Common use of Participant’s contrary election Clause in Contracts

Participant’s contrary election. A Participant may at any time elect not to defer any Compensation or to defer an amount which is less than the negative election amount ("contrary election"). A Participant's contrary election generally is effective as of the first payroll period for the month which follows the Participant's contrary election. However, a Participant may make a contrary election which is effective: (1) for the first payroll period in which he/she becomes a Participant if the Participant makes a contrary election within a reasonable period following the Participant's Entry Date and before the Compensation to which the election applies becomes currently available; or (2) for the first payroll period following the effective date of the Employer's adoption of the negative election, if the Participant makes contrary election not later than the effective date of the negative election. A Participant's contrary election continues in effect until the Participant subsequently changes his/her Salary Reduction Agreement.

Participant’s contrary election. A Participant may at any time elect not to defer any Compensation or to defer an amount which is less than the negative election amount ("“contrary election"”). A Participant's ’s contrary election generally is effective as of the first payroll period for the month which follows the Participant's ’s contrary election. However, a Participant may make a contrary election which is effective: (1) for the first payroll period in which he/she becomes a Participant if the Participant makes a contrary election within a reasonable period following the Participant's ’s Entry Date and before the Compensation to which the election applies becomes currently available; or (2) for the first payroll period following the effective date of the Employer's ’s adoption of the negative election, if the Participant makes contrary election not later than the effective date of the negative election. A Participant's ’s contrary election continues in effect until the Participant subsequently changes his/her Salary Reduction Agreement.