Page ARTICLE 1 DEFINITIONS 4 1.1 Account 4 1.2 Active Member 5 1.3 Adjusted Beginning Balance 5 1.4 Allocation Date 5 1.5 Allocation Period 5 1.6 Beneficiary 5 1.7 Board 5 1.8 Change in Control 5 1.9 Code 6 1.10 Code Limitation 6 1.11 Committee 7 1.12...Benefit Equalization Plan • February 1st, 2013 • Atwood Oceanics Inc • Drilling oil & gas wells • Texas
The Sponsor desires to (i) bifurcate the plan provisions such that effective as of December 31, 2012, all contributions to and benefits earned under the Atwood Oceanics Benefit Equalization Plan prior to January 1, 2013, along with the earnings, gains and losses attributable thereto, will be subject to and paid from such plan as in effect on December 31, 2012 (the “Prior Plan”), and (ii) amend and restate the Prior Plan in the form set forth herein (the “Plan”), effective as of January 1, 2013, to provide designated key management employees with an opportunity to maximize savings benefits or provide for a regular stream of income during retirement by (a) continuing to provide certain executive employees with an opportunity to elect to defer compensation earned for services provided to an Employer on and after January 1, 2013, and (b) providing restoration contributions based on their compensation in excess of the limit under Code Section 401(a)(17), as such limit is adjusted for cost‑o
