|
|
 | | | |
- close
- close
- close
- close
| |||||||||
This excerpt taken from the SIRI 8-K filed Nov 12, 2009. Section 2. Payments to Executive and His Beneficiaries (a) On May 13, 2010 (or upon Executive’s death, if earlier), Trustee shall pay to Executive the Trust Amount plus interest and/or dividends earned pursuant to Section 2(c) on such Trust Amount and less applicable withholding as set forth in this Section 2(a). Prior to such date, the Company shall advise Trustee, and Trustee shall remit to the Company an amount required to be withheld with respect to the payment of benefits pursuant to the terms of this Agreement for reporting and withholding of any federal, state or local taxes that may be required. The Company shall pay amounts so remitted by Trustee to the appropriate taxing authorities as well as making any required reporting of such withholding and payment. (b) Company may make payment of benefits directly to Executive or his beneficiaries as they become due under the terms of the Agreement. Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to Executive or his beneficiaries and, in the event of such a notification, Trustee shall not make such a payment. (c) Prior to May 13, 2010 (or Executive’s death, if earlier), Trustee shall invest the Trust Amount in money markets or other risk-free investments, and Executive shall be entitled to all interest earned on the Trust Amount from the effective date of this Agreement through May 13, 2010 (or Executive’s death, if earlier). Specifically, the Trustee is authorized: (i) to invest assets of the Trust in mutual funds for which affiliates of the Trustee act as investment advisor or investment manager, principal underwriter and/or distributor and/or for which the Trustee and/or its affiliates provide services. It is specifically acknowledged that the Trustee and its affiliates receive compensation from such affiliated mutual funds and the receipt of such compensation by the Trustee and its affiliates in addition to the trustee’s fees is specifically authorized. (ii) to delegate investment management functions to an affiliate of the Trustee and it is specifically acknowledged that the Trustee shall compensate such affiliate for such services from its Trustee’s fees. (iii) to execute securities transactions without providing written contemporaneous confirmation thereof to any beneficiary and to execute securities transactions through any broker/dealer, including an affiliate of Trustee. Confirmation of such transactions shall be included in the periodic trust statement. (iv) to divide or distribute principal in kind or in money, or partly in each, or by way of undivided interests, pro rata or non-pro rata, in such manner as Trustee shall deem advisable. - 2 - |
| |||||||
