Examples of Deferred Retainer in a sentence
Upon termination of the Plan, no further deferrals of retainers, Stock Units or dividend equivalent amounts shall be permitted; however, earnings, gains and losses shall continue to be credited to the Deferred Retainer Account balances until the Deferred Retainer Account balances are fully distributed.
Notwithstanding any elections by a Participant or provisions of the Plan to the contrary, if a Participant dies before full distribution of a Deferred Retainer Account or Stock Unit Account, such accounts shall be distributed to the Participant’s estate in a lump sum 60 days following the date of death.
If a Participant does not make an Investment Election as provided below, the Committee shall credit the balance of each Participant’s Deferred Pension Account, Deferred Dividends Account, Deferred Retainer Account, Deferred Fees Account and Deferred Cash Account during the calendar year with an Interest Return equal to interest thereon.
At the same time, the Participant’s Deferred Dividends Account, Deferred Retainer Account, Deferred Fees Account and/or Deferred Cash Account, as the case may be, will be debited by an amount equal to the amount so credited to the Participant’s Deferred Stock Account.
Upon termination of the Plan, distribution of Deferred Retainer Accounts and Stock Unit Accounts shall be made as described in Paragraph 5, unless the Committee determines in its sole discretion that all such amounts shall be distributed upon plan termination in accordance with the requirements under Code §409A.