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EXHIBIT 10.31
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
DEFERRED COMPENSATION PLAN WITH
____________________________
TRUSTEE
THIS AGREEMENT made this ____ day of _________, 19 _____ by and between The
Mutual Life Insurance Company of New York (hereinafter referred to as "MONY" or
the "Company") and ____________________________________ (hereinafter referred to
as the "Trustee"):
WITNESSETH:
WHEREAS, MONY's Board of Trustees has authorized the Company to enter into a
written agreement with any member of MONY's Board of Trustees, permitting the
Trustee to defer receipt of all or a portion of the Trustee's retainer and
meeting fees (hereinafter collectively referred to as "Compensation"), to be
paid in the future in accordance with the terms and conditions set forth in such
agreement:
NOW, THEREFORE, the parties hereto do agree as follows:
1. Payment of Compensation
Beginning ______, 19__, and thereafter for all future calendar
years, until the Trustee provides MONY's Secretary on forms
provided by MONY, with notice in advance of a calendar year to
discontinue or amend the deferral of future compensation
hereunder, ___% of the Trustee's compensation shall be
deferred and credited in accordance with paragraph 2 below.
The Trustee may choose from the following deferral options:
25%, 50%, 75%, or 100% of the Trustee's Compensation may be
deferred.
2. Trustee's Account: Credit and Interest
(a) An unfunded deferred compensation account or accounts
(hereinafter referred to as the "Account") will be
established by MONY for the Trustee. This is a
bookkeeping account only. The only obligation of MONY
with respect to the account will be to make the
payment provided for under this Agreement when and as
they become payable pursuant to the terms hereof, and
that any amount credited to such account will be
solely for recordkeeping purposes and shall not be
considered to be held in trust or in escrow or in any
way vested in the Trustee.
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(b) At the end of each month in the case of meeting fees,
and at the end of each quarter in the case of
retainers, MONY will credit to the Account any amount
equal to the amount of such Compensation to be
deferred as specified in paragraph 1.
(c) MONY shall credit or debit Trustee's credits in
his/her Account with an interest rate equivalent to
the gains/losses, and expenses, if any, which would
have accrued had the dollar amount of such credits
been invested in the funds then available under the
MONY Investment Plan for MONY Employees in accordance
with the Trustee's credit allocation election at the
time such debit or credit is made. This mirroring of
funds represents a hypothetical investment only in
order to determine the amount to be paid at the
payment date. The Trustee does not have any rights in
any investments MONY might make in order to provide
funds from which MONY may make deferred compensation
payment. MONY is not required too make any
investments on the Trustee's behalf to provide funds
from which MONY may make Plan payments.
The Trustee has the right to request transfers of
credits or credit allocation changes up to 12 times
each calendar year. MONY reserves the right to change
the manner of crediting interest or any other returns
for all future credits. MONY has the right to limit
the credits that can be subject to this election.
3) Payment from Deferred Compensation Account
(a) Payment shall be made under Option (a) or Option (b)
as indicated by Trustee's initial below.
OPTION (a): ELECTION OF SINGLE SUM PAYMENT
The Trustee by initialing _____ this Paragraph hereby
elects that any balance due to the Trustee under this
agreement shall be paid in one sum on ______________,
19 _____.
OPTION (b): ELECTION OF MONTHLY INSTALLMENTS
The Trustee, by initialing ____ this Paragraph hereby
elects that payment of the amount in the account will
begin during the calendar month following the month
in which the Trustee has retired, resigned or, if
earlier, during the calendar month following the
Trustee's death. Such payments shall be in the form
of monthly installments, as nearly equal as may be
practicable, but with appropriate annual adjustment
for change in interest rates, over a ____ year
period.
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(b) Any payments due at or after the Trustee's death
shall be paid when due to the beneficiary designated
by the Trustee as hereinafter provided. The
beneficiary designated by the Trustee must be his or
her spouse, child, or children, grandchild or
grandchildren, the Trustee's executors or
administrators, or a trust established by the
Trustee. If no such designation is in effect at the
time any payment becomes due it shall be paid to the
Trustee's estate. Beneficiary designations and
changes thereof may be made by the Trustee by written
notice filed with MONY's Secretary. Such designation,
and any subsequent change, shall take effect as of
the date the notice was signed, upon recording and
acceptance by the Secretary, subject to any payment
made by the Company or action taken by it before
receipt of the notice by the Secretary.
4) Benefits May Not Be Assigned or Attached
No benefit hereunder may be assigned, anticipated, or
hypothecated and, to the extent permitted by law, no sum
payable under this Agreement shall be subject to legal process
or attachment for payment of any claim against any payee
hereunder.
5) Duration of Agreement
This Agreement shall remain effective and continue in force
until such time as it may be amended by the parties hereto,
but any such amendment will be effective only as to
compensation to be earned in calendar years subsequent to the
date such amendment is made.
IN WITNESS WHEREOF the parties hereto have duly executed this
Agreement as of the day and year above written.
THE MUTUAL LIFE INSURANCE COMPANY OF NEW YORK
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(RECEIVED AND RECORDED BY)
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(TRUSTEE)
November 1996
