Exhibit 10(k) |
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FPL GROUP, INC. | ||
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ARTICLE I | ||
Definitions | ||
1.01 | AccountorAccounts | 2 |
1.02 | Administrator | 2 |
1.03 | Annual Deferral Election Form | 2 |
1.04 | Award Agreement | 2 |
1.05 | Base Salary | 2 |
1.06 | Beneficiary Designation Form | 2 |
1.07 | Board | 2 |
1.08 | Bonus | 2 |
1.09 | Change of Control | 3 |
1.10 | Committee | 5 |
1.11 | Common Stock | 5 |
1.12 | Company | 5 |
1.13 | Director's Fees | 5 |
1.14 | Disability | 5 |
1.15 | Distribution Election Form | 5 |
1.16 | Distribution Starting Date | 6 |
1.17 | Election Period | 6 |
1.18 | Employee | 6 |
1.19 | Employer | 6 |
1.20 | ERISA | 7 |
1.21 | Exchange Act | 7 |
1.22 | Investment Account | 7 |
1.23 | Investment Election Form | 7 |
1.24 | IRC | 7 |
1.25 | LTIP | 7 |
1.26 | LTIP Award | 7 |
1.27 | Market Value Per Share | 7 |
1.28 | Non-Employee Director | 7 |
1.29 | Officer | 7 |
1.30 | Participant | 7 |
1.31 | Phantom Stock Account | 8 |
1.32 | Phantom Shares | 8 |
1.33 | Plan | 8 |
1.34 | Plan Year | 8 |
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1.35 | Section 16 Committee | 8 |
1.36 | Section 16 Reporting Person | 8 |
1.37 | Subsidiary | 8 |
ARTICLE II | ||
Eligibility | ||
2.01 | Eligibility to Participate in the Plan | 8 |
ARTICLE III | ||
Deferred Compensation Benefits | ||
3.01 | Deferral Election | 8 |
3.02 | Accounts and Investment Allocation | 9 |
ARTICLE IV | ||
Distributions | ||
4.01 | Manner of Distribution | 12 |
4.02 | Form of Distribution | 13 |
4.03 | Hardship/Early Distribution | 13 |
4.04 | Distribution Upon a Termination of Employment following Change of Control | 14 |
4.05 | Beneficiary Designation | 14 |
4.06 | Taxes | 14 |
4.07 | Distributions under Domestic Relations Orders | 14 |
ARTICLE V | ||
Administration | ||
5.01 | Administration | 15 |
5.02 | Liability of Committee and Administrator; Indemnification | 15 |
5.03 | Determination of Benefits | 15 |
5.04 | Expenses | 17 |
5.05 | Compliance with Securities Laws | 17 |
ARTICLE VI | ||
Miscellaneous | ||
6.01 | No Trust Created | 18 |
6.02 | No Requirement to Fund | 18 |
6.03 | Benefits Payable from General Assets | 18 |
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6.04 | Successors | 18 |
6.05 | No Contract of Employment | 18 |
6.06 | Amendment or Termination of Plan | 18 |
6.07 | Top Hat Plan | 19 |
6.08 | Governing Law | 19 |
6.09 | Severability | 19 |
6.10 | Construction | 19 |
6.11 | Merger or Consolidation or Sale of Assets of Employer | 19 |
6.12 | Transfer to an Affiliate of the Employer | 19 |
6.13 | Assignment | 19 |
6.14 | Incapacity | 20 |
6.15 | Effect on Benefits Under Other Plans | 20 |
6.16 | Indemnity Upon Change of Control | 20 |
6.17 | No Rights as Stockholders | 20 |
Execution Page | 20 |
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FPL GROUP, INC. DEFERRED COMPENSATION PLAN |
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ARTICLE I | |
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1.20 | "ERISA" shall mean the Employee Retirement Income Security Act of 1974, as amended. |
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1.31 | "Phantom Stock Account" shall mean an account established and maintained for a Participant pursuant to Sections 3.02(a) and 3.02(b)(2). | |
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ARTICLE II | ||
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ARTICLE III | ||
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ARTICLE IV | |||
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4.04 | Distribution Upon a Termination of Employment following a Change of Control. Anything in this Plan to the contrary notwithstanding, if a Change of Control occurs and as a result of such Change of Control the Participant's employment with the Company or its subsidiaries and affiliates is terminated, then the Employer shall pay to the Participant (or his or her beneficiary or beneficiaries if the Participant is deceased) his or her entire Account in a single sum on the first day of the month following the termination of employment. |
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Within a reasonable period of time after receiving the Domestic Relations Order, the Administrator will determine whether such order complies with the terms of the Plan and will notify the Participant and each Alternate Payee of its determination. If any portion of the Participant's benefit is payable during the period the Administrator is making such determination, the Administrator shall make a separate accounting of the amounts payable. | ||
ARTICLE V | ||
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ARTICLE VI | |
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6.14 | Incapacity. If the Administrator determines that any person to whom any distribution is payable under this Plan is unable to care for his or her affairs because of illness or accident, or is a minor, any payment due (unless a prior claim thereto has been made by a duly appointed guardian, committee or other legal representative) may be paid to the spouse, a child, a parent, or a brother or sister, or to any person deemed by the Administrator to have incurred expense for such person otherwise entitled to payment, in such manner as the Administrator may determine. Any such payment shall be a complete discharge of the liabilities of the Employer under this Plan. | |||
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By: | ||||
Dennis P. Coyle, General Counsel and Secretary | ||||
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