Examples of Designated Plan in a sentence
A Deferral Election shall specify both the amount to be deferred, expressed as a percentage of the Incentive Award otherwise payable in cash to the Participant under the terms of a Designated Plan, the year in which the amounts deferred shall be paid and the form of distribution (either lump sum or annual installments not exceeding 10 years).
Such Performance Unit shall be considered fully vested from and after the date of grant and shall be governed by the terms and conditions of the Program and the specific provisions of the Designated Plan to the extent not inconsistent with the terms of the Incentive Plan.
After the effective date of termination of the Designated Plan, the Designated Plan shall be "frozen" pending distribution of its assets to participants and their beneficiaries.
No persons who are not participants as of the termination date shall be eligible to participate in the Designated Plan or receive benefits thereunder, and no distributions shall be made by the Designated Plan except normal distributions in the ordinary course of business to or on behalf of employees who have separated service with the Company.
If the Designated Plan Committee is delegated authority under the Plan, the members of the Designated Plan Committee may thereafter be comprised of employees of the Corporation appointed by either the Executive Compensation Committee or the Corporation’s Chief Executive Officer.