Agenda - 12-07-2009 - 4g - Laserfiche WebLink

Browse Search

16 DEFERRED COMPENSATION PLAN AND TRUST t1s Amended and Restated Effective January 1, 2006 Article I. Purpose The Employer hereby establishes and maintains the Employer's Deferred Compensation Plan and Trust, hereafter referred to as the "Plan." The Plan consists of the provisions set forth in this doctement. The primary purpose of this Plan is to provide retirement uzcome and other deferred benefits to the Employees of the Employer and the Employees' Beneficiaries in accordance ~~~ith the provisions of Section 457 of the Internal Revenue Code of 1986, as amended (the "Code"). This Plan shall be an agreement solely benveeti the Emplo}per and participating Emplo}'ees. The Plat and "Trust forming a part hereof are established and shall be maintained for the exclusive benefit of Participants and their Beneficiaries. No part of the corpus or income of the Trust shall revert to the Emplo}'er or be used for or diverted to purposes other dean the exclusive benefit of Participants and their Beneficiaries. Article II. Definitions 2.01 Account. The baokkeepii~g account maintained for each Participant reflecting the cumulative ainottnt of the Participant's Deferred Compensation, including any income, gains, losses, ar increases or decreases in market value attributable to the Employer's investment of the Participant's Deferred Compensation, and further reflecting any distributions to the Participant or the Participant's Beneficiar}' and any fees or expenses charged against such Participant's Deferred Compensation. 2.02 Accounting Date. Each business day that the New York Stock Exchange is open for trading, as provided in Section 6.06 for valuing the'Icust's assets. 2.03 Administrator. The person or persons named in writing to carry out certain nondiscretionary administrative functions under the Plan, as hereinafter described. The Employer ma}' remove any person as Administrator upon 75 days' advance notice in writing to such person, in which case the Employer shall name another person or persons to act as Administrator. The Adiniuistrator inay resign upon 75 days' advance notice in writing to the Employer, in which case the Employer shall name another person or persons to act as Administrator. 2.04 Automatic Distribution Date. Apr'sl 1 of the calendar year after the Plan Year the Participant attains age 70i/z ar, if later, has a Severance Event. 2.05 Bene&carry. The person or persons designated by the Participant in his or her Joinder Agreement ~vho shad receive any benefits payable hereunder in the event of the Participant's death. In the event that the participant names nvo or more Beneficiaries, each Beneficiary shall be entitled to equal shares of the benefits pa}'able at the Participant's death, unless otherwise provided in the Participant's Joinder Agreement. If no beneficiary is designated in the Joinder Agreement, if the Designated Beneficiar}' predeceases the Participant, or if the designated Beneficiary does not survive the Participant for a period of fifteen (15) days; then the estate of the Participant shall be the Beneficiary. If a married Participant resides in a communiq~ ar marital property state, the Participant shall be responsible For obtaining appropriate consent of ltis or her spouse in the event the Participant designates someone other than his or her spouse as Beneficiary: The preceduig sentence shall not apply with respect to a Deemed lltA under Article IX. 2.06 Deemed IRA. A separate account or annuit}' established under the Plan that complies with the requirements of Section 408(q) of the Code, the Income Tax Regulations thereunder, and any other IRS guidance.