DE » Topics » time it shall revert to the Participants stated deferral percent subject to the same reduction potential.

This excerpt taken from the DE 10-Q filed Feb 28, 2008.

time it shall revert to the Participant’s stated deferral percent subject to the same reduction potential.

 

Notwithstanding amounts elected by the Participant for deferral from the John Deere Performance Bonus Plan award, the total deferred portion shall not be less than $1,000 in any given calendar year.  In the event the total deferred amount is less than $1,000, it shall be paid pursuant to the normal payout schedule for the John Deere Performance Bonus Plan.

 

Amounts of less than $1,000 per calendar quarter shall not be deferred from salary.

 

(c)           Any Participant may elect to defer any part (in 5% increments up to 95%) of a Bonus Award to be paid in cash under the provisions of the John Deere Equity Incentive Plan and any other cash incentive award that is authorized by the Committee to be deferred pursuant hereto.  Such election must be in writing prior to the beginning of the calendar year in which such award would otherwise become payable.  Notwithstanding the Participant’s election, enough of the award must be paid in cash to cover all withholding taxes.  If not, the Company shall be authorized to reduce the Participant’s elected deferral in 5% increments until the withholding taxes are covered.

 

4.2           Deferral Period and Payment Method.  If the Participant defers any amount pursuant to Section 4.1, the Participant shall also designate the period and payment method for the deferral in the election.  Payments of the deferral amounts, plus any growth additions thereon, shall be made on the date or dates specified by the Participant in the election.  However, if death, total and permanent disability, or termination (other than retirement) occurs before retirement, all remaining deferrals plus any growth additions, shall be distributed as a single lump sum payment in January of the calendar year following the date of such death, disability or termination.

 

In all other cases, the distribution must begin on a date specified by the Participant in the election (whether the distribution is scheduled to begin before or after the date of retirement) but no later than ten years following the date of retirement.  The Participant may elect to have distribution made in up to ten annual installments from the date distribution is to begin, but such distribution must be completed within ten years following retirement.

 

If the Participant wishes to designate a distribution after retirement, the Participant may designate in the election that distribution shall begin at retirement or begin at a specified point in time, or during a specified month, following the date of retirement, (Example #1:  Distribution to begin three months after retirement.  Example #2:  Distribution to begin the January of the year following retirement.)

 

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4.3           Irrevocable Elections.  The elections in Sections 4.1 and 4.2 are irrevocable and may not be modified or terminated by the Participant or his beneficiary.

 

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