Common use of Claims for Deferred Compensation Clause in Contracts

Claims for Deferred Compensation. The Company and the Grantee hereby agree that the purpose of this Agreement is to provide supplemental benefits to the Grantee in the form of deferred compensation. For purposes of Title I of the Employment Retirement Income Security Act of 1974, as amended (“ERISA”), this Agreement is intended to constitute an unfunded plan maintained for the purpose of providing deferred compensation for the Grantee. Any claim for compensation hereby by the Grantee shall be made in writing to the Administrator. If such claim for compensation is wholly or partially denied, the Administrator shall, within ninety (90) days after receipt of the claim, notify the Grantee of such denial (unless the Administrator determines that special circumstances require an extension of time for processing the claim). Such notice of denial shall be in writing, shall be delivered to the Grantee in writing or by electronic notification, shall be expressed in a manner calculated to be understood by the Grantee and shall contain (1) the specific reason or reasons for denial of the claim, (2) reference to the specific provisions of this Agreement and/or the Plan upon which the denial is based, (3) a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary, and (4) an explanation of the claim review procedure, as specified under the provisions of this Section 13. Furthermore, if notice of the denial of a claim is not furnished by the Administrator to the Grantee in accordance with the provisions of this Section 13, the claim shall be denied and the Grantee shall be permitted to proceed to the review stage provided in this Section 13.

Claims for Deferred Compensation. The Company and the Grantee Participant hereby agree that the purpose of this Agreement is to provide supplemental benefits to the Grantee Participant in the form of deferred compensation. For purposes of Title I of the Employment Retirement Income Security Act of 1974, as amended (“"ERISA”"), this Agreement is intended to constitute an unfunded plan maintained for the purpose of providing deferred compensation for the GranteeParticipant. Any claim for compensation hereby by the Grantee Participant shall be made in writing to the AdministratorCommittee. If such claim for compensation is wholly or partially denied, the Administrator Committee shall, within ninety (90) days after receipt of the claim, notify the Grantee Participant of such denial (unless denial. If the Administrator Committee determines that special circumstances require an extension of time for processing the claim), the Committee will notify the Participant of the extension before the expiration of the initial 90-day period. The extension notice shall indicate the special circumstances requiring the extension and the date by which a benefit determination is expected to be rendered. The extension can be no longer than 90 days from the end of the initial period. Such notice of denial shall be in writing, shall be delivered to the Grantee Participant in writing or by electronic notification, shall be expressed in a manner calculated to be understood by the Grantee Participant and shall contain (1) the specific reason or reasons for denial of the claim, (2) reference to the specific provisions of this Agreement and/or the Plan upon which the denial is based, (3) a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary, and (4) an explanation of the claim review procedureprocedure and the applicable time limits, and including a statement of the Participant's right to bring a civil action under ERISA section 502(a) following the denial of a claim on review, as specified under the provisions of this Section 13. Furthermore, if notice of the denial of a claim is not furnished by the Administrator to the Grantee in accordance with the provisions of this Section 13, the claim shall be denied and the Grantee shall be permitted to proceed to the review stage provided in this Section 13.