Deferred Compensation Trust definition

Deferred Compensation Trust means a trust established pursuant to a trust agreement or other written instrument that (a) states that the assets of such trust are subject to claims of creditors of Interpublic or a subsidiary (as the case may be) in the event of its bankruptcy or insolvency, (b) states that such trust shall be irrevocable until all claims for benefits under the plans, programs, agreements, and other arrangements covered by such trust have been satisfied, and (c) complies with the applicable provisions of Section 409A of the Code.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Deferred Compensation Trust means the nonqualified irrevocable trust established by the Company for the benefit of the Participants until all shares are payable to the Participants in accordance with the terms of Article IV.

Deferred Compensation Trust has the meaning accorded such term in Section 2.01.

Examples of Deferred Compensation Trust in a sentence

With respect to each year, Employee shall, on or before the beginning of such year, inform Employer in writing of the percentage of Incentive Compensation which shall be paid in cash and of the percentage thereof which shall be paid in Securities to the Deferred Compensation Trust.
Any amounts so deferred shall be placed in a "rabbi" trust, with a bank or other financial institution reasonably satisfactory to Executive as trustee providing the maximum security to Executive without causing the constructive receipt of income for federal income tax purposes (the "Deferred Compensation Trust") and distributed, together with interest or other earnings thereon, according to a payment schedule to be designated by Executive.
The Company or the Deferred Compensation Trust described hereinafter (the "Deferred Compensation Trust" or "Trust") shall be the sole owner of all such life insurance contracts, except that the Executive, at his election, shall have the right to designate the beneficiary of death benefits under the contracts.
The Company intends, and the Executive acknowledges, that the Executive's rights under this Agreement shall be solely those of a general creditor of the Company, and nothing in this Agreement nor in any instruments creating the Deferred Compensation Trust nor in any life insurance contract, shall be construed to create any rights in the Executive superior to those of other general creditors of the Company.
The Company intends that the Deferred Compensation Trust shall make all payments due under this Agreement to the Executive or his Beneficiary, to the extent the Trust is funded.
The Executive acknowledges, on behalf of himself and any Beneficiary claiming under him, that the Company is absolved of any liability or responsibility for any payment due hereunder to the extent such payment shall have been duly made to the Executive (or Beneficiary, as the case may be) by the Deferred Compensation Trust.
The Company will set aside assets in the Deferred Compensation Trust to provide for the systematic funding, during the Executive's period of active service, of the deferred compensation promised to the Executive under this Agreement.
Such Deferred Compensation Trust (which may also include assets set aside to fund other similar deferred compensation obligations of the Company) shall be irrevocable except in the event of the Company's subsequent bankruptcy or insolvency, in which case the assets of the Trust shall be subject to the claims of the Company's general creditors, including the Executive.
Deferred Compensation Trust Agreement (the "Rabbi Trust") for any obligations or benefits accrued as of the date of the occurrence of a Change in Control.
The Company shall bear the costs of administering the Deferred Compensation Trust.

More Definitions of Deferred Compensation Trust

Deferred Compensation Trust means any trust created by the Company to receive the deposit referred to in clause (2) of paragraph 10.

Deferred Compensation Trust has the meaning accorded such term in Section 5.01(a).