This Plan is being amended and restated effective November 18, 2024 to (i) provide that a select group of management and highly-compensated employees (including non-officers) shall be eligible for Core Contributions effective January 1, 2025, (ii) clarify the authority to amend the Plan, and (iii) make administrative clarifications.
3.
DEFINITIONS OF TERMS USED IN THIS PLAN. As used in this Plan, the following words and phrases shall have the meanings indicated:
(a)
“Account” - the Deferred Compensation Account described in Paragraphs 4 and 5 of this Plan.
(b)
“「附属公司」应当按照本协议签署当日生效的《交易所法规》120亿2条所赋予的含义进行解释。” – any organization which is a member of a controlled group of corporations (as defined in Code section 414(b), as modified by Code section 415(h)) which includes the Company; or any trades or businesses (whether or not incorporated) which are under common control (as defined
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in Code section 414(c), as modified by Code section 415(h)) with the Company; or a member of an affiliated service group (as defined in Code section 414(m)) which includes the Company or any other entity required to be aggregated with the Company pursuant to regulations under Code section 414(o). The term affiliate shall also include such entities which shall be specifically designated by the Committee.
(c)
“Assets” - all Compensation, Core Contributions and earnings/losses that have been credited to a Participant’s Account in accordance with Paragraph 6 of this Plan.
公司对计划的修改或终止. The Company may, in its sole discretion and by action of its Board of Directors or the O&CC, amend, modify or terminate this Plan at any time, provided, however, that no such amendment, modification or termination shall adversely affect the right of a Participant in respect of Deferred Compensation or Core Contributions previously earned by them which has not been paid, unless such Participant or their legal representative shall consent to such change; and no such amendment, modification or termination shall entitle any Participant to an acceleration of any distributions from this Plan. Provided, further, that notwithstanding any other provision of this Plan, upon the occurrence of a Change in Control, the earnings credit calculated pursuant to Paragraph 6 may not be reduced below the prime commercial lending rate described in Subparagraph 6(b). The EBPC shall have the authority to make administrative amendments to this Plan.
11.
WHAt CONSTITUTES NOTICE. Any notice to a Participant, Beneficiary or legal representative hereunder shall be given either by delivering it or by depositing it in the United States mail, postage prepaid, addressed to their last known address. Any notice to the Company or the Committee hereunder (including the filing of election and designation forms) shall be given either by delivering it, or depositing it in the United States mail, postage prepaid, to the Company’s Corporate Secretary, Public Service Enterprise Group Incorporated, 80 Park Plaza, T40亿Newark, New Jersey 07102.
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12.
ADVANCE DISCLAIMER OF ANY WAIVER ON THE PARt OF THE COMPANY. Failure by the Company to insist upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of any such term, covenant or condition, nor shall any waiver or relinquishment of any right or power hereunder at any one or more times be deemed a waiver or relinquishment of any such right or power at any other time or times.
13.
EFFECt ON INVALIDITY OF ANY PARt OF THE PLAN. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.