FPIC » Topics » WHEREAS,

These excerpts taken from the FPIC 10-Q filed May 6, 2009.
WHEREAS, pursuant to Section 885(f) of the American Jobs Creation Act of 2004, Public Law 108-357 (the “Act”), the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), will be applicable to certain nonqualified deferred compensation plans, as defined in such Section 409A, with respect to amounts deferred after December 31, 2004; and

WHEREAS, pursuant to Section 885(f) of the American Jobs Creation Act of 2004, Public Law 108-357 (the “Act”), the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), will be applicable to certain nonqualified deferred compensation plans, as defined in such Section 409A, with respect to amounts deferred after December 31, 2004; and

WHEREAS, the final Section 409A regulations issued by the United States Department of the Treasury and the Internal Revenue Service were published to provide guidance under Section 409A (the “409A Regulations”); and

WHEREAS, the final Section 409A regulations issued by the United States Department of the Treasury and the Internal Revenue Service were published to provide guidance under Section 409A (the “409A Regulations”); and

WHEREAS, FPIC Insurance Group, Inc. (the “Company”) wishes to amend the Omnibus Incentive Plan to clarify certain provisions of the Omnibus Incentive Plan to demonstrate exemption from and compliance with the provisions of the 409A Regulations; and

WHEREAS, FPIC Insurance Group, Inc. (the “Company”) wishes to amend the Director Stock Plan to clarify certain provisions of the Director Stock Plan to demonstrate exemption from and compliance with the provisions of the 409A Regulations; and

WHEREAS, pursuant to Article 20, the Board may, at any time, amend the Omnibus Incentive Plan; and

WHEREAS, pursuant to Article 12, the Board may, at any time, amend the Director Stock Plan; and

These excerpts taken from the FPIC 10-K filed Mar 4, 2009.
      WHEREAS, the Company established the SERP, effective January 1, 1996 and amended and restated January 1, 1999; and
 
WHEREAS, pursuant to Section 885(f) of the American Jobs Creation Act of 2004, Public Law 108-357 (the “Act”), the provisions of Section 409A of the  Internal Revenue Code of 1986, as amended (“Section 409A”), will be applicable to  certain nonqualified deferred compensation plans, as defined in such Section 409A, with respect to amounts deferred after December 31, 2004; and
 
WHEREAS, amounts deferred and vested on or prior to December 31, 2004 will not be subject to Section 409A provided that the plan under which the deferred amounts were made is not materially modified after October 3, 2004 (“Grandfathered Amounts”); and
 
WHEREAS, the SERP provided Grandfathered Amounts for the Executives and the Company now desires to amend the SERP to freeze the retirement benefits for the Executives, as of December 31, 2004, and to provide that no new Participants will be eligible to participate in the SERP, effective as of December 31, 2008; and
 
WHEREAS, under the provisions of Section 409A, this Amendment is not a material modification of the SERP;
 
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