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Title: |
Adoption Agreement |
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Entities: |
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Date: |
2006 |
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Size: |
19KB total |
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Price: |
$36 |
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ID: |
#2483372 |
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ADOPTION AGREEMENT
THIS AGREEMENT is the adoption by STERIS Corporation (the Employer) of the STERIS Corporation Deferred Compensation Plan (Plan).
WITNESSETH:
WHEREAS, the Employer desires to adopt the Plan as an unfunded, nonqualified deferred compensation plan; and
WHEREAS, the provisions of the Plan are intended to comply with the requirements of Section 409A of the Code and the regulations thereunder; and
WHEREAS, the Employer has been advised by Principal Life Insurance Company to obtain legal and tax advice from its professional advisors before adopting the Plan, and Principal Life Insurance Company disclaims all liability for the legal and tax consequences which result from the elections made by the Employer in this Adoption Agreement;
NOW, THEREFORE, the Employer hereby adopts the Plan in accordance with the terms and conditions set forth in this Adoption Agreement:
ARTICLE I
Terms used in this Adoption Agreement shall have the same meaning as in the Plan, unless some other meaning is expressly herein set forth. The Employer hereby represents and warrants that the Plan has been adopted by the Employer upon proper authorization and the Employer hereby elects to adopt the Plan for the benefit of its Participants as referred to in the Plan. By the execution of this Adoption Agreement, the Employer hereby agrees to be bound by the terms of the Plan.
ARTICLE II
The Employer hereby makes the following designations or elections for the purpose of the Plan:
2.6 Committee: The duties of the Committee set forth in the Plan shall be satisfied by and the term Committee shall mean:
| ___ | (a) | The administrative committee of at least three individuals appointed by the Board to serve at the pleasure of the Board. | ||
| ___ | (b) | Employer. | ||
| XX (c) Other (specify): The Oversight Committee for the STERIS Corporation 401(k) Plan (Oversight Committee) or, in the case of any determinations or actions specific to a Participant who is an officer (as defined in Rule 16a-1(f) promulgated under the Securities Exchange Act of 1934 or in any successor to such Rule), the Compensation and Corporate Governance Committee of the Board of Directors of STERIS or such Board of Directors. Any actions or determinations which the Oversight Committee is authorized to take or make may be taken or made by the Compensation and Corporate Governance Committee. Any actions or determinations which the Compensation and Corporate Governance Committee is authorized to take or make may be taken or made by the Board of Directors of STERIS. | ||||
2.7 Compensation: The Compensation of a Participant shall mean all of a Participants:
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(a) | Base salary. | ||
| XX | (b) | Service Bonus. | ||
| XX | (c) | Performance-Based Compensation earned in a period of 12 months or more. | ||
| XX | (d) | Commissions. | ||
| (e) | Compensation received as an Independent Contractor reportable on Form 1099. | |||
| XX | (f) | Other: Base salary, before giving effect to contributions made by the Participant through a salary reduction agreement with an Employer to a Code Section 401(k), 403(b), 408(k), 408(p) or 457 deferred compensation arrangement or an executive nonqualified deferred compensation arrangement, including the Plan, and before giving effect to amounts contributed to fringe benefits by the Participant under a Code Section 125 plan. | ||
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2.8 Crediting Date: The Deferred Compensation Account of a Participant shall be credited with the amount of any Participant Deferral to such account at the time designated below:
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