Common use of Salary Deferrals Clause in Contracts

Salary Deferrals. (a) During the period of this Agreement, the Member directs that the Bank reduce his Base Salary (as defined in the Thrift Benefit Equalization Plan) that would be payable to him by the Bank during 2006 after his 401(k) contributions under the Thrift Plan would cease due to the application of the Code Limitations (as defined in the Thrift Benefit Equalization Plan) by [ 3 %] [up to 100%]. Such reduction, if any, shall be made ratably in each payroll period commencing after the date of this Agreement or the date the 401(k) contributions would cease due to the Code Limitations, if later. The Bank agrees to make such reduction, and to credit such amount to the Member’s Account under this Agreement. (b) The Member understands that the reductions in his or her Base Salary as described in this paragraph 2 will be made, if, and only if, the Member has elected to contribute the maximum amount of 401(k) contributions under the Thrift Plan for the calendar year as permitted by the Code Limitations. (c) For purposes of this Paragraph 2, any change made to the Member’s rate of 401(k) contributions after December 31, 2005 shall be disregarded in determining the amount of deferral under the Thrift Benefit Equalization Plan.

Salary Deferrals. (a) During the period of this Agreement, the Member directs that the Bank reduce his Base Salary (as defined in the Thrift Benefit Equalization Plan) that would be payable to him by the Bank during 2006 after his 401(k) contributions under the Thrift Plan would cease due to the application of the Code Limitations (as defined in the Thrift Benefit Equalization Plan) by [ 3 11 %] [up to 100%]. Such reduction, if any, shall be made ratably in each payroll period commencing after the date of this Agreement or the date the 401(k) contributions would cease due to the Code Limitations, if later. The Bank agrees to make such reduction, and to credit such amount to the Member’s Account under this Agreement. (b) The Member understands that the reductions in his or her Base Salary as described in this paragraph 2 will be made, if, and only if, the Member has elected to contribute the maximum amount of 401(k) contributions under the Thrift Plan for the calendar year as permitted by the Code Limitations. (c) For purposes of this Paragraph 2, any change made to the Member’s rate of 401(k) contributions after December 31, 2005 shall be disregarded in determining the amount of deferral under the Thrift Benefit Equalization Plan.

Salary Deferrals. (a) During the period of this Agreement, the Member directs that the Bank reduce his Base Salary (as defined in the Thrift Benefit Equalization Plan) that would be payable to him by the Bank during 2006 after his 401(k) contributions under the Thrift Plan would cease due to the application of the Code Limitations (as defined in the Thrift Benefit Equalization Plan) by [ 3 15 %] [up to 100%]. Such reduction, if any, shall be made ratably in each payroll period commencing after the date of this Agreement or the date the 401(k) contributions would cease due to the Code Limitations, if later. The Bank agrees to make such reduction, and to credit such amount to the Member’s Account under this Agreement. (b) The Member understands that the reductions in his or her Base Salary as described in this paragraph 2 will be made, if, and only if, the Member has elected to contribute the maximum amount of 401(k) contributions under the Thrift Plan for the calendar year as permitted by the Code Limitations. (c) For purposes of this Paragraph 2, any change made to the Member’s rate of 401(k) contributions after December 31, 2005 shall be disregarded in determining the amount of deferral under the Thrift Benefit Equalization Plan.

Salary Deferrals. (a) During the period of this Agreement, the Member directs that the Bank reduce his Base Salary (as defined in the Thrift Benefit Equalization Plan) that would be payable to him by the Bank during 2006 after his 401(k) contributions under the Thrift Plan would cease due to the application of the Code Limitations (as defined in the Thrift Benefit Equalization Plan) by [ 3 5 %] [up to 100%]. Such reduction, if any, shall be made ratably in each payroll period commencing after the date of this Agreement or the date the 401(k) contributions would cease due to the Code Limitations, if later. The Bank agrees to make such reduction, and to credit such amount to the Member’s Account under this Agreement. (b) The Member understands that the reductions in his or her Base Salary as described in this paragraph 2 will be made, if, and only if, the Member has elected to contribute the maximum amount of 401(k) contributions under the Thrift Plan for the calendar year as permitted by the Code Limitations. (c) For purposes of this Paragraph 2, any change made to the Member’s rate of 401(k) contributions after December 31, 2005 shall be disregarded in determining the amount of deferral under the Thrift Benefit Equalization Plan.

Salary Deferrals. (a) During the period of this Agreement, the Member directs that the Bank reduce his Base Salary (as defined in the Thrift Benefit Equalization Plan) that would be payable to him by the Bank during 2006 after his 401(k) contributions under the Thrift Plan would cease due to the application of the Code Limitations (as defined in the Thrift Benefit Equalization Plan) by [ 3 10 %] [up to 100%]. Such reduction, if any, shall be made ratably in each payroll period commencing after the date of this Agreement or the date the 401(k) contributions would cease due to the Code Limitations, if later. The Bank agrees to make such reduction, and to credit such amount to the Member’s Account under this Agreement. (b) The Member understands that the reductions in his or her Base Salary as described in this paragraph 2 will be made, if, and only if, the Member has elected to contribute the maximum amount of 401(k) contributions under the Thrift Plan for the calendar year as permitted by the Code Limitations. (c) For purposes of this Paragraph 2, any change made to the Member’s rate of 401(k) contributions after December 31, 2005 shall be disregarded in determining the amount of deferral under the Thrift Benefit Equalization Plan.

Salary Deferrals. (a) During the period of this Agreement, the Member directs that the Bank reduce his Base Salary (as defined in the Thrift Benefit Equalization Plan) that would be payable to him by the Bank during 2006 after his 401(k) contributions under the Thrift Plan would cease due to the application of the Code Limitations (as defined in the Thrift Benefit Equalization Plan) by [ 3 8 %] [up to 100%]. Such reduction, if any, shall be made ratably in each payroll period commencing after the date of this Agreement or the date the 401(k) contributions would cease due to the Code Limitations, if later. The Bank agrees to make such reduction, and to credit such amount to the Member’s Account under this Agreement. (b) The Member understands that the reductions in his or her Base Salary as described in this paragraph 2 will be made, if, and only if, the Member has elected to contribute the maximum amount of 401(k) contributions under the Thrift Plan for the calendar year as permitted by the Code Limitations. (c) For purposes of this Paragraph 2, any change made to the Member’s rate of 401(k) contributions after December 31, 2005 shall be disregarded in determining the amount of deferral under the Thrift Benefit Equalization Plan.