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SAN LEANDRO ADMINISTRATIVE CODE TITLE 10 HUMAN RESOURCES Chapter 1 Deferred Compensation Plan (1) Filing it with the employer no later than the day before the beginning of any employment year of the employee; (2) For the first year in which the Plan is established, by filing it with the employer no later than sixty (60) days after the Plan is established. (b) A Participation Agreement shall be effective for the first employment year following its execution and filing, except when it is executed and filed pursuant to subsection (a)(2), in which case it shall be effective for that part of the employment year following its execution and filing. In either situation, the Participation Agreement shall continue from year to year and remain in full force and effect unless terminated as provided in subsection (c) below or amended as provided in subsection (d) below. (c) A participant may terminate his participation in the Plan and thereby terminate further deferral of his compensation by filing with the employer an executed written notice of termination at least thirty (30) days prior to effective date of termination. Once terminated, a former participant cannot rejoin the Plan during the employment year in which termination occurred; however, he may elect to become a participant in subsequent employment years. No amounts shall be payable to an employee upon terminating his participation in the Plan unless otherwise due pursuant to § 10.1.135. (d) A participant may, at any time, amend his Participation Agreement to change beneficiaries or to increase or decrease the amount of compensation, payment of which is deferred under the Plan, or to change the investment objective of such deferred compensation. Provide, however, that with the exception of beneficiary changes such amendment shall not be effective during the month that it is executed and filed with the employer. &10.1.120: DEFERRAL OF COMPENSATION. During each employment year in which the employee is a participant in the Plan, the employer shall defer payment of such part of Employee's compensation as is specified by the employee in the Participation Agreement which he has executed and filed with the employer. Compensation shall be deferred in equal amounts over each pay period of the employee's employment year. &10.1.125: MAXIMUM CONTRIBUTIONS. Notwithstanding any of the provisions of the Plan to the contrary, the maximum amount that may be deferred under the Plan for the taxable (calendar) year shall not exceed the lesser of: (a) $7,500, or Deparhnent Responsible for Revision: Human Resources Chapter 10.1 04/19/1983 Page 2