Amendment to National Fuel Gas Company Deferred Compensation Plan

Contract Categories: Human Resources › Compensation Agreements
Summary

National Fuel Gas Company has amended its Deferred Compensation Plan for key employees. The amendment requires the company to distribute, before December 31, 2005, any part of a participant's account balance that was not considered "earned and vested" as of December 31, 2004, under Section 409A of the Internal Revenue Code. All other terms of the plan remain unchanged. This amendment ensures compliance with tax regulations and affects how and when certain deferred compensation is paid to eligible employees.

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EX-10.5 6 l16251aexv10w5.htm EX-10.5: AMENDMENT TO DEFERRED COMPENSATION PLAN EX-10.5  

Exhibit 10.5
AMENDMENT TO THE
NATIONAL FUEL GAS COMPANY
DEFERRED COMPENSATION PLAN
          WHEREAS, National Fuel Gas Company (the “Company”) previously adopted the National Fuel Gas Company Deferred Compensation Plan (the “Plan”) for the benefit of key employees of the Company and its subsidiaries (the “Participants”); and
          WHEREAS, pursuant to Article 10 of the Plan, the Company reserved the right to amend the Plan in whole or in part at any time, and desires to amend the Plan in order to provide for the immediate distribution of any portion of a Participant’s Accumulation Account (as defined in the Plan) balance that, as of December 31, 2004, was not “earned and vested” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”).
          NOW, THEREFORE, the Plan is hereby amended as follows:
          1. Notwithstanding any provision of the Plan contrary, prior to December 31, 2005, the Company shall distribute in full any portion of the balance of a Participant’s accumulation Account that, as of December 31, 2004, was not “earned and vested” within the meaning of Section 409A.
          2. In all other respects, the Plan shall remain unchanged.
          IN WITNESS WHEREOF, the Company has caused this instrument to be executed by the signature of its duly authorized officer as of this 21 day of October, 2005.
             
    NATIONAL FUEL GAS COMPANY    
 
            
 
  By:   /s/ A. M. Cellino    
 
           
 
  Name:   A. M. Cellino    
 
           
 
  Title:   Secretary