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213
<br />
<br />f,r~*' ~., ',.:~ ~'.;~ la'~l~ ','~,f.',~ (,i t4 ..~'.~ I,~' ~r",~-'.! A~,
<br />
<br />I(), p.J'[,O*/'F 01 ir,iL ~i~n ~h~'~ Ih pCLC~r~,lCP Wilt, Ihf'
<br />
<br />~rwce~ are performed has complelely exp,red end
<br />1elm,hated Ihe~e is no fo~ese(.able po55,b,hty Ihs! Ihe
<br />Employer wdl rene~ lhe conlreCI O~ enl~t I~10 ~ ~P~ conhecl
<br />I0~ the Parhc~pa~l ~ ~rrvlce5 and ,1 IS nO1 anhc~paled 1h81 the
<br />PaH~c,panl wdl ~come an Employee ot the Employe~
<br />
<br />!11. ADMINISTRATION
<br />
<br /> 3.01 Dutle,, of Employer: The Employer shall have Ihe author,ly to
<br /> make ell d~screhonary dec,s~ons affechng lhe r~ghts or
<br /> benehts of Parbc,pants which may be requ,red in the
<br /> administration ol this Plan
<br /> 3.02 Dufle! of Admlnlllrator: The Administrator. as a?nl for Ihe
<br /> Employer. shall perlorm nond~screhonary admm,strahve
<br /> luncbons in connectton w~th the Plan. includ~n[~ the
<br /> ma,ntenance of Parhclpants' Accounts. lhe prOvision Of
<br /> per,od~c reports ol Ihe stalus o! each Account end lhe
<br /> Chsbursemenl of benehts on behalf of the Employer in
<br /> accordance with the provisions of lhls Plan
<br />
<br />IV. PARTICIPATION IN IHE PLAN
<br />
<br /> 4.01 Initial Participation: An Employee may become a Parhc~pant
<br /> by entering into a Jomder Agreemenl prior to the be.o,nning
<br /> of 1he calendar month in which the Jomder Agreement is to
<br /> become eflechve to deler compensahon not yet earned
<br />
<br /> 4.02 Amendment of Jolnc~er Agreement: A Parlicipant may amend
<br /> an executed Jomder Agreement to change the amount of
<br /> compensalion nol yet earned wh,ch is to be deferred
<br /> (includ,ng Ihe reduchon of such future deferrals tozero) or to
<br /> change hms investment preference (subject lo such restric-
<br /> lions 85 may result horn the nature or terms of any investment
<br /> macle by the Employer) Such amendment shall become
<br /> eflechve as of the beginning of the calendar monlh
<br /> commencing after the dale the amendment is executed A
<br /> Parhcipant may at any lime amend his Jomder Agreement to
<br /> change the des~gnaled Benehciary and such amendment
<br /> shall become eftechve immediately.
<br />
<br />V. LIMITATIONS ON DEFERRALS
<br />
<br /> 5.01 Normal Limitation: Except as prowded in Seclion .5 02. the
<br /> maximum amount of Deferred Compensahon for any
<br /> Parhcipant for any laxable year shall not exceed the lesser of
<br /> $7.500 O0 or 33 1/3 percenl of INa Parbcipant's Includible
<br /> Compensalion for the taxable year. This limitation wilt
<br /> orCi,nardy be equwalent 1o the lesser of $7.500 0,3 or 25
<br /> percent of the Participant's Normal Compensation:
<br />
<br /> 5.02 Calch-up Limitation: For each of Ihe last three (3) taxable
<br /> years of a Participant ending before his atlainment of Normal
<br /> Reliremenl Age. Ihe maximum amount of Deferred
<br /> Compensahon shall be the lesser of. (1) $15.000 or {2) the
<br /> sum of (ii the Normal Limitation Ior Ihe taxable year.end (ii)
<br /> Ihs1 portion of the Normal Limitation for each of the prior
<br /> laxable years of Ihe Participant commencing after 1978
<br /> during which the Plan was in ex,stance and the Parhcipant
<br /> was ehgible Io parbc~pate in the Plan (Or in any olher plan
<br /> established under sect,on 457 of the Internal Revenue Code
<br /> by an employer wdhm the same Slate as the Employer) less
<br /> the amounl of Deferred Compensation for each such pr,or
<br /> la~,able year (mclud,ng amounts delprred under such other
<br />
<br />603
<br />
<br />I'V' ,r~,R' [ ,~' .'~',,,' R'~(t t~( l'Brl,r ~,p ' f, Ii,, I~,~ ~ ~. ~ -,- ,~
<br />
<br />in ~echon 4~3(b) OI Ihe Internal Revenue C~e aha' ~
<br />I~ealed 15 d such amOUntS COnSt,luled Deferred Com~- ;a
<br />hoe un~e~ Ih~s Plan fo~ the taxable ye~ in wh~:F, t-~
<br />COnh~buhon wet ma~e en~ shall thereby teduc~ l-~
<br />max,mum amount thal may ~ dele.e~ fo~ suchta~eble ~'
<br />
<br />VI. INVESTMENTS AND ACCOUNT VALUES
<br />
<br /> ~.01 Investmenl of Deferred Compenllllon: All investmen~ of
<br /> PerhCipants' Deferred Compensahon made by Ihe Emp;:~e-.
<br /> includ,ng Ill properly and r~ghl$ purchased wilh
<br /> ImOunts and all income ettribulable thereto, shall be Ire
<br /> properly of the Employer and shall nol be held m Iru, s'
<br /> Parhc*pants or as collaleral security for fha tulhllmenl o"
<br /> Employers obl,gahons under Ihe Plan SuCh properl)-s*aH
<br /> be subjecl Io lhe cia,ms Of general Cred,tors Of 1he Err, p;:~e..
<br /> and no Parhc~pant Or Benehc~ary shall have any
<br /> inleresl Or secured or p,eferred pOsihon wdh respect los;ch
<br /> properly or have any cla,m age,nsf the Employer excep:a~ a
<br /> gene~a~ creddor
<br />
<br /> ~.02 Crediting of ACrCOUnla: The Parhcipanf's Account shall
<br /> the amount and value of Ihe inveslmenls or other proc~ly
<br /> obtained by the Employer through the inveslment o' Ire
<br /> Participant's Deferred Compensation Il is enticipate~ t-.at
<br /> the Employer's investments with respect to a Parhc,pa-'
<br /> conlorm to the investmenl preference specified ~r'
<br /> Participant's Joinder Agreement. but nothing herein sh~' Ce
<br /> construed to require the Employer In make any parl~:~ar
<br /> inveslmenf of · Participant's Deferred Compensation
<br /> Parlicipant shall receive periodic reports, not less fre~u~tiy
<br /> than annually, showing the then-current value of his
<br /> Account
<br />
<br /> 6.03 Acceplance of Transfers: Pursuanl to an appropriate
<br /> agreement, the Employer may accept and credd t: a
<br /> Parlicipant's Account amounts transferred Irom
<br /> employer within the same Slate representing amount~ held
<br /> by such other employer under an eligible Slate dele--ed
<br /> compensahon plan described in section 4.57 of Ihe
<br /> Revenue Code Any such transferred amount sha!l n.~1
<br /> treated as a deferral subject 1o the hmdahons Ol Art,c-_- V.
<br /> provided however, the! Ihe actual amounl of any
<br /> under the p~an from wh,ch the transfer is made shah be~ t.;.
<br /> into account in computing the catch-up hmilahon
<br /> Sect,on 5.02
<br />
<br /> 6.04 Employer Liability: In no event shall the Employer's liab -. In
<br /> pay benehls fo a Participant under Article VI exceed the ,,a
<br /> of the amounts cred,ted 1o Ihe Parhcipant s Accour4 :ne
<br /> Employer shall nol be liable for losses arising i;:m
<br /> depreciation or shrinkage in the value o1 any investrr, e.-'~ts
<br /> acquired under this Plan.
<br />
<br />Vii. BENEFITS
<br />
<br /> 7.01 Relirement Benefits m'~d Eleclion on Separalion
<br /> Ser~lc~e: Except as otherwise provided in th,s Article VI:
<br /> dlstribulion Of a Participanl's Account shall comm_-..-ce
<br /> during the second calendar month after Ihe close of Ihe P.an
<br /> Year of the Participanl's Retirement. and the drslribuho- of
<br /> such Ret,rement benef,ls shall be made in accordance · th
<br /> one Of Ih~ payment ophon$ dpscr~bed ~n .C,~C'llOn
<br /> Notwdhstandmg Ihe foregoing Ih. Parhcipanl may
<br />
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