ADP 2012 Annual Report Download - page 110

Download and view the complete annual report

Please find page 110 of the 2012 ADP 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 125

  • 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

(b) on the day dividends are paid to stockholders of the Company in respect of shares of Company Common Stock, an amount equal to
the Dividend Equivalents; and
(c) on a daily basis, the investment fund subaccount of a Participant’s Company Stock Unit Subaccount shall be credited with earnings
or losses on the Dividend Equivalents based on the applicable Investment Rate.
ARTICLE V
VESTING
5.1 Vesting . A Participant shall be 100% vested at all times in his or her Bonus Deferral Subaccount. A Participant shall vest in his or her
Company Matching Contribution Account at the time such Participant either (i) attains 65 years of age, or (ii) attains ten (10) years of service
credited with the Company and its subsidiaries. The Committee in its sole discretion may credit a Participant with additional periods of service
solely for purposes of vesting in his or her Company Matching Contribution Account. A Participant shall vest in his or her Company Stock
Unit Subaccount with respect to the Company stock units therein attributable to a PBRS Award on the date on which such PBRS Award would
otherwise have vested had the Participant not elected to defer receipt of the Company Common Stock issuable pursuant to such PBRS Award.
A Participant shall be 100% vested at all times in the portion of his or her Company Stock Unit Subaccount attributable to Dividend
Equivalents (and earnings and losses attributable thereto), notwithstanding that the underlying Company stock units in respect of which such
Dividend Equivalents are credited may not yet have vested
5.2 Vesting Upon Death or Disability . Upon death or the Disability of a Participant, the Participant shall be 100% vested in his or her
Company Matching Contribution Subaccount.
ARTICLE VI
DISTRIBUTIONS
Distributions from the Plan shall be made only in accordance with this Article VI. All distributions shall be in cash, except as otherwise
may occur pursuant to Section 6.3, or as provided in Section 6.5, in either case, in respect of PBRS Awards.
6.1 Distribution of Accounts While Employed .
(a) Scheduled Distributions .
(1) In respect of all Distributable Amounts payable in a lump sum on an In-Service Distribution Date, the value thereof shall be
determined as of the ninth day of the month of September in which the In-
Service Distribution Date occurs, and the distribution thereof shall be
made as soon as administratively possible (and in no event later than 90 days) thereafter. In respect of all Distributable Amounts payable in
installments on an In-Service Distribution Date, all installments shall be valued as of the ninth day of the month of September in each
applicable year, and the distribution thereof shall be made as soon as administratively practicable (and in no event later than 90 days) thereafter.
10