NetSpend 2011 Annual Report Download - page 147

Download and view the complete annual report

Please find page 147 of the 2011 NetSpend 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 173

  • 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
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173

Accounts that remains unvested upon his or her Separation from Service after the application of the terms of this Section 5.2 shall be
forfeited.
ARTICLE VI.
Benefits
6.1
Benefits, Generally. A Participant shall be entitled to the following benefits under the Plan:
(a)
Termination Benefit. Upon the Participant’s Separation from Service, he or she shall be entitled to a Termination Benefit.
The Termination Benefit shall be equal to the vested portion of the Termination Account and the vested portion of any
Specified Date Accounts described in Section 6.2(b). The Termination Benefit shall be based on the value of such Account(s)
as of the end of the month in which Separation from Service occurs or such later date as the Committee, in its sole discretion,
shall determine. Payment of the Termination Benefit will be made or begin in the calendar month following the month in
which Separation from Service occurs, provided, however, that with respect to a Participant who is a Specified Employee as
of the date such Participant incurs a Separation from Service, payment will be made or begin in the seventh calendar month
following the month in which such Separation from Service occurs. If the Termination Benefit is to be paid in the form of
installments, any subsequent installment payments to a Specified Employee will be paid on the anniversary of (1) the date the
initial installment was made, or (2) in the event the six-month delay (referred in this subsection (a)) applies, on the
anniversary date of the date the initial installment would have been paid but for the six-month delay.
(b)
Specified Date Benefit. If the Participant has established one or more Specified Date Accounts, he or she shall be entitled to
a Specified Date Benefit with respect to each such Specified Date Account. The Specified Date Benefit shall be equal to the
vested portion of the Specified Date Account, based on the value of that Account as of the end of the month designated by the
Participant at the time the Account was established. Payment of the Specified Date Benefit will be made or begin in the
calendar month following the designated month.
(c)
Death Benefit. In the event of the Participant’s death while an Employee, his or her designated Beneficiary(ies) shall be
entitled to a Death Benefit. The Death Benefit shall be equal to the vested portion of the Termination Account and the unpaid
balances of any Specified Date Accounts. The Death Benefit shall be based on the value of the Accounts as of the end of the
month in which death occurred, with payment made in the calendar month following the Participant’s death.
(d)
Unforeseeable Emergency Payments. A Participant who experiences an Unforeseeable Emergency may submit a written
request to the Committee to receive payment of all or any portion of his or her vested Accounts. Whether a
12