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INDIAN RIVER COUNTY BOARD OF COUNTY COMMISSIONERS ("EMPLOYER') 5 The Employer heretryestablishes; the EmplvyaA Deferred Compensation Plan, ttarainafter mired to as the "Fran' The Plan consists of " provisions sat torah in this ducurrmnt. The primary purpose of this Plan is to provide retirement income and other deterred benefits to the Emplorrees of the Employer in accordance with the pro - moons of section 457 of the Internal Revenue Code of 1454, as amended. This Plan Mall be an agraer)mhl surely between the Employer and participat, Ing Emplovieft ARTiCU N. DEPINMON5 Sedlon 2.01 Aocount: The bookkeeping account maintaireci for each Per- bcipant reftooUng the cumulative amount of the Paniciparit's Deterred Corm pensaliM including any income, gains, losses, or increases or decreases in market value attributable to the Employer's inietstmern of the Participant's Delemid C a vel, and further reflecting any distributions to the Participant or Nie PwtoparNt Berieficiary and arty fees or expenses charged against such Participarflk Deferred Compensation_ vection 2.02 Adminetntor: The person or persons named to carry out cer. tain nondiscretionary administrative functions under the Plan, as hereinafter described- The Employer may ramous arty person as Administrator upon 60 days' advance roice in writing to such person, in which case the Employer shall name another person or persons to act aft Administrator The Adminis. trator may reign upon 60 days' edvarice notice in writing to the Employer. in which case the Employer shade name anomer person or parsons to act as Administrator i€actlon 2.03 Beneficiary: The person or persons designatad by the Per- topars in his Joinder Aprwrient who shall receive any benefits payable here- under in the event of the Participarn'o death. Siection 2.04 Deterred Compenaatlon: The atroum d Nomha7 Compensa• bon cidwtviae payable to the Participant wfvch the Paitopant and tie Employer mutually agree to defer hereunder, any amount credited to a Participants Account by reason of a transfer under Section 1103, or any other amrwrit which the Employer agrees to credit to a Participants Account. Soctbot 2.05 Emptoyee: Any individual who provides serviom for the Employer, whether as an employ" or the Employer or as an independent corn• tractor. and who has been designated M the Employer as eligible to partici pate in tike Plan. GoOm 2.06 WLx lbte Compensation: The arnourri of an Employee's oom pensatton from tete Employer tot a taxable year that is attributable to servers performed for the Employer and big is incluc lible in the Employee's gross income Ay the taxable year for federal income e tax purp 5: iwch form does not irtdude ory amount excludable from gross income under this Plan or any other plan described in vection 457(b) of the Interna! Revenue Coda arty amount ara:lud• able from gross inccrrhe under section 403(b) of the Internal Revenue Code, or any otfter amount excludable from gross ircone for federal income tax pur. poses fnccfuditile Compensation mall be determined without regard to ary communrty pr rty's- Section 2,87 „binder Agne amen#. An agreemont entered into between an Employes and tate Employer, including any amendments or imodifications owed, Such agrooxn m shall fix Nva Grnount of Deferred Comper"bon, specrly a preference among the investment alternates designated by the Employer, designate the Employee's Bewficiary or Beneficiaries, and incorporate the terms, conditions, end prcrosions of the Plan by reference Section 2,00 Normal Compensation: The amount of compensation which would be payable to a Participant by the Employer tot a taxable year d no Joinder Agreement were in effect to defer compensation under this Pian. Section 2,84 Normal Retirement Age: Age 70, unless the Participant has elected an alternate Normal Retirement Age by written instrument delivered to this Administrator prior to Separation from Service A Panic pant`s Normal Retirement Age determines (a) the latest time when benefits may commence under this Plan (unless the Participant coria nues employment after Normal Retirement Age), and (b) the period during which a Participant may utilize the catch-up limitation of Section 502 hereunder Once a Participant has to any Went utiliZed the catchup limitation d Section 502, his Normal Retirement Age may not be changed. A Panicipant's afteinale Normal Retirement Age may not be earlier than the earliest date that the Participant will become eligible to retire and receive unreduc€xf totromerit beneft under the Employer$ baw retirement plan wmr• ing the Participant and may not be later than the date me Pert-cipanl attains age 70 t a Participant continues employrnent abet attaining age 70, w hav- ing awing previously ofacted an alternate Normal Retirement Age, the Participants Alternate Normal Retirement Age shall not be later than the mandatory reeve. Mont age, 0 any, established by the Employer, or the age at which the Pan ticipant actually separates from service H the Employer has no mandatory retire• meat age If the Participant %611 not become eligible to receive benefits under a tkssic retirement plan maintained bar the Employer. the Panic,pant's alternate Normal Retirement Ase may not be earlier than attainment d age 55 and may ncx be later then the attainment of age 70. Section 2.10 Pertieipant: Any Employee who has fined the Plan pursuant to the rettuirexrients of Art4e IV. Secillon 2.11 Pisn talar: The calendar year Sardlon 2.12 Retirement: The fim date upon which both of the following II have occurred with respect to a Pansc,parn. Separation from Service and attainment of age 65 Section 2,13 Separation tram Service: Severance of the Pan,cipania employment with the Employer which conslituties a Uparetion from service" within the meaning of section 402 (e) 4 (A) (ilg of the Internal Revenue Code in general, a Participant shall be deemed to have severed his employment with Nta Employer for purposes of this Plan when. in accordance with the erstab fished practices d the Employer, the employment relationship is considered to have actually terminated In the Case of a Participant who is an indepen, dent contractor of the Employer. Separation from Service shall be deemed to have occurred when the Participant's cor4r50 under which seWes are per. formed has completely erprred are terminated, there is no foteseeable pas. pbi6ty that the Employer will renew the contract or enter into a new contract fpr the Panicjparr's services. and 4 is nor anticipated that the Participant will became an Employee of the Employer