DVA » Topics » 2.3 Vesting.

These excerpts taken from the DVA 10-K filed Feb 29, 2008.

2.3 Vesting.

 

(a) Subject to the following rules of this Section 2.3, Participants shall obtain a vested right to the contributions (and the earnings on those amounts) on their behalf at the rate of one-third on each anniversary of the date on which the contribution was actually made (“Vesting Date”).

 

(b) Participants who die or become Disabled (as that term is defined in the Company’s long-term disability plan) while employed by the Company will automatically become fully vested in all the amounts in their accounts on that date.

 

(c) On the date of a Change in Control of the Company (as that term is defined in the Appendix), all current employees will become fully vested.

 

(d) On the date of a Reduction in Force (as that term is defined in the Appendix), all affected employees will become fully vested.

 

(e) If a Participant’s employment terminates under conditions where some or all of his or her benefit is not fully vested, the unvested portion will be immediately and permanently forfeited. The forfeitures will be used in the manner prescribed by the Committee, except that no amounts may be returned to the Company. It is anticipated that the forfeitures will be:

 

(i) First used to pay Plan administrative expenses, with

 

(ii) Any remaining amounts allocated to the remaining Participants at the time of Plan termination. This allocation will be made in the same ratio as the original contribution was made among those individuals.


2.3
Vesting.

 

(a) Subject to the
following rules of this Section 2.3, Participants shall obtain a vested right to the contributions (and the earnings on those amounts) on their behalf at the rate of one-third on each anniversary of the date on which the contribution was
actually made (“Vesting Date”).

 

(b)
Participants who die or become Disabled (as that term is defined in the Company’s long-term disability plan) while employed by the Company will automatically become fully vested in all the amounts in their accounts on that date.

STYLE="margin-top:0px;margin-bottom:-6px"> 

(c) On the date of a Change in Control of the Company (as
that term is defined in the Appendix), all current employees will become fully vested.

 

STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%">(d) On the date of a Reduction in Force (as that term is defined in the Appendix), all affected employees will become fully vested.

 

(e) If a Participant’s employment
terminates under conditions where some or all of his or her benefit is not fully vested, the unvested portion will be immediately and permanently forfeited. The forfeitures will be used in the manner prescribed by the Committee, except that no
amounts may be returned to the Company. It is anticipated that the forfeitures will be:

 

STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%; text-indent:4%">(i) First used to pay Plan administrative expenses, with

 

(ii) Any remaining amounts allocated to the remaining Participants at the time of Plan termination. This allocation will be
made in the same ratio as the original contribution was made among those individuals.









EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 29, 2008
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki