Pay Reduction Agreement definition

Pay Reduction Agreement means an agreement between the Company and the Participant in which the Participant irrevocably elects to reduce his or her Compensation for the Plan Year and the Company agrees to treat the amount of the Compensation reduction as a Participant Contribution to this Plan.
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Pay Reduction Agreement means a written agreement between a Participant and his Employer under which the Employer reduces the Participant's Pay with respect to services rendered after the execution of the agreement and the Employer agrees to contribute the amount of the reduction to the Plan on behalf of the Participant as a Before-Tax Contribution.
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Pay Reduction Agreement means an agreement, in form satisfactory to the Administrator, by which an Active Participant agrees to have his or her Pay reduced by a specified percentage in exchange for a promise by his or her Participating Employer to make Elective Contributions of equivalent amount to the Trust.
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Examples of Pay Reduction Agreement in a sentence

  • By specifying a level of Pay reduction in a Pay Reduction Agreement, an Active Participant agrees to a reduction in future Pay in the amount specified.

  • The Pay Reduction Agreement shall be filed with the Committee at a time specified by the Committee before the date on which it is to take effect.

  • Each Participating Employer will contribute to the Trust as an Elective Contribution, for each pay period for which an Active Participant employed by the Participating Employer has a Pay Reduction Agreement in effect, the amount of Pay reduction specified in that Agreement.

  • Except as provided in section 5.7(b), an Eligible Employee who has satisfied the requirements to become a Participant section 4.1(a) can make Before-Tax Contributions under section 5.1(a), Roth Contributions under section 5.1(b), catch-up contributions under section 5.1(c), and After-Tax Contributions under section 5.2 only by filing with the Committee a Pay Reduction Agreement in a manner specified by the Committee.

  • Any Pay Reduction Agreement that specifies a level of Pay reduction in excess of 1% of Pay per pay period must also specify whether the related Additional Elective Contributions will be Match-Eligible Elective Contributions or Other Elective Contributions.

  • A Pay Reduction Agreement may be amended by a Participant to increase or decrease the percentage amount of the Participant’s Before-Tax Contributions, Roth Contributions, or After-Tax Contributions by giving notice to the Committee at a time and in a manner specified by the Committee.

  • Any Participant who elects to suspend contributions pursuant to this section 5.7(c) shall be eligible to resume contributions as of any later date by filing with the Committee a new Pay Reduction Agreement, which shall be effective as soon as administratively practicable following its receipt by the Committee.

  • A Participant’s Pay Reduction Agreement shall remain in effect until canceled or amended.

  • Under this Pay Reduction Agreement, the Eligible Employee’s Compensation may be reduced on a before-tax and/or after-tax basis (as specified by the Eligible Employee) within the limits specified under section 5.1 or section 5.2 (as applicable), and the Employer shall agree to contribute these withheld amounts to the Plan on the Eligible Employee’s behalf in accordance with section 5.1 or section 5.2 (as applicable).

  • This notice shall be effective, and the Pay Reduction Agreement shall be cancelled, as soon as administratively practicable following the receipt of such notice by the Committee.

Related to Pay Reduction Agreement

  • Salary Reduction Agreement means an agreement between a dis- trict and an employee to reduce the employee’s salary for the pur- pose of making direct contributions to or purchases of a qualified investment product. Art. 6228a-5, Sec. 4(5), Tex. Rev. Civ. Stat.

  • Election Agreement means an agreement in the form that the Company may designate from time to time that is consistent with the terms of the Plan.

  • Designation Agreement means a designation agreement entered into by a Lender (other than a Designated Bidder) and a Designated Bidder, and accepted by the Agent, in substantially the form of Exhibit D hereto.

  • Allocation Agreement or “Agreement” shall mean this NMTC Program Allocation Agreement between the Fund and the Allocatee and Subsidiary Allocatee, as the case may be, including the Organization Specific Terms and Conditions (Schedule 1) and the General Allocation Terms and Conditions (Schedule 2) and any attachments hereto, as such Agreement may, from time to time, be amended in accordance with its terms.

  • Termination Agreement has the meaning set forth in the Recitals.

  • Transition Agreement has the meaning set forth in Section 12.8.1.

  • Payment Agreement means a written agreement which provides

  • Master Separation Agreement has the meaning set forth in the recitals.

  • the First Variation Agreement means the agreement a copy of which is set out in Schedule 2.

  • Severance Agreement means the Amended and Restated Key Executive Severance Agreement, dated as of the date hereof, between the parties, as it may be amended from time to time, that provides for certain benefits related to termination of the Executive’s employment that are unrelated to a Change of Control.

  • Tax Allocation Agreement means the Tax Allocation Agreement between Corporation and New D&B.

  • Deferred Compensation Agreement means an agreement to participate and to defer compensation between a Participant and the Company in such form and consistent with terms of the Plan as the Company may prescribe from time to time.

  • Salary reduction plan means a benefit plan whereby state and

  • Participation Agreement means, with respect to each Indenture, the "Participation Agreement" referred to therein.

  • Enrollment Agreement means an agreement between the Company and an employee, in such form as may be established by the Company from time to time, pursuant to which the employee elects to participate in this Plan, or elects changes with respect to such participation as permitted under the Plan.

  • Sponsor Letter Agreement has the meaning set forth in the recitals to this Agreement.

  • Variation Agreement means the agreement a copy of which is set out in Schedule 2;

  • Equity Contribution Agreement means the Equity Contribution Agreement, to be dated as of the Closing Date, by and among Guarantor, Borrower and Administrative Agent.

  • the Second Supplementary Agreement means the Second Supplementary Agreement, a copy of which is set out in Schedule 3;

  • Repayment Agreement means an agreement

  • Disbursement Agreement that certain Master Disbursement Agreement, dated as of , 2002, among the Borrower, the Administrative Agent and the other parties signatory thereto, as the same may hereafter be amended or modified in accordance with its terms and the terms of the Credit Agreement.

  • Termination Letter has the meaning specified in Section 2.17(b).

  • Accommodation Agreement means the agreement between the Student, the School, the Parents, which governs the Student’s accommodation arrangements. Act means the Education Act 1989. Agreement means this Agreement including any schedules. Application Form means the standard enrolment form which forms the cover page of this Agreement. Code means the Education (Pastoral Care of International Students) Code of Practice 2016.

  • Letter Agreement means that certain letter agreement between the initial Holder hereof and the Company, dated as of August 21, 2023, pursuant to which such initial Holder agreed to exercise one or more warrants to purchase shares of Common Stock and the Company agreed to issue to the initial Holder this Warrant.

  • Terms-of-service agreement means an agreement that controls the relationship between a user and a custodian.

  • withdrawal agreement means an agreement (whether or not ratified) between the United Kingdom and the EU under Article 50(2) of the Treaty on European Union which sets out the arrangements for the United Kingdom's withdrawal from the EU.