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Exhibit 10.8
ABM DEFERRED COMPENSATION PLAN
Effective July 1, 1993
As Amended October 19, 2000
TABLE OF CONTENTS
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Article I DEFINITIONS
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1
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1.01 "Account"
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1
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1.02 "Administrative Committee" or
"Committee"
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1
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1.03 "Beneficiary"
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1
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1.04 "Compensation"
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1
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1.05 "Deferral"
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1
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1.06 "Effective Date"
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1
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1.07 "Eligible Employee"
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1
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1.08 "Employer"
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1
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1.09 "ERISA"
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1
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1.10 "Highly Paid Participant"
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1
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1.11 "Internal Revenue Code" or "Code"
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2
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1.12 "Participant"
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2
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1.13 "Person"
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2
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1.14 "Plan"
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2
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1.15 "Plan Administrator"
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2
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1.16 "Plan Year"
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2
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1.17 "Valuation Date"
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2
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Article II ELIGIBILITY FOR
PARTICIPATION
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3
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2.01 Eligibility Requirements
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3
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2.02 Participation Rules Upon
Reemployment
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3
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2.03 Change in Employment Status
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3
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2.04 Determination of Eligibility
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3
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Article III CONTRIBUTIONS
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4
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3.01 Deferrals
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4
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3.02 Elective Deferral Election
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4
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Article IV ACCOUNTS. FUNDING AND
VALUATION
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5
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4.01 Establishment of Account
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5
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4.02 Valuation of Account
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5
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Article V PARTICIPANTS’ VESTED
INTERESTS
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6
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5.01 Vesting
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6
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Article VI DISTRIBUTION OF
BENEFITS
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7
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6.01 Distribution of Benefits
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7
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6.02 Retirement and Termination
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7
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6.03 Unforeseeable Emergency
Withdrawals
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7
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6.04 Form of Distribution
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8
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Article VII DEATH
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9
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7.01 Death
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9
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i
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Article VIII THE ADMINISTRATIVE
COMMITTEE
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10
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8.01 Designation and Acceptance
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10
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8.02 Resignation and Removal; Appointment of
Successor
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10
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8.03 Allocation and Delegation of
Responsibilities
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10
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8.04 Duties and Responsibility
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10
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8.05 Expenses and Compensation
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11
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8.06 Information from Employer
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11
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8.07 Administrative Committee;
Signature
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11
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Article IX PARTICIPANTS’
RIGHTS
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13
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9.01 Special Disclosures
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13
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9.02 Filing a Claim for Benefits
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13
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9.03 Denial of a Claim
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13
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9.04 Limitation of Rights
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13
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Article X AMENDMENT AND
TERMINATION
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14
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10.01 Amendment or Termination
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14
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10.02 Procedure Upon Termination of the
Plan
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14
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Article XI MISCELLANEOUS
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15
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11.01 Execution of Receipts and
Releases
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15
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11.02 Notice and Unclaimed Benefits
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15
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11.03 Non-Alienation of Benefits
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15
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11.04 Loans to Participants
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16
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11.05 Benefits Payable to Incompetents
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16
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11.06 Applicable Law
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11.07 Headings as Guide
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16
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11.08 Pronouns
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16
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11.09 Reference to Laws
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16
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11.10 Agent Designated for Service of
Process
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16
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11.11 Participant’s Rights
Unsecured
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17
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ii
Article I
DEFINITIONS
The
following terms as used herein shall have the meaning hereinafter
set forth unless the context clearly indicates a different meaning
is required. Whenever in these definitions a word or phrase not
previously defined is used, such word or phrase shall have the
meaning thereafter given to it in Article I unless otherwise
specified.
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1.01
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" Account " means the account established
and maintained by the Administrative Committee for each
Participant.
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1.02
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" Administrative Committee " or "
Committee " means those individuals designated by the Board
of Directors of the Employer to administer the Plan, and any
successors appointed in accordance with Section 8.02 of the
Plan.
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1.03
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" Beneficiary " means the Person last
designated by a Participant on a form provided by the
Administrative Committee or by the terms of the Plan to receive any
amounts payable under the Plan following the death of the
Participant. A Participant may change the Beneficiary from time to
time on a form provided by the Administrative Committee.
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1.04
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" Compensation " means all amounts
(including bonuses) paid by the Employer to the Employee while a
Participant with respect to services rendered during the Plan Year,
including all Deferrals elected by the Participant during the Plan
Year.
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1.05
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" Deferral " means an amount that a
Participant has elected to defer under Article III.
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1.06
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" Effective Date " means July 1,
1993.
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1.07
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" Eligible Employee " means any
individual, including an officer of the Employer, who is employed
(other than as a director) by the Employer, who is not an hourly
manual employee, who is not in a unit of employees covered by a
collective bargaining agreement, and who is determined to be a
Highly Paid Employee as defined in Article 1.10 during the
Plan Year.
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1.08
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" Employer " means American Building
Maintenance Industries, Inc., its subsidiaries (within the meaning
of Section 414(b) and (c) of the Internal Revenue Code), and
its successors or assigns.
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1.09
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" ERISA " means Public Law
No. 93-406, the Employee Retirement Income Security Act of
1974, as amended from time to time.
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1.10
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" Highly Paid Employee " means any
Employee whose annualized base rate of pay is greater than the
amount specified for determining a highly compensated employee by
Internal Revenue Code Section 414(q) (as adjusted from time to time
by the Internal Revenue Service, and is $85,000 for the calendar
year, 2001).
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1
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1.11
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" Internal Revenue Code " or " Code
" means the Internal Revenue Code of 1986, as amended from time to
time.
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1.12
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" Participant " means any Eligible
Employee or former Employee who has satisfied the eligibility
requirements of Section 2.01 who is, or may become, eligible
to receive a benefit or whose Beneficiary may be eligible to
receive a benefit under the Plan.
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1.13
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" Person " means any individual,
partnership, joint venture, corporation, mutual company, joint
stock company, trust, estate, unincorporated organization,
association, or employee organization, and shall, where
appropriate, include two or more of the above.
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1.14
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" Plan " means the ABM Deferred
Compensation Plan, which is intended to be an unfunded plan for
the. benefit of a select group of management or highly compensated
individuals, as such are defined in ERISA.
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1.15
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" Plan Administrator " means the
Employer.
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1.16
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" Plan Year " means the twelve
(12) month period commencing January 1 and ending on the
following December 31.
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1.17
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" Valuation Date " means March 31,
June 30, September 30 and December 31 of each Plan
Year.
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2
Article II
ELIGIBILITY FOR PARTICIPATION
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2.01
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Eligibility Requirements
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Each Eligible Employee of the Employer may become
a Participant under the Plan as of any January 1, and any
newly hired Eligible Employee may become a Participant during a
year by executing the appropriate forms specified by the
Administrative Committee and filing the executed forms with the
Administrative Committee within 30 days of the Eligible
Employee’s date of hire.
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2.02
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Participation Rules Upon
Reemployment
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A Participant who terminates employment with the
Employer and who later returns to the employ of the Employer shall
be eligible to participate the January 1st coincident with or
immediately following the date on which he resumes
employment.
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2.03
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Change in Employment Status
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A Participant’s participation in the Plan
shall terminate immediately as of the date on which he ceases to be
an Eligible Employee as defined under the terms of the Plan, except
that the Participant shall retain the right to receive his Account.
He shall again become eligible to participate in the Plan as of the
January 1st coincident with or immediately following the date on
which he regains the status of an Eligible Employee under the
Plan.
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2.04
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Determination of Eligibility
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The Administrative Committee shall determine
whether each Eligible Employee has satisfied the eligibility
requirements for participation in the Plan. The Committee’s
determination shall be conclusive and binding upon all
persons.
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3
Article III
CONTRIBUTIONS
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3.01
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Deferrals
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For each Plan Year, a Participant may elect to
defer receipt of a portion of his Compensation that he would
otherwise receive from the Employer. The amount of the Deferral
must equal (a) a whole percentage not exceeding twenty percent
(20%) of the amount of the Participant’s
Compensation.
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3.02
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Elective Deferral Election
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For each Plan Year, a Participant (or any
Eligible Employee who is expected to become eligible to participate
in the Plan) may make an election described in Section 3.01 by
filing an election form with the Administrative Committee within a
reasonable period of time, as specified by the Committee, before
the beginning of the Plan Year to which the Deferral election
applies. A Deferral election may not be changed during the Plan
Year that it is effective; provided, that with the consent of the
Administrative Committee, a Participant may at any time revoke his
Deferral election with respect to Compensation he has not yet
earned during the Plan Year. A Participant who revokes his Deferral
election may not again make an election to defer the receipt of
Compensation effective before the beginning of the next Plan
Year.
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4
Article IV
ACCOUNTS. FUNDING AND VALUATION
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4.01
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Establishment of Account
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The Administrative Committee shall open and
maintain a separate Account for each Participant. Such Account
shall be credited with all Deferrals for the Participant. As soon
as reasonably possible after each Valuation Date, each Participant
shall be notified of the value of his Account.
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4.02
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Valuation of Account
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(a)
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Interest shall be credited to each
Participant’s Account as of each Valuation Date equal to the
product of
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(1)
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the amount credited to the Participant’s
Account as of the last preceding Valuation Date, less any
distributions or withdrawals and plus one-half (1/2) of Deferrals,
if any, since the last preceding Valuation Date, multiplied
by
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(2)
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the applicable interest rate.
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(b)
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On each Valuation Date, each Participant’s
Account will be credited with interest. The amount of interest will
be derived from the prime interest rate published in The Wall
Street Journal on the last business day coinciding with or next
preceding the Valuation Date. Any prime rate up to 6% will be
considered in full and 1/2 of any prime rate over 6% will be
considered. The amount credited will be a proration of the prime
rate considered taking into consideration the period of time
elapsed since the last Valuation Date.
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For example, if the Plan is valued quarterly and
on March 31, the prime rate is 7%, the rate credited will be
(1/4 x 6%) + (1/4 x 1/2 x 1%) or 1.625%.
5
Article V
PARTICIPANTS’ VESTED
INTERESTS
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5.01
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Vesting
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Each Participant shall always be one hundred
percent (100%) vested in the portion of his Account attributable to
Deferrals.
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6
Article VI
DISTRIBUTION OF BENEFITS
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6.01
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Distribution of Benefits
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Except as provided in Article 6.03 below, a
Participant’s Account may not be distributed to a Participant
or his Beneficiary before the date the Participant terminates
employment with the Employer.
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6.02
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Retirement and Termination
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(a)
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If a Participant terminates employment, his
Account shall be distributed, or distribution shall commence, as
soon as administratively feasible. The amount in his Account shall
be determined as of the Valuation Date that last precedes the date
of distribution, plus Deferrals and less any withdrawals or
distributions, if any, for the period from the last preceding
Valuation to the date of distribution.
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(b)
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The distribution shall be made in the form
elected by the Participant under Section 6.04. If the
Participant made no election at the time specified in Section 6.04,
his benefit shall be paid as a lump sum.
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6.03
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Unforeseeable Emergency
Withdrawals
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(a)
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A Participant may withdraw up to one hundred
percent (100%) of the amount in his Deferral Account in the event
of an unforeseeable emergency to the extent provided in this
Section 6.03.
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(b)
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For purposes of this Section 6.03,
unforeseeable emergency means a severe financial hardship to the
Participant resulting from a sudden and unexpected illness or
accident of
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