Amendment to Visteon Corporation Deferred Compensation Plan for Non-Employee Directors
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Summary
This amendment, approved by Visteon Corporation's Board of Directors on December 14, 2005, updates the timing for distributing deferred compensation to non-employee directors. Now, payments will begin on the later of January 15 of the year after a director leaves the board or seven months after their departure. If a director chooses installment payments, the first installment follows the same timing, with subsequent payments each January 15. The amendment clarifies when and how directors receive their deferred compensation after ending their service.
EX-10.14.1 3 k02515exv10w14w1.txt AMENDMENT TO THE VISTEON CORPORATION DEFERRED COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS EXHIBIT 10.14.1 AMENDMENTS TO VISTEON CORPORATION DEFERRED COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS (THE "DIRECTORS' DEFERRED COMPENSATION PLAN") As approved by the Board of Directors on December 14, 2005, the first sentence of Section 7(a) of the Directors' Deferred Compensation Plan shall be amended to read as follows: Distribution of a Participant's vested Account shall be made or commence to be made on the later of (i) on or about January 15 of the calendar year following the calendar year in which, or (ii) the first day of the seventh month following the date on which, the Participant terminates service as an Outside Director of the Company, in the form or forms elected by the Participant. As approved by the Board of Directors on December 14, 2005, the first sentence of Section 7(a) 2 of the Directors' Deferred Compensation Plan shall be amended to read as follows: If the Participant has elected the installment distribution option, the first installment will be paid on the later of (i) on or about the January 15 of the calendar year following the calendar year in which, or (ii) the first day of the seventh month following the date on which, the Participant terminates service as an Outside Director, and each subsequent installment will be paid on or about January 15 of each succeeding year during the installment period.
