First Year of Eligibility. To defer Compensation for services performed in the first Plan Year, the Executive may make a deferral election under this Agreement by delivering to the Plan Administrator a signed Election Form(s) within thirty (30) days after the date of notification of the Executive's eligibility to participate in the plan. The Election Form(s) shall set forth the amount of Compensation to be deferred and shall be effective to defer only Compensation earned for services performed after the date the Election Form(s) are received by the Plan Administrator. The maximum annual amount the Executive can defer is $12,000.
First Year of Eligibility. (i) In gen-
First Year of Eligibility. For the 2010 Deferral Year, if Executive chooses to make a Deferral Election, he must make such Deferral Election within thirty (30) days after the Effective Date. Such Deferral Election shall be valid only with respect to Base Salary paid for services rendered after the Deferral Election is made. Such Deferral Election shall be irrevocable when made.
First Year of Eligibility. If a Director becomes a Participant in the Plan after the beginning of a Plan Year, he or she may make an initial deferral election within thirty (30) days after the date he or she becomes eligible with respect to Director Fees paid for services to be performed subsequent to the election. An election to defer Director Fees shall be irrevocable and shall continue in effect until the Participant submits a Notice of Adjustment of Deferral Amount to the Plan Administrator in accordance with Section 3.2(b) of this Plan. For a Participant’s deferral election to be valid, the Joinder Agreement must be completed and signed by the Participant and accepted by the Plan Administrator.
First Year of Eligibility. If an Independent Contractor first becomes an Eligible Participant after the beginning of a Plan Year, and if he or she has not in any prior Plan Year become eligible to participate in any nonqualified deferred compensation plan of the Corporation with which the Plan would be aggregated for purposes of Treasury Regulations §1.409A-2(a)(6), he or she may make an initial deferral election within thirty (30) days after the date he or she first becomes an Eligible Participant, with respect to Compensation paid for services to be performed subsequent to the election. Where an Eligible Participant has ceased being eligible to participate in the Plan (other than the accrual of Earnings), regardless of whether all amounts deferred under the plan have been paid, and subsequently becomes eligible to participate in the plan again, the Independent Contractor may be treated as being initially eligible to participate in the plan if the said Independent Contractor had not been eligible to participate in the plan (other than the accrual of Earnings) at any time during the twenty-four (24) month period ending on the date the Independent Contractor again becomes eligible to participate in the plan. Under such circumstances, the rules of this Article will again apply.
First Year of Eligibility. If an Employee first becomes an Eligible Participant after the beginning of a Plan Year, and if he or she has not in any prior Plan Year become eligible to participate in any nonqualified deferred compensation plan of the Corporation with which the Plan would be aggregated for purposes of Treasury Regulations §1.409A-2(a)(6), he or she may make an initial deferral election within thirty (30) days after the date he or she first becomes an Eligible Participant, with respect to Compensation paid for services to be performed subsequent to the election. In the event an election of deferral is made with respect to a Bonus in the first year of eligibility, but after the beginning of a service period, the deferral election will apply to the portion of the bonus paid for services performed subsequent to the election and will be calculated based on the total Bonus for the service period multiplied by the ratio of the number of days remaining in the service period to the total days in the service period. Where an Eligible Participant has ceased being eligible to participate in the Plan (other than the accrual of Earnings), regardless of whether all amounts deferred under the plan have been paid, and subsequently becomes eligible to participate in the plan again, the Employee may be treated as being initially eligible to participate in the plan if the said Employee had not been eligible to participate in the plan (other than the accrual of Earnings) at any time during the twenty-four (24) month period ending on the date the Employee again becomes eligible to participate in the plan. Under such circumstances, the rules of this Article will again apply.
First Year of Eligibility. If an Eligible Employee becomes a Participant in the Plan after the beginning of a Plan Year, he or she may make an initial deferral election within thirty (30) days after the date he or she becomes eligible with respect to Compensation paid for services to be performed subsequent to the election. In the event where an election of deferral is made with respect to an Annual Bonus in the first year of eligibility but after the beginning of a performance period, the deferral election will apply to the portion of the bonus paid for services performed subsequent to the election and will be calculated based on the total bonus for the performance period multiplied by the ratio of the number of days remaining in the performance period after the election over the total number of days in the performance period. An election to defer Compensation shall be irrevocable and shall continue in effect until the Participant submits a Notice of Adjustment of Deferral Amount to the Plan Administrator in accordance with Section 3.2(b) of this Plan. For a Participant’s deferral election to be valid, a Joinder Agreement must be completed and signed by the Participant and accepted by the Plan Administrator.
