EQ » Topics » NONQUALIFIED DEFERRED COMPENSATION

This excerpt taken from the EQ DEF 14A filed Mar 9, 2007.

NONQUALIFIED DEFERRED COMPENSATION

We do not maintain a nonqualified deferred compensation plan. However, 2 of our Named Officers participated in Sprint Nextel EDCP before our spin-off. The following table lists both the earnings through May 17, 2006, and the aggregate balances on May 17, 2006, of our Named Officers, as provided to us by Sprint Nextel. Our Named Officers have received since May 17, 2006, and in some cases will continue to receive, distributions based on their previous elections under the terms of the Sprint Nextel EDCP. Because the Sprint Nextel EDCP is a plan maintained by Sprint Nextel, we report information about the Sprint Nextel EDCP only through May 17, 2006.

 

Name   Executive
Contributions in
Last FY ($)
  Registrant
Contributions in
Last FY ($)
  Aggregate
Earnings in Last
FY through
May 17, 2006($)(1)(2)
  Aggregate
Withdrawals/
Distributions ($)
  Aggregate Balance
at May 17, 2006
($)(3)
       
Daniel R. Hesse   $0   $0   $0   $0   $0
       
Gene M. Betts   $0   $0   $10,563   $0   $404,029
       
Harrison S. Campbell   $0   $0   $0   $0   $0
       
Michael B. Fuller   $0   $0   $85,437   $0   $3,105,243
       
Thomas A. Gerke   $0   $0   $0   $0   $0

 

1. Before our spin-off, under the Sprint Nextel EDCP participants were permitted to defer up to 50% of their base salary and between 25% and 100% of their annual cash incentive compensation. Deferred amounts were allocated between a stock fund and a fixed income account, depending on the election of the participant. The fixed income account accrued interest based on the applicable interest rate established under the Sprint Nextel EDCP. Applicable interest rates varied depending on the year of deferral. For fixed income accounts established after May 1, 1990, the applicable interest rate was either Citibank’s prime rate or 6% per annum, whichever was greater. For fixed income accounts established before May 1, 1990, the highest applicable interest rate was Moody’s Seasoned Corporate Bond Yield Index plus 3%. For purposes of the aggregate earnings reported above we have assumed that all participants with pre-1990 fixed income accounts accrued interest at the highest possible rate.

 

2. The following amounts were reported in our Summary Compensation Table as above-market earnings: $2,956 for Mr. Betts and $19,342 for Mr. Fuller.

 

3. Aggregate balances reported are as of May 17, 2006, the date of our spin-off from Sprint Nextel.

 

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