Favourable ruling with respect to a deferred share unit plan under which directors can elect to receive all or a portion of their quarterly compensation in the form of deferred units based on the market price for the company's shares but with a provision for the crediting of additional deferred units when dividends were paid on the corresponding shares, and with a further provision that the company may make payment of the deferred units in treasury shares, shares purchased on the market or cash less (in all cases) any applicable withholding taxes.
"Beneficiary" means an individual who, on the date of a Participant's death, is the person who has been designated in accordance with the Plan and the laws applying to the Plan to receive the value of the Deferred Share Units standing to the credit of the Participant on the date of death, or where no such individual has been validly designated by the Participant, or where the individual does not survive the Participant, the Participant's legal representative. … the Company shall make a payment in cash, … to or for the benefit of the Beneficiary of the Participant.