Common use of Participant Deferral Credits Clause in Contracts

Participant Deferral Credits. Each Active Participant may elect, by entering into a Participant Deferral Agreement with the Employer, to defer the receipt of Compensation from the Employer (i) as a percentage of Compensation (excluding any bonus) below the applicable Code § 402(g) limit, (ii) as a percentage of Compensation (excluding any bonus) above the applicable Code § 402(g) limit, and/or (iii) as a percentage of any bonus paid for the year, all as specified in the Participant Deferral Agreement. The amount of the Participant Deferral Credit shall be credited by the Employer to the Deferred Compensation Account maintained for the Participant pursuant to Section 8. The following special provisions shall apply with respect to the Participant Deferral Credits of a Participant: