Exhibit 10.2.7
DEFERRED COMPENSATION PLAN
FOR
MEMBERS OF THE BOARD OF TRUSTEES
OF
CONSOLIDATED EDISON COMPANY OF
NEW YORK, INC.
Adopted by the Board of Trustees,
February 27, 1979;
Effective as of March 1, 1979
As amended effective February 26,
1980
As amended effective January 1,
1993
As Amended effective January 1,
2008
Deferred Compensation Plan
for
Members of the Board of Trustees
of
Consolidated Edison Company of
New York, Inc.
Section 1. Definitions .
Whenever used herein, the following terms shall have the following
meanings:
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“Company”
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- Consolidated
Edison Company of New York, Inc.
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“Compensation”
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- The amount of
money to be paid by the Company to a Trustee for serving as a
member of the Board of Trustees of the Company and any Committees
thereof and for any other services rendered by a Trustee
individually by agreement with the Company.
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“Deferred
Compensation”
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- A
Trustee’s Compensation, or part thereof, which such Trustee
shall designate for deferred payment in accordance with the
provisions of this Plan.
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“Deferred
Compensation Election Form”
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- The form,
approved and furnished by the Plan Administrator, authorizing the
deferral of Compensation under this Plan, which form may be
submitted electronically or in writing, as permitted by the Plan
Administrator, and as further described in
Section 2.(c).
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“Deposit
Rate”
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- The annual
rate of interest paid by the Company on customer deposits, without
reduction for any administrative costs of the customer deposit
program, as such rate may change from time to time.
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“Effective Date”
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- The effective
date of the Plan shall be March 1, 1979.
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“Interest
Equivalent”
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- Shall be
determined by applying the Deposit Rate, to each increment of
Deferred Compensation retained by the Company for a Trustee under
the Plan during the period commencing on the date on which such
increment would have been paid to such Trustee by the Company in
the absence of this Plan, and ending on the date on which such
increment and all applicable Interest Equivalent are fully paid by
the Company pursuant to this Plan. During such period the Deposit
Rate shall be compounded monthly and applied to all sums of
Deferred Compensation and Interest Equivalent remaining unpaid
under this Plan until such sums are fully paid.
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“Plan
Administrator”
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- The person
designated from time to time pursuant to Section 4.1
hereof.
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“Plan
Year”
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- A calendar
year.
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“Section
409A”
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- means Section
409A of the Internal Revenue Code of 1986, as amended and the
rulings and regulations promulgated thereunder.
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“Separation from Service”
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- with respect
to a Trustee, shall mean a “separation from service”
with the Company as determined under the default provisions in
Treasurey Regulation Section 1.409A-19h).
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“Trustee”
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- A person,
other than an officer of the Company, duly elected and serving as a
member of the Board of Trustees of the Company.
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Section 2. Designation of
Deferred Compensation
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(a)
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Any Trustee who
wishes to designate as Deferred Compensation all or part of his or
her Compensation shall, prior to the beginning of the Plan Year in
which service to such Compensation relates, complete, execute and
file with the Plan Administrator a Deferred Compensation Election
Form authorizing the deferral of Compensation under this Plan for
such Plan Year in accordance with the provisions of this
Section.
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(b)
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Notwithstanding the provisions of
paragraph (a) above, an individual who becomes a Trustee and
wishes to designate his or her Compensation as Deferred
Compensation in the Plan Year such
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3
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individual first becomes a
Trustee must, subject to the approval of the Plan Administrator in
its sole discretion, no later than 30 days following the date such
individual becomes a Trustee, complete, execute and file with the
Plan Administrator a Deferred Compensation Election Form
authorizing such deferrals under this Plan for such Plan Year in
accordance with the provisions of this Section. Such Deferred
Compensation Election Form shall be effective only for the portion
of the Trustee’s
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