|
|
 | | | |
- close
- close
- close
- close
This excerpt taken from the SYBT 10-K filed Mar 15, 2006. 14.2 Committee.
(i) To designate Participants;
(ii) To interpret the provisions of the Plan and to determine the rights of the Participants under the Plan, except to the extent otherwise provided in Section 19 relating to claims procedure;
(iii) To administer the Plan in accordance with its terms, except to the extent powers to administer the Plan are specifically delegated to another person or persons as provided in the Plan;
(iv) To account for the Accrued Benefits of Participants; and
(v) To direct the Employer in the payment of benefits.
This excerpt taken from the SYBT DEF 14A filed Mar 18, 2005. Committee” means the Compensation Committee
of the Board or such other committee of the Board as may be designated by the
Board to administer the Plan, which committee shall consist of three or more
members of the Board, each of whom is both a “non-employee director” within the
meaning of Rule 16b-3 promulgated under the Exchange Act and an “outside
director” within the meaning of such term as contained in applicable
regulations interpreting section 162(m) of the Code; provided, however,
that with respect to the application of the Plan to Awards made to Directors, “Committee”
means the Board. To the extent that no
Committee exists that has the authority to administer the Plan, the functions
of the Committee shall be exercised by the Board. If for any reason the appointed Committee
does not meet the requirements of Rule 16b-3 or section 162(m) of the
Code, such noncompliance with such requirements shall not affect the validity
of Awards, grants, interpretations or other actions of the Committee.
| EXCERPTS ON THIS PAGE:
RELATED TOPICS for SYBT: |
| |||||||
