Exhibit 8
DEFERRED COMPENSATION AGREEMENT
Agreement entered into this (date) day of January, 19(year), between
Acacia Capital Corporation, First Variable Rate Fund for Government
Income, Xxxxxxx Tax-Free Reserves, The Xxxxxxx Fund, Calvert Cash Reserves
(d/b/a Money Management Plus), Xxxxxxx Social Investment Fund, Xxxxxxx
Municipal Fund, Inc., Xxxxxxx New World Fund, Inc., and/or Xxxxxxx World
Values Fund, Inc.(hereinafter referred to as the Fund or Funds), and (name
of trustee)(hereinafter referred to as the Trustee).
WHEREAS, the Trustee will be rendering valuable services to the Fund or
Funds as a member of the Board of Trustees, and the Fund or Funds is
willing to accommodate the Trustee's desire to be compensated for such
services on a deferred basis;
NOW, THEREFORE, the parties hereto agree as follows:
1. With respect to services performed by the Trustee for
the Fund or Funds on and after the first day of
(date), 19(year),
the Trustee shall defer (% trustee wants to defer, e.g.,
50% of fees, etc.)% of the amounts otherwise payable to
the Trustee for serving as a Trustee. The deferred
compensation shall be credited to a book reserve
maintained by the Fund or Funds in the Trustee's name
together with credited amounts in the nature of earnings
("Account(s)"). The account maintained for the Trustee
shall be paid to the Trustee on a deferred basis in
accordance with the terms of this Agreement.
2. The Fund or Funds shall credit the Trustee's Account as
of the day such amount would have been paid to the
Trustee if this Agreement were not in effect. Such
Accounts shall be valued at fair market value as of the
last day of the calendar year and such other dates as
are necessary for the proper administration of this
Agreement, and each Trustee shall receive a written
accounting of his account balance(s) following such
valuation.
A Trustee may request that his/her deferred compensation
be allocated among the available Funds or placed in a
money market deposit account. The initial allocation
request may be made at the time of enrollment. Once
made, an investment allocation request shall remain in
effect for all subsequent deferred compensation until
changed by the Trustee. A Trustee may change his/her
investment allocation by submitting a written request to
the Administrator on such form as may be required by the
Administrator or by telephoning the Administrator (or
his/her delegate). Such changes shall become effective
as soon as administratively feasible after the
Administrator receives such request. Although the Funds
intend to invest the deferred compensation according to
the Trustee's requests, it reserves the right to invest
the deferred compensation without regard to such
requests. The Administrator is the Xxxxxxx Group, Ltd.
Controller.
3. As of January 31 of the calendar year following the
calendar year the Trustee dies, retires, resigns or
otherwise ceases to be a member of the Board of Trustees
of the Fund or Funds; the Fund or Funds shall: (check
one)
( ) pay the Trustee (or his or her beneficiary) a
lump sum amount equal to the balance in the
Trustee's account on that date or
( ) commence making annual payments to the Trustee
(or his or her beneficiary) for a period of (2
through 15) years.
If the second box is selected, such payments shall be
made on January 31st of each year in approximately equal
annual installments as adjusted and computed by the Fund
or Funds, with the final payment equaling the then
remaining balance in the Trustee's account. If the
balance in the Trustee's account as of the date of the
first scheduled payment is less than $2,000, the Fund or
Funds shall instead pay such amount in a lump sum as of
that date. The Trustee may not select a period of time
which will cause an annual payment to be less than
$1,000. Notwithstanding the foregoing, in the event that
the Trustee ceases to be a Trustee of the Fund or Funds
and becomes a proprietor, officer, partner, employee, or
otherwise becomes affiliated with any business or entity
that is in competition with the Fund or Funds, or
becomes employed by any governmental agency having
jurisdiction over the affairs of the Fund or Funds, the
Fund or Funds reserves the right at the sole discretion
of the Board of Trustees to make an immediate lump sum
payment to the Trustee in an amount equal to the balance
in the Trustee's account at that time.
Notwithstanding the preceding paragraph, the Fund or
Funds may at any time make a lump sum payment to the
Trustee (or surviving beneficiary) equal to a part or
all of the balance in the Trustee's account upon a
showing of a financial emergency caused by circumstances
beyond the control of the Trustee (or surviving
beneficiary) which would result in serious financial
hardship if such payments were not made. The
determination of whether such emergency exists shall be
made at the sole discretion of the Board of Trustees of
the Fund or Funds. The amount of the payment shall be
limited to the amount necessary to meet the financial
emergency, and any remaining balance in the Trustee's
account shall thereafter be paid at the time and in the
manner otherwise set forth in this section.
4. In the event that the Trustee dies before payments have
commenced or been completed under section 3 hereof, the
Fund or Funds shall make payment in accordance with
section 3 to the Trustee's designated beneficiary, who
shall be:
(trustee's designated beneficiary name)
In the event that both the Trustee and the designated
beneficiary have died before the commencement or
completion of payments under section 3, an amount equal
to the then remaining balance in the Trustee's account
(or the portion thereof that would have been payable to
the beneficiary) shall be paid in a lump sum. Such
payment shall be made to the estate of the Trustee
unless payments to the beneficiary have already
commenced, in which case the lump sum payment shall be
made to the estate of the beneficiary.
5. The Agreement shall remain in effect with respect to the
Trustee's compensation for services performed as a
Trustee of the Fund or Funds in all future years unless
terminated on a prospective basis in accordance with
this section. Either the Trustee or the Fund or Funds
may terminate this Agreement by written notice delivered
or mailed to the other party no later than December 31
of the calendar year preceding the calendar year in
which such termination is to take effect. In addition,
the Trustee may alter the amount of deferral for any
future calendar year if the Trustee and the Fund or
Funds enter into an amendment on or before December 31st
of the calendar year preceding the calendar year for
which the amendment is to take effect. The amendment
will be deemed to supersede the amount of deferral for
all future years unless otherwise amended or terminated.
Any termination or new amendment shall relate solely to
compensation for services performed after the
termination or amendment becomes effective and shall not
alter the terms of the agreement with respect to the
deferred payment of compensation for services performed
during any calendar year in which this agreement was in
effect. Notwithstanding the foregoing, the Trustee may
at any time amend the beneficiary designation hereunder
by written notice to the Fund or Funds.
6. Nothing contained in this Agreement and no action taken
pursuant to the provisions of this Agreement shall
create or be construed to create a trust of any kind, or
a fiduciary relationship between the Fund or Funds and
the Trustee, any designated beneficiary or any other
person. Any compensation deferred under the provisions
of this Agreement shall continue for all purposes to be
a part of the general funds of the Fund or Funds. To the
extent that any person acquires a right to receive
payments from the Fund or Funds under this Agreement,
such right shall be no greater than the right of any
unsecured general creditor of the Fund or Funds.
7. The right of the Trustee or any other person to receive
payments under this Agreement shall not be assigned,
transferred, pledged or encumbered except by will or by
the laws of descent and distribution.
8. If the Fund or Funds shall find that any person to whom
any payment is payable under this Agreement is unable to
care for his or her affairs because of illness or
accident, or is a minor, any payment due (unless a prior
claim therefor shall have been made by a duly appointed
guardian, committee or other legal representative) may
be paid to the spouse, a parent, or a brother or sister,
or to any person deemed by the Fund or Funds to have
incurred expense for the person who is otherwise
entitled to payment, in such manner and proportions as
the Fund or Funds may determine. Any such payment shall
serve to discharge the liability of the Fund or Funds
under this Agreement to make payment to the person who
is otherwise entitled to payment.
9. Any written notice to the Fund or Funds referred to in
this Agreement shall be made by mailing or delivering
such notice to the Fund or Funds at 0000 Xxxxxxxxxx
Xxxxxx, Xxxxxxxx, XX 00000, to the attention of the
Controller, Xxxxxxx Group, Ltd. Any written notice to
the Trustee referred to in this Agreement shall be made
by delivery to the Trustee in person or by mailing such
notice to the Trustee at his or her place of residence
or business address.
10. To the extent required by law, the Fund or Funds shall
withhold federal or state income taxes from any payments
hereunder and shall furnish the Trustee (or beneficiary)
and the applicable governmental agency or agencies with
such reports, statements or information as may be
required in connection with such payments.
11. This Agreement shall be binding upon and inure to the
benefit of the Fund or Funds and its successors and
assigns and the Trustee and his or her heirs, executors,
administrators and legal representative.
12. This Agreement shall be construed in accordance with and
governed by the laws of Maryland.
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
as of the date first above written.
Acacia Capital Corporation
First Variable Rate Fund for Government Income
Xxxxxxx Tax-Free Reserves
The Xxxxxxx Fund
Xxxxxxx Xxxx Reserves (d/b/a Money Management Plus)
Xxxxxxx Social Investment Fund
Xxxxxxx Municipal Fund, Inc.
Xxxxxxx World Values Fund, Inc.
Xxxxxxx New World Fund, Inc.
By(Name of Trustee)
(Print Name of Trustee)
________________________
(Signature of Trustee)
ACKNOWLEDGMENT:
By (Xxxxxxx Officer Signature)
(Signature of Officer)
(Xxxxxxx Officer Title)
(Title)
APPLICATION FOR XXXXXXX GROUP
TRUSTEE DEFERRED COMPENSATION PLAN
1. Instructions
Please complete Sections 2 through 4 below. This application
should be signed by the Trustee and returned to the Controller.
2. Trustee Information (PLEASE PRINT)
Name of Fund: (Name of Fund)
Name of Trustee: (Name of Trustee)
Address of Fund: 0000 Xxxxxxxxxx Xxx., Xxx. 0000X
Xxxxxxxx, XX 00000
3. Investment of Contributions
Contributions to the Xxxxxxx Group Trustee's Deferred
Compensation Plan shall be invested in the Xxxxxxx Group Funds:
Xxxxxxx First Government Money Market Fund %*
CSIF Money Market Portfolio %*
CSIF Managed Growth Portfolio %*
CSIF Equity Portfolio %*
Money Management Plus Prime Portfolio %*
Money Management Plus Government Portfolio %*
Xxxxxxx Income Fund %*
Xxxxxxx Strategic Growth Fund %*
Xxxxxxx U.S. Government Fund %*
Xxxxxxx World Values Fund,
Global Equity Portfolio %*
Xxxxxxx Capital Accumulation Fund %*
Insured Plus %*
Xxxxxxx New Africa Fund _______________%*
Total %
*(insert % up to 100%)
4. Acceptance
Trustee Acceptance: I hereby agree to the terms and conditions of
the Xxxxxxx Group Trustee Deferred Compensation Plan. I have read
the prospectus(es) of the chosen Fund(s).
________
Name Date
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For office use only
Owner Code: 06 Fund Number: Group ID 284
