An election by an eligible employee to defer base salary, bonus compensation, or any other form of compensation as determined by the Plan Administrative Committee. A participant must make a separate election with respect to base salary and bonus compensation. A deferral election will only apply to compensation after applicable reductions for employee contributions, employee benefits, and FICA tax have been applied. A deferral election timely made by an eligible employee for a plan year will continue to be in effect for subsequent years plan years unless and until timely modified by the eligible employee in accordance with the plan document.