Special Initiative Deferral Election

Special Initiative Deferral Election. A Participant's irrevocable election to defer a whole percentage of his or her Special Initiative Payment by timely delivery to the Plan Manager of a Special Initiative Deferral Election Form. Special Initiative Deferral Elections shall be calculated with respect to the gross Special Initiative Payment payable to the Participant prior to any deductions or withholdings, but shall be 23 reduced by the Administrative Committee or its delegate to the extent necessary so that Special Initiative... Deferral Elections do not exceed 100% of the cash amounts payable to the Participant after deduction of all required income and employment taxes and any other deductions required by law. A Participant's Special Initiative Deferral Election shall have no effect on such Participant's Deferral Election, or absence of a Deferral Election, with respect to his or her Base Salary or Eligible Short-Term Incentive Pay. View More