Amendment to The Talbots, Inc. Deferred Compensation Plan (Effective July 1, 2001)
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Summary
This amendment updates The Talbots, Inc. Deferred Compensation Plan, allowing participants to defer a portion of their salary, from 1% to 100%, by submitting an election form. Deferred salary will be paid out in a lump sum upon termination of employment unless the participant chooses a different payment method. The amendment also updates certain plan terminology to reflect these changes. The amendment is effective as of July 1, 2001.
EX-10.27 4 0004.txt AMENDMENT TO TALBOTS DEFERRED COMPENSATION PLAN AMENDMENT TO THE TALBOTS, INC. DEFERRED COMPENSATION PLAN Effective as of July 1, 2001, The Talbots, Inc. Deferred Compensation Plan is amended as follows: 1. New Section 3A is added to the Plan, following the end of Section 3, as follows: "3A Deferral and Payment of Salary A Participant can elect to defer his or her Salary, in whole number percentages from 1% to 100%, by completing and submitting to the Company a deferral election form at such times as are prescribed by the Company. In no event may a deferral election apply to Salary that has already been earned. For purposes of this Section 3A, "Salary" shall mean a Participant's base compensation (after reduction for deferrals made pursuant to Section 401(k) and 125 of the Internal Revenue Code of 1986, as amended), but not including bonuses or incentive compensation. Deferred Salary amounts will be paid to the Participant in the form of a lump sum upon his or her termination of employment, unless the Participant otherwise elects pursuant to rules established by the Administrative Committee." 2. Section 5 is amended by changing the caption to "Deferred Accounts." 3. The first sentence of Section 5 is amended by adding the words "or deferred Salary account" following the words "deferred incentive compensation account."