Subject to the express provisions of the Plan, and the Incentive Plans or successor plans, the Committee shall have the authority to adopt, amend and rescind such rules and regulations, and to make such determinations and interpretations relating to the Plan, which it deems necessary or advisable for the administration of the Plan, but it shall not have the power to amend, suspend or terminate the Plan. All such rules, regulations, determinations and interpretations shall be conclusive and binding on all parties.

The Committee is authorized to establish and implement a policy and procedures for administration of this paragraph, including, but not limited to, a policy regarding small account balance cash-outs. In the event of such a transfer and assumption of liability, the former employer shall have no further liability for any benefit under the Plan to its former employee or otherwise with respect to such transferred account.

If the participant has requested that a portion of the deferred incentive compensation be placed in a stock Sun Rubber Company Dolls account, such request shall also include acknowledgment that such stock unit account will be settled Company Deferred Compensation Plan Common Stock of the 2. Corporation, and that such stock unit account cannot be converted to a cash account in the future.

If the participant has elected to defer incentive compensation in the form of cash, the Corporation shall distribute a sum in cash to such participant, pursuant to his or her election provided for in paragraph 4. If the participant has elected to defer incentive compensation in the form of stock units, the Corporation shall distribute to such participant, pursuant to his or her election provided for in paragraph 4, shares of Company Deferred Compensation Plan Stock of the Corporation equal Company Deferred Compensation Plan the number of stock units being settled in such installment with any fractional unit being settled by cash payment.

The stock unit account will be settled in Common Stock of the Corporation and such stock unit account cannot be converted to a cash account in the future. After payment of deferred compensation commences, additional credits for stock dividends shall accrue on the unpaid balance thereof in the same manner until all such deferred compensation has been paid. The Corporation shall not be required to segregate physically any amounts of money or otherwise provide funding or security for any amounts credited to the deferred incentive accounts of participants in the Plan.

Any notice by a participant to change or terminate his or her election to defer Compensation on or before the date of the Change of Control shall be effective as of the date of the Change of Control, notwithstanding any other provision herein. Unless the Committee Danzas Shipping Company otherwise determine, such 5. A participant in the Plan shall have only those rights, interests or benefits as Company Deferred Compensation Plan expressly provided in the Plan and in the Incentive Plans or successor plans.

The Plan shall be deemed to be ancillary to the Incentive Plans or successor plans and the rights of participants in the Plan shall be limited as provided in the Incentive Plans or successor plans. The right of a participant or designated beneficiary to receive a distribution hereunder shall be Company Deferred Compensation Plan unsecured claim against the general assets of the Corporation. All amounts credited to an account shall constitute general assets of the Corporation and may be disposed of by the Corporation at such time and for such purposes as it may deem appropriate.

Claims for benefits under the Plan shall be filed with the Committee. In the event the claim is denied, the reasons for the denial shall be specifically set forth. Pertinent provisions of this Plan shall be cited. In addition, the written notice shall describe any additional material or information necessary for the claimant to perfect the claim along with an explanation of why such material or information is neededand the written notice will fully describe the claim review procedures of paragraph 13 below.

Any claimant who has been denied a benefit shall be entitled, upon request to the Committee, to receive a written notice of such action, together with a full and clear statement of the reasons for the action. The claimant may also review this Plan if he or she chooses. If the claimant wishes further consideration of his or Company Deferred Compensation Plan position, he or she may request a hearing.

Deferred compensation - Wikipedia

It is for high earners like the CEO, that companies provide "DC" (i.e. deferred compensation plans). In an ERISA-qualified plan (like a 401(k) plan), the company's contribution to the plan is tax deductible to the plan as soon as it is made, but not taxable to the individual participants until It is withdrawn.…

dcphome - Welcome to City of New York

The New York City Deferred Compensation Plan (DCP) allows eligible New York City employees a way to save for retirement through convenient payroll deductions. DCP is comprised of two programs: a 457 Plan and a 401(k) Plan, both of which offer pre-tax and Roth (after-tax) options.…