Director Deferral Plans

A Director Deferral plan is a Non-Qualified Plan that provides non-employee directors with the opportunity to electively defer all or a portion of their retainer fees, board fees, and other director fees, on a pre-tax basis. Similar to deferred compensation arrangements for executives, amounts deferred into Director Deferral Plans, including credited investment returns, generally are not subject to federal and most state income taxes until they are distributed.