Exhibit 10.1
UDC, INC.
NONQUALIFIED DEFERRED COMPENSATION PLAN
RECITALS
This Nonqualified Deferred Compensation Plan (the “Plan”) is adopted by UDC, Inc., a New Jersey corporation (the “Company”), for the benefit of the Eligible Employees of the Company. The purpose of the Plan is to offer selected Eligible Employees who contribute significantly to the future business success of the Company an opportunity to elect to defer a portion of their Base Salary and/or Bonus Compensation and to provide a deferred compensation vehicle to which the Company may credit discretionary amounts pursuant to the terms of the Plan for retention and reward.
The Plan is an unfunded plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly-compensated Employees, and as such, is intended to be exempt from the provisions of Parts 2, 3, and 4 of Title I of the Employee Retirement Income Security Act of 1974 by operation of Sections 201(2), 301(a)(3) and 401(a)(1) thereof. The Plan will be administered, operated and construed in accordance with this intention.
The Plan is intended to comply in form and operation with all applicable law, including, to the extent applicable, the requirements of Internal Revenue Code Section 409A and will be administered, operated and construed in accordance with this intention.
Accordingly, this Plan is effective as of January 1, 2024.
ARTICLE 1
Definitions
The words and phrases defined in this Article shall have the meaning set out in the definition, unless the context in which the word or phrase appears reasonably requires a broader, narrower or different meaning.
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ARTICLE 2
Eligibility and Participation
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ARTICLE 3
Employee Elective Deferrals
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ARTICLE 4
Account Allocation and Distribution Elections
ARTICLE 5
Company Contributions
ARTICLE 6
Deemed Investment Gains or Losses
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ARTICLE 7
Vesting / Forfeitures / Taxes
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ARTICLE 8
Payment of Account(s)
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For purposes of applying this Section 8.1(d), installment payments shall be treated as a “single payment.” Any election made pursuant to this Section shall be made on such Election Forms or electronic media as is required by the Plan Administrator, in accordance with the rules established by the Plan Administrator and shall comply with all requirements of Section 409A.
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ARTICLE 9
Beneficiary Designation
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ARTICLE 10
Plan Amendment
ARTICLE 11
Plan Termination
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ARTICLE 12
Plan Administration
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ARTICLE 13
Claims Procedures
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ARTICLE 14
Miscellaneous
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