Common use of Additional Plans Clause in Contracts

Additional Plans. In the event the Compensation Committee designates additional Plans that are subject to this Trust Agreement, or the Plans subject to this Trust Agreement are amended, after a Potential Change in Control or Change in Control, the Treasurer of the Company shall, unless the Trust Corpus shall theretofore have been released pursuant to Section 9.1 hereof, recalculate the Benefits Fund Amount. If the amount so calculated exceeds the fair market value of the assets then held in trust in the Benefits Fund, the Company shall promptly (and in no event later than thirty (30) days from the date of such recalculation): (a) pay to the Trustee an amount of cash (or property acceptable to the Trustee having a fair market value equal to such amount, or some combination thereof) equal to such excess; or (b) increase the amount that may be drawn against the letter of credit described in Section 5.3, above, to cover such excess. If the Benefits Fund Amount so calculated is less than the fair market value of the assets held in trust, the Trustee shall retain such difference.

Appears in 2 contracts

Samples: Deferred Compensation and Benefits Trust Agreement (Sunoco Inc), Deferred Compensation and Benefits Trust Agreement (Sunoco Inc)

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Additional Plans. In the event the Compensation Committee designates additional Plans that are subject to this Trust Agreement, or the Plans subject to this Trust Agreement are amended, after a Potential Change in Control or Change in Control, the Treasurer of the Company shall, unless the Trust Corpus shall theretofore have been released pursuant to Section 9.1 hereof, recalculate the Benefits Fund Amount. If the amount so calculated exceeds the fair market value of the assets then held in trust in the Benefits Fund, the Company shall promptly (and in no event later than thirty (30) days from the date of such recalculation): (a) pay to the Trustee an amount of cash (or property acceptable to the Trustee having a fair market value equal to such amount, or some combination thereof) equal to such excess; or (b) increase the amount that may be drawn against the letter of credit described in Section 5.3, above, to cover such excess. If the Benefits Fund Amount so calculated is less than the fair market value of the assets held in trust, the Trustee shall retain such difference.

Appears in 2 contracts

Samples: Directors’ Deferred Compensation and Benefits Trust Agreement (Sunoco Inc), Directors’ Deferred Compensation and Benefits Trust Agreement (Sunoco Inc)

Additional Plans. In the event the Compensation Committee designates additional ---------------- Plans that are subject to this Trust Agreement, or the Plans subject to this Trust Agreement are amended, after a Potential Change in Control or Change in Control, the Treasurer of the Company shall, unless the Trust Corpus shall theretofore have been released pursuant to Section 9.1 hereof, recalculate the Benefits Fund Required Funding Amount. If the amount so calculated exceeds the fair market value of the assets then held in trust in (excluding the Benefits Legal Defense Fund), the Company shall promptly (and in no event later than thirty (30) days from the date of such recalculation): (a) pay to the Trustee an amount of cash (or property acceptable to the Trustee having a fair market value equal to ]such amount, or some combination thereof) equal to such excess; or (b) increase the amount that may be drawn against the letter of credit described in Section 5.3, above, to cover such excess. If the Benefits Fund Required Funding Amount so calculated is less than the fair market value of the assets held in trust, the Trustee shall retain such difference.

Appears in 1 contract

Samples: Directors' Deferred Compensation and Benefits Trust Agreement (Sunoco Inc)

Additional Plans. In the event the Compensation Committee designates additional Plans that are subject to this Trust Agreement, or the Plans subject to this Trust Agreement are amended, amended after a Potential Change in Control or Change in ControlControl of the Company, the Treasurer of the Company shall, unless the Trust Corpus shall theretofore have been released pursuant to Section 9.1 hereof, recalculate the Benefits Fund Required Funding Amount. If the amount so calculated exceeds the fair market value of the assets then held in trust in the Benefits Fundtrust, the Company shall promptly (and in no event later than thirty (30) days from the date of such recalculation): (a) pay to the Trustee an amount of cash (or property acceptable to the Trustee having a fair market value equal to such amount, or some combination thereof) equal to such excess; or (b) increase the amount that may be drawn against the letter of credit described in Section 5.3, above, to cover such excess. If the Benefits Fund Required Funding Amount so calculated is less than the fair market value of the assets held in trust, the Trustee shall retain such difference.

Appears in 1 contract

Samples: Deferred Compensation and Benefits Trust Agreement (Sunoco Inc)

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Additional Plans. In the event the Compensation Committee designates additional Plans that are subject to this Trust Agreement, or the Plans subject to this Trust Agreement are amended, amended after a Potential Change in Control or Change in ControlControl of the Company, the Treasurer of the Company shall, unless the Trust Corpus shall theretofore have been released pursuant to Section 9.1 hereof, recalculate the Benefits Fund Required Funding Amount. If the amount so calculated exceeds the fair market value of the assets then held in trust in the Benefits Fundtrust, the Company shall promptly (and in no event later than thirty (30) days from the date of such recalculation): (a) pay to the Trustee an amount of cash (or property acceptable to the Trustee having a fair market value equal to such amount, or some combination thereof) equal to such excess; or (b) increase the amount that may be drawn against the letter of credit described in Section 5.3, above, to cover such excess. If the Benefits Fund Required Funding Amount so calculated is less than the fair market value of the assets held in trust, the Trustee shall retain such difference.

Appears in 1 contract

Samples: Directors' Deferred Compensation and Benefits Trust Agreement (Sunoco Inc)

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