The Martin Marietta Directors Charitable Award Plan was instituted in order to provide charity in the name of the director. The donation was made up to a sum of $1 million to any institution that was eligible for tax exemption. The award plan was given the choice of selection by the director of the company.
The donation as part of the award plan was made in the name of the director and payable in ten equated amounts of money to the institution. The clause of the award plan was that the first installment was to start after the retirement of the director from the services of the company or the death of the director whichever is earlier.
The primary goal of the charitable award was to show the support on the part of the Corporation and that of the directors in being socially involved and engage in charity to deserving educational institutions.
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