DRESSER, INC. ELECTIVE DEFERRAL PLANDeferred Unit Award Agreement |
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Exhibit 10.14
DRESSER, INC.
ELECTIVE DEFERRAL PLAN
TABLE OF CONTENTS
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ARTICLE |
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PAGE |
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Establishment and Purpose of Plan |
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(ii |
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I |
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Definitions and Construction |
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I-1 |
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II |
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Participation |
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II-1 |
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III |
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Account Credits |
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III-1 |
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IV |
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Withdrawals |
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IV-1 |
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V |
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Payment of Benefits |
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V-1 |
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VI |
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Administration of the Plan |
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VI-1 |
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VII |
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Nature of the Plan |
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VII-1 |
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VIII |
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Participating Employers |
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VIII-1 |
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IX |
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Miscellaneous |
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IX-1 |
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(i)
DRESSER, INC.
ELECTIVE DEFERRAL PLAN
Establishment and Purpose of Plan
Dresser, Inc. hereby establishes the Dresser, Inc. Elective Deferral Plan, effective as of the Effective Date. The Plan shall be the successor to and continuation of the Halliburton Elective Deferral Plan, as amended and restated effective September 1, 2000, with respect to those Participants who were previously participants in such plan.
The purpose of the Plan is to assist certain of the Company’s employees in making more adequate provision for their retirement.
(ii)
I.
Definitions and Construction
1.1 Definitions. Where the following words and phrases appear in the Plan, they shall have the respective meanings set forth below, unless their context clearly indicates to the contrary.
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(1) |
Account: A memorandum bookkeeping account established on the records of the Employer for a Participant that is credited with amounts determined in accordance with Article III of the Plan. As of any determination date, a Participant’s benefit under the Plan shall be equal to the amount credited to his Account as of such date. A Participant shall have a 100% nonforfeitable interest in his Account at all times. |
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(2) |
Act: The Employee Retirement Income Security Act of 1974, as amended. |
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(3) |
Affiliate: Any entity of which an aggregate of 50% or more of the ownership interest is owned of record or beneficially, directly or indirectly, by the Company or any other Affiliate. |
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(4) |
Base Salary: The base rate of cash compensation paid by the Employer to or for the benefit of a Participant for services rendered or labor performed while a Participant, including base pay a Participant could have received in cash in lieu of (A) deferrals pursuant to Section 3.1 and (B) contributions made on his behalf to any qualified plan maintained by the Employer or to any cafeteria plan under section 125 of the Code maintained by the Employer. |
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(5) |
Bonus Compensation: With respect to any Participant for a Plan Year, the amount awarded under a regular bonus plan maintained by the Employer that is payable to the Participant in cash. |
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(6) |
Code: The Internal Revenue Code of 1986, as amended. |
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(7) |
Compensation Committee: The Compensation Committee of the Directors. |
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(8) |
Committee: The administrative committee appointed by the Compensation Committee to administer the Plan. |
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(9) |
Company: Dresser, Inc. |
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(10) |
Directors: The Board of Directors of the Company. |
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(11) |
Effective Date: The effective date of the Plan which shall be April 10, 2001. |
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