Common use of Salary Deferrals Clause in Contracts

Salary Deferrals. (a) During the period of this Agreement, the Member directs that the Bank reduce his Base Salary (as defined in the Thrift Benefit Equalization Plan) that would be payable to him by the Bank during 2006 after his 401(k) contributions under the Thrift Plan would cease due to the application of the Code Limitations (as defined in the Thrift Benefit Equalization Plan) by [ 3 %] [up to 100%]. Such reduction, if any, shall be made ratably in each payroll period commencing after the date of this Agreement or the date the 401(k) contributions would cease due to the Code Limitations, if later. The Bank agrees to make such reduction, and to credit such amount to the Member’s Account under this Agreement.

Salary Deferrals. (a) During the period of this Agreement, the Member directs that the Bank reduce his Base Salary (as defined in the Thrift Benefit Equalization Plan) that would be payable to him by the Bank during 2006 after his 401(k) contributions under the Thrift Plan would cease due to the application of the Code Limitations (as defined in the Thrift Benefit Equalization Plan) by [ 3 10 %] [up to 100%]. Such reduction, if any, shall be made ratably in each payroll period commencing after the date of this Agreement or the date the 401(k) contributions would cease due to the Code Limitations, if later. The Bank agrees to make such reduction, and to credit such amount to the Member’s Account under this Agreement.

Salary Deferrals. (a) During the period of this Agreement, the Member directs that the Bank reduce his Base Salary (as defined in the Thrift Benefit Equalization Plan) that would be payable to him by the Bank during 2006 after his 401(k) contributions under the Thrift Plan would cease due to the application of the Code Limitations (as defined in the Thrift Benefit Equalization Plan) by [ 3 15 %] [up to 100%]. Such reduction, if any, shall be made ratably in each payroll period commencing after the date of this Agreement or the date the 401(k) contributions would cease due to the Code Limitations, if later. The Bank agrees to make such reduction, and to credit such amount to the Member’s Account under this Agreement.

Salary Deferrals. (a) During the period of this Agreement, the Member directs that the Bank reduce his Base Salary (as defined in the Thrift Benefit Equalization Plan) that would be payable to him by the Bank during 2006 after his 401(k) contributions under the Thrift Plan would cease due to the application of the Code Limitations (as defined in the Thrift Benefit Equalization Plan) by [ 3 8 %] [up to 100%]. Such reduction, if any, shall be made ratably in each payroll period commencing after the date of this Agreement or the date the 401(k) contributions would cease due to the Code Limitations, if later. The Bank agrees to make such reduction, and to credit such amount to the Member’s Account under this Agreement.

Salary Deferrals. (a) During the period of this Agreement, the Member directs that the Bank reduce his Base Salary (as defined in the Thrift Benefit Equalization Plan) that would be payable to him by the Bank during 2006 after his 401(k) contributions under the Thrift Plan would cease due to the application of the Code Limitations (as defined in the Thrift Benefit Equalization Plan) by [ 3 11 %] [up to 100%]. Such reduction, if any, shall be made ratably in each payroll period commencing after the date of this Agreement or the date the 401(k) contributions would cease due to the Code Limitations, if later. The Bank agrees to make such reduction, and to credit such amount to the Member’s Account under this Agreement.

Salary Deferrals. (a) During the period of this Agreement, the Member directs that the Bank reduce his Base Salary (as defined in the Thrift Benefit Equalization Plan) that would be payable to him by the Bank during 2006 after his 401(k) contributions under the Thrift Plan would cease due to the application of the Code Limitations (as defined in the Thrift Benefit Equalization Plan) by [ 3 5 %] [up to 100%]. Such reduction, if any, shall be made ratably in each payroll period commencing after the date of this Agreement or the date the 401(k) contributions would cease due to the Code Limitations, if later. The Bank agrees to make such reduction, and to credit such amount to the Member’s Account under this Agreement.