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HBI » Topics » 2.18 Compensation

These excerpts taken from the HBI 8-K filed Sep 5, 2006.

2.12 Compensation

For purposes of this Plan, “Monthly Compensation” shall mean the monthly amount of basic salary (exclusive of commissions and bonuses, distributions from nonqualified deferred compensation plans, overtime, fringe benefits, stock options, relocation expenses, incentive payments, non-monetary awards, directors’ and other fees, and automobile and other allowances) the Covered Employee was receiving from the Employer as of his or her last day of active employment prior to his or her absence due to Total Disability. The Plan considers Monthly Compensation up to a maximum annual base salary of $500,000.

2.18 Compensation

“Compensation” for a Plan Year means the total wages (as defined in Section 3401(a) of the Code) paid to an individual by an Employer for the period in question for services rendered as an Employee of an Employer, which are subject to income tax withholding at the source, determined without regard to any exceptions to the withholding rules that limit the remuneration included in such wages and that are based on the nature or location of the employment or the services performed, determined in accordance with the following:

 

  (a) Including elective contributions made on behalf of the Employee pursuant to the Employee’s salary reduction agreement under Sections 401(k), 132(f)(4), and 125 of the Code.

 

  (b) Excluding the following:

 

  (i) Nonqualified stock option exercise income;

 

  (ii) Stock awards;

 

  (iii) Gains attributable to the sale of stock within the two (2) year period beginning on the date of grant under an employee stock purchase plan as described in Section 423 of the Code;

 

  (iv) Reimbursements or other expense allowances;

 

  (v) Fringe benefits (cash and non-cash);

 

  (vi) Moving expenses;

 

  (vii) Deferred compensation when earned or paid;

 

6

  (viii) Welfare benefits; and

 

  (ix) Compensation in excess of $220,000 for any Plan Year, as adjusted from time to time pursuant to Section 401(a)(17) of the Code.

 

  (c) With respect to each Employee who is compensated by commission payments and who does not receive separate reimbursement for expenses incurred by the Employer, 20 percent of such commission shall be deemed to constitute reimbursement for expenses and shall be excluded from such Employee’s Compensation for purposes of allocating the Annual Company Contribution and the Transition Contribution.

EXCERPTS ON THIS PAGE:

8-K (2 sections)
Sep 5, 2006

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