Deferred Compensation Plan For Non-employee Directors In Middlesex
Category:
State:
Multi-State
County:
Middlesex
Control #:
US-00418BG
Format:
Word;
Rich Text
Instant download
Description
The Deferred Compensation Plan for Non-Employee Directors in Middlesex outlines the agreement between a corporation and its non-employee directors regarding post-retirement compensation. This plan ensures that directors, who have served the corporation, receive an additional income upon retirement, above what is available through standard pension plans. Key features include monthly payment calculations influenced by the National Consumer Price Index, provisions for death benefit payouts to designated beneficiaries, and conditions under which the corporation may terminate payments. It's essential for directors to understand the stipulations regarding non-competition and the handling of payments for unexpected employment termination. The form provides clear sections to fill out, ensuring directors designate beneficiaries and agree to the terms outlined. Attorneys, partners, owners, associates, paralegals, and legal assistants can utilize this form to ensure compliance and protect the rights of non-employee directors, offering them peace of mind for their retirement income.
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