Document:

psn-ex1019_2198.htm

Exhibit 10.19

Parsons Corporation

Non-Employee Director Compensation Policy

(As of April 21, 2020)

 

			
	
Non-Employee Director Compensation
	
Fee
	
Frequency of Payment

	
Annual Retainers and Meeting Fees

	
Retainer

Includes compensation for all the duties of a non-employee director, including attendance at regular, scheduled Board meetings and attendance by Committee members at Committee meetings held on regular, scheduled Board of Directors ("Board") activity days and participation in periodic telephonic reports with the CEO and/or members of the Executive Leadership Team.
	
$25,000 per quarter, or any portion of a quarter
	
Quarterly

	
Retainer for Committee Chairs

•Audit

•Compensation

•Nominating and Governance
	
 

$5,000

$4,500

$3,750
	
Quarterly

	
Retainer for Committee Members

•Audit

•Compensation

•Nominating and Governance
	
 

$2,875

$2,000

$2,000
	
Quarterly

	
Retainer for Lead Independent Director 
	
$8,750
	
Quarterly

	
Special Meeting Fees

•Meetings in addition to and occurring on a day other than those days regularly scheduled for Board activity.  Periodic telephonic reports from the CEO and/or members of the Executive Leadership Team are not considered special meetings.
	
In person: $2,000

Telephonic: $1,000
	
Per meeting

 

 

 
 

			
	
Form of Payment

•Directors may elect to receive all or a portion of their cash retainers (but not meeting fees) in the form of fully vested shares of common stock (election may be made in increments of 25%).

•The cash/stock election must be made prior to the last day of the calendar year preceding the year to which the retainers relate

•If a director fails to make a valid cash/stock election, all of his or her retainers will be paid in cash.

•If a director elects to receive all or a portion of his or her cash retainers in the form of fully vested shares of common stock, such shares will be issued to the director on the first day of each calendar quarter, in advance (and in the case of a newly-elected or appointed director, on the first day of his or her service for the then-current quarter).

•The number of shares of common stock to be issued to a director will be determined by dividing (1) the cash retainers to be paid in the 

form of fully vested shares of common stock, by (2) the "Trailing 60 Trading Day Weighted Average Price" (as defined below) for the Determination Period (as defined below) up to and including the last day of the preceding calendar quarter, rounded up to the nearest whole share.

•The shares issued pursuant to a cash/stock election shall be granted under and shall be subject to the terms and provisions of the Parsons Corporation Incentive Award Plan (the “2019 Plan”), and, if a deferral election is made with respect to such shares, shall be granted subject to the execution and delivery of award agreements in substantially the forms previously approved by the Board.

•For purposes of this summary, the "Trailing 60 Trading Day Weighted Average Price" will be calculated by (1) first multiplying (A) the closing price per share of Parsons common stock for each trading day in the Determination Period, by (B) the closing volume of shares of Parsons common stock traded on such day, then (2) adding together the results in clause (1) for all of the trading days in the Determination Period, then (3) adding together the share volume in clause (B) for all of the trading days in the Determination Period, then (4) dividing the amount determined under clause (2) by the amount determined under clause (3).  The "Determination Period" will be the 60 trading days preceding the date of determination (e.g., if the Trailing 60 Day Weighted Average Price is to be determined for purposes of a grant date of January 1, the Determination Period will be the 60 trading days up to and including the preceding December 31).
	
 
	
 

	
Director Fee Deferral Plan

Each non-employee director is entitled annually to defer part or all of the retainer fee(s) and meeting fees, whether to be paid in cash or stock pursuant to a cash/stock election, in accordance with the deferral alternatives set forth in the Parsons Corporation Board of Directors Fee Deferral Plan for Outside Directors (the “Fee Deferral Plan”).  Any shares deferred pursuant to such a deferral election will be issued in the form of a deferred fee award consisting of a number of restricted stock units under the 2019 Plan determined in accordance with the formula above and reflecting the director’s deferral election.

 

	
Long-Term Incentive Compensation

 

US-DOCS\114988828.1

 

 
 

			
	
From and after the 2020 annual shareholders' meeting, on the date of each annual shareholders' meeting, each non-employee director will be granted such number of restricted stock units as is equal to (1)

the annual target dollar amount (plus, with respect to the 2020 annual shareholders' meeting, a prorated quarterly target dollar amount for the portion of the calendar quarter in which such meeting occurs preceding the date of such meeting), divided by (2) the Trailing 60 Trading Day Weighted Average Price for the Determination Period up to and including the last day preceding the date of grant, rounded up to the nearest whole share. If a non-employee director is not standing for re-election at the 2020 annual shareholders' meeting, he or she will still receive such number of restricted stock units on such date as is equal to (1) $40,000 prorated for the portion of the calendar quarter in which such meeting occurs preceding the date of such meeting, divided by (2) the Trailing 60 Trading Day Weighted Average Price for the Determination Period up to and including the last day preceding the 

date of grant, rounded up to the nearest whole share, which restricted stock units will be fully vested on the date of grant.

Except as described above, all restricted stock units will vest on the first anniversary of the date of grant (e.g., if the date of grant is April 21, the award will vest on April 20, the following year.  The restricted stock units will also vest upon a Change in Control (as defined in the 2019 Plan), or a non-employee director's death or disability, where disability shall mean an illness or other incapacitation which the Board determines is not a Section 409A Disability, but precludes such non-employee director from fully discharging his or her responsibilities as a member of the Board.  In addition, for awards granted on or after April 21, 2020, a prorated portion of the restricted stock units will vest upon a non-employee director's Retirement based on the number of days that have elapsed from the grant date through the date of Retirement, divided by 365. "Section 409A Disability" means, with respect to any non-employee director, a disability as defined in Treasury Regulation Section 1.409A-3(i)(4)(i), as such term is defined in Section 409A of the Internal Revenue Code. "Retirement" means a director's termination of service on the board for any reason other than removal for cause.  For awards granted prior to April 21, 2020, the board may elect to provide for accelerated vesting upon Retirement, in its discretion.

 

Restricted stock unit award agreements for awards granted for service in 2020 and after will permit deferrals of the restricted stock unit awards on terms similar to those under the Fee Deferral Plan.

 

The awards described above shall be granted under and shall be subject to the terms and provisions of the 2019 Plan, and shall be granted subject to the execution and delivery of award agreements in substantially the forms approved by the Board.  
	
$160,000

 

in the form of restricted stock units

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
	
Annual

 

 

 

 

 

 

 

	
Director Liability Insurance

Named beneficiary when acting in capacity as director, under two Parsons Corporation insurance policies:

•Directors and Officers Liability Insurance policy - $50 million aggregate coverage

•Directors and Officers Fiduciary Liability Insurance policy - $35 million aggregate coverage

	
Travel Accident Policy

$500,000 (aggregate $5 million for Board per event)

	
Travel Costs

Travel will be reimbursed based on the following guidelines, with receipts required for expense items > $25:

•Air travel:  Domestic, First Class; International, Business Class

•GROUND TRANSPORTATION:  Rail, bus, taxi, parking, tolls, rental cars, and mileage at the IRS standard mileage rate

•LODGING COSTS:  As required for attending scheduled meetings.  Saturday night stay-over costs reimbursed if air-fare savings exceed the costs of lodging and meals and incidentals.  All expenses incurred with add-on/personal travel (travel either before or after board meetings that is scheduled at the sole discretion of the director) are the responsibility of the traveler.

•SPOUSE/SIGNIFICANT OTHER TRAVEL:  At the discretion and sole expense of the director.  Ground transportation and meal costs for those functions that are designated as social functions will be reimbursable by Parsons.

 

 

 

US-DOCS\114988828.1

 

 
 

			
	
Stock Ownership

Directors will be subject to the Company’s stock ownership requirements.

The director stock ownership requirement is 5X the annual retainer. Directors are expected to achieve the guideline ownership levels within 5 years of appointment to the Board of Directors. After achievement, directors must continue to hold enough shares to maintain such level while covered by the guidelines.  Failure to meet or show progress toward meeting the guidelines may result in (at the Committee’s discretion): restrictions on sales of stock acquired upon vesting of Company equity awards, until such guidelines are met.

Ownership is defined as common stock directly owned by the director or immediate family member, common stock owned indirectly if the individual has an economic interest in the shares (beneficial ownership as defined in Rule 13d-3 and reported in the proxy), unvested restricted stock or RSUs.

Value of ownership will be measured by reference to the 60 trading day weighted average of the Parsons common stock, up to and including last day of the calendar year; compliance will be evaluated annually.  In the event of a significant decline in stock price, causing the directors holdings to fall below guideline levels, Directors will not be required to purchase additional stock.  Determination of the impact of share price fluctuation is subject to Committee discretion.

	
Compensation Limits

Notwithstanding anything to the contrary in this Policy, all compensation payable under this Policy will be subject to any limits on the maximum amount of non-employee director compensation set forth in the 2019 Plan, as in effect from time to time.

	
General

The cash and long-term incentive compensation described in this Policy shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of Parsons or any parent or subsidiary of Parsons who is entitled to receive such cash or long-term incentive compensation, unless such non-employee director declines the receipt of such cash or equity compensation by written notice to Parsons.  This Policy shall remain in effect until it is revised or rescinded by further action of the Board.  This Policy may be amended, modified or terminated by the Board at any time in its sole discretion.  

 

For the avoidance of doubt, the share numbers in this Policy shall be subject to adjustment as provided in the 2019 Plan Date.

 

 

 

US-DOCS\114988828.1psn-ex1022_1474.htm

Exhibit 10.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PARSONS CORPORATION

 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As Established

Effective January 1, 1997

 

 

 
 
 

PARSONS CORPORATION

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

 

Parsons Corporation, a Delaware corporation with its principal place of business in California, (the “Employer”) hereby establishes the Parsons Corporation Supplemental Executive Retirement Plan (SERP) for the benefit of the eligible employees of the Employer on the terms and conditions described hereinafter:

 

ARTICLE 1

PREFACE

 

Section 1.1.  Effective Date.  The effective date of the Plan is January 1, 1997.

 

Section 1.2.  Purpose of the Plan.  The Plan is intended to benefit a select group of management or highly compensated employees of the Employer.

 

Section 1.3.  Governing Law.  This Plan shall be regulated, construed and administered under the laws of the State of California to the extent that such laws are not preempted by the laws of the United States of America.

 

Section 1.4.  Gender and Number.  The masculine gender shall be deemed to include the feminine, the feminine gender shall be deemed to include the masculine, and the singular shall include the plural unless otherwise clearly required by the context.

 

ARTICLE 2

DEFINITIONS

 

Except as otherwise provided in the Plan, the definitions in The Parsons Corporation Employee Stock Ownership Plan, which are expressly incorporated herein by reference, shall have the same  meanings wherever used in the Plan, unless the context clearly indicates otherwise.

 

 

 

 
 
 

Section 2.1. Account shall mean the balance posted to the record of each Participant consisting of the Employer contributions made pursuant to Section 3.1 less any payment therefrom, as adjusted as set forth in Section 3.2.

 

Section 2.2.  Board shall mean the Board of Directors of Parsons Corporation.

 

Section 2.3.  Code shall mean the Internal Revenue Code of 1986, as amended, and any rulings or regulations thereunder.

 

Section 2.4.  Committee shall mean the Policy Committee and may consist of the CEO; the Senior Vice President and Chief Financial Officer; the Senior Vice President, General Counsel and Secretary; and the Vice President of Human Resources.  Committee members shall be appointed and removed at the sole discretion of the Chief Executive Officer.

 

Section 2.5.  Beneficiary shall mean the person or estate of a deceased Participant, entitled to benefits hereunder upon the death of a Participant.  At any time and from time to time, each Participant shall have the right to designate the Beneficiary or Beneficiaries to receive a portion of his death benefit or to revoke such designation; provided, that a Participant’s designation of a Beneficiary other than his spouse shall not be valid unless such spouse has consented to the designation in a form and manner satisfactory to the Committee and in compliance with the requirements of Code Section 417.  Each Beneficiary designation shall be evidenced by a written instrument signed by the Participant and filed with the Committee.  If a deceased Participant failed to designate a Beneficiary, the Committee is unable to locate the designated Beneficiary after making reasonable efforts, or the Beneficiary is deceased, distribution shall be made by payment of the deceased Participant’s entire Account to his personal representative in a lump sum within one year after his death.  If the deceased Participant is not a resident of California at the date of his death, the Committee in its discretion may require the establishment of ancillary administration in California.  If the Committee cannot locate a qualified personal representative of the deceased Participant, or if administration of his estate is not otherwise required, the Committee in its discretion may pay the deceased Participant’s Account to his heirs at law (determined in accordance with the laws of the State of California as they existed at the date of the Participant’s death).

 

 

 

 
 
 

Section 2.6.  Eligible Compensation shall mean, with respect to any Participant for any Plan Year, his Compensation, as defined in the ESOP, that is in excess of the compensation limit under Code Section 401(a)(17) for such Plan Year.

 

Section 2.7.  Employer shall mean Parsons Corporation and any affiliate approved by the Board of Directors of Parsons Corporation.

 

Section 2.8.  ESOP shall mean The Parsons Corporation Employee Stock Ownership Plan.

 

Section 2.9.  Participant shall mean each Senior Corporate Officer, President of a Global Business Unit or Regional Business Unit, and any other select management or highly compensated employee determined by the Committee to be eligible to participate in the Plan, as listed in Schedule A, which is attached to and made a part of the Plan.  An individual shall continue to be a Participant until all of his benefits are distributed from the Plan.

 

Section 2.10.  Plan shall mean Parsons Corporation Supplemental Executive Retirement Plan as herein set out or as duly amended.

 

Section 2.11.  Plan Year shall mean the calendar year.

 

Section 2.12.  Valuation Date shall mean the last day of the Plan Year.

 

Section 2.13.  Year of Service shall mean each Year of Cumulative Service, as defined in the ESOP, including such  years before the effective date of the Plan.

 

ARTICLE 3

EMPLOYER CONTRIBUTIONS

 

Section 3.1.  Employer Contributions.  The Employer shall credit fifteen percent (15%) of Eligible Compensation to the Account of each Participant whether or not he is actively at work on the Valuation Date.

 

 

 

 
 
 

Section 3.2.  Adjustments. Each Participant's Account shall be adjusted in the following manner and order as of each Valuation Date:

 

	
 
	
(a)
	
Payments.  The total amount of payments made from the Account since the preceding Valuation Date shall be subtracted.

 

	
 
	
(b)
	
Net Gain or Loss.  Each Account will be increased or decreased by a percentage determined so as to reflect the change in the value of Parsons Company voting common stock since the preceding Valuation Date.  The value of such stock shall be the value established by an independent appraiser retained by the Policy Committee as of such Valuation Date for purposes of the ESOP.  Solely, with respect to Accounts in payment status under an installment option, each Account shall be credited with interest equal to the Bank of America prime rate in effect on the Valuation Date.

 

	
 
	
(c)
	
Employer Contributions.  The Employer contributions made for the Participant since the preceding Valuation Date shall be added.

 

ARTICLE 4

VESTING AND DEATH BENEFITS

 

Section 4.1.  Vesting.  Each Participant shall be vested in his Account in accordance with the vesting schedule applicable to the ESOP.

 

Section 4.2.  Death Benefits.  If a Participant dies before payment in full of his Account, his Beneficiary shall be entitled to receive the Participant’s Account in a lump sum payment.  Such amount shall be distributed as soon as practicable after the Participant’s date of death.  The value of the Account shall be determined as of the Valuation Date coinciding with or immediately preceding the date of distribution.

 

ARTICLE 5

DISTRIBUTION OF BENEFITS

 

Section 5.1.  Retirement or Termination of Employment.  A Participant shall be eligible to retire under the Plan and receive his full Account at his Early Retirement Date or Normal Retirement Date, both as defined in the ESOP.  If a Participant remains employed beyond eligibility for retirement, his Account shall not be payable, and his participation in the Plan shall continue until he actually retires 

 

 

 
 
 

from employment with the Employer.  A  Participant who terminates employment before eligibility for retirement shall be eligible to receive his vested Account at his Normal Retirement Date, or at his Early Retirement Date if he has completed seven Years of Service, and the nonvested amounts shall be forfeited.  A Participant’s benefits shall be paid in a lump sum or in substantially equal annual installments for five or ten years, as elected by the Participant within 30 days of the date he first becomes a Participant.  Such benefits shall be paid, or commence to be paid, as soon as practicable following the Participant’s eligibility for distribution.  The value of a Participant’s Account shall be determined as of the Valuation Date coinciding with or immediately preceding the date distribution commences.  With respect to Accounts in payment status under an installment option, each Account shall be credited with interest equal to the Bank of America prime rate in effect on the Valuation Date.

 

Section 5.2.  Disability Retirement.  A Participant shall be eligible to retire and receive his full Account if he becomes permanently disabled while employed by the Employer.  Disability benefits shall be paid in a lump sum or in substantially equal annual installments for a period of either five or ten years, as elected by the Participant within 30 days of the date he first becomes a Participant.  Such benefits shall be paid, or commence to be paid, as soon as practicable following the Participant’s disability.  The value of the Participant’s Account shall be determined as of the Valuation Date coinciding with or immediately preceding the date of distribution.  With respect to Accounts in payment status under an installment option, each Account shall be credited with interest equal to the Bank of America prime rate in effect on the Valuation Date.  The Committee in its sole discretion shall determine whether a Participant is permanently disabled.  For this purpose, a permanent disability shall mean the Participant is prevented by bodily injury or disease or mental disease from engaging in any substantially similar occupation or employment with the Employer and that such condition will likely continue for the rest of his life.

 

Section 5.3.  Hardship Distribution.  Notwithstanding the provisions of Section 5.1, upon application to and approval by the Committee, a Participant who terminates employment before eligibility for retirement may receive one or more distributions of his Account if he establishes to the Committee’s satisfaction that he has suffered a financial hardship.  For this purpose, financial hardship shall mean a severe financial hardship to the Participant resulting from (a) sudden and unexpected illness or accident of the Participant or a dependent of the Participant (as defined in Code Section 152(a)), (b) loss of the Participant’s property due to casualty, or (c) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the Participant’s control.  Distribution shall not be 

 

 

 
 
 

made to the extent that hardship is or may be relieved through reimbursement or compensation by insurance or otherwise, by liquidation of the Participant’s assets, to the extent such liquidation itself would not cause severe financial hardship, or by a distribution available under the terms of the ESOP.  Distribution due to financial hardship shall be made as soon as practicable after the date the Committee determines the existence of a hardship, and the amount distributed shall not exceed the amount of the financial need due to the hardship.

 

Section 5.4.  Withholding.  All benefits paid under the Plan shall be subject to applicable income and other tax withholding.  Benefits payable under the Plan may not be rolled over into an individual retirement account or annuity or a qualified retirement plan.

 

ARTICLE 6

FUNDING AND RIGHTS OF PARTICIPANTS

 

Section 6.1.  Unfunded.  The Plan is an unfunded, nonqualified plan.  The benefits provided under the Plan shall be payable by the Employer from its general assets.

 

Section 6.2.  Limitation on Rights of Participants and Beneficiaries.  No Participant or Beneficiary shall have any preferred claim on, or any beneficial ownership interest in, any asset of the Employer before the time that any such asset is paid to the Participant or Beneficiary as provided in Article 5.  The right of a Participant or Beneficiary to receive a benefit hereunder shall be the claim of a general, unsecured creditor of the Employer, and the Plan constitutes a mere promise by the Employer to pay benefits in the future.  Distribution in good faith of the Participant's vested Account shall be considered a full and complete discharge of the Employer's obligation under the Plan.

 

ARTICLE 7

MISCELLANEOUS

 

Section 7.1.  Liability of Employer.  Nothing in the Plan shall constitute the creation of a trust or other fiduciary relationship between the Employer and any Participant, Beneficiary or other person. The Employer shall not be considered a trustee by reason of the Plan.

 

 

 

 
 
 

Section 7.2.  Assignment and Alienation.  No rights under the Plan may be anticipated, assigned, transferred, alienated, pledged, sold, attached, garnished or encumbered by a Participant or Beneficiary.

 

Section 7.3.  Amendment or Termination.  The Employer hereby reserves the right, by action of the Board, to amend or terminate the Plan at any time.  In no event will amendment or termination of the Plan deprive a Participant of his vested benefit as of the date of such amendment or termination. Upon termination of the Plan, each Participant’s vested benefit shall be paid to him in a lump sum

 

Section 7.4.  No Guarantee of Employment.  Nothing in the Plan shall be construed as guaranteeing future employment to a Participant.  Unless otherwise provided in a separate agreement, a Participant shall continue to be a common law employee of the Employer solely at the will of the Employer.

 

Section 7.5.  Administration.  The Employer shall be the plan administrator, as defined by the meaning of the Employee Retirement Income Security Act of 1974, as amended.  The Committee shall have all discretionary authority necessary or appropriate to the administration of the Plan, including, but not by way of limitation, the discretionary authority:

 

	
 
	
(a)
	
to interpret the provisions of the Plan and to determine any questions arising under the Plan or in connection with the administration or operation hereof;

 

	
 
	
(b)
	
to determine all questions affecting the eligibility of any person to be or become a Participant in the Plan;

 

	
 
	
(c)
	
to determine the vested percentage of any Participant, to determine the Eligible Compensation of any Participant, and to compute the value of any Participant’s Account or any other sum payable under the Plan to any person; and

	
 
	
(d)
	
to establish rules and policies for the administration of the Plan and otherwise to control and manage the operation and administration of the Plan.

 

Section 7.6.  Application for Determination of Benefits.  The Committee may require any person claiming benefits under the Plan to submit an application therefor, together with such documents and information as the Committee or its delegate may require.  In the case of any person suffering from a disability which prevents him from making personal application for benefits, the Committee or its delegate may, in its discretion, permit another person acting on his behalf to submit  the application.  

 

 

 

 
 
 

	
 
	
(a)
	
Within 90 days following receipt of an application and all necessary documents and information, the Committee or its delegate reviewing the claim shall furnish the claimant with written notice of the decision rendered with respect to the application.  In the case of a denial of the claimant’s application, the written notice shall set forth (i) the specific reasons for the denial, with reference to the Plan provisions on which the denial is based, (ii) a description of any additional material or information necessary for perfection of  the application (together with an explanation why the material or information is necessary), and (iii) an explanation of the Plan’s claims review procedure

 

	
 
	
(b)
	
A claimant who does not agree with the decision rendered under Section 7.6(a) hereof with respect to his application may appeal the decision to the Committee.  The appeal shall be made in writing within 65 days after the date of notice of the decision with respect to the application.  If the application has neither been approved nor denied within the 90-day period provided in Section 7.6(a) hereof, then the appeal shall be made within 65 days after the expiration of the 90-day period.  In making his appeal, the claimant may request that his application be given full and fair review by the Committee.  The claimant may review all pertinent documents and submit issues and comments in writing.  The decision of the Committee shall be made promptly, and not later than 60 days after the Committee’s receipt of a request for review, unless special circumstances require an extension of time for processing, in which case a decision shall be rendered as soon as possible but not later than 120 days after receipt of a request for review.  The decision on review shall be in writing and shall include specific reasons for the decision, written in a manner calculated to be understood by the claimant with specific references to pertinent Plan provisions on which the decision is based.

 

IN WITNESS WHEREOF, Parsons Corporation Supplemental Executive Retirement Plan is executed on behalf of the Employer, the ______ day of _______________________________, 1997.

 

		
	
 
	
PARSONS CORPORATION

	
 
	
 

	
 
	
Authorized Officer

 

 

 

 

 

 
 
 

PARSONS CORPORATION

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

PARTICIPANT ENROLLMENT AND ELECTION FORM

 

	
1.
	
Participant Information

 

	
 
	
Name
	
 
	
 
	
SSN
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
Address
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 

 

	
2.
	
Form of Distribution

 

In the event of my retirement, disability or termination of employment, I hereby elect to receive distribution of my benefits under the Plan in the following form:

 

 

	
 
	
 
	
 
	
Lump-sum distribution
	
 

	
 
	
 
	
 
	
Annual installments for five years
	
 

	
 
	
 
	
 
	
Annual installments for ten years
	
 

 

 

 

 

				
	
 
	
Signature of Participant
	
 
	
Date

 

 

 

 

 

 

 
 
 

PARSONS CORPORATION

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

BENEFICIARY DESIGNATION FORM

 

 

	
1.
	
Beneficiary Designation

 

I hereby revoke any prior designation of beneficiary under the Plan and designate the following to receive any benefit payable under the Plan on account of my death, subject to my right to change this designation and subject to the terms of the Plan:

 

				
	
 
	
Name
	
 
	
 

	
 
	
Address
	
 
	
 

	
 
	
Relationship
	
 
	
 

	
 
	
SSN
	
 
	
 

	
 
	
% of Benefit
	
 
	
 

 

 

				
	
 
	
Signature of Participant
	
 
	
Date

 

 

	
2.
	
Spouse Consent

 

I am the spouse of the Participant.  I understand the death benefits to which I am entitled under the Plan if I do not consent to the Participant’s beneficiary designation above.  I further understand that all or part of the Participant’s Account under the Plan will be paid to the beneficiary or beneficiaries designated above, and I voluntarily consent to the Participant’s designation of such beneficiary or beneficiaries.  I realize that my consent is irrevocable unless the Participant changes the beneficiary designation.

 

 

				
	
 
	
Signature of Spouse
	
 
	
Date

 

 

 

Witnessed by an authorized Company representative:

 

				
	
 
	
Signature of Authorized Representative
	
 
	
Date

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