Common use of Salary Reduction Agreement Clause in Contracts

Salary Reduction Agreement. The salary reduction agreement referred to in Article 3.1 of this Appendix shall be a legally binding agreement between the Employer and Participant whereby the Participant agrees to a reduction in salary, bonuses, or wages (or to forego an increase in salary or wages) with respect to amounts not yet payable to the Participant, and the Employer shall contribute the amount of salary or wages reduced or foregone by the Participant to the Account on behalf of the Participant. The salary reduction agreement may be amended at any time (as permitted under the terms of any applicable employee benefit plan sponsored by the Employer) or terminated at any time, by either the Employer or Participant, with respect to amounts not yet payable to the Participant.

Salary Reduction Agreement. The salary reduction agreement referred to in Article 3.1 of this Appendix shall be a legally binding agreement between the Employer and Participant whereby the Participant Partic ipant agrees to a reduction in salary, bonuses, or wages (or to forego an increase in salary or wages) with respect to amounts not yet payable to the Participant, and the Employer shall contribute the amount of salary or wages reduced or foregone by the Participant to the Account on behalf of the Participant. The salary reduction agreement may be amended at any time (as permitted under the terms of any applicable employee benefit plan sponsored by the Employer) or terminated at any time, by either the Employer or Participant, with respect to amounts not yet payable to the Participant.