{"id":40399,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/retirement-plan-for-directors-general-dynamics-corp.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"retirement-plan-for-directors-general-dynamics-corp","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/retirement-plan-for-directors-general-dynamics-corp.html","title":{"rendered":"Retirement Plan for Directors &#8211; General Dynamics Corp."},"content":{"rendered":"<pre>\n                         RETIREMENT PLAN FOR DIRECTORS\n\n   1.  Purpose.  The purpose of the Retirement Plan for Directors (the 'Plan')\nof General Dynamics Corporation (the 'Corporation') is to assist the\nCorporation in attracting and retaining as directors individuals of superior\ntalent, ability, and achievement.\n\n   2.  Eligible Director.  An 'eligible director' shall be anyone who has not\nbeen an employee of the Corporation and who has served as a director of the\nCorporation for at least five years or, if less than five years, retires at the\nage that is established by the Board of Directors as the mandatory retirement\nage for directors.  However, a director who has been both an outside director\nand an employee for different periods of time prior to April 1, 1993, shall\nalso be an 'eligible director.'\n\n   3.  Entitlement.  An eligible director who retires\n\n   (a)  at the age that is established by the Board of Directors as the\nmandatory retirement age for directors, or\n\n   (b)  at an age expressly approved by the Board, or\n\n   (c)  because of death, or sickness or disability that ends his or her active\nbusiness career,\n\n   shall be entitled to receive a retirement benefit under this Plan.\n\n   4.  Benefits.  An eligible director who retires on or after May 1, 1993, as\nprovided in Section 3 above shall be paid by the Corporation an annual benefit\nequal to the average of the income consisting of the retainer and fees received\nas a director for the three highest years. Benefits will be paid quarterly in\nadvance commencing with the first calendar quarter following entitlement.  For\nan eligible director who retired during the period March 1, 1986, to April 30,\n1993, the benefits paid shall be as provided in the Plan as it was in effect\nduring that period. No payments shall be made until an individual reaches at\nleast age 62.\n\n   An eligible director will receive benefits for the life of the director or\nten years, whichever period is longer.  However, if a director had been an\noutside Board member for more than ten years, the period of payment would be\nthe longer of the term of life or the number of years of outside Board\nmembership.\n\n   An eligible director may elect to have any unpaid portion of the guaranteed\npayments paid to his\/her spouse or estate.  An eligible director may elect to\ntake the benefit as a lump sum payment if a lump sum payment is elected by no\nlater than the last day of the year prior to the year of retirement.\n\n   If no election is made, a lump sum payment will be made to the estate of the\ndirector.\n\n   5.  Miscellaneous.  The Plan may be amended or terminated by the Board of\nDirectors at any time, provided that no amendment or termination shall\nadversely affect the right to retirement benefits of any director who retired\nprior to the date of the amendment or termination.\n\n   6.  Effective Date.  The effective date of the Plan shall be March 1, 1986,\nas amended May 5, 1993.  The Plan shall apply to eligible directors who are\nretired or who retire after that date.\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7614],"corporate_contracts_industries":[9475],"corporate_contracts_types":[9539,9550],"class_list":["post-40399","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-general-dynamics-corp","corporate_contracts_industries-aerospace__ships","corporate_contracts_types-compensation","corporate_contracts_types-compensation__retirement"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/40399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=40399"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40399"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40399"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}