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This excerpt taken from the GIS DEF 14A filed Aug 10, 2009. NONQUALIFIED
DEFERRED COMPENSATION
Our Deferred Compensation Plan is a non-qualified plan that
provides most of our executives, including the named executive
officers, with the opportunity to defer up to 100% of cash
incentives and restricted stock units. The Chief Executive
Officer may defer up to 100% of his base salary.
Participants’ deferred cash accounts earn a monthly rate of
return which tracks the investment return achieved under
participant-selected investment funds, most of which are offered
to participants in our 401(k) Plan. Here are the available
investment funds: Fixed Income Fund, Diversified US Equity Fund,
Jennison Long-Term Bond Portfolio, Pooled Real Asset Fund,
Diversified International Equity Fund, US Treasury Fund,
Moderate Balanced Fund and a Company Stock Fund. Participants
are eligible to change their investment mix on a monthly basis.
Stock units in participants’ deferred stock accounts earn
dividend equivalents equal to regular dividends paid on our
common stock. These dividend equivalents are credited to the
accounts or paid out to the participants. Dividend equivalents
credited to each account are used to “purchase”
additional stock units for the account at a price equal to the
closing price of our common stock on the New York Stock Exchange
on the dividend payment date.
We credit deferred accounts with additional amounts or stock
units, as applicable, equal to the value of the matching
contributions that we would have otherwise made to the
participants’ 401(k) Plan and Supplemental Savings Plan
accounts if the participants had not deferred compensation.
At the time of the deferral election, participants must also
select a distribution date and form of distribution.
Participants must start receiving distributions from deferred
accounts no later than age 70. Furthermore, in the case of
deferred cash, participants may not receive distributions for at
least one year following the date on which the cash otherwise
would have been paid out. In the case of deferred equity awards,
participants may not receive shares of common stock in place of
stock units for at least one year following the vesting date of
the award. Participants may elect to receive distributions in a
single payment or up to ten annual installments.
This excerpt taken from the GIS DEF 14A filed Aug 12, 2008. NONQUALIFIED
DEFERRED COMPENSATION
Our Deferred Compensation Plan is a non-qualified plan that
provides most of our executives, including the named executive
officers, with the opportunity to defer up to 100 percent
of base salary in certain circumstances, cash incentives,
restricted stock units and restricted stock.
Participants’ deferred cash accounts earn a monthly rate of
return which tracks the investment return achieved under certain
participant-selected 401(k) Plan investment funds. Participants
are eligible to change their investment mix on a monthly basis.
Stock units in participants’ deferred stock accounts earn
dividend equivalents equal to regular dividends paid on our
common stock. These dividend equivalents are credited to the
accounts or paid out to the participants. Dividend equivalents
credited to each account are used to “purchase”
additional stock units for the account at a price equal to the
closing sales price of our common stock on the New York Stock
Exchange on the dividend payment date.
We credit deferred accounts with additional amounts or stock
units, as applicable, equal to the value of the matching
contributions that we would have otherwise made to the
participants’ 401(k) Plan and Supplemental Savings Plan
accounts if the participants had not deferred compensation.
At the time of the deferral election, participants must also
select a distribution date and form of distribution.
Participants must start receiving distributions from deferred
accounts no later than age 70. Furthermore, in the case of
deferred cash incentives, participants may not receive
distributions for at least one year following the date on which
the cash incentive otherwise would have been paid out. In the
case of deferred equity awards, participants may not receive
shares of common stock in place of stock units for at least one
year following the vesting date of the award. Participants may
elect to receive distributions in a single payment or
installments.
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