This excerpt taken from the HBI 8-K filed Sep 5, 2006.
Participation and Deferral Elections
3.1 Participation. Subject to the conditions and limitations of the Plan, any Eligible Employee who makes a Deferral Election as described in Section 3.2 shall become a Participant in the Plan and shall remain a Participant until the entire balance of his Deferral Account is distributed to him.
3.2 Rules for Deferral Elections. Any Eligible Employee may make a Deferral Election for a Plan Year in accordance with the rules set forth below.
specified by the Committee generally may be no later than the end of the calendar year preceding the beginning of the measurement period for such Annual Bonus; provided, however, that if the Committee determines that such Annual Bonus qualifies as performance-based compensation (as defined in Code Section 409A(4)(B)(iii) and the regulations thereunder), such Deferral Election may be made no later than 6 months before the end of the measurement period. With respect to deferrals of Incentive Payments, the date specified by the Committee generally may be no later than the end of the calendar year preceding the calendar year in which vesting in such Incentive Payment would begin; provided, however, that if the Committee determines that such Incentive Payment qualifies as performance-based compensation (as defined above), such Deferral Election may be made no later than 6 months before the end of the measurement period. The Committee, in its complete discretion, may modify the general rules set forth above as permitted by IRS Notice 2005-1 and regulations issued under Code Section 409A.
pursuant to such rules as the Committee may prescribe. The Committee, in its complete discretion, may modify the general rules set forth above as permitted by IRS Notice 2005-1 and regulations issued under Code Section 409A. In addition, during 2005 and 2006, Re-Deferral Elections need not be received by the Committee 12 months prior to the Distribution Date to be changed, and the new Distribution Date may be earlier than the fifth anniversary of the prior Distribution Date; provided, however that Re-Deferral Elections made in 2006 may neither specify a Distribution Date in 2006 nor defer amounts otherwise payable in 2006.
3.3 Transfers. With the consent of the Committee and subject to such limits and in accordance with such rules as the Committee may establish in its sole discretion, a Participant who is employed by a subsidiary of the Company may elect to transfer his entire Deferral Account to a similar deferred compensation plan maintained by such subsidiary; provided, that no portion of a Participants Deferral Account that is attributable to a Deferral, the Distribution Date for which has or will have occurred before the scheduled transfer date, may be transferred under this provision.
3.4 Employer Deferrals. In addition to Deferrals made pursuant to a Participants Deferral Election under this Section 3, an Employer may credit an Employer Deferral to a Participants Deferral Account. The amount of any Employer Deferral shall be determined by the Employer it its complete discretion. At the time the Employer Deferral is credited to the Participants Deferral Account, the Employer shall specify the Distribution Date and the form of payment for the Employer Deferral. Once credited to the Participants Deferral Account, the Employer Deferral shall be treated as any other Deferral under the Plan.