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Title: |
Deferred Compensation Plan |
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Date: |
2001 |
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Size: |
Preview shows 4KB of 27KB total |
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Price: |
$43 |
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ID: |
#292021 |
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Deferred Compensation Plan
EIGHTH AMENDMENT
KANSAS CITY LIFE
DEFERRED COMPENSATION PLAN
ARTICLE I
Creation and Purpose
1. It is the intention of the Company to establish this Plan of deferred
compensation for the benefit of designated employees whose contributions
have been restricted by law and regulation under the Kansas City Life
Insurance Company Savings and Profit Sharing Plan.
2. By enrolling in this Plan, an employee agrees to defer a portion of his or
her current earnings. It is the intent of this Plan that accumulated and
vested benefits will be paid to such participants at the time of
retirement, termination, death or total and permanent disability.
ARTICLE II
Definitions
(a) "Salary" shall mean only the fixed amounts, weekly, semi-monthly, or
monthly, due and payable to the employee by the Company, and does not
include any bonuses, overtime pay or other extraordinary payments by
the Company.
(b) "Deferred compensation" shall mean the amount of salary not yet
earned, which the participant and the Company mutually agree shall be
deferred in accordance with the provisions of this Plan.
(c) "Normal retirement" shall mean termination from em-ployment with the
Company becoming effective on or about the first day of the calendar
month following the participant's attainment of age sixty-five (65).
(d) "Early retirement" shall mean retirement from employment with the
Company on the first day of any month following a participant's
fifty-fifth (55th) birthdate with the attainment of at least five
years of employment. For purposes of determining the attainment of at
least five (5) years of employment, the years of employment of a
participant with Old American Insurance Company prior to November 1,
1991 shall not be taken into account.
(e) "Termination of employment" shall mean the severance of the
participant's employment with the Company prior to his or her
eligibility for retirement.
(f) "Participant" shall mean any employee of Kansas City Life Insurance
Company, or any subsidiary corporation, under the rules of common law,
who shall be a member of a select group of management or highly
compensated employees designated for participation by Kansas City Life
Insurance Company from time to time.
(g) "Company" means Kansas City Life Insurance Company, a Missouri
Corporation, Sunset Life Insurance Company of America, a Washington
Corporation, Old American Insurance Company, a Missouri Corporation
and any other subsidiary corporation of Kansas City Life Insurance
Company, any or all of which may sometimes be referred to herein as
affiliated corporations.
(h) "Company stock" shall mean shares of the common capital stock of
Kansas City Life Insurance Company.
ARTICLE III
Administration
1. The Administrative Committee, sometimes herein referred to as the
"Committee", shall consist of a number of persons, not less than three (3)
nor more than five (5), designated by the Executive Committee of Kansas
City Life Insurance Company, who shall serve terms of one (1) year or until
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