Common use of Excess Elective Deferrals Clause in Contracts

Excess Elective Deferrals. Those Elective Deferrals or ▇▇▇▇ Elective Deferrals that are includible in a Participant’s gross income under Code Section 402(g) to the extent such Participant’s Elective Deferrals or ▇▇▇▇ Elective Deferrals for a taxable year exceed the dollar limitation under Code Section 402(g) [including if applicable, the dollar limitation on such Catch-Up Contributions as defined in Code Section 414(v)] for such year or are made during a calendar year and exceed the dollar limitation under Code Section 402(g) including, if applicable, the dollar limitation on Catch-Up Contributions defined in Code Section 414(v) for the Participant’s taxable year beginning in such calendar year, counting only Elective Deferrals or ▇▇▇▇ Elective Deferrals made under this Plan and any other Plan, contract or arrangement maintained by the Employer. Excess Elective Deferrals or ▇▇▇▇ Elective Deferrals shall be treated as Annual Additions under the Plan, unless such amounts are distributed no later than the first April 15 following the close of the Participant’s taxable year. For taxable years beginning after December 31, 2005, unless the Participant specifies otherwise, distribution of Excess Elective Deferrals or ▇▇▇▇ Elective Deferrals for a year shall be made first from the Participant’s pre-tax Elective Deferral account to the extent the pre-tax Elective Deferrals were made for the year. Pre-tax Elective Deferrals are elective contributions under a qualified cash or deferred arrangement that are not ▇▇▇▇ Elective Deferrals.

Excess Elective Deferrals. Those Elective Deferrals or ▇▇▇▇ Elective Deferrals that are includible in a Participant’s 's gross income under Code Section 402(g) to the extent such Participant’s 's Elective Deferrals or ▇▇▇▇ Elective Deferrals for a taxable year exceed the dollar limitation under Code Section 402(g) [including if applicable, the dollar limitation on such Catch-Up Contributions as defined in Code Section 414(v)] for such year or are made during a calendar year and exceed the dollar limitation under Code Section 402(g) including, if applicable, the dollar limitation on Catch-Up Contributions defined in Code Section 414(v) for the Participant’s taxable year beginning in such calendar year, counting only Elective Deferrals or ▇▇▇▇ Elective Deferrals made under this Plan and any other Plan, contract or arrangement maintained by the Employer. Excess Elective Deferrals or ▇▇▇▇ Elective Deferrals shall be treated as Annual Additions under the Plan, unless such amounts are distributed no later than the first April 15 following the close of the Participant’s 's taxable year. For taxable years beginning after December 31, 2005, unless the Participant specifies otherwise, distribution of Excess Elective Deferrals or ▇▇▇▇ Elective Deferrals for a year shall be made first from the Participant’s pre-tax Elective Deferral account to the extent the pre-tax Elective Deferrals were made for the year. Pre-tax Elective Deferrals are elective contributions under a qualified cash or deferred arrangement that are not ▇▇▇▇ Elective Deferrals.

Excess Elective Deferrals. Those Elective Deferrals or ▇▇▇▇ Elective Deferrals that are includible Amounts deferred for a year in a Participant’s gross income under Code Section excess of the section 402(g) limit are considered “excess elective deferrals” and are subject to the extent such Participant’s Elective Deferrals rules described below. The limit applies to the total elective deferrals the employee makes for the calendar year, from all employers, under the following arrangements: ● Salary reduction SEPs under section 408(k)(6); ● Cash or ▇▇▇▇ Elective Deferrals for a taxable year deferred arrangements under section 401(k); ● Salary reduction arrangements under section 403(b); and ● SIMPLE IRA Plans under section 408(p). Thus, an employee may have excess elective deferrals even if the amount deferred under this SEP alone does not exceed the dollar limitation under Code Section section 402(g) [including if applicablelimit. If an employee who elects to defer compensation under this SEP and any other The amount each of your “highly compensated employees” may contribute to a salary reduction SEP is also limited by the “deferral percentage limitation.” This is based on the amount of money deferred, the dollar on average, by your nonhighly compensated employees. Deferrals made by a highly compensated employee that exceed this deferral percentage limitation on such Catch-Up Contributions as defined in Code Section 414(v)] for such year or are made during a calendar year are considered “excess SEP contributions” and exceed must be removed from the dollar limitation under Code Section 402(g) includingemployee’s SEP-IRA, if applicable, the dollar limitation on Catch-Up Contributions defined in Code Section 414(v) for the Participant’s taxable year beginning in such calendar year, counting only Elective Deferrals or ▇▇▇▇ Elective Deferrals made under this Plan and any other Plan, contract or arrangement maintained by the Employer. Excess Elective Deferrals or ▇▇▇▇ Elective Deferrals shall be treated as Annual Additions under the Plan, unless such amounts are distributed no later than the first April 15 following the close of the Participant’s taxable year. For taxable years beginning after December 31, 2005discussed below, unless the Participant specifies otherwise, distribution following exception applies. Excess SEP contributions of Excess Elective Deferrals a highly compensated employee who is 50 or ▇▇▇▇ Elective Deferrals for a older before the end of the calendar year shall do not have to be made first removed from the Participantemployee’s preSEP-tax Elective Deferral account IRA to the extent the preamount of the excess SEP contributions is less than the catch-tax Elective Deferrals were up elective deferral contribution limit (see Section 402(g) Limit above) reduced by any catch-up elective deferral contributions already made for the year. Pre-tax Elective Deferrals The deferral percentage limitation for your highly compensated employees is computed by first averaging the “deferral percentages” (defined below) for the eligible nonhighly compensated employees for the year and then multiplying this result by 1.25. Only elective deferrals are elective included in this computation. Nonelective SEP contributions may not be included. The determination of the deferral percentage for any employee is made under a qualified cash or deferred arrangement that are not ▇▇▇▇ Elective Deferrals.section 408(k)(6). For purposes of this computation, the calculation of the number and identity of highly compensated employees, and their deferral percentages, is made on the basis of the entire “affiliated employer” (defined below). A worksheet is provided on page 8 to assist in figuring the deferral percentage. You may want to photocopy it for yearly use. The following definitions apply for purposes of computing the deferral percentage limitation under this SEP:

Excess Elective Deferrals. Those A Member may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Member by notifying the Plan Administrator in writing on or ▇▇▇▇ before the first following March 1 of the amount of the Excess Elective Deferrals to be assigned to the Plan. A Member is deemed to notify the Plan Administrator of any Excess Elective Deferrals that are includible in a Participant’s gross income under Code Section 402(g) arise by taking into account only those Elective Deferral Contributions made to the extent such Participant’s Elective Deferrals or ▇▇▇▇ Elective Deferrals for a taxable year exceed the dollar limitation under Code Section 402(g) [including if applicable, the dollar limitation on such Catch-Up Contributions as defined in Code Section 414(v)] for such year or are made during a calendar year and exceed the dollar limitation under Code Section 402(g) including, if applicable, the dollar limitation on Catch-Up Contributions defined in Code Section 414(v) for the Participant’s taxable year beginning in such calendar year, counting only Elective Deferrals or ▇▇▇▇ Elective Deferrals made under this Plan and any other Plan, contract plan of ours or arrangement maintained by the Employera Controlled Group member. The Member's claim for Excess Elective Deferrals or ▇▇▇▇ Elective Deferrals shall be treated as Annual Additions accompanied by the Member's written statement that if such amounts are not distributed, such Excess Elective Deferrals will exceed the limit imposed on the Member by Code Section 402(g) for the year in which the deferral occurred. The Excess Elective Deferrals assigned to this Plan cannot exceed the Elective Deferral Contributions allocated under this Plan for such taxable year. Notwithstanding any other provision of the Plan, unless such amounts are Elective Deferral Contributions in an amount equal to the Excess Elective Deferrals assigned to this Plan, plus any income and minus any loss allocable thereto, shall be distributed no later than the first April 15 following to any Member to whose Account Excess Elective Deferrals were assigned for the close of the Participant’s preceding year and who claims Excess Elective Deferrals for such taxable year. For taxable years beginning after December 31, 2005, unless the Participant specifies otherwise, distribution of The Excess Elective Deferrals shall be adjusted for any income or ▇▇▇▇ loss. The income or loss allocable to such Excess Elective Deferrals for a year shall be made first from equal to the Participant’s pre-tax income or loss allocable to the Member's Elective Deferral account to the extent the pre-tax Elective Deferrals were made Contributions for the yeartaxable year in which the excess occurred multiplied by a fraction. Pre-tax Elective Deferrals are elective contributions under a qualified cash or deferred arrangement that are not ▇▇▇▇ The numerator of the fraction is the Excess Elective Deferrals. The denominator of the fraction is the closing balance without regard to any income or loss occurring during such taxable year (as of the end of such taxable year) of the Member's Account resulting from Elective Deferral Contributions. Any Matching Contributions which were based on the Elective Deferral Contributions which are distributed as Excess Elective Deferrals, plus any income and minus any loss allocable thereto, shall be forfeited.

Excess Elective Deferrals. Those A Member may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Member by notifying the Plan Administrator in writing on or ▇▇▇▇ before the first following March 1 of the amount of the Excess Elective Deferrals to be assigned to the Plan. A Member is deemed to notify the Plan Administrator of any Excess Elective Deferrals that are includible in a Participant’s gross income under Code Section 402(g) arise by taking into account only those Elective Deferral Contributions made to the extent such Participant’s Elective Deferrals or ▇▇▇▇ Elective Deferrals for a taxable year exceed the dollar limitation under Code Section 402(g) [including if applicable, the dollar limitation on such Catch-Up Contributions as defined in Code Section 414(v)] for such year or are made during a calendar year and exceed the dollar limitation under Code Section 402(g) including, if applicable, the dollar limitation on Catch-Up Contributions defined in Code Section 414(v) for the Participant’s taxable year beginning in such calendar year, counting only Elective Deferrals or ▇▇▇▇ Elective Deferrals made under this Plan and any other Plan, contract plan of ours or arrangement maintained by the Employera Controlled Group member. The Member’s claim for Excess Elective Deferrals or ▇▇▇▇ Elective Deferrals shall be treated as Annual Additions accompanied by the Member’s written statement that if such amounts are not distributed, such Excess Elective Deferrals will exceed the limit imposed on the Member by Code Section 402(g) for the year in which the deferral occurred. The Excess Elective Deferrals assigned to this Plan cannot exceed the Elective Deferral Contributions allocated under this Plan for such taxable year. Notwithstanding any other provision of the Plan, unless such amounts are Elective Deferral Contributions in an amount equal to the Excess Elective Deferrals assigned to this Plan, plus any income and minus any loss allocable thereto, shall be distributed no later than the first April 15 following to any Member to whose Account Excess Elective Deferrals were assigned for the close of the Participant’s preceding year and who claims Excess Elective Deferrals for such taxable year. For taxable years beginning after December 31, 2005, unless the Participant specifies otherwise, distribution of The Excess Elective Deferrals shall be adjusted for any income or ▇▇▇▇ loss. The income or loss allocable to such Excess Elective Deferrals for a year shall be made first from equal to the Participantincome or loss allocable to the Member’s pre-tax Elective Deferral account to the extent the pre-tax Elective Deferrals were made Contributions for the yeartaxable year in which the excess occurred multiplied by a fraction. Pre-tax Elective Deferrals are elective contributions under a qualified cash or deferred arrangement that are not ▇▇▇▇ The numerator of the fraction is the Excess Elective Deferrals. The denominator of the fraction is the closing balance without regard to any income or loss occurring during such taxable year (as of the end of such taxable year) of the Member’s Account resulting from Elective Deferral Contributions. Any Matching Contributions which were based on the Elective Deferral Contributions which are distributed as Excess Elective Deferrals, plus any income and minus any loss allocable thereto, shall be forfeited.

Excess Elective Deferrals. Those A participant may assign to this plan any excess Elective Deferrals made during a taxable year of the participant by notifying the plan administrator on or ▇▇▇▇ before March 1 following such taxable year of the amount of the excess Elective Deferrals to be assigned to the plan. A participant is deemed to notify the plan administrator of any Excess Elective Deferrals that are includible in a Participant’s gross income under Code Section 402(g) to the extent such Participant’s arise by taking into account only those Elective Deferrals or ▇▇▇▇ made to this plan and any other plans of this employer. Notwithstanding any other provision of the plan, Excess Elective Deferrals, plus any income and minus any loss allocable thereto, shall be distributed no later than April 15 to any participant to whose account Excess Elective Deferrals were assigned for the preceding year and who claims Excess Elective Deferrals for a such taxable year exceed the dollar limitation under Code Section 402(g) [including if applicable, the dollar limitation on such Catch-Up Contributions as defined in Code Section 414(v)] for such year year. Determination of income or are made during a calendar year and exceed the dollar limitation under Code Section 402(g) including, if applicable, the dollar limitation on Catch-Up Contributions defined in Code Section 414(v) for the Participant’s taxable year beginning in such calendar year, counting only Elective Deferrals or ▇▇▇▇ Elective Deferrals made under this Plan and any other Plan, contract or arrangement maintained by the Employer. loss: Excess Elective Deferrals or ▇▇▇▇ Elective Deferrals shall be treated adjusted for any income or loss for the plan year in which such contributions were made. Income or loss attributable to the period between the end of the plan year and the date of distribution will be disregarded in determining income or loss. A withdrawal of an excess under this section may be made notwithstanding any otherwise applicable restrictions or spousal consent requirement on in-service withdrawals. Any amounts withdrawn under this section will nevertheless be considered as Annual Additions under annual additions for purposes of applying the Plan, limitations of Article 13 unless such amounts are distributed no later than the first April 15 following the close of the Participant’s participant's taxable year. For taxable years beginning after December 31, 2005, unless the Participant specifies otherwise, distribution The amount of Excess Elective Deferrals any 401(k) savings contributions to be withdrawn under this section will be reduced by any amounts previously distributed or ▇▇▇▇ Elective Deferrals for a year shall be made first from the Participant’s pre-tax Elective Deferral account to the extent the pre-tax Elective Deferrals were made for the year. Pre-tax Elective Deferrals are elective contributions recharacterized under a qualified cash or deferred arrangement that are not ▇▇▇▇ Elective DeferralsSection 5.9.

Excess Elective Deferrals. Those A Participant may assign to the Plan the amount of any Elective Deferrals or ▇▇▇▇ Elective Deferrals that are includible in a Participant’s gross income under Code excess of the amount allowed pursuant to Section 402(g) to the extent such Participant’s Elective Deferrals or ▇▇▇▇ Elective Deferrals for a taxable year exceed the dollar limitation under Code Section 402(g) [including if applicable, the dollar limitation on such Catch-Up Contributions as defined in Code Section 414(v)] for such year or are made during a calendar year and exceed the dollar limitation under Code Section 402(g) including5.07 and, if applicable, Section 5.08, during a taxable year of the dollar limitation Participant (“excess Elective Deferrals”) by notifying the Plan Administrator of the amount of the excess Elective Deferrals to be assigned to the Plan. Such notification must be provided to the Plan Administrator on Catch-Up Contributions defined in Code Section 414(v) for or before March 1 following the end of the Participant’s taxable year beginning in which such calendar year, counting only excess Elective Deferrals or ▇▇▇▇ Elective Deferrals made under this Plan and were made. Notwithstanding any other Plan, contract or arrangement maintained by the Employer. Excess Elective Deferrals or ▇▇▇▇ Elective Deferrals shall be treated as Annual Additions under provision of the Plan, unless such amounts are excess Elective Deferrals, plus any income and minus any loss allocable thereto, shall be distributed no later than the first April 15 following to any Participant to whose account excess Elective Deferrals were assigned for the close of the Participant’s preceding taxable year and who claimed excess Elective Deferrals for such taxable year. For taxable years beginning after December 31, 2005, unless the Participant specifies otherwise, distribution Distribution of Excess excess Elective Deferrals or ▇▇▇▇ Elective Deferrals for a year shall be made first from the Participant’s pre-tax Elective Deferral account to the extent the pre-tax Elective Deferrals were made for the year, unless the Participant specifies otherwise. PreThe income or loss allocable to excess Elective Deferrals distributed under this Section is the income or loss allocable to the Participant’s Elective Deferral Account for the taxable year multiplied by a fraction, the numerator of which is such Participant’s excess Elective Deferrals for the year and the denominator of which is the sum of the Participant’s Elective Deferral Account balance as of the beginning of the taxable year plus the Participant’s Elective Deferrals for the taxable year. No income or loss will be credited to any excess Elective Deferrals for the period between the end of the taxable year and the date of distribution (the gap-tax period) of such excess Elective Deferrals. No distribution of excess Elective Deferrals shall be made during the taxable year of a Participant in which the excess Elective Deferral was made unless the correcting distribution is made after the date on which the Plan received the excess deferral and both the Participant and the Plan designate the distribution as a distribution of an excess Elective Deferral. 3.07 Section 11.06 is hereby amended by the deletion of the third and fourth paragraphs of that Section and the substitution of the following: Before a Participant can receive a hardship distribution under this Section, such Participant must have obtained all distributions (other than hardship distributions) and all nontaxable loans (other than hardship loans) currently available under all plans maintained by the Employer, including a request for dividend distribution. A Participant who makes a hardship distribution request under this Section 11.06 and who has previously elected (or is deemed to have previously elected) reinvestment of Designated Dividends in the Qualifying Employer Securities Fund in accordance with Section 24.11, shall be deemed to have affirmatively elected to receive Designated Dividends in cash on the date the hardship distribution is made. The Participant’s election to receive Designated Dividends in cash shall remain in effect until the Participant subsequently makes an affirmative election otherwise in accordance with Section 24.11(a). Effective with respect to hardship distributions on or after January 1, 2019, the requirement that a Participant first obtain all available nontaxable loans under all plans of the Employer will no longer be applicable. With respect to a hardship distribution made to a Participant from this Plan, such Participant shall not be eligible to defer income under this Plan or to make any employee contribution to any other plan of the Employer, except contributions to any health or welfare benefit plan, including one that is part of a cafeteria plan within the meaning of Section 125 of the Code, for six months after receipt of the hardship distribution. Upon conclusion of the six-month suspension period, a Participant’s Elective Deferrals shall automatically resume at the Participant’s elected deferral rate in effect at the time of suspension or, if the Participant’s Elective Deferrals were being made in accordance with the automatic deferral provisions under Section 5.05, at the applicable automatic deferral rate in effect as of the payroll period in which Elective Deferrals are elective contributions to resume. Notwithstanding the preceding, the Participant may elect a different rate at which Elective Deferrals will resume at the end of the suspension period in accordance with the deferral election procedure in effect under a qualified cash or deferred arrangement that the Plan. The requirements of this paragraph are not applicable to hardship distributions made on or after January 1, 2019. Hardship distributions shall be made pro rata from the Participant’s Elective Deferral Account, excluding Net Earnings allocated to such account, and from any Hancock Profit Sharing Contribution Account, Whitney Profit Sharing Account, Rollover Account and Transfer Account, if any. In no event shall hardship distributions be made from a Participant’s Basic Employer Contribution Account, Enhanced Employer Contribution Account, Matching Contribution Account, or HWC Safe Harbor Contribution Account. Notwithstanding the foregoing, the exclusion of Net Earnings on Elective Deferrals will no longer apply to hardship distributions made on or after January 1, 2019. 3.08 The second sentence of Paragraph (e) of Section 15.01 is hereby amended and restated to read in its entirety as follows: Such security shall be limited to a pledge of no more than 50% of the Participant’s right, title and interest in his or her Account (determined immediately after origination of the loan). 3.09 Paragraphs (a) and (b) of Section 24.11 are hereby deleted and substituted with the following and paragraphs (c) through (g) are renumbered accordingly: (a) Each Eligible Participant shall be entitled to elect (i) to receive distribution of Designated Dividends payable hereunder in the form of cash (any such Participant referred to herein as an “Electing Participant”), or (ii) to reinvest the amount of such Designated Dividends in the Qualifying Employer Securities Fund. Any such election shall be made by such means as may be acceptable to the Plan Administrator and may be changed at any time. Any Eligible Participant who fails to make an election shall be deemed to have elected the reinvestment of Designated Dividends in the Qualifying Employer Securities Fund. Except as provided under Section 11.06, an Electing Participant’s affirmative (or deemed) election shall remain in effect until the Participant affirmatively elects otherwise. This Amendment is executed this _____ day of July, 2018. By: Title: By: Title: THIS AMENDMENT is made by and between ▇▇▇▇▇▇▇ Elective Deferrals▇▇▇▇▇▇▇ CORPORATION, a bank holding company organized under the laws of the State of Mississippi, (the “Sponsor”) and ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ BANK, a Mississippi bank having its principal office in Gulfport, Mississippi (the “Trustee”).

Excess Elective Deferrals. Those Elective Deferrals or ▇R▇▇▇ Elective Deferrals that are includible in a Participant’s 's gross income under Code Section 402(g) to the extent such Participant’s 's Elective Deferrals or ▇R▇▇▇ Elective Deferrals for a taxable year exceed the dollar limitation under Code Section 402(g) [including if applicable, the dollar limitation on such Catch-Up Contributions as defined in Code Section 414(v)] for such year or are made during a calendar year and exceed the dollar limitation under Code Section 402(g) including, if applicable, the dollar limitation on Catch-Up Contributions defined in Code Section 414(v) for the Participant’s taxable year beginning in such calendar year, counting only Elective Deferrals or ▇R▇▇▇ Elective Deferrals made under this Plan and any other Plan, contract or arrangement maintained by the Employer. Excess Elective Deferrals or ▇R▇▇▇ Elective Deferrals shall be treated as Annual Additions under the Plan, unless such amounts are distributed no later than the first April 15 following the close of the Participant’s 's taxable year. For taxable years beginning after December 31, 2005, unless the Participant specifies otherwise, distribution of Excess Elective Deferrals or ▇R▇▇▇ Elective Deferrals for a year shall be made first from the Participant’s pre-tax Elective Deferral account to the extent the pre-tax Elective Deferrals were made for the year. Pre-tax Elective Deferrals are elective contributions under a qualified cash or deferred arrangement that are not ▇R▇▇▇ Elective Deferrals.

Excess Elective Deferrals. Those Elective Deferrals or ▇▇▇▇ Elective Deferrals that are includible in a Participant’s 's gross income under Code Section 402(g) to the extent such Participant’s 's Elective Deferrals or ▇▇▇▇ Elective Deferrals for a taxable year exceed the dollar limitation under Code Section 402(g) [including if applicable, the dollar limitation on such Catch-Up Contributions as defined in Code Section 414(v)] for such year or are made during a calendar year and exceed the dollar limitation under Code Section 402(g) including, if applicable, the dollar limitation on Catch-Up Contributions defined in Code Section 414(v) for the Participant’s taxable year beginning in such calendar year, counting only Elective Deferrals or ▇▇▇▇ Elective Deferrals made under this Plan and any other Plan, contract or arrangement maintained by the Employer. Excess Elective Deferrals or ▇▇▇▇ Elective Deferrals shall be treated as Annual Additions under the Plan, unless such amounts are distributed no later than the first April 15 following the close of the Participant’s 's taxable year. For taxable years beginning after December 31, 2005, unless the Participant specifies otherwise, distribution of Excess Elective Deferrals or ▇▇▇▇ Elective Deferrals for a year shall be made first from the Participant’s pre-tax Elective Deferral account to the extent the pre-tax Elective Deferrals were made for the year. Pre-tax Elective Deferrals are elective contributions under a qualified cash or deferred arrangement that are not ▇▇▇▇ Elective Deferrals.

Excess Elective Deferrals. Those The law limits the maximum amount of compensation an employee may elect to defer under a SIMPLE (and certain other arrangements) during the calendar year. This deferral limit under the SIMPLE is indexed according to the cost of living. In addition, the limit may be increased if the employee makes elective deferrals to a salary reduction arrangement under section 403(b) of the Code, or a 401(k) plan maintained by another Employer. Amounts deferred for a year in excess of this limit are considered “excess elective deferrals” and are subject to the consequences described below. The SIMPLE deferral limit applies to the total elective deferrals the employee makes for the calendar year, from all employers, under the fol- lowing arrangements: A. SIMPLE Retirement Plans under section 408(p) of the Code; B. Elective Deferrals or SEPs under section 408(k)(6) of the Code; ▇. ▇▇▇▇ Elective Deferrals that are includible in a Participant’s gross income or deferred arrangements under Code Section 402(gsection 401(k) to of the extent such Participant’s Elective Deferrals or Code; and ▇. ▇▇▇▇▇▇ Elective Deferrals reduction arrangements under section 403(b) of the Code. Thus, an employee may have excess elective deferrals even if the amount deferred under this SIMPLE plan alone does not exceed the defer- ral limit. If an employee who elects to defer compensation under this SIMPLE Plan has made excess elective deferrals for a taxable year exceed the dollar limitation under Code Section 402(g) [including if applicable, the dollar limitation on such Catch-Up Contributions as defined in Code Section 414(v)] for such year or are made during a calendar year and exceed the dollar limitation under Code Section 402(g) including, if applicable, the dollar limitation on Catch-Up Contributions defined in Code Section 414(v) for the Participant’s taxable year beginning in such calendar year, counting only Elective Deferrals he or ▇▇▇▇ Elective Deferrals made under this Plan she must include such excess elective deferrals in income in the year to which the deferrals relate and any other Plan, contract or arrangement maintained must also withdraw those excess elective deferrals by the Employer. Excess Elective Deferrals or ▇▇▇▇ Elective Deferrals shall be treated as Annual Additions under the Plan, unless such amounts are distributed no later than the first April 15 following the close of calendar year to which the Participant’s taxable year. For taxable years beginning after December 31, 2005, unless the Participant specifies otherwise, distribution of Excess Elective Deferrals or ▇▇▇▇ Elective Deferrals for a year shall be made first from the Participant’s pre-tax Elective Deferral account to the extent the pre-tax Elective Deferrals were made for the year. Pre-tax Elective Deferrals are elective contributions under a qualified cash or deferred arrangement that are not ▇▇▇▇ Elective Deferralsdeferrals relate.

Excess Elective Deferrals. Those A Participant may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant by notifying the Plan Administrator in writing on or ▇▇▇▇ before the first following March 1 of the amount of the Excess Elective Deferrals to be assigned to the Plan. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that are includible in arise by taking into account only those Elective Deferral Contributions made to this Plan and any other plan, contract, or arrangement of the Employer or a Controlled Group member. The Participant’s gross income under claim for Excess Elective Deferrals shall be accompanied by the Participant’s written statement that if such amounts are not distributed, such Excess Elective Deferrals will exceed the limit imposed on the Participant by Code Section 402(g) to the extent such Participant’s Elective Deferrals or ▇▇▇▇ Elective Deferrals for a taxable year exceed the dollar limitation under Code Section 402(g) [including if applicable, the dollar limitation on such Catch-Up Contributions as defined in Code Section 414(v)] for such year or are made during a calendar year and exceed the dollar limitation under Code Section 402(g) (including, if applicable, the dollar limitation on Catch-Up up Contributions defined in under Code Section 414(v)) for the Participant’s taxable year beginning in such calendar year, counting only which the deferral occurred. The Excess Elective Deferrals or ▇▇▇▇ assigned to this Plan cannot exceed the Elective Deferrals made Deferral Contributions allocated under this Plan and for such taxable year. Notwithstanding any other provisions of the Plan, contract or arrangement maintained by Elective Deferral Contributions in an amount equal to the Employer. Excess Elective Deferrals or ▇▇▇▇ Elective Deferrals assigned to this Plan, plus any income and minus any loss allocable thereto, shall be treated as Annual Additions under the Plan, unless such amounts are distributed no later than the first April 15 following to any Participant to whose Account Excess Elective Deferrals were assigned for the close of the Participant’s preceding year and who claims Excess Elective Deferrals for such taxable year or calendar year. For taxable years beginning after December 31, 2005, unless the Participant specifies otherwiseIf Item N(5)(b) is not selected, distribution of Excess Elective Deferrals or shall be made on a pro rata basis from the Participant’s Account resulting from Pre-tax Elective Deferral Contributions and ▇▇▇▇ Elective Deferral Contributions in the same proportion that such Contributions were made for the applicable year. If Item N(5)(b) is selected, distribution of Excess Elective Deferrals for a year shall be made first from the Participant’s preAccount resulting from Pre-tax Elective Deferral account Contributions. If Item N(5)(c) was selected and applied as of the last day of the applicable year, the Participant may elect a different order of distribution. The Excess Elective Deferrals shall be adjusted for any income or loss. The income or loss allocable to such Excess Elective Deferrals shall be equal to the extent income or loss allocable to the pre-tax Participant’s Elective Deferrals were Deferral Contributions for the taxable year in which the excess occurred multiplied by a fraction. The numerator of the fraction is the Excess Elective Deferrals. The denominator of the fraction is the closing balance without regard to any income or loss occurring during such taxable year (as of the end of such taxable year) of the Participant’s Account resulting from Elective Deferral Contributions. For purposes of determining income or loss on Excess Elective Deferrals, no adjustment shall be made for income or loss for the yeargap period. PreAny Matching Contributions that were based on the Elective Deferral Contributions distributed as Excess Elective Deferrals, plus any income and minus any loss allocable thereto, shall be forfeited. If Catch-tax Elective Deferrals are elective contributions under a qualified cash or deferred arrangement that up Contributions are not ▇▇▇▇ matched (Item P(8)(a) was selected and applied as of the first day of the Plan Year in which such taxable year ends), any Matching Contributions that were based on the Elective Deferral Contributions distributed as Excess Elective Deferrals.

Excess Elective Deferrals. Those A Participant may assign to this Plan any Excess Elective Deferrals made during a taxable year of the Participant by notifying the Plan Administrator in writing on or ▇▇▇▇ before the first following March 1 of the amount of the Excess Elective Deferrals to be assigned to the Plan. A Participant is deemed to notify the Plan Administrator of any Excess Elective Deferrals that are includible in arise by taking into account only those Elective Deferral Contributions made to this Plan and any other plan, contract, or arrangement of the Employer or a Controlled Group member. The Participant’s gross income under claim for Excess Elective Deferrals shall be accompanied by the Participant’s written statement that if such amounts are not distributed, such Excess Elective Deferrals will exceed the limit imposed on the Participant by Code Section 402(g) to the extent such Participant’s Elective Deferrals or ▇▇▇▇ Elective Deferrals for a taxable year exceed the dollar limitation under Code Section 402(g) [including if applicable, the dollar limitation on such Catch-Up Contributions as defined in Code Section 414(v)] for such year or are made during a calendar year and exceed the dollar limitation under Code Section 402(g) (including, if applicable, the dollar limitation on Catch-Up up Contributions defined in under Code Section 414(v)) for the Participant’s taxable year beginning in such calendar year, counting only which the deferral occurred. The Excess Elective Deferrals or ▇▇▇▇ assigned to this Plan cannot exceed the Elective Deferrals made Deferral Contributions allocated under this Plan and for such taxable year. Notwithstanding any other provisions of the Plan, contract or arrangement maintained by Elective Deferral Contributions in an amount equal to the Employer. Excess Elective Deferrals or ▇▇▇▇ Elective Deferrals assigned to this Plan, plus any income and minus any loss allocable thereto, shall be treated as Annual Additions under the Plan, unless such amounts are distributed no later than the first April 15 following to any Participant to whose Account Excess Elective Deferrals were assigned for the close of the Participant’s preceding year and who claims Excess Elective Deferrals for such taxable year or calendar year. For taxable years beginning after December 31, 2005, unless the Participant specifies otherwiseIf Item N(5)(b) is not selected, distribution of Excess Elective Deferrals or ▇shall be made on a pro rata basis from the Participant’s Account resulting from Pre-tax Elective Deferral Contributions and R▇▇▇ Elective Deferral Contributions in the same proportion that such Contributions were made for the applicable year. If Item N(5)(b) is selected, distribution of Excess Elective Deferrals for a year shall be made first from the Participant’s preAccount resulting from Pre-tax Elective Deferral account Contributions. If Item N(5)(c) was selected and applied as of the last day of the applicable year, the Participant may elect a different order of distribution. The Excess Elective Deferrals shall be adjusted for any income or loss. The income or loss allocable to such Excess Elective Deferrals shall be equal to the extent income or loss allocable to the preParticipant’s Elective Deferral Contributions for the taxable year in which the excess occurred multiplied by a fraction. The numerator of the fraction is the Excess Elective Deferrals. The denominator of the fraction is the closing balance without regard to any income or loss occurring during such taxable year (as of the end of such taxable year) of the Participant’s Account resulting from Elective Deferral Contributions. For purposes of determining income or loss on Excess Elective Deferrals, no adjustment shall be made for income or loss for the gap period. Any Matching Contributions that were based on the Elective Deferral Contributions distributed as Excess Elective Deferrals, plus any income and minus any loss allocable thereto, shall be forfeited. If Catch-tax up Contributions are not matched (Item P(8)(a) was selected and applied as of the first day of the Plan Year in which such taxable year ends), any Matching Contributions that were based on the Elective Deferral Contributions distributed as Excess Elective Deferrals were made for the year. Preor redesignated as Catch-tax Elective Deferrals are elective contributions under a qualified cash or deferred arrangement that are not ▇▇▇▇ Elective Deferralsup Contributions, plus any income and minus any loss allocable thereto, shall be forfeited.