Compensation Deferral Agreement. The written agreement between an Eligible Individual and the Plan Sponsor to defer receipt by the Eligible Individual of Compensation. Such agreement shall state the deferral amount or percentage of Compensation to be withheld from the Eligible Individual’s Compensation and shall state the date on which the agreement is effective, as provided at Section 2.3.
Compensation Deferral Agreement. In order to defer Compensation under the Plan for a given Taxable Year, an Eligible Individual must enter into a Compensation Deferral Agreement with the Plan Sponsor authorizing the deferral of all or part of the Participant’s Compensation for such Taxable Year. Upon receipt of a properly completed and executed Compensation Deferral Agreement, the Plan Administrator shall notify the Plan Sponsor to withhold that portion of the Participant’s Compensation specified in the Agreement. In no event will the Participant be permitted to defer more or less than the amount(s) specified by the Plan Sponsor in the Adoption Agreement. Subject to Section 7.1, the Compensation Deferral Agreement shall remain in effect for the duration of the Taxable Year to which it relates. If elected by the Plan Sponsor in the Adoption Agreement, and subject to Section 7.1, the Compensation Deferral Agreement also shall remain in effect for subsequent Taxable Years unless and until it is timely changed for a subsequent Taxable Year as described below. Except as provided below, a Compensation Deferral Agreement must be completed and returned to the Plan Sponsor prior to the first day of the Taxable Year in which services are performed for the Compensation deferred and shall be irrevocable for the Taxable Year except as otherwise provided hereunder.
Compensation Deferral Agreement. The written agreement between an Eligible Employee and the Employer to defer receipt by the Eligible Employee of Compensation. Such agreement shall state the deferral amount or percentage of Compensation to be withheld from the Eligible Employee's Compensation and shall state the date on which the agreement is effective, as provided at paragraph 2.3.
Compensation Deferral Agreement. In order to defer Compensation under the Plan for a given Taxable Year, an Eligible Employee must enter into a Compensation Deferral Agreement with the Employer authorizing the deferral of all or part of the Participant's Compensation for such Taxable Year. The Compensation Deferral Agreement shall also specify the method of payment for benefits under the Plan and, if applicable, an Interim Distribution Date for the Participant's Compensation Deferrals for the period covered by the Compensation Deferral Agreement. All Compensation Deferral Agreements must be completed prior to the first day of the Taxable Year to which they relate. Notwithstanding the preceding sentence, if the Effective Date of the Plan is other than the first day of a Taxable Year, or if an employee becomes an Eligible Employee on a date other than the first day of a Taxable Year, the Compensation Deferral Agreement must be completed within 30 days after the Effective Date or within 30 days of the Eligible Employee's initial eligibility date. In no event shall a Participant be permitted to defer Compensation for a pay period which has commenced prior to the date on which the Compensation Deferral Agreement is signed by the Participant and accepted by the Plan Administrator. Upon receipt of a properly completed and executed Compensation Deferral Agreement the Plan Administrator shall notify the Employer to commence to withhold that portion of the Participant's Compensation specified in the Agreement. In no event will the Participant be permitted to defer more than the amount specified by the Employer in the Adoption Agreement. Except as otherwise provided herein or in Article VII, the Compensation Deferral Agreement shall remain in effect for the duration of the Taxable Year to which it relates. The Employer shall have the right to terminate a Participant's Compensation Deferral Agreement at any time upon written notice to the Participant. Such termination shall be effective on the first day of the next payroll period. In no event shall the Employer have the right to terminate a Compensation Deferral Agreement with respect to Compensation already deferred.
Compensation Deferral Agreement. Compensation Deferral Agreement means an agreement between a Participant and a Participating Employer that specifies (i) the amount of each component of Compensation that the Participant has elected to defer to the Plan in accordance with the provisions of Article IV, and (ii) the Payment Schedule applicable to one or more Accounts. The Committee may permit different deferral amounts for each component of Compensation and may establish a minimum or maximum deferral amount for each such component. Unless otherwise specified by the Committee in the Compensation Deferral Agreement, Participants may defer up to 75% of Compensation for a Plan Year. A Compensation Deferral Agreement may also specify the investment allocation described in Section 8.4.”
Compensation Deferral Agreement. Each of the undersigned acknowledges receipt of a copy of Waiver and Consent No. 4 to the Credit Agreement dated as of March 22, 1999, as previously amended by Amendment and Waiver No. 1 thereto dated as of May 14, 1999, Amendment and Waiver No. 2 thereto dated as of November 12, 1999 and Amendment and Waiver No. 3 thereto dated as of April 27, 2000, by and among Precept Business Services, Inc., the Lenders and the Agent (as so amended thereby and as farther amended, modified, supplemented and/or restated from time to time, the "Credit Agreement") which Waiver and Consent No. 4 is dated as of June 14, 2000 (the "Waiver"). Capitalized terms used in this Reaffirmation and not defined herein shall have the meanings given to them in the Credit Agreement. Each of the undersigned agrees to defer all bonus, supplemental compensation and other compensation either previously awarded or which may hereafter be awarded by the Borrower or its Subsidiaries to the undersigned, other than (i) base salary payable at a level consistent with the undersigned's base salary which he/she has been receiving during the period from January 1, 2000 to the present (ii) continuation of standard benefits and (iii) reimbursement for out-of-pocket expenses incurred in the ordinary course of business by such person in the course of conduct of the business of the Borrower or its Subsidiaries, such deferral to remain in effect until the earlier of (a) written consent by the Lenders under the Credit Agreement or (b) the repayment in full in cash of all of the Secured Obligations. Each of the undersigned acknowledges and agrees that the prior financial accommodations made by the Lenders to the Borrower and its Subsidiaries and the continued provision of financial accommodations by the Leaders to the Borrower and its Subsidiaries under the Credit Agreement is of significant benefit to each of the undersigned. Executed as of this 14th day of June, 2000 /s/ Xxxx Xxxxxx ------------------------------------------ /s/ Xxxxxx Xxxxx ------------------------------------------ /s/ Xxxxx X. Xxxxxxxx ------------------------------------------
