This excerpt taken from the HBI 8-K filed Sep 5, 2006.
Glossary of Terms
2.1 Annual Base Salary means the regular rate of compensation to be paid to the Eligible Employee for services rendered during the Plan Year excluding severance or termination payments, commissions, foreign service payments, payments for consulting services and such other unusual or extraordinary payments as the Committee may determine.
2.2 Annual Bonus means an Eligible Employees Annual Bonus for a year due under an Annual Bonus Plan or any other short-term incentive plan of the Company or an Employer.
2.3 Beneficiary means the individual(s) or entity designated by a Participant to receive the balance of the Participants Deferral Account in the event of the Participants death prior to the payment of the Participants entire Deferral Account. To be effective, any beneficiary designation shall be filed in such manner as prescribed by the Committee. A Participant may revoke an existing beneficiary designation by filing another Beneficiary designation in such manner as prescribed by the Committee. The latest beneficiary designation received by the Committee shall be controlling. If no Beneficiary is named by a Participant or if he survives all of his named Beneficiaries, the Deferral Account shall be paid in the following order of precedence:
2.4 Code means the Internal Revenue Code of 1986, as amended.
2.5 Committee means the Employee Benefits Administrative Committee of the Sara Lee Corporation for as long as the Company is a member of Sara Lee Corporations controlled group of corporations (as defined in Section 414 of the Code and the regulations thereunder). Thereafter, Committee shall mean the Employee Benefits Administrative Committee of the Company.
2.6 Company means Hanesbrands Inc.
2.7 Deferral means the amount deferred pursuant to a Deferral Election and, as the context warrants, includes an Employer Deferral which is an amount credited to a Participants Deferral Account by an Employer.
2.8 Deferral Account means the bookkeeping account established in the name of the Participant to hold all amounts deferred pursuant to the Participants Deferral Elections or pursuant to an Employer Deferral. As described in Supplement I to this Plan, separate rules apply to Transferred Participants Grandfathered Deferrals.
2.9 Deferral Crediting Date means the business day coinciding with or next following the 15th day of each calendar month and the business day coinciding with or next following the last day of each calendar month.
2.10 Deferral Election means a Participants irrevocable election to defer receipt of an Incentive Payment, an Annual Bonus, and/or Annual Base Salary for a Plan Year.
2.11 Deferral Program means the terms and conditions, described herein, pursuant to which a Participant may on or after January 1, 2006 defer payment of an Incentive Payment, an Annual Bonus, and/or Annual Base Salary.
2.12 Distribution Date means the date on which an Eligible Employee elects to have a Deferral paid pursuant to a Deferral Election.
2.13 Effective Date means the effective date of the Plan, January 1, 2006.
2.14 Eligible Employee means each salary band one through six level executive of the Company or an Employer on a U.S. payroll, the Chief Executive Officer of the Company, the Executive Chairman of the Board of the Company, and each other executive of the Company or an Employer who is identified as eligible by the Committee.
2.15 Employer means any subsidiary or affiliate of the Company incorporated under the laws of any state in the United States that has adopted the Plan with the consent of the Committee.
2.16 Employer Deferral means an amount credited to a Participants Deferral Account by an Employer.
2.17 ERISA means the Employee Retirement Income Security Act of 1974, as amended.
2.18 Incentive Payment means any payment due under a long-term performance incentive plan of the Company or an Employer.
2.19 Interest Account means the investment alternative under which interest is credited to a Participants Deferral Account each Plan Year.
2.20 Market Value of common stock means the average of the high and low quotes for the applicable common stock on the applicable day on the New York Stock Exchange Composite Transaction Tape.
2.21 Participant means any Eligible Employee who makes a Deferral Election or has a Deferral Account under the Plan.
2.22 Plan means the Hanesbrands Inc. Executive Deferred Compensation Plan.
2.23 Plan Year means the calendar year.
2.24 Re-Deferral Election means a Participants irrevocable election to extend a Distribution Date.
2.25 Stock Equivalent Account means the investment alternative under which a Participants Deferral Account is treated as if it is invested in common stock equivalents.
2.26 Top-50 Employee means an employee who meets the key employee requirements of Code Section 416(i)(1)(A)(i), (ii) or (iii) (applied in accordance with the
regulations thereunder and disregarding Code Section 416(i)(5)) at any time during the 12-month period ending each December 31st. If an employee is a Top-50 Employee as of any December 31st, the person is treated as a Top-50 Employee for the 12-month period beginning on the March 1st following that December 31st.
2.27 Trust means the grantor Trust or Trusts, if any, that the Company or an Employer may maintain to hold assets to be used for payment of benefits under the Plan.
2.28 Unforeseeable Financial Emergency means a severe financial hardship to the Participant resulting from (i) an illness or accident of the Participant or of a dependent of the Participant; (ii) loss of the Participants property due to casualty; or (iii) such other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant as determined by the Committee. If the Committee determines that a Participant has an Unforeseeable Financial Emergency, then the Participants Deferral Elections then in effect shall be revoked for the balance of the Plan Year with respect to all amounts not previously deferred, however such Participant may make a new Deferral Election in the following Plan Year.
2.29 Valuation Date means the business day coinciding with or next following each June 30 and December 31.