Dell 2000 Annual Report Download - page 51

payroll period coincident with or next such date.
(5) The reduction of a Participant's Base Salary pursuant
to this election shall be effected by Base Salary
reductions as of each payroll period within the
election period.
(6) A Participant shall be deemed to have elected the
same Base Salary deferral percentage pursuant to this
Subsection for a Plan Year that was in effect for the
immediately preceding Plan Year unless such
Participant elects a new deferral percentage for the
Plan Year in accordance with Paragraph (1) or cancels
his Base Salary deferrals for the Plan Year in
accordance with Subsection (c) below.
(b) BONUS DEFERRALS.
(1) Effective as of January 1, 2000, each Participant may
elect to defer receipt of an integral percentage of
from 1% to 100% of his Bonus for any Bonus Year under
the Plan as Bonus deferrals. Such election must be
made in the form and within the time period required
by the Committee. Notwithstanding any provision
hereof, the portion of a Participant's Bonus which is
deferred pursuant to this Subsection shall be subject
to withholding for applicable payroll taxes (i.e.,
amounts required to be withheld under Code Section
3121(v)) and such taxes shall be netted from the
portion of his Bonus deferred hereunder.
(2) A Participant's election to defer Bonus under the
Plan must be made on or prior to the Election Date
for Bonus deferrals, and such election shall be
irrevocable for such Bonus Year.
(3) If an Employee becomes initially eligible under the
Plan following an Election Date, he may make an
election to defer a designated portion of his Bonus
for the entire Bonus Year by filing an election
within the thirty (30)-day period following the date
of his initial eligibility, and such election shall
be irrevocable for such Bonus Year. Notwithstanding
the preceding, an Employee who becomes initially
eligible to participate in the Plan after the first
day of the fourth quarter of the Company's fiscal
year shall not be permitted to make a deferral
election with respect to any portion of the Bonus
received during such Bonus Year.
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(4) The reduction of a Participant's Bonus pursuant to
this election shall be effected at the time such
Bonus is paid to such Participant in one lump sum
deferral.
(5) A Participant's election to defer a Bonus during a
Bonus Year shall not apply to a Bonus paid during any
subsequent Bonus Year.
(c) CANCELLATION OF BASE SALARY DEFERRAL ELECTION.
(1) A Participant may cancel his Base Salary Deferral
election effective as of the first day of any
subsequent payroll period by executing and filing
with the Committee the form prescribed by the
Committee within the minimum time period prescribed
by the Committee. Notwithstanding the preceding, the
Committee shall have the right, in its sole
discretion, to decline to accept the termination of a
Participant's Base Salary Deferral election. An
individual described in the preceding sentence may
again elect to make Base Salary Deferrals hereunder
in accordance with Subsection (a)(1) above.
(2) Upon application by the Participant, in the event
that the Committee determines that the Participant
has suffered an Unforeseeable Financial Emergency,
all the Participant's Compensation Deferral
election(s) then in effect shall be canceled as soon
as administratively practicable after such
determination. If the Participant's Compensation
Deferral election is so canceled, the Participant may