Non-Qualified Deferred Compensation Plans Clause Samples
A Non-Qualified Deferred Compensation Plan clause outlines the terms under which an employer allows employees to defer a portion of their compensation to a future date, typically retirement, outside of traditional qualified retirement plans. These plans are not subject to the same regulatory requirements as qualified plans, offering greater flexibility in contribution amounts and eligibility, but also carry more risk for employees since the deferred funds remain part of the employer’s general assets. The core function of this clause is to provide a framework for deferring income tax on compensation while enabling employers to offer additional incentives to select employees, thereby aiding in talent retention and executive compensation planning.
Non-Qualified Deferred Compensation Plans. Executive shall be entitled to participate in any non-qualified deferred compensation plan established by the Company, including, without limitation, the Company's Statutory Restoration Plan, Deferred Compensation Plan, and such other plans as may be applicable, as such plans may be amended, modified or replaced, from time to time, in accordance with the terms set forth herein and therein.
Non-Qualified Deferred Compensation Plans. No Plan that is a non-qualified deferred compensation plan subject to Section 409A of the Code and the related guidance issued thereunder, as amended (“Section 409A”) has been modified (as defined under Section 409A) on or after October 3, 2004 and all such non-qualified deferred compensation plans have been operated and administered by the Seller and the Seller Subsidiaries in good faith compliance with Section 409A from the period beginning January 1, 2005 through the date hereof.
Non-Qualified Deferred Compensation Plans. Except as provided in Section 5.2, effective no later than immediately prior to the Time of Distribution, Pinnacle and OpCo shall take such actions (if any) as are required to cause OpCo or an OpCo Group member to assume sponsorship of, and all assets and Liabilities with respect to, the Director Deferred Compensation Plan and Executive Deferred Compensation Plan and for Pinnacle to transfer and assign sponsorship of, and all assets and Liabilities with respect to, the Director Deferred Compensation Plan and Executive Deferred Compensation Plan to OpCo or an OpCo Group member. For purposes of determining when a distribution is required from the 2005 Plan, 2015 Plan, Non-Plan Awards, or the OpCo Plans described in this Section 3.2, OpCo Service Providers who were participants in such plans will be treated as not having experienced a separation from service until such employees have separated from service from all OpCo Group members.
Non-Qualified Deferred Compensation Plans. Effective as of the Closing Date and to the extent not prohibited by the terms of the Entergy NQDCPs, ITC shall establish or maintain one or more nonqualified deferred compensation plans and cause such plan or plans to assume responsibility for all Liabilities and fully perform, pay and discharge all obligations, when such obligations become due, of the Entergy NQDCP with respect to all TransCo Employees identified on Exhibit C who are participants therein immediately before the Closing Date. Entergy shall retain responsibility for all Liabilities and fully perform, pay and discharge all obligations, when such obligations become due, under the Entergy NQDCP or any other nonqualified deferred compensation plan maintained by Entergy or any member of the Entergy Group with respect to all other TransCo Employees who are participants therein immediately before the Closing Date.
Non-Qualified Deferred Compensation Plans. (a) Effective as of the earlier to occur of (i) the Separation Time and (ii) January 1, 2025 (such earlier date, the “WDC NQDC Plan Withdrawal Date”), the active participation of each Spinco Employee and Spinco Director who is a participant in the WDC NQDC Plan shall automatically cease and no Spinco Employee or Spinco Director shall thereafter accrue any benefits as an active participant under any such WDC NQDC Plan; provided that all accounts of Spinco Employees and Spinco Directors maintained under the WDC NQDC Plan as of the WDC NQDC Plan Withdrawal Date and all deferral elections made prior thereto shall at all times from and following the WDC NQDC Plan Withdrawal Date remain (i) under the WDC NQDC Plan and (ii) the sole obligation and liability of WDC and its Affiliates following the WDC NQDC Plan Withdrawal Date (including, but not limited to, all deferral elections made by Spinco Employees relating to their first half of fiscal 2025 bonuses).
(b) Unless otherwise agreed upon by the Parties, effective as of January 1, 2025, Spinco shall cause a member of the Spinco Group to have adopted a non-qualified deferred compensation plan (the “Spinco NQDC Plan”) in which each Spinco Employee, Spinco Director and Dual-Service Director who participated in the WDC NQDC Plan immediately prior to January 1, 2025 will be eligible to participate as of January 1, 2025, with terms consistent with then-prevailing market terms for similarly-situated companies, except as otherwise required by the terms of an applicable Collective Bargaining Agreement or applicable Law. The Spinco NQDC Plan and all accounts of Spinco Employees, Spinco Directors and Dual-Service Directors maintained thereunder shall at all times be the Spinco Group’s sole responsibility and no member of the WDC Group shall have any obligation or liability with respect thereto.
(c) Spinco shall provide data and Information on participants in the WDC NQDC Plan (to the extent permitted by applicable Laws and consistent with Section 8.1) to WDC, including census information and employment termination dates for Spinco Employees who participate in the WDC NQDC Plan, for the purpose of administering the WDC NQDC Plan.
(d) WDC shall, and shall cause each member of the WDC Group to use commercially reasonable efforts to, provide each Spinco Employee or Spinco Director who has an account maintained under the WDC NQDC Plan following the WDC NQDC Plan Withdrawal Date with access to any account information, materials,...
Non-Qualified Deferred Compensation Plans. (a) Effective as of the Benefits Commencement Date, all Liabilities relating to SpinCo Participants under the S&P Global Inc. 401(k) Savings and Profit Sharing Plan Supplement, as amended and restated as of January 1, 2023 (as amended) (the “401(k) Supplement”), shall be transferred to the SpinCo Group (such transferred portion of the 401(k) Supplement, the “SpinCo 401(k) Supplement”). The SpinCo Group shall assume responsibility for the administration and payment of benefits under the SpinCo 401(k) Supplement in accordance with its terms; provided, that no distribution thereunder shall be triggered solely as a result of the Distribution or the transfer of Liabilities described in this Section 5.03, and payment or distribution of any compensation to which a SpinCo Employee is entitled under the 401(k) Supplement and SpinCo 401(k) Supplement will occur at such time or times provided for under the 401(k) Supplement and SpinCo 401(k) Supplement and such SpinCo Employee’s deferral elections (which SpinCo shall cause the SpinCo 401(k) Supplement to recognize and maintain).
(b) Except as required by Applicable Law, nothing in this Agreement shall require any member of the SPGI Group to transfer Assets or reserves with respect to the 401(k) Supplement to any member of the SpinCo Group or the SpinCo 401(k) Supplement.
(c) The SPGI Group shall have no responsibility for any failure of SpinCo to properly administer the SpinCo 401(k) Supplement in accordance with its terms and Applicable Law, including any failure to properly administer the accounts of SpinCo Employees and their respective beneficiaries in the SpinCo 401(k) Supplement or any other plan of nonqualified deferred compensation.
Non-Qualified Deferred Compensation Plans. No ▇▇▇▇▇▇▇ Participant shall accrue any additional benefits under the Dover Pension Replacement Plan, defer any compensation under the Dover Deferred Compensation Plan, or be credited with any additional supplemental accruals under the Dover Technologies International, Inc. Supplemental Executive Retirement Plan, in each case, attributable to services performed on or after January 1, 2014. For the avoidance of doubt, the account balance of each ▇▇▇▇▇▇▇ Participant under the Dover Deferred Compensation Plan shall continue to change based on the ▇▇▇▇▇▇▇ Participant’s individual investment elections. Effective as of the Plan Separation Date, ▇▇▇▇▇▇▇ shall assume all Dover Pension Replacement Plan Liabilities, the Dover Deferred Compensation Plan Liabilities, and the Dover Technologies International, Inc. Supplemental Executive Retirement Plan Liabilities with respect to each ▇▇▇▇▇▇▇ Employee who participates in such plans. The treatment of benefits under each nonqualified deferred compensation plan shall comply with Section 409A of the Code, to the extent subject thereto.
Non-Qualified Deferred Compensation Plans. In accordance with the terms contained therein, the Executive shall be eligible to participate in the Company’s Supplemental Executive Retirement Plan and the Company’s Executive Deferral Program.
Non-Qualified Deferred Compensation Plans. With respect to the transfer of employment of the Hired CN Employees from Agriliance to CHS, and the transfer of the Hired CPP Employees from Agriliance to LOL in connection with this Agreement,, Agriliance, CHS and LOL agree that such transfer shall not be treated as a “termination of employment” or “separation from service” that would be a distributable event under Agriliance’s non-qualified deferred compensation plans.
Non-Qualified Deferred Compensation Plans. No employee benefit plan is a nonqualified deferred compensation plan within the meaning of Section 409A(d)(1) of the Code (each such plan listed in Schedule 2.14, a "Deferred Compensation Plan"). Each Deferred Compensation Plan satisfies the requirements to avoid the consequences set forth in Section 409A(a)(1) of the Code. ASIX has not, since October 3, 2004, (a) granted to any Person an interest in any Deferred Compensation Plan which interest has been or, upon the lapse of a substantial risk of forfeiture with respect to such interest, will be subject to the Tax (defined below) imposed by Section 409A(a)(1)(B) or (b)(4)(A) of the Code, or (b) modified the terms of any Deferred Compensation Plan in a manner that could cause an interest previously granted under such plan to become subject to the Tax imposed by Section 409A(a)(10)(B) or (b)(4) of the Code.