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(k) PLAN means the Deferred Compensation Plan For Public Employees as set forth in this document and as It may be amended from time to time, (I) PLAN YEAR means the ~alendar year in which the Plan becomes effective, and each succeeding calendar year during the existence of this Plan. (m) PUBLIC EMPLOYEE means any person who receives any type of compensation from the EMPLOYER for which services are rendered (including, but not limited to, elected or appointed officials, salaried employees, and independent contractors). In) SEPARATION FROM SERVICE means Separation From Service as defined In IRC Section 4g2(e)(4i(A)(iii), and ce account of the PARTICIPANT'S death or retirement. An Independent Contractor shall nol be considered Separaled From Service with the EMPLOYER and shall not receive any benefits hereunder unless I;1) at least 12 months have expired since the date on which the last contract, pursuant to which the Independent Contractor provided any services to the EMPLOYER, was termi~ated, and (2) the Independent Contractor has performed no services for the EMPLOYER during the 12-month period referred to herein either as an Independent Contractor or employee, (o) UNFORESEEABLE EMERGENCY means severe tinsnclal hardship to the PARTICIPANT resulting from a sudden and unexpected illness or accident of the PARTICIPANT or a dependent (as defined in IRC Section 152(a)) of the PARTICIPANT, loss of the PARTICIPANT'S property due to casualty, or other similar or extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the ' PARTICIPANT. ARTICLE II Election to Defer Compensation 2.01. The PARTICIPANT may elect to participate by signing the ParHcipatlon Agreement and consenting to a reduction of salary by the deterrel amount specified in the Participation Agreement. The amount of the reduction ("deferred amount") must equal at least $20 per month, 2.02. The EMPLOYER shall commence the reduction no eartier than the first pay period com- mencing during the first month after the date on which the Participation Agreement is filed with the Administrator, 2,03. Ia) The PARTICIPANT may revoke his election 1o participate and may amend the amount of Compensation to be deferred by signing and filing with the Administrator a written revocation or amendment on a form and in the procedural manner approved by the Administrator. In addition, the PARTICIPANT may amend his investment specification In the procedural manner approved by the Administrator. Any amendment which increases the amount deferred for any pay period shall be effective only If an agreement providing for such additional deferred amount is entered into before the beginning of the month in which the pay period commences. Any revocation or amendment of the amount deferred shall be effective prospectively only. Any' change in the PARTICIPANT'S inveslment specification by the PARTICIPANT, whether it applies to amounts previously deferred or amounts to be deferred in the future, shall be effective prospectively only and shall be effective on a date consistent with the rules and specifications of the investment carrier. (b) After the death of the PARTICIPANT, his Beneficiary shall have the right to amend the PARTICIPANT'S, or the Reneficiary's own, investment specification by signing and filing with the Administrator a written amendment on a form and in the procedural manner approved by the Administrator. Any change in an Investment specification by a Beneficiary shall be effective on a date consistent with the rules and specifications of the investment carrier. The right of a Benefi- ciary to amend an investment specification shall terminate on the last day available for an election concerning the mode of payment pursuant to Section 8.03 below. Notice lo ALL PARTICIPANTS Io Read These Provisions Providing Deferral Limitations and ~'Catch. up" Deferrals Under the Plan. 2.04. Except as provided in Section 2.05, the maximum deferred amount under the Plan for the PARTICIPANT'S taxable year shall not exceed the lesser of Ia) $7,500 or (b) 33 1/3 % of the PAR- TICIPANT'S Includible Compensation as provided in IRC Section 457,