bonus payable by the Company any amount in any whole percentage up to 100% of such bonus and have such amount credited to his Plan Account as a Participant Deferral. An election to defer a bonus shall be made on or before December 31 of the calendar year preceding the first calendar year in which any services with respect to which the bonus is paid are rendered. If a Participant who was a participant in either the Key or the H&P deferred compensation plan (the "prior plans") made an election under the prior plans to defer a bonus payable in 2003 with respect to services performed in 2002, the prior election shall be given effect under this Plan and the amount or percentage of Compensation previously elected under the prior plans shall be deferred under this Plan. Participant Deferrals shall be deducted from a Participant's Compensation through payroll withholding in accordance with the Participant's election at the same time that regular semi-monthly payments of Compensation are made and shall be credited to the Participant's Plan Account at such time.
Participant Deferrals. Each Participant participating in the Plan shall execute a Deferred Compensation Agreement authorizing the Company to withhold a specific dollar amount or a percentage of the Participant's Compensation which would otherwise be paid to the Participant with respect to services rendered. Compensation shall be defined for purposes of the foregoing as the cash compensation payable to the Participant in connection with the Participant's services to the Company, including all amounts which a Participant elects to have the Company contribute on his behalf as a deferral contribution ("Compensation"). The deferral percentage is applied to Compensation after all other applicable payroll deductions have been applied. The Committee may, in its discretion, establish in the Deferred Compensation Agreement minimum and maximum levels of bonus and non-bonus compensation that may be deferred pursuant to the Plan. Compensation deferrals made by a Participant under this Plan shall be held as an asset of the Company.
Participant Deferrals. Each Executive participating in the Plan shall execute a Deferred Compensation Agreement authorizing the Company to withhold a percentage of the Executive's Compensation which would otherwise be paid to the Executive with respect to services rendered. Compensation shall be defined for purposes of the foregoing as the cash compensation payable to the Executive in connection with the Executive's services to the Company, including all amounts which an Executive elects to have the Company contribute on his behalf as a deferral contribution ("Compensation"). The deferral percentage is applied to Compensation after all other applicable payroll deductions have been applied. The Administrator may, in its discretion, establish in the Deferred Compensation Agreement minimum and maximum levels of bonus and non-bonus compensation that may be deferred pursuant to the Plan. Compensation deferrals made by an Executive under this Plan shall be held as an asset of the Company and the Company intends to deposit the amounts deferred into the Trusts.
Participant Deferrals. Deferrals elected to be made by a Participant shall be indicated by completion of his or her Deferral Election. X The minimum amount that may be deferred each Plan Year is the greater of one thousand dollars ($1,000) or two percent (2%) of the Participant's Compensation. (OPTIONAL)
Participant Deferrals. Each Participant shall be entitled to defer --------------------- from 2% to 20% (specify allowable whole percentages) of his Compensation for the -- --- period in question by electing to have the Employer contribute the Deferral to the Participant's 401(k) Account instead of paying the deferred amount to the Participant in cash.
Participant Deferrals. A Participant's Deferrals shall be credited to --------------------- the Participant's 401(k) Account as of the date the Deferrals are deducted by the Employer from the Participant's Compensation, but without any portion of the gains or losses of the Trust Fund earnings thereon until such time as they are invested by the Trustee. Qualified Nonelective Contributions shall be allocated to the Qualified Nonelective Contribution Accounts of the Eligible Employees who are not Highly Compensated Employees in the Plan Year for which the Qualified Nonelective Contributions are made and shall be allocated to the Qualified Nonelective Contribution Account of each such Eligible Employee in the proportion that his Compensation for the Plan Year bears to the Compensation of all such Eligible Employees for the Plan Year.
Participant Deferrals. For purposes of calculating Participant Deferrals, Compensation includes only those amounts paid after the Employee has made the applicable payout election under Section 5.04 and after the deadline for making the applicable Enrollment Agreement under Section 3.01. Compensation does not include any amounts paid after the Participant ceased to be eligible to participate in the Plan, except as provided in Section 2.01(b). A Participant who begins participating in the middle of a Plan Year cannot make Participant Deferrals from the Cash-Incentive Bonus that is attributable to the Participant’s services during the Plan Year in which his participation begins. For example, a Participant hired in September 2014 cannot make Participant Deferrals from the incentive compensation paid to him in February 2015.
