Harris Texas Directors' Stock Deferral Plan for Norwest Corp.

• Category: Corporations - Public - Incentive Compensation Plans
• State: Multi-State
• County: Harris
• Control #: US-CC-20-111C
• Format: Word; Rich Text

Description

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 The Harris Texas Directors' Stock Deferral Plan is a comprehensive employee benefit program offered by Nor west Corp. to its directors based in Texas. This plan allows eligible directors to defer a portion of their compensation earned through company stock, providing them with flexibility in managing their retirement savings and potential tax advantages. Under the Harris Texas Directors' Stock Deferral Plan, participating directors can choose to defer a certain percentage of their annual stock-based compensation until a later date, typically upon retirement or termination of service. This deferral option enables directors to delay the receipt of stock grants or stock-based awards, helping them to align their financial goals with the long-term success of Nor west Corp. The plan offers a range of investment choices for deferred stock, allowing directors to customize their deferrals based on personal preferences and risk tolerance. These choices may include various investment funds, index funds, or even individual stocks. Furthermore, directors can monitor and adjust their investment allocations periodically to adapt to market conditions and financial goals. By deferring stock-based compensation, directors may benefit from potential tax advantages. Since the value of deferred stock is not immediately taxable, directors have the opportunity to defer taxes until they actually receive the deferred amounts. This flexibility allows directors to selectively plan tax liabilities, potentially minimizing the overall tax burden in retirement or during other periods of lower taxable income. It is important to note that while the Harris Texas Directors' Stock Deferral Plan is tailored specifically for directors in Texas, Nor west Corp. may offer similar or slightly modified stock deferral plans to directors in other states or regions. These variations may be influenced by local legal or regulatory requirements, but the overall objective of helping directors manage their compensation and tax planning remains consistent. In summary, the Harris Texas Directors' Stock Deferral Plan for Nor west Corp. provides participating directors based in Texas with the option to defer a portion of their compensation earned through company stock until a later date. This allows directors to customize their retirement savings, access a variety of investment options, and potentially enjoy tax advantages.

The Harris Texas Directors' Stock Deferral Plan is a comprehensive employee benefit program offered by Nor west Corp. to its directors based in Texas. This plan allows eligible directors to defer a portion of their compensation earned through company stock, providing them with flexibility in managing their retirement savings and potential tax advantages. Under the Harris Texas Directors' Stock Deferral Plan, participating directors can choose to defer a certain percentage of their annual stock-based compensation until a later date, typically upon retirement or termination of service. This deferral option enables directors to delay the receipt of stock grants or stock-based awards, helping them to align their financial goals with the long-term success of Nor west Corp. The plan offers a range of investment choices for deferred stock, allowing directors to customize their deferrals based on personal preferences and risk tolerance. These choices may include various investment funds, index funds, or even individual stocks. Furthermore, directors can monitor and adjust their investment allocations periodically to adapt to market conditions and financial goals. By deferring stock-based compensation, directors may benefit from potential tax advantages. Since the value of deferred stock is not immediately taxable, directors have the opportunity to defer taxes until they actually receive the deferred amounts. This flexibility allows directors to selectively plan tax liabilities, potentially minimizing the overall tax burden in retirement or during other periods of lower taxable income. It is important to note that while the Harris Texas Directors' Stock Deferral Plan is tailored specifically for directors in Texas, Nor west Corp. may offer similar or slightly modified stock deferral plans to directors in other states or regions. These variations may be influenced by local legal or regulatory requirements, but the overall objective of helping directors manage their compensation and tax planning remains consistent. In summary, the Harris Texas Directors' Stock Deferral Plan for Nor west Corp. provides participating directors based in Texas with the option to defer a portion of their compensation earned through company stock until a later date. This allows directors to customize their retirement savings, access a variety of investment options, and potentially enjoy tax advantages.