Dell 2003 Annual Report Download - page 153
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permitted to make a deferral election with respect to any portion of the Bonus received during such Bonus Year.
(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.
(b) 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 again elect to defer a percentage of his
Compensation effective as of any subsequent Election Date that is at least twelve (12) months after the effective date of such cancellation by
complying with the procedural requirements set forth in Subsection (a)(1) or (b)(1), as applicable.
(c) Ongoing Election. A Participant's election to make Base Salary Deferrals shall remain in force and effect while he is a Participant unless and until
such deferrals cease in accordance with the provisions of Subsection (c) above or such Participant terminates participation in the Plan pursuant to
Section 2.2.
(d) Crediting of Deferrals. Compensation Deferrals made by a Participant shall be credited to such Participant's Compensation Deferrals Account as of a
date determined in accordance with procedures established from time to time by the Committee.
(e) Committee Limitation on Compensation Deferrals. Notwithstanding the preceding, the Committee may, in its sole discretion, limit (i.e., reduce or
terminate) the Compensation Deferral election or Bonus Deferral election for any Participant or group of Participants.
3.2 Company Credits. As of any date or dates selected by the Company, the Company may credit a Participant's Company Credits Account with an amount,
if any, as the Company in -10-