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2 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />under the transferor plan in the taxable year when transfer occurs shall be <br />treated as Deferred Compensation under the Plan for such taxable year. <br />Subsection (b) of Section 04-2 (1) is hereby deleted in its entirety. <br />Section 04-3 is hereby amended in its entirety as follows: <br />Deferral Limitation. <br />(1) Except as provided in Section 04-4, relating to additional deferrals, the <br />maximum amount that may be deferred under the Plan for any taxable year of <br />a Participant shall not exceed the lesser of: <br />(a) the "applicable dollar amount" determined for the calendar year <br />pursuant to Section 457(e)(15) of the Internal Revenue Code, as follows: <br />2002 $11,000 <br />2003 $12,000 <br />2004 $13,000 <br />2005 $14,000 <br />2006 or thereafter $15,000; or <br />(b) 100% of the Participant's Includable Compensation. <br />For plan years beginning after December 31, 2006, the applicable dollar <br />amount specified in subsection (1)(a) of Section 04-3 hereof shall be adjusted <br />in accordance with Section 457(d)(15) of the Internal Revenue Code. <br />(2) "Includable Compensation" for purposes of the Chapter means the amount of <br />a Participant's wages or salary paid by the Employer during the Plan Year <br />within the meaning of Code Section 415(c)(3). The amount of a Participant's <br />Includable Compensation is determined without regard to any community <br />property laws. <br />(3) Coordination With Other Plans. The total amounts of Compensation deferred <br />by a Participant under this Plan or any other Eligible Deferred Compensation <br />Plan shall not exceed the maximum limitations speed in this Chapter. <br />(4) Rollovers Disregarded in Determining Maximum Deferral Amount: Any <br />rollover contribution (and any earnings applicable thereto) received from an <br />Eligible Plan on behalf of a Participant during a taxable year shall not be <br />included for purposes of determining the Participant's maximum deferral <br />amount under this Section for the taxable year. <br />(5) Excess Deferrals: If a Participant's total Deferred Compensation for a taxable <br />year would be more than permitted under this Chapter, including additional <br />deferrals pursuant to Section 044, such amounts shall be considered "excess <br />deferrals" and the Plan Sponsor shall not withhold any additional Deferred <br />Compensation on behalf of such Participant. In the event the Committee <br />determines that a Participant's Deferred Compensation contributed to the Plan <br />for a taxable year exceeds the annual deferral limitation under Section 457(e), <br />the Committee shall distribute to the Participant such excess deferrals, as <br />adjusted for allocable income, as soon as administratively practicable. <br />Distributions shall be made without regard to any requirements which might <br />otherwise preclude distribution only to the extent allowed under the Internal <br />Revenue Code, Treasury Regulations, and other interpretative <br />pronouncements. <br />7. Section 04-4 is hereby amended in its entirety as follows: <br />Additional Deferrals. <br />(1) Catch-up Provision: For each of the Participant's last three (3) taxable years <br />ending before attaining Normal Retirement Age under the Plan, the maximum <br />deferral shall be the lesser of: <br />(a) an amount equal to twice the amount of the "applicable dollar <br />amount" specified in Section 04-03(1)(a) above; or <br />080602 Reso Lincoln Life Plan Amendment.doc <br />Page 2 of 10 <br />