Bexar Texas Directors' Stock Deferral Plan for Norwest Corp.

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Multi-State
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Bexar
Control #:
US-CC-20-111C
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20-111C 20-111C . . . Directors' Stock Deferral Plan which allow participants to defer to later year certain compensation which would otherwise be includable in income for tax purposes in year in which it would have been paid. The Plans also provide for investment of such compensation in deferred stock account in form of shares of corporation common stock

Bexar Texas Directors' Stock Deferral Plan is a specialized program established by Nor west Corp. for its directors residing in Bexar County, Texas. This plan allows directors to defer a portion of their annual cash retainer, committee fees, and meeting fees to be invested in Nor west Corp. stock, thus providing an additional long-term income opportunity. Through the Bexar Texas Directors' Stock Deferral Plan, directors have the option of deferring up to a certain percentage of their compensation, which is then used to purchase Nor west Corp. stock at the prevailing market price. By deferring their compensation, directors can take advantage of potential future stock price appreciation and dividends. This plan aims to align the interests of directors with the company's shareholders by encouraging long-term ownership and ensuring that directors are invested in Nor west Corp.'s success. By deferring compensation in the form of company stock, directors have a vested interest in making strategic decisions that enhance shareholder value and drive the company's long-term growth. The Bexar Texas Directors' Stock Deferral Plan for Nor west Corp. has three different types, tailored to meet the diverse needs of the directors. These types include: 1. Basic Deferral: Directors can choose to defer a specific percentage of their compensation, which will be used to purchase Nor west Corp. stock at regular intervals, typically on a quarterly basis. 2. Performance-based Deferral: Directors have the option to defer a portion of their compensation based on predetermined performance goals and milestones. Upon achieving these goals, the deferred compensation is used to purchase Nor west Corp. stock. 3. Retirement Deferral: This type allows directors to defer a certain percentage of their compensation to be invested in Nor west Corp. stock until their retirement. This provides directors with a potential additional source of income during retirement. Overall, the Bexar Texas Directors' Stock Deferral Plan for Nor west Corp. is a comprehensive program designed to incentivize long-term director share ownership and align their interests with the success of the company. It offers multiple options tailored to the specific needs and preferences of directors, ensuring flexibility and potential financial benefits in the form of stock price appreciation and dividends.

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A DSU, in the traditional sense, is a combination of deferred compensation and full value phantom shares. With a DSU highly compensated employees are offered the opportunity to voluntarily defer a portion of their cash income (salary and/or bonus) to a future date (as with any other deferred compensation plan).

A deferred comp plan is most beneficial when you're able to reduce both your present and future tax rates by deferring your income. Unfortunately, it's challenging to project future tax rates. This takes analysis, projections, and assumptions.

If approved, you can receive up to the full amount of your 457 account balance. There is no tax penalty for this early withdrawal and the entire withdrawal is taxed as ordinary income. Your decisions regarding an unforeseeable emergency withdrawal will have financial consequences as well as income tax implications.

Section 409A applies to anyone subject to U.S. federal income taxation who receives nonqualified deferred compensation, including (1) U.S. tax residents and (2) nonresidents of the United States who earn U.S.-source compensation.

Section 409A generally applies to plans benefiting service providers, which include individuals, such as employees, directors, partners and proprietors, as well as corporations, S corporations, partnerships, personal service corporations or similar noncorporate entities.

A deferred stock unit (DSU) represents an unfunded and unsecured promise to deliver (or cause to be delivered) to you, subject to these Terms and Conditions and the terms and conditions of the Plan, one (1) share of MMC common stock as soon as practicable after vesting or as otherwise provided herein.

Typically, Fidelity says, you and your employer agree on when withdrawals can start. It may be five years, 10 years or not until you reach retirement. If you retire early, get fired or quit for another job before the due date, your employ gets to claw back some of that compensation as a penalty.

Deferred compensationwhen offered as an investment account or a stock optionhas the potential to increase capital gains over time. Rather than simply receiving the amount that was initially deferred, a 401(k) and other deferred compensation plans can increase in value before retirement.

Question 3: Who is affected by Section 409A? Employees, independent contractors and directors who have entitlements to receive nonqualified deferred compensation are affected by Section 409A, and cash-basis entities that perform services can be affected.

409A is a complex and comprehensive tax rule that applies to nonqualified deferred compensation and certain equity rights. 409A is particularly important where privately owned companies provide stock options and other equity rights to their employees.

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Bexar Texas Directors' Stock Deferral Plan for Norwest Corp.