ADOPTION AGREEMENT
EXHIBIT
10.32
PART
A. EMPLOYER
INFORMATION:
Employer
Name: Casino
America. Inc
Employer
Address: Biloxi,
MS
Employer
Telephone:
Employer
Tax ID No.:
Employer
Fiscal Year End: 12/31/95
PART
B. COMPENSATION:
For
purposes of this Agreement, Compensation shall be deemed as (Select
one option):
Option
1. |
□ |
Total
salary, bonuses and commissions of the employee paid or accrued by the
Employer, exclusive of Aggregate Account
amounts. |
Option
2. |
□ |
Total
salary and commissions of the Employee paid or accrued by the Employer,
exclusive of year-end bonuses, Aggregate Account Amounts, stock options,
stock appreciation rights, and any employer contributions or payments to
any other trust, fund, agreement or plan providing retirement, pension,
profit sharing, health, welfare, death, insurance or similar
benefits. |
PART
C. SELECTED
GROUP OF EMPLOYEES:
Employees
eligible to participate in this Agreement include (Select
and complete option(s)):
□ |
All
Employees who are a member of the Employer’s select group of management or
who are Highly Compensated Employees as defined under relevant provisions
of the code and/or ERISA. |
□ All
Employees with a position ranking of or above,
earning a minimum of $ per
Fiscal Year
x The
following Employee(s): attachment
PART
D. RETIREMENT
DATES
Section
(i). Early
Retirement Date (Select
one option):
□ Section
(ii). Normal
Retirement Date (Select one
option):
□ The date
the Employee attains __________ years of age.
□ The date
the Employee attains __________ years of age and has been employed
by
the
Employer or an affiliate for __________ years.
PART
E. DEFERRAL
OF COMPENSATION (Select
one option):
Option
I. Deferral
of a Percentage of Compensation plus Bonus.
The
Employee shall defer the following percentages of Compensation per Fiscal Year
(Select
and complete):
Maximum
Percentage
Amount of
Employee’s of
Compensation that
Compensation
in Fiscal Year Can be
Deferred
0 to
$________ _____%
Over
$______, up to $ ______ _____%
Over
$______, up to $ ______ _____%
Over
$______, up to $ ______ _____%
Over
$______, up to $ ______ _____%
Over
$______ _____%
The
Employee shall be entitled to defer
x all
of
□ a
percentage of
any bonus
the Employer may award during the Fiscal Year.
Option
2. □ Deferral
of Bonus Only.
The
Employee shall be entitled to defer
□ all
of
□ a
percentage of
any bonus
the Employer may award during the Fiscal Year.
Option
3. □ Deferral
of Excess Contributions.
The
Employee shall be entitled to defer such amounts of Compensation earned during
the Employer’s Fiscal Year which may be determined to be an excess contribution
and/or excess aggregate contribution for the period under the Employer’s 401(k)
Profit Sharing
2
Plan.
Option
4. x Additional
Deferral.
The
Employee shall be entitled to defer such amounts as the Employer may award to
the Employee during the Fiscal Year pursuant to the following (Select
and complete)::
□ Matching
Formula.
The
Employer will make a matching contribution on behalf of the Employee in an
amount equal to _______ % of the Employee’s Deferral of Compensation not in
excess of $-2,310 or ______% of the Employee’s Compensation for the Fiscal
Year.
x
Discretionary Formula.
Any
amount the Employer shall award to the Employee in the Employer’s
x |
sole
discretion |
□ |
based
upon the Employee’s performance shall be eligible to be deferred
hereunder. |
PART
F. VESTING
SCHEDULE FOR EMPLOYER MATCHING OR DISCRETIONARY CONTRIBUTIONS (select one
option):
Option
1. Years of
Service with Employer
Note:
For the purpose of determining a participant’s vested benefit, a year of
service/participation means a 12-month period during which a participant
completes at least 1,000 hours of service with the employer.
PART
G. INTEREST
ON DEFERRED AMOUNTS
Interest
on the Employee’s Deferred Amounts hereunder shall be calculated as
follows:
Realized
Rate on Plan Investments.
PART
H. RETIREMENT
BENEFIT
The
Employer shall pay to the Employee a Retirement Benefit as follows (Select
one Option)
Option 1.
□ Single
Payment.
Option
2. □ Installment
Payment.
Option
3. □ Installment
Payment with Option to Accelerate. In the case of separation of service,
the employer determines the option to accelerate.
Option
4. □ Such
Payments as may be Otherwise Available under Funds managed
by
3
Xxxxxxxxxxx
Capital Trust Company.
I. EFFECTIVE
DATE OF AGREEMENT
The
Effective Date of this Agreement shall be June 1, 1995.
J. ADOPTING
EMPLOYER
The party
whose signature appears below hereby agree to all terms and conditions set forth
in this Agreement on behalf of the Employer.
Casino
America, Inc.
(Name of
Employer)
By:
/s/
Xxxxx Xxxxxx Xxxxx
Its:
President
4
BASIC
PLAN AGREEMENT
I. DEFINITION
OF TERMS. Certain
words and phrases are defined when first used in later paragraphs of this
Agreement. In addition, the following words and phrases when used herein, unless
the context clearly requires otherwise shall have the following respective
meanings:
(a) |
Aggregate
Account:
The sum of all Deferred Amounts credited to the Employee’s Retirement
Account and due and owing to the Employee or his beneficiaries pursuant to
this Agreement, together with Interest thereto calculated as set forth in
Paragraph 4 hereinbelow, adjusted by any distributions
hereunder. |
(b) |
Affiliate:
Any corporation, partnership, joint venture, association, or similar
organization or entity, the employees of which would be treated as
employed by the Employer under Section 414(b) and 4 14(c) of the
Code. |
(c) |
Agreement:
This Agreement, together with any and all amendments or supplements
thereto. |
(d) |
Code:
The Internal Revenue Code of 1986, as amended or as it may be amended from
time to time. |
(e) |
Compensation:
Compensation shall be defined as set forth in the Adoption Agreement
hereinabove. |
(f) |
Early
Retirement Date:
Means Early Retirement Date defined
hereinabove. |
(g) |
Effective
Date:
The Effective Date of the agreement is as set forth
hereinabove. |
(h) |
Election
of Deferral: A
written notice filed by the Employee with Employer specifying the amount
of Compensation and/or bonus to be
deferred. |
(i) |
Employee:
Means the Employee executing an Election to Defer in substantially the
form attached hereto as Exhibit “A” and who is a member of the Employer’s
select group of management or is a Highly Compensated Employee as defined
under the Code and/or the Employee Retirement Income Security Act of 1974
and as may further be identified in Part C. of the Adoption
Agreement. |
(j)
|
Employer:
Means the Employer identified hereinabove. |
(k) |
ERISA:
Means the Employee Retirement Income Security Act of 1974, as amended from
time to time |
(l) |
Fiscal
Year:
The taxable year of the Employer as identified
hereinabove. |
(m) |
Normal
Retirement Date:
Means the Normal Retirement Date defined
hereinabove. |
(n) |
Investment
Account: Book
entries maintained by the Employer reflecting Deferred Amounts and
Interest thereon; provided, however, that the existence of such book
entries and the Investment Account shall not create and shall not be
deemed to create a trust of any kind, or a fiduciary relationship between
the Employer and the Employee, his designated beneficiary, or other
beneficiaries under this Agreement. |
(o) |
Gender
Reference: A
pronoun or adjective in the masculine gender includes the feminine gender
and the singular includes the plural. |
2. DEFERRAL
OF COMPENSATION. The
Employee may defer a portion of Compensation each Fiscal Year within the limits
as set forth in the Adoption Agreement. For purposes of Part E of the Adoption
Agreement, the following shall apply:
Option
1. Commencing
on the Effective Date, and continuing through the date on which the Employee’s
employment terminates due to death, early retirement, normal retirement,
disability or any other cause, the Employee and the Employer agree that the
Employee shall be entitled to defer into his Investment Account up to the
percentage of the Compensation that the Employee would otherwise be entitled to
receive from the Employer in each Fiscal Year of the Employer as is selected in
the Adoption Agreement
In
addition, the Employee shall be entitled to elect to defer such portion of any
bonus that the Employer may award during or for any Fiscal Year. The maximum
percentage of Compensation and the bonuses that can be deferred, as set forth in
this Paragraph, arc hereinafter referred to collectively as the “Maximum
Deferral “The amount selected for deferral by the Employee pursuant to an
Election Deferral is referred to as the “Annual Deferral.” The amounts of
Compensation and amounts of any bonuses actually deferred are hereinafter
referred to as ‘Deferred amounts.” The Employee’s Deferred Amounts shall be
credited to the Employee’s Investment Account as of the dates such Deferred
Amounts would, but for such deferral, be payable to the Employee.
Option
2.
Commencing on the Effective Date, and continuing through the date on which the
Employee’s employment terminates due to death, early retirement, normal
retirement, disability, or any other cause, the Employee and the Employer agree
that Employee shall be entitled to elect to defer into his Investment Account
such portion of any bonus that the Employer may award during or for any Fiscal
Year. The amounts that the Employee is entitled to defer are hereinafter
referred to collectively as the “Maximum Deferral”. The amount selected for
deferral by the Employee pursuant to an Election of Deferral is referred to as
the “Annual Deferral”. Th amounts of any bonuses actually deferred are
hereinafter referred to as “Deferred Amounts.” The Employee’s Deferred Amounts
shall be credited to the Employee’s Retirement Account as C
the date
or dates any bonus would, but for such deferral, be payable to the
Employee.
3. DEFERRAL
IN PARTIAL FISCAL YEAR. If the
Effective Date of this Agreement is not the first day of the Fiscal Year, the
Employee shall be entitled to elect to defer a portion of the Maximum Deferral
in such partial Fiscal Year, calculated as follows: The Maximum Deferral under
Paragraph __ herein shall be multiplied by a fraction, the numerator of which is
the number of full calendar months in the Fiscal Year from and after the
Effective Date, and the denominator of which is twelve (12).
4. INTEREST
ON DEFERRED AMOUNTS. The
Employer hereby agrees that it will credit Deferred Amounts in the Employee’s
Investment Account with interest thereon (“Interest”) from ___ after the dates
Deferred Amounts are credited to the Retirement Account. Interest to Deferred
2
Amount
shall accrue commencing on the date the Investment Account first has a positive
balance and shall continue up to the date Retirement Benefits, Disability
Retirement Benefits, Death Benefits, or Termination Benefit commences hereunder.
Interest shall be calculated as selected in Part F of the Adoption
Agreement.
5. ELECTION
TO DEFER COMPENSATION. Notwithstanding
the initial Election to Defer contemplated under Paragraph 2 hereinabove, the
Employee may elect an Annual Deferral hereunder by filing an Election of
Deferral. The initial Election of Deferral must be filed within thirty (30) days
of the Effective Date of this Agreement. Such initial Election of Deferral, if
any, shall be effective commencing with the first day of the first month after
it is filed. Thereafter, an Election of Deferral must be filed a least thirty
(30) days prior to the beginning of the Fiscal Year to which it pertains and
shall be effective on the first day of the Fiscal Year following the filing
thereof.
6. TERMINATION
OF ELECTION. The
Employee’s initial Election of Deferral shall continue in effect, pursuant to
the terms of the Election of Deferral, unless and until the Employee files with
the Employer a notice to discontinue or a subsequent Election of Deferral
specifying a different amount of deferral. Each Election of Deferral filed
subsequent to the initial Election of Deferral shall similarly continue in
effect until the Employee files a notice to discontinue or a new Election of
Deferral. Any new Election of Deferral, to be effective, must be filed at least
thirty (30) days prior to the beginning of the Fiscal Year in which deferral is
sought.
A notice
to discontinue shall be effective if filed at least thirty (30) days prior to
January 1, April 1, July 1 or October 1. Any notice to discontinue shall be
effective commencing with January I, April 1, July 1, or October 1 following its
filing, as applicable, and shall apply only with respect to the Employee’s
Compensation and bonuses attributable to services not yet
performed.
7. TRANSFER
BETWEEN INVESTMENT OPTIONS.
Option
3. |
x |
The
trustee, in its discretion, may take instruction from a participant for
transfers up to four (4) times a year between investment options for those
assets being held for the participant of the
plan. |
A request
to transfer between Rinds shall be effective if filed at least thirty (30) days
prior to the date of transfer. The transfer shall be in the form of a percentage
or dollar amount of the current or future account balance.
8. RETIREMENT
BENEFIT. The
Employer agrees that, from and after the retirement of the employee from the
service of the Employer, upon reaching his Early Retirement Date or Normal
Retirement Date, the Employer shall thereafter pay as a retirement benefit
(“Retirement Benefit”) to the Employee such payment as shall be selected in Part
G of the Adoption Agreement. For purposes of Part G of the Adoption Agreement,
the following shall apply:
Option
3. Installment
payments with Option to Accelerate. The Employee’s entire Aggregate Account,
payable in equal monthly installments for a period of thirty-six (36) months,
commencing with the first day of the second month following the Employee’s
retirement; benefit payments begin
3
to
receive the Aggregate Account in his Investment Account in equal monthly
installment payments over a shorter period, than would otherwise apply, or in a
single payment.
The
election referred to in the preceding Paragraph must be made at least thirty
(30) days prior to the date benefit payments begin and shall be irrevocable. In
the event of such election by the Employee, the first designated monthly
installment payment or the single payment, whichever applies, shall be due and
payable on the first day of the second month following the Employee’s filing of
an effective written election to accelerate benefits. Monthly installment
payments, if applicable, shall continue monthly thereafter, for the period
designated by the Employee.
ELECTION
OF BENEFITS UPON EARLY RETIREMENT DATE OR NORMAL RETIREMENT
DATE. The
employee shall have the option, upon attaining his Early Retirement Date or
Normal Retirement Date, to elect to receive his Retirement Benefit,
notwithstanding a continuation of employment with the Employer after attaining
Early Retirement Date or Normal Retirement Date. Notwithstanding continued
employment the Employee’s election to receive such Retirement Benefit must be
made in writing at least thirty (30) days prior to his Early Retirement Date or
Normal Retirement Date, as applicable. The Retirement Benefit payable upon
election pursuant to this Paragraph 7 shall be the amount that would have been
payable had the Employee retired from service with the Employer as of his Early
Retirement Date or Normal Retirement Date, as applicable. Any such election
shall be irrevocable, and shall result in the termination of the Employee’s
rights to any further deferrals hereunder.
9. DISABILITY
RETIREMENT.
Notwithstanding any other provision hereof, the Employee shall be entitled to
receive payments hereunder prior to his Early Retirement Date or Normal
Retirement date, as applicable, at any time it is determined by a duly licensed
physician selected by the Employer that, because of ill health, accident,
disability or general inability because of age, the Employee is no longer able,
properly and satisfactorily, to perform regular or general duties as an
Employee.
If the
Employee’s employment is terminated pursuant to this Paragraph 8, the disability
retirement benefit payable hereunder (“Disability Retirement Benefit”) shall be
that amount that would have been payable as a Retirement Benefit had the
Employee attained Normal Retirement Date on the date of the physician’s
disability determination. The Disability Retirement Benefit payable under this
Paragraph 8 shall be distributed in accordance with the provisions of Paragraph
7 as if the Employee had retired on the date of the physician’s disability
determination.
10. DEATH
BENEFIT PRIOR
TO COMMENCEMENT OF RETIREMENT BENEFITS. In the
event of the Employee’s death white in the employment of the Employer and prior
to commencement of Retirement Benefits or Disability Retirement Benefits, the
Employer shall pay the Aggregate Account in the Employee’s Investment Account as
of the date of death in equal monthly installments for a period of six months to
the Employee’s designated beneficiary, in accordance with the last such
designation received by the Employer from the Employee prior to death. If no
such designation has been received by the Employer form the Employee prior to
death or if said payments are otherwise to be made as provided herein, said
payments shall be made to the Employee’s then living spouse, so long as said
spouse shall live and thereafter to such person or persons, including said
spouses estate, as may be appointed under said spouses last Will and Testament,
making specific reference hereto; if the Employee is not survived by a spouse or
if said spouse shall fail to appoint, then said payments shall be made to the
then living children of the
4
Employee,
if any, in equal shares, for their joint and survivor lives; and if none, or
after their respective joint and survivor lives, any balance therefore in one
lump sum to the estate of the Employee. Such payments shall commence on the
first day of the third month following the Employee’s death.
DEATH
BENEFIT AFTER COMMENCEMENT OF BENEFITS. In the
event of the Employee’s death after the commencement of Retirement Benefits,
Normal Retirement Benefits, or Disability Retirement Benefits, but prior to the
completion of all such payments due and owing hereunder, the Employer shall
continue to make such payments, in equal monthly installments, over the
remainder of the period specified in Paragraph 7 or 8 hereinabove, as
applicable, that would have been made to the Employee had he
survived.
Such
continuing payments shall be made to the Employee’s designated beneficiary, in
accordance with the last such designation received by the Employer from the
Employee prior to death. If no such designation has been received by the
Employer from the Employee prior to death or if said payments are
otherwise
to be made as provided herein, said payments shall be made to the
Employee’s
then living spouse, so long as said spouse shall live and thereafter to such
person or persons, including said estate, as may be appointed under said
spouse’s Xxxx, making specific reference hereto; if the Employee is not survived
by a spouse or it said spouse shall fail to so appoint, then said payments shall
be made to the then living children of the Employee, if any, in equal shares,
for their joint and survivor lives; and if none, or after their respective joint
arid survivor lives, any balance thereof in one lump sum to the estate of the
Employee. Such continuing payments shall commence on the first day of the third
month following the Employee’s death.
11. TERMINATION
BENEFIT. In the
event of the Employee’s termination of employment with the Employer before Early
Retirement Date for any reason, other than disability retirement or death, the
Employer shall pay to the Employee, as compensation for services rendered prior
to such termination, a single sum equal to the total Deferred Amounts hereunder,
inclusive of Interest thereto, (the “Termination Benefit”). The Termination
Benefit shall bc payable on the first day of the second month following the
termination of the Employee’s employment with the Employer.
ITEMS
12 THROUGH 14 INTENTIONALLY OMITTED
15. SUSPENSION
AND/OR TERMINATION OF BENEFITS. In the
event of any breach by
the Employee of the agreements and covenants contained herein, the Board of
Directors of the Employer shall direct that any unpaid balance of any employer
matching or discretionary payments to the Employee under this Agreement be
suspended, and shall thereupon notify the Employee of such suspension, in
writing. Thereupon, if the Board of Directors of the Employer shall determine
that said breach by the Employee has continued for a period of thirty days
following notification of such suspension, all rights to further payment of
matching or discretionary payments of the Employee and his beneficiaries under
this Agreement, including rights to further payments hereunder, shall thereupon
terminate. The exercise of any other right or remedy the Employer may have
against the Employee, and any forbearance by the Employer in exercising any
right or remedy hereunder shall not be a waiver of or preclude the later
exercise of such right or remedy.
16. NO
FIDUCIARY RELATIONSHIP CREATED. Nothing
contained in this Agreement, and no action taken pursuant to its provisions by
either party hereto shall create, or be construed to
5
create or
a fiduciary relationship between the Employer and the Employee, his designated
beneficiary, other beneficiaries of the Employee or any other
person.
17. BENEFITS
PAYABLE ONLY FROM GENERAL CORPORATE ASSETS; UNSECURED GENERAL CREDITOR STATUS OF
EMPLOYEE. The
payments to the
Employee or his designated beneficiary or any other beneficiary hereunder shall
be made from assets which shall continue, for all purposes, to be a part of the
general, unrestricted assets of the Employer; no person shall have any interest
in any such assets by virtue of the provisions of this Agreement. The Employer’s
obligation hereunder shall be an unfunded and unsecured promise to pay money in
the future. To the extent that any person acquires a right to receive payments
from the Employer under the provisions hereof, such right shall be no greater
than the right of any unsecured general creditor of the Employer; no such person
shall have nor require any legal or equitable right, interest or claim in or to
any property or assets of the Employer.
ITEM
18 INTENTIONALLY OMITTED.
19. NO
CONTRACT OF EMPLOYMENT. Nothing
contained herein shall be construed to be a contract of employment for any term
of years, nor as conferring upon the Employee the right to continue to be
employed by the Employer in his present capacity, or in any capacity. It is
expressly understood by the parties hereto that this Agreement relates to the
payment of deferred compensation for the Employee’s services, payable after
termination of his employment with the Employer, and is not intended to be an
employment contract.
20. BENEFITS
NOT TRANSFERABLE. Neither
the Employee, his designated beneficiary, nor any other beneficiary under this
Agreement shall have any power or right to transfer, assign, anticipate,
hypothecate or otherwise encumber any part or all of the amounts payable
hereunder. No such amounts shall be subject to seizure by any creditor of any
such beneficiary, by a proceeding at law or in equity, nor shall such amounts be
transferable by operation of law in the event of bankruptcy, insolvency or death
of the Employee, his designated beneficiary, or any other beneficiary hereunder.
Any such attempted assignment or transfer shall be void and shall terminate this
Agreement, and the Employer shall thereupon have no further liability
hereunder.
21. DETERMINATION
OF BENEFITS.
(a). Claim.
A person
who believes that he being denied a benefit to which he is entitled under the
Plan (hereinafter referred to as a “Claimant”) may file a written request for
such benefit with the Employer, setting forth his claim. The request must be
addressed to the President of the Employer at its then principal place of
business.
(b). Claim
Decision.
Upon
receipt of a claim, the Employer shall advise the Claimant that a reply will be
forthcoming within 90 days and shall, in fact, deliver such reply within such
period. The Employer may, however, extend the reply period for an additional 90
days for reasonable cause. If the claim is denied in whole or in part, the
Employer shall adopt a written opinion, using language calculated to be
understood by the Claimant, setting forth:
6
(i) The
specific reason or reasons for such denial;
(ii) The
specific reference to pertinent provisions of this Agreement upon which such
denial is based.
(iii) A
description of any additional material or information necessary for the Claimant
to perfect his claim and an explanation why such material or such information is
necessary;
(iv) Appropriate
information as to the steps to be taken if the Claimant wishes to submit the
claim for review; and
(v) The time
limits for requesting a review under Subsection (iii) immediately proceeding and
for review under Subsection (iv) immediately proceeding.
(c).
Request
for Review.
Within 60
days after the receipt by the Claimant of the written opinion described above,
the Claimant may request in writing that the Secretary of the Employer review
the determination of the Employer. Such request must be addressed to the
Secretary of the Employer at its then principal place of business. The Claimant
or his duly authorized representative may, but need not, review the pertinent
documents and submit issues and comments in writing for consideration by the
Employer. If the Claimant does not request a review of the Employer’s
determination by the Secretary of the Employer within such sixty (60) day
period, he shall be barred and estopped from challenging the Employer’s
determination.
(d).
Review of
Decision.
Within
sixty (60) days after the Secretary’s receipt of a request for review, he xxxx
review the Corporation’s determination. After considering all materials
presented by the Claimant, the Secretary will render a written opinion, written
in a manner calculated to be understood by the Claimant, setting forth the
specific reasons for the decision and containing specific references to the
pertinent provisions of this Agreement on which the decision is based. If
special circumstances require that the sixty (60) day time period be extended,
the Secretary will so notify the Claimant and will render the decision as soon
as possible, but no later than one hundred twenty (120) days after receipt of
the request for review.
22. AMENDMENT
AND TERMINATION. This
agreement may not be amended, altered or modified, except by written instrument
executed by the Employer, or its respective successors. This Agreement may be
terminated at the sole and exclusive direction of the Employer.
23. INUREMENT. This
Agreement shall be binding upon and inure to the benefit of the Employer and its
successors and assigns, and the Employee and his beneficiaries.
7
24. ADMINISTRATION. The
Agreement shall be administered by the Employer. The Employer shall have full
authority to administer the Agreement including authority to interpret and
construe any provision of the Agreement and the Employer’s interpretation and
construction in good faith shall be conclusive and binding on all persons except
as otherwise provided herein or by law. The Employer shall have lull power and
authority to designate Employees in the Agreement
25. NOTICE.
Any
notice, consent or demand required or permitted to be given under the provisions
of this Agreement shall be in writing, and shall be signed by the party giving
or making the same. if such notice, consent or demand is mailed to a party
hereto, it shall be sent by United States certified mail, postage prepaid,
addressed to such party’s last known address as shown on the records of the
Employer. The date of such mailing shall be deemed the date of notice, consent
or demand. Either party may change the address to which notice is to be sent by
giving notice of the change of address in the manner aforesaid.
26. GOVERNING
LAW. This
Agreement, and the rights of the parties hereunder, shall be governed by and
construed in accordance with the laws of the State of the Employer.
NOTE:
The preceding is a model agreement only. Completion of this document includes
consideration of legal and tax issues and it is recommended that you obtain the
advice of a professional. Neither Quest for Value Distributors, Xxxxxxxxxxx
Capital Trust Company nor any of its agents or affiliates assume any
responsibility for its use of this form by persons not authorized to practice
law.
This
model agreement contains a BASIC PLAN AGREEMENT and ADOPTION AGREEMENT. The
ADOPTION AGREEMENT must be completed and is used and interpreted in conjunction
with the BASIC PLAN AGREEMENT. No modifications to the BASIC PLAN AGREEMENT may
he made.
This
non qualified plan is intended to be a plan which is unfunded and is maintained
by an employer primarily for the purpose of providing deferred compensation for
a select group of management or highly compensated employees within the meaning
of Section 201(2) and 301(a) (3) o the Employee Retirement Income Security Act
of 1974 (ERISA). All assets in the trust are subject to the company’s general
creditors in the event of bankruptcy or insolvency
8