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MITiCL.E 111. ADMINISTRATION 8"41on 3.01 Cutis of Employer. The Employer k,a11 have the authority 10 make all discretionary decisions effecting the rights or benefits of ParomParrts which may tae required in the administration of this Plan. SoCt{on 3.02 Duties of Administrator. The Administrator, as agent for the Employer, shalt perform nondisi tetionsry administrative functions in connec- tion with this Plan, including the maintenance of Poirwpards' Accounts, the provision of periodic reports on the status of each Account and the disburse, mens of bore is m behalf of the Employer in accordance with the provisioris of this Ptah ARTICLE rV. PARTICIPATION IN THE PLAN Section 6.01 Initial Participation: An Employee may become a Participant by entering Into a Joinder Agreement prho to the beginning of the calendar nxntttt in which cite Joinder Agreement is to income effective to (War anti pensabon not yet carried. motion 4,02 Arnnndment of Joinder Aoresment: A Participant may amend an executed Joinder Agreement to Change the amount 01 Compensa• titin not yet parried Which is to be deferred (including the reduction of such Atfvura defara els to ze o) or to Change Pis investment preference (subject to such restrictions as may result from the nature of terms of try investment made by the Employer). Such amendment shalt become effective as of the begin- ning of the Calendar month Commencing after the date Nle amendment is executed. A Participant may at arty time amend his Joinder Agreement to charge the designated Beneficiary, and such amendment shall became elrec. tine imme"oly. ARTICLE V. LIMITATIONS OF DEFERRALS Section 6,01 Normal Umltation: Except as provided in Section 502, the maximum amount of Deferred Compensation for any Participant for any taws• bre year "I not exceed the feasor o( 57,50000 o(331/3 percent of the Par. tCipartt Includible Compensation kyr the taxable year This hmitanon ani( p6nar. ity be equivalent to the lesser of $7,SOb00 or 25 percent of the Pailopant's Normal Compensation. Sacilon 5.02 Catch -Up Limitation: For each of the test three (3) table years of a Participant ending before his attainment of Normal Retirement Age, the maximum amount of Deferred Compensation Shed be the lesser ot: 0) $15.000 or (2) the sum of (i) the Normal Limitation tot the taxable year, and (ii) that potion d the Nord Limitation for each of the prior taxable years of the Participant comnvnCing atter 1976 during which the Plan was inexistence, compensabon (if any) deterred under the pian was subject to the limitations W forth in section 501, and the Participant was eligible to participate in the Plan (or in any other pian established under section 457 of the internal Rove- " Code by an employer within the same State as the Employer) in excess of the amount of Deferred Compensation kir each such prior taxable year (inducing amounts deferred under such other {tan) For purposes of this Section 502, a Participants Includible Compensation for the Current taxable year dhafl be dawned b include any Deterred Comper>sation for tae taxable year in of the amount permitted under the Normal Limitation, and the Participant's Includible CiDmpensation for any prior larable year "I be downed to exclude arty amount that could have been deferred under the Normal Limitation for such prior taxable year. Section 5.03 Section 403(b) Annuities: For purposes of Sections 5011 and 5.02, amounts contributed by the Employer on behalf of a Participant tot the purchase of an annuity Contract desachbed in section 403(b) of the Internal Revenue Cade "I be treated as it such amounts eortstrtuted Deferred Com- pensation uncier this Plan for the tearable year in which the coniritwtion was mace and shall thereby reduce the maximum arnourht that may be referred for such taxable year Section 6,01 inverstment of Deferred Compensation: All investments of Part ciparits' Deferred Compensat on made by the Employer, including all prop - wry and rights purchased witty such armounts" all income attributable thereto, shall be the sole property of the Employer and shall not be held in trust for Participants or as collateral security fir the Puff ilmerd of the Employer)s obiigo. tions under the man Such property "I be subbed to the Claims of general Mors of the Employer, and no Participant or Beneficiary rlhaft have any vested Interest of secured of prelerred poedion with rasped to Such progeny a have arty claim against the Employer excepi as a general credito. Section 6.02 Crediting of Accounts: The Partiefpantis Account "I reflect dis amount and value of the invesfinera or other property ob(a ned by the Employer through the inv'ewrient of the Parecipant's Deferred Compensation. it is anticipated that the Employert investments with rasped to a PrI cipard W conform to the investment preference specified in the Part;cipan:'A Joinder Agrisernent, but nothing herein shall be corWrued to require the Employer to make try partiCutar in estmara of a Pan,opani s Deterred Compens®bon Each Participant OW receive parodic reports, not lass frequently than annikey. Oxw UV the t an-curteni value of his Account. Section 6.031 Nnsfers: A transfer will be accepted from an eligible State deferred Compensation plan meirhlained by another employer and Cre{:ged to a Participant'. Account under this Plan. The Employer may require such documentation from the predecessor pian as ii deems necessary to effectu• ate the transfer, to confirm that such plan is an eligible State deferred Caen pen ation plan wrftn fir. rneonirg of section 457 of the frternal Revenue Code. and to assure that transfers are provided for under such plan. Any such trans - Jerrod amount shall rpt be treated as a deferral subject to the limitations Of Article V, except that, for purposes of applying the limitations of Section 5.01 and $02, an amount deterred during any taxable year under tote Ilan from which the transfer is accepted shall be treated as it it had been deferred under this Pian during such gable year and compensation paid by the transferor employer I be treated as if it had been paid by the Employer SlKtton 6.04 Employer Liability: in no event shall the EmOwVs liability to pay benefits to a Participant under Article VI wooed the value of the amounts credited to the Partopanit Account, the Employer shall not be hat: iie fa losses arising from depreciation or shrinkage in the value of any irr aSUner its acquired under this Plan. ARTICLE VII. BENEFITS Section 7.01 Retirement Benefits and Election on Separation from Service: Except as otherwise provided in this Anicle VII, the distribution of a Pan c+pant's Account shall commence during the second calendar month star the Close of the Plan Year of the Part cipant's Retirement, and the disira bution of such Retirement benefits shall be made in accordance with one of the payment options described in Section 7.02 NoMhthstandmg the forego- irg, the Participant may irrevocably elect within 60 days folioving separation from Service to have the disintution of benefits cAmmence on a date other than that described in the preceding sentence which is at least 60 days after tie date such election is delivered in writing to the Employer and forwardad to the Administrator but rot later than 60 days after the close of the Poen year of the Participant's atllnrmnt of Normal Retirement Age or Separation from Service, whichever is later, Section 7.02 Payment Options: As provided in Sections 701 and 705, a Participant may elat to have the value of his Account distributed in actor. dance with one of the following payment options. provided that such option is Consistent with the limitations set forth in Section 703. (a) Equal monthly, quarterly. semi-annual or annual payments in an amount chosen by the Participant, continuing until his Account is exhausted, (b) One lump sum payment: (c) AA1xWumately equal monthly, quarterly, wrwannual a annual peym em calculated to continue for a period Chosen by the Participant, (d) Paymerrts equal to payinants made by the issuer of a retirement annuity policy acquired by the Employer; (a) Any other payment option elected by the Partrcipam and agreed to by the Employer A Participant's election of a payment option must be made at least 30 days before the payment d benefits is to Commence, If a Participant tads to make a timely election Cf a payment option, benefits shall be paid monthly under option (c) above for a period of five years. Section 7.03 Limitation on Options: No payment opt on may be selected try the Participant under Secion 702 unless the presern value of the payments to the Participant, dettermirhed as of the dale benefits commend exceeds 50 percent of the value or the Participant's Account as of the date benefits