In the event a modification occurs, the Committee shall, prior to the effective date of such change, notify those Participants whom the Committee, in its sole and absolute discretion, determines are affected by the change. The Committee shall be authorized at any time and from time to time to modify, alter, delete or add to the investment options hereunder. ![]() The Committee may, but shall not be obligated to, invest amounts credited to a Participant’s Account in accordance with the investment designations of such Participant nevertheless, the Account of such Participant shall be credited with the amount of income, gains and losses attributable thereto, as if the amounts credited to such Account had been so invested. In no event may any Participant designate the investment of amounts credited to an Account in stock or other securities of the Company. In the absence of any such investment designation, amounts credited to a Participant’s Account shall be deemed to be invested in such property as the Committee, in its sole and absolute discretion, shall determine. The Participant must designate, in such minimum percentages or amounts as may be prescribed by the Committee, that portion of the amount to be credited to the Account of such Participant that is to be allocated to each investment option offered hereunder. A Participant may change the investment designation as of any Valuation Date solely with respect to amounts credited to such Participant’s Account after the date of such change, which change shall be effected by filing an election with the Committee, in the manner prescribed by the Committee, within the period of time prior to such Valuation Date established by the Committee. Subject to the preceding sentence, a Participant’s deferral election under this Section 3.1 shall be effective with respect to all subsequent Eligible Plan Years for which such Participant is eligible to make a deferral election, unless prior to the beginning of an Eligible Plan Year, the Participant affirmatively changes such election in the manner prescribed by the Committee.ģ.4 Each Participant, prior to initial participation in the Plan, may, in the manner prescribed by the Committee, designate the manner in which amounts credited to such Participant’s Account, as provided above, shall be deemed to be invested among the various options designated by the Committee for this purpose provided however, that any such designation in effect under the Prior Plan on Decemshall automatically carry over and apply to this Plan effective Januuntil changed by the Participant. Each deferral election with respect to an Eligible Plan Year shall be contingent on a minimum Excess Amount of $1,000 and such deferral election shall not be effective if the Participant’s Excess Amount for that Eligible Plan Year is less than $1,000. ![]() ![]() ![]() 3.1 Effective January 1, 2005, and continuing for each Plan Year thereafter, each individual who has been notified of his or her eligibility to participate in the Plan with respect to an Eligible Plan Year may, in the manner prescribed by the Committee, irrevocably elect a Deferral Amount, provided that such election must be made no later than the last day of December immediately preceding such Eligible Plan Year and prior to such earlier date as may be established by the Committee and communicated to the eligible individuals.
0 Comments
Leave a Reply. |