Agenda - 12-07-2009 - 4g - Laserfiche WebLink

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18 2.16 Participant. Any Emplo}'ee who has joined the I'1<~n pursuant to the requirements of Article IV. For purposes of section 6.21 of the Plan, the term Participant includes an employee ar former Employee of the Emplo}>er who has not yet received all of the payments of benefits to which he/she is entitled under the Plan. 2.17 Percentage Limitation. 100 percent of the participant's Includible Compensation available to be contribttred as Deferred Coriipensation for the taxable year. 2.18 Plan Year. The ca[cndar year. 2.19 Retirement. The first date upon which bath of the following shall have occurred with respect to a participant: Severance Event and attainment of age G5. 2.20 Severance Event. A severance of the Participant's employment with the Employer within the meaning of Section 457(d){i}(A}{ii) of the Code. In general, a Participant shall be deemed to have experienced a Severance Event for purposes of this Plan when, in accordance with the established practices of the Employer, the employment relationship is considered to have actually terminated. In the case of a Participant who is an independent contractor of the Empla}'er, a Severance Event shall be deemed to have occurred when the Participant's contract under whidi services are performed has completely expired and terminated, there is no foreseeable possibility that the Employer will renew the contract or enter into a new contract for the Participant's services, and it is not anticipated that the Participant will become an Employee of the Employer, or such other events as maybe permitted under the Code. 2.21 Trust. The Trust created under Article VI of the Plan which shall consist of all compensation deferred under the Plan, plus any income and gains thereon, less any losses, expenses and distributions to Participants and Beneficiaries. Article III. Administration 3.01 Duties of the Employer. The Employer shall have the authoriq~ to make all discretionary decisions affecting the rights or benefits of Participants which may be required in the administration of this Plan. The Employer's decisions shall be afforded the maximum deference permitted b}> applicable law 3A2 Duties of Administrator. The Administrator, as agent for the Employer, shall perform nondiscretionary administrative functions in connection with the Plan, including the maintenance of Participants' Accounts, the provision of periodic reports of the status of each Account, and the disbursement of benefits on behalf of the Emplo}'cr iu accordance with the provisions of this Plan. Article IV Participation in the Plan 4.01 Initial Participation. An Employee may become a Participant by entering into a Joittder Agreement prior to the beginning of the calendar month in which the Joinder Agreement is to become effective to defer compensation not yet earned, or such other date as may be pertnirted under the Code. A new employee may defer compensation in the calendar month during which he or she first becomes an employee if a Joinder Agreement is entered into on or before the first day on which the employee performs services for the Employer. 4.02 Amendment of Joinder Agreement. A Participant may amend an executed Joinder Agreement ro change the amount oFIncludible Compensation not yet earned which is to be deferred {including the reduction of such future deferrals to zero). Such amendment shall become effective as of the beginning of the calendar month commencing after the date the amendment is executed, or such other date as may be permitted under the Code. A Participant may at any time amend his or her Joinder Agreement to change the designated Beneficiary, and such amendment shall became effective itntnediatel}: