Trident Nonqualified Deferred Compensation Plans Sample Clauses
The Trident Nonqualified Deferred Compensation Plans clause establishes the terms under which certain employees can defer a portion of their compensation to be paid at a later date, typically after retirement or upon meeting specific conditions. This clause outlines eligibility criteria, the process for electing deferrals, and the timing and form of distributions, often including provisions for tax treatment and restrictions on early withdrawals. Its core function is to provide a structured mechanism for employees to defer income, thereby aiding in long-term financial planning and offering potential tax advantages, while also helping employers retain key personnel.
Trident Nonqualified Deferred Compensation Plans. (i) Effective as of the Fountain Distribution Date, Trident (or any one of its Subsidiaries or Affiliates) shall be solely responsible for the satisfaction of all Liabilities under the Trident Nonqualified Deferred Compensation Plans and all Liabilities with respect to nonqualified deferred compensation plan benefits for Trident Employees and Former Trident Employees under the Trident Supplemental Savings and Retirement Plan and Trident Supplemental Executive Retirement Plan (the “Trident Deferred Compensation Liabilities”).
(ii) Payments to Trident Employees and Former Trident Employees under the Trident Nonqualified Deferred Compensation Plans shall be made by Trident or one of its Affiliates as determined in the sole discretion of Trident.