DLLR » Topics » ARTICLE 2 Participation

This excerpt taken from the DLLR 8-K filed Nov 21, 2005.

ARTICLE 2

Participation

 

2.1       Elective Deferral. Each year a Participant may elect to defer up to fifty percent (50%) of Base Salary and/or one-hundred percent (100%) of Bonus earned by the Participant

 

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Dollar Financial Corporation Deferred Compensation Plan

during the Plan Year. The Participant's election may take the form of (i) a whole percentage or specified dollar amount of Base Salary, or (ii) a whole percentage of Bonus. The Administrator may further limit the minimum or maximum amount deferred by any Participant or group of Participants, or waive the foregoing limits for any Participant or group of Participants, for any reason. Each year a Participant may elect to defer into this Plan any amounts elected by the Participant for deferral under the Qualified Plans which the Administrator determines may not be contributed to the Qualified Plan due to applicable Statutory Limitations.

 

2.2      Participant Election Form. In' order to make a deferral, an Eligible Executive must submit a Participant Election Form to the Administrator during the enrollment period established by the Administrator prior to the beginning of the calendar year in which services are performed to earn such Base Salary or Bonus. The Administrator may establish a special enrollment period for Eligible Executives hired during a Plan Year to allow deferrals of Base Salary or Bonus earned through services performed during the balance of such Plan Year after such enrollment period. The Participant shall be required to submit a new Participant Election Form on a timely basis in order to change the Participant's deferral election for a subsequent Plan Year. If no Participant Election Form is filed during the prescribed enrollment period, the Participant's election for the prior Plan Year shall continue in force for the next Plan Year.

 

2.3      Participant Election Irrevocable. The election to defer Base Salary or Bonus for a particular Plan Year shall be irrevocable after the beginning of the Plan Year except in the event of Termination of Employment or as provided in Article 6 in the event of Disability or Article 8 in the case of a Financial Hardship. Notwithstanding the foregoing, the Administrator, in its complete and sole discretion, may allow Participants to revise deferral elections with respect to a Bonus at any time prior to the first day of the sixth (6th) month preceding the end of the performance period over which such Bonus is earned if the Administrator determines that the Bonus meets the definition of a "performance bonus" and such revision is permissible under IRC Section 409A and applicable Treasury Regulations.

 

2.4       Elections Regarding Form of Payout. At the time that a Participant makes a deferral election with respect to a Plan Year, the Participant shall also designate the time and form in which such deferral shall be distributed (together with any discretionary Company Contributions made for such Plan Year) and all notional earnings thereon. All elections must provide for distribution to be made at a time and in a form that is consistent with the distribution options made available under the Plan and applicable law. An election with respect to, the time and form of benefit distributions may not be changed, except as expressly provided for herein. 'A change election may not accelerate distributions but may delay distributions or change the form of payment only if all of the following requirements are met:

(a) the new election does not take effect until at least twelve (12) months after the date on which the new election is made;

 

(b) in the case of payments made on account of Termination of Employment or a Scheduled Distribution, the new election delays payment for at least five (5) years from the date that original payment would otherwise have been made, absent the change election; and

 

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Dollar Financial Corporation deferred Compensation Plan

(c) in the case of payments made according to a Scheduled Distribution, the new election is not made less than twelve (12) months before the date on which payment would have been made (or, in the case of installment payments, the first installment payment would have been made) absent the new election.

 

Election changes made pursuant to this Section shall be made on written forms provided by the Administrator, and in accordance with rules established by the Administrator and shall comply with all requirement of IRC Section 409A and applicable Treasury Regulations.

 

2.5      Company Qualified Plan Makeup Contribution. The Company shall make a Company Contribution on behalf of the Participant for each Plan Year in which the Participant makes a deferral under this Plan which shall equal the maximum Company contributions that would have been provided to the Participant under the Qualified Plan had .the Participant's elective deferral been contributed to the Qualified Plan without regard to any Statutory Limitations. The Company Contribution for each Plan Year shall be reduced by the amount of Company Contributions actually credited to the Participant under the Qualified Plan for such Plan Year.

 

2.6     Discretionary Company Contributions. The Company shall have the discretion to make additional Company Contributions to the Plan on behalf of any Participant. Company Contributions shall be made in the complete and sole discretion of the Company and no Participant shall have the right to receive any Company Contribution regardless of whether Company Contributions are made on behalf of other Participants.

 

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