Prior to commencement of participation hereunder, a Participant shall have entered into a written Compensation Reduction Agreement with his Employer in accordance with Section 3.03(a) hereof. The terms of such Compensation Reduction Agreement shall provide that the Participant agrees to accept a reduction in Compensation from the Employer. In consideration of such agreement, the Employer will credit the Participant’s Compensation Reduction Contribution Account for each Year with an amount equal to the total amount by which the Participant’s Compensation from the Employer was reduced during the Year pursuant to the Compensation Reduction Agreement.