Amendment to LL&E Deferred Compensation Arrangement for Selected Key Employees
Contract Categories:
Human Resources
›
Compensation Agreements
Summary
This amendment updates the LL&E Deferred Compensation Arrangement for Selected Key Employees, effective January 1, 2005. It adds a provision to ensure that the plan's benefits remain exempt from Section 409A of the Internal Revenue Code, preserving their grandfathered status. The amendment prohibits any future changes that would jeopardize this exemption. The parties involved are the employer (LL&E) and its selected key employees who participate in the deferred compensation plan.
EX-10.20 21 ex10_20.htm EXHIBIT 10.20 Unassociated Document
AMENDMENT
TO
THE LL&E DEFERRED COMPENSATION ARRANGEMENT
FOR SELECTED KEY EMPLOYEES
The LL&E Deferred Compensation Arrangement for Selected Key Employees is amended, effective as of January 1, 2005, as follows:
A new Section 8.5 is added to read as follows::
“8.5 Preservation of Grandfathering under IRC Section 409A. It is intended that the benefits under this Plan qualify under the grandfather provisions of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance thereunder so that such benefits are not subject to said Section 409A. Anything in this Plan to the contrary notwithstanding, no amendment shall be made to this Plan that would cause the loss of such grandfather protection.”
