MoneyGram 2005 Annual Report Download - page 111

Download and view the complete annual report

Please find page 111 of the 2005 MoneyGram annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 155

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155

profit sharing credit in any year shall not require approval of similar awards at all to any Participant or other person at any future date. Supplemental profit
sharing credits shall be recorded in cash as of the time or times (or as soon as administratively practicable thereafter) when the credits are awarded.
SECTION 4
ADJUSTMENT OF ACCOUNTS
4.1. Establishment of Accounts. There shall be established for each Participant unfunded, bookkeeping Accounts which shall be adjusted each Valuation
Date.
4.2. Adjustments of Accounts. From time to time but not less frequently than each Valuation Date, MGI shall cause the value of each Account or portion of
an Account to be increased (or decreased) from time to time for distributions, credits (including any earnings, gains or losses thereon) and expenses, if any,
charged to the Account.
4.3. Investment Adjustments. The Human Resources Committee shall designate from time to time one or more investment options in which Accounts may
be deemed invested. Such deemed investment options may include any investment which the Human Resources Committee deems appropriate, including, but
not limited to, fixed interest credits, notional mutual fund(s) or an investment index. The Human Resources Committee shall have the sole discretion to
determine the number of deemed investment options to be designated hereunder and the nature of the options and may change or eliminate the investment
options from time to time. The Human Resources Committee shall adopt rules specifying the deemed investment options, the circumstances under which a
particular option may be elected (or shall be automatically utilized), the minimum or maximum percentages which may be allocated to the investment option,
the procedures (if any) for Participants making or changing elections, the extent (if any) to which beneficiaries of deceased Participants may make investment
elections and the effect of a Participant's or beneficiary's failure to make an effective investment election with respect to all or any portion of an Account.
SECTION 5
VESTING OF ACCOUNTS
The Account of each Participant shall be fully (100%) vested and nonforfeitable at all times. Notwithstanding the foregoing, if MGI determines in its
discretion that a Participant has improperly received a credit under this Plan for any reason (including, but not limited to, an erroneous calculation or other
mistake of fact, or on account of a restatement of earnings), the Account shall be reduced by the amount of the improper credit.
SECTION 6
MATURITY
-9-