Individual participants in the Plan shall be those individuals who are participants under a participating company’s bonus income plan that has been designated by that participating company for participation in this Plan. Prior to December 31 of each Plan year, each eligible participant, if he or she wishes to defer all or any part of the bonus that would be paid to the participant in the following Plan Year with respect to performance in the Plan Year, shall file an election designating that portion (expressed as a percentage) of his or her bonus that otherwise would have been paid in the following Plan Year with respect to performance in the Plan Year in which the election is made; provided however, in no event shall amounts of less than $500.00 be deferred. Once an election is made for a Plan Year, it may not be later revoked except upon approval of the Board of Directors of the participating Company.