MTW » Topics » Each of the following, as approved by the Administrator and properly completed by the Participant, is a Form under the Plan:

This excerpt taken from the MTW 10-K filed Mar 2, 2009.

Each of the following, as approved by the Administrator and properly completed by the Participant, is a “Form” under the Plan:

 

(a)                   “Beneficiary Designation Form” is used to designate a Participant’s Beneficiaries.  A Beneficiary Designation may, but is not required, to specify the form of payment from those available under the Plan.  A Beneficiary Designation may, but is not required, to designate contingent Beneficiaries.

 

(b)                   “Distribution Election Form” is used to designate the form and timing of distributions to be made to a Participant from the Participant’s Accounts in the Plan.  Separate Distribution Election Forms may be filed for a Participant’s Program A Account and Program B Account.  If only one Distribution Election Form is on file with the Plan it shall apply to Accounts of the Participant in both Program A and Program B.  No Distribution Election Form other than the Form filed at the commencement of Plan participation can be given effect until it has been on file with the Administrator for 12 months.  For Non-Grandfathered Accounts, a new or modified Distribution Election Form must either: (i) meet one of the exemptions set forth in IRS Notice 2007-86, Notice 2006-79 or Notice 2005-1; or (ii) further delay the commencement of any amount previously deferred by a minimum of 5 additional years.

 

(c)                   “Hardship Distribution Request Form” is used to request a hardship distribution of amounts credited to a Participant’s Accounts.  Hardship distributions shall be drawn from Program B and then Program A Accounts, in that order.

 

(d)                   “New Investment Direction Form” is used to change investment directions prospectively under the Plan as to new deferral amounts.

 

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(e)                   “Investment Transfer Form” is used to transfer funds from one Program B Sub-Account to another.  Investment Transfer Forms cannot be used in Program A effective March 31, 2002.

 

Section 2.18           Grandfathered Account.

 

“Grandfathered Account” refers to all or any part of a Participant’s Account that was earned and fully vested as of December 31, 2004.  If, at any time, this Plan, any Agreement, any Form or any other administrative policy is amended or interpreted to cause a “material modification” that would cause a Grandfathered Account to be subject to Code Section 409A, such amendment, interpretation or change shall be deemed amended or modified to the extent that no Grandfathered Amount will be subject to Code Section 409A.  If necessary to avoid the application of Code Section 409A or to provide guidance as the result of the application of the preceding provisions, the terms of the Plan, as in effect on October 3, 2004, shall apply to all Grandfathered Accounts.

 

Section 2.19           Manitowoc Stock.

 

“Manitowoc Stock” means the common stock, $.01 par value, of the Company.

 

Section 2.20           Non-Grandfathered Account.

 

“Non-Grandfathered Account” refers to all or any part of a Participant’s Account that was not earned and fully vested as of December 31, 2004.  Non-Grandfathered Accounts are subject to Code Section 409A and the provisions of this Plan shall be interpreted and applied with the intent to ensure that no benefits are subject to taxation before the date when such benefits are paid to a Participant or Beneficiary.  Nothing in this Plan, any Agreement, any Form or related document shall be construed or interpreted as a guarantee of any particular tax consequences.

 

Section 2.21           Participant.

 

“Participant” means any non-employee member of the Board and any eligible employee of an Employer who has executed an Agreement.  Key employee status for a Plan Year is determined as of the last day of the immediately preceding Plan Year, or, as to newly-hired employees in their first year of employment, at time of hire based on current base rate of pay.  Key employees, for all Plan purposes, include only elected officers of the Company and other “highly compensated employees.”  For purposes of this Section, “highly compensated employees” means any employee of an Employer who:  (a) for all Plan Years beginning on or after January 1, 2004, has been employed by one or more Employer(s) for at least one year at a salary grade of 210 or higher and who continues to be employed by an Employer at such a salary grade on the last day of the preceding Plan Year; or (b) for all Plan Years beginning before January 1, 2004, received Compensation in a Plan Year equal to or greater than the indexed amount described in Code Section 414(q)(1).  Notwithstanding the preceding sentence, any employee who was an eligible highly compensated employee and who made contributions to the Plan during the 2003 Plan Year, shall continue to remain a key employee for so long as the individual would have continued to satisfy the eligibility requirements that were in effect prior to January 1, 2004.  An individual who temporarily continues eligibility under this transition rule 

 

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and who later ceases to satisfy the prior requirements must satisfy the new requirements in order to again be eligible to participate in the Plan.  A Participant who ceases to be a non-employee director or a key employee shall cease making deferrals as of the first day of the Plan Year following such loss of eligibility, but shall remain an inactive Participant until all amounts due such person under the Plan have been distributed in full. Plan Year

 

Section 2.22           Plan Year.

 

“Plan Year” means the fiscal year of the Company.

 

Section 2.23           Program A.

 

“Program A,” effective March 31, 2002, is deemed to be solely invested in Manitowoc Stock.  Any dividends paid on shares of Manitowoc Stock deemed to be held under Program A are deemed to be reinvested in Manitowoc Stock under Program A, in accordance with rules and procedures established by the Administrator.  There are no investment options in Program A.  Effective March 31, 2002, the funds in Program A cannot be transferred at any time to Program B.  All distributions under the Plan from Program A must be made in Manitowoc Stock, except fractional shares may be paid in cash.  Any Manitowoc Stock that may be held in trust pursuant to the Plan in connection with Program A will be held in a trust that is completely separate from any trust that may hold assets pursuant to the Plan in connection with Program B.

 

Section 2.24           Program B.

 

“Program B,” effective March 31, 2002, is deemed to consist of Sub-Accounts, each of which is deemed to be invested in a designated mutual fund.  Any dividends paid on such mutual funds shall be deemed to be reinvested in the applicable Sub-Account.  Manitowoc Stock is not an investment option in Program B.  Funds deemed to be invested pursuant to Program B cannot be transferred at any time to Program A.  All distributions from Program B must be made in cash.  Any assets that may be held in trust pursuant to the Plan in connection with Program B will be held in a trust that is completely separate from any trust that may hold assets pursuant to the Plan in connection with Program A.

 

Section 2.25           Retainer Fee.

 

“Retainer Fee” means those fees paid by the Company to non-employee directors for services rendered on the Board or any committee of the Board, including attendance fees and fees for serving as committee chair.  Any Retainer Fee payable for services during a month is deemed to accrue to the non-employee director on the first day of such month for Plan purposes.

 

Section 2.26           Rule 16b-3.

 

“Rule 16b-3” means Rule 16b-3 of the General Rules and Regulations under the Exchange Act as promulgated by the Securities Exchange Commission or its successor, as amended and in effect from time to time.

 

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Section 2.27           Separation.

 

“Separation” means a “separation from service” within the meaning of Code Section 409A(2)(A)(i).

 

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