PVA » Topics » ARTICLE III INVESTMENT OF THE ACCOUNTS

This excerpt taken from the PVA 8-K filed Oct 29, 2007.

ARTICLE III INVESTMENT OF THE ACCOUNTS

3.1. Establishment of the CODA Account, SERP Account and the Deferral Contribution Account. The Committee shall establish and maintain a notional account for each Participant who elects Compensation withholding under Section 2.2 and who previously elected to make CODA Deferral Contributions and SERP Deferral Contributions.

3.1.1. Crediting of Amount to the Deferral Contribution Account. An amount equal to the Compensation withheld shall be credited to a Participant’s Deferral Contribution Account not later than 60 days after the date such Compensation would otherwise have been paid to the Participant. Hypothetical earnings, gains and losses, if any, on the balance standing to the credit of the Deferral Contribution Account shall be credited or debited to the Deferral Contribution Account as provided in Section 3.1.2.

3.1.2. Hypothetical Investment of the CODA Account, SERP Account and Deferral Contribution Account. The Committee may cause each Participant’s CODA Account, SERP Account and Deferral Contribution Account to be hypothetically invested in accordance with a written investment direction provided to the Committee by the Participant. A Participant may only direct that the Committee invest his or her CODA Account, SERP Account and Deferral Contribution Account in any investment available under the 401(k) Plan at the time such direction is given. A Participant may change his or her investment direction at such times and on such terms and conditions as the Committee may determine, subject in all respects to the terms of the Penn Virginia Corporation Policy Regarding Special Trading Procedures. A Participant’s CODA Account, SERP Account and Deferral Contribution Account shall be credited or debited with all hypothetical earnings, gains, losses and ordinary expenses incurred through execution of his or her investment directions. If the Participant or Committee determines not to invest the Participant’s CODA Account, SERP Account and/or Deferral Contribution Account, the applicable Account shall be assumed to be invested in such default investment, or at the interest rate at which PNC Bank or its successor, or such other bank as the Committee shall determine, is lending to its most credit-worthy customers less 2%; provided that in no event shall such rate exceed 8%, as the Committee determines it is sole and absolute discretion.

 

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3.2. Establishment of the Employer Stock Account. The Committee shall establish and maintain a notional account for each Participant who is permitted by the Committee to receive an Employer Stock Contribution under Section 2.3.

3.2.1. Crediting of Amount to the Employer Stock Account. The amount of contribution provided for under Section 2.3 shall be credited to a Participant’s Employer Stock Account not later than 60 days after the amount of such contribution is determined. Hypothetical earnings, gains and losses, if any, on the balance standing to the credit of the Employer Stock Account shall be credited or debited to the Employer Stock Account as provided in Section 3.3.2.

3.2.2. Hypothetical Investment of the Employer Stock Account. The Committee may cause each Participant’s Employer Stock Account to be hypothetically invested in the common stock issued by the Company or shares of preferred stock issued by the Company convertible into such common stock, which shares shall constitute “qualifying employer securities” under section 407(d)(5) of ERISA, and sections 409(l) and 4975(e)(8) of the Code. If the Participant or Committee determines not to invest the Participant’s Employer Stock Account, the Employer Stock Account shall be assumed to be invested in such default investment, or at the interest rate at which PNC Bank or its successor, or such other bank as the Committee shall determine, is lending to its most credit-worthy customers less 2%; provided that in no event shall such rate exceed 8%, as the Committee determines it is sole and absolute discretion.

3.3. Establishment of the Employer Contribution Account. The Committee shall establish and maintain a notional account for each Participant who is permitted by the Committee to receive an Employer Contribution under Section 2.4.

3.3.1. Crediting of Amount to the Employer Contribution Account. The amount of contribution provided for under Section 2.4 shall be credited to a Participant’s Employer Contribution Account not later than 60 days after the amount of such contribution is determined. Hypothetical earnings, gains and losses, if any, on the balance standing to the credit of the Employer Contribution Account shall be credited or debited to the Employer Contribution Account as provided in Section 3.3.2.

3.3.2. Hypothetical Investment of the Employer Contribution Account. The Committee may cause each Participant’s Employer Contribution Account to be hypothetically invested in accordance with a written investment direction provided to the Committee by the Participant. A Participant may only direct that the Committee invest his or her Employer Contribution Account in any investment available under the 401(k) Plan at the time such direction is given. A Participant may change his or her investment direction at such times and on such terms and conditions as the Committee may determine, subject in all respects to the terms of the Company’s trading policy. A Participant’s Employer Contribution Account shall be credited or debited with all hypothetical earnings, gains, losses and ordinary expenses incurred through execution of his or her investment directions. If the Participant or Committee determines not to invest the Participant’s Employer Contribution Account, the Employer Contribution Account shall be assumed to be invested in such default investment, or at the

 

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interest rate at which PNC Bank or its successor, or such other bank as the Committee shall determine, is lending to its most credit-worthy customers less 2%; provided that in no event shall such rate exceed 8%, as the Committee determines it is sole and absolute discretion.

3.4. Function of Committee. Each Participant agrees that the Company and the Committee are in no way responsible for the investment results of the Participant’s notional Accounts, whether or not the Account is hypothetically invested in accordance with the Participant’s direction.

This excerpt taken from the PVA 10-K filed Mar 16, 2006.

ARTICLE III             INVESTMENT OF THE ACCOUNTS

                    3.1.          Establishment of the SERP Account.  The Committee shall establish and maintain a notionalaccount for each Participant who elects salary withholding under Section 2.3.

                                    3.1.1.     Crediting of Amount to the SERP Account.  An amount equal to the Compensation withheld shall be credited to a Participant’s SERP Account not later than 60 days after the date such Compensation would otherwise have been paid to the Participant.  Hypothetical earnings, gains and losses, if any, on the balance standing to the credit of the SERP Account shall be credited or debited to the SERP Account as provided in Section 3.1.2.

                                    3.1.2.     Hypothetical Investment of the SERP Account.  The Committee may cause each Participant’s SERP Account to be hypothetically invested in accordance with a written investment direction provided to the Committee by the Participant.  A Participant may only direct that the Committee invest his or her SERP Account in any investment available under the 401(k) Plan at the time such direction is given.  A Participant may change his or her

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investment direction quarterly.  Such election shall be effective as of the first day of the calendar quarter following the request of such change by the Committee.  A Participant’s SERP Account shall be credited or debited with all hypothetical earnings, gains, losses and ordinary expenses incurred through execution of his or her investment directions.  If the Participant or Committee determines not to invest the Participant’s SERP Account, the SERP Account shall be assumed to be invested at the interest rate at which First Union National Bank is lending to its most credit-worthy customers less 2%; provided that in no event shall such rate exceed 8%.

                    3.2.          Establishment of the CODA Account.  The Committee shall establish and maintain a notional account for each Participant who is permitted by the Committee to elect salary withholding under Section 2.4.

                                    3.2.1.     Crediting of Amount to the CODA Account.  An amount equal to the Compensation withheld pursuant to Section 2.4 shall be credited to a Participant’s CODA Account not later than 60 days after the date such Compensation would otherwise have been paid to the Participant.  Hypothetical earnings, gains and losses, if any, on the balance standing to the credit of the CODA Account shall be credited or debited to the CODA Account as provided in Section 3.2.2.  CODA Employer Contributions shall be credited as provided under Section 2.4.1.

                                    3.2.2.     Hypothetical Investment of the CODA Account.  The Committee may cause each Participant’s CODA Account to be hypothetically invested in accordance with a written investment direction given in accordance with Section 3.1.2; provided, however, that a Participant may elect to have his or her CODA Account invested only in the investments then available under the 401(k) Plan.  If the Participant or Committee determines not to invest the Participant’s CODA Account, the CODA Account shall be assumed to be invested at the interest rate at which First Union National Bank is lending to its most credit-worthy customers less 2%; provided that in no event shall such rate exceed 8%.

                    3.3.          Establishment of the Employer Stock Account.  The Committee shall establish and maintain a notional account for each Participant who is permitted by the Committee to receive an Employer Stock Contribution under Section 2.5.

                                    3.3.1.     Crediting of Amount to the Employer Stock Account.  The amount of contribution provided for under Section 2.5 shall be credited to a Participant’s Employer Stock Account not later than 60 days after the amount of such contribution is determined.  Hypothetical earnings, gains and losses, if any, on the balance standing to the credit of the Employer Stock Account shall be credited or debited to the Employer Stock Account as provided in Section 3.3.2.

                                    3.3.2.     Hypothetical Investment of the Employer Stock Account.  The Committee may cause each Participant’s Employer Stock Account to be hypothetically invested in the common stock issued by the Company or shares of preferred stock issued by the Company convertible into such common stock, which shares shall constitute “qualifying employer securities” under section 407(d)(5) of ERISA, and sections 409(l) and 4975(e)(8) of the Code.  If the Participant or Committee determines not to invest the Participant’s Employer Stock Account,

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the Employer Stock Account shall be assumed to be invested at the interest rate at which First Union National Bank is lending to its most credit-worthy customers less 2%; provided that in no event shall such rate exceed 8%.

                    3.4.          Function of Committee.  Each Participant agrees that the Company and the Committee are in no way responsible for the investment results of the Participant’s notional Accounts, whether or not the Account is hypothetically invested in accordance with the Participant’s direction.

EXCERPTS ON THIS PAGE:

8-K
Oct 29, 2007
10-K
Mar 16, 2006
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