This excerpt taken from the NWL DEF 14A filed Mar 28, 2007.
Newell Co. Deferred Compensation Plan
The Newell Co. Deferred Compensation Plan (the Newell Co. Plan) is a non-qualified defined contribution plan pursuant to which eligible employees could defer a portion of their cash bonus compensation. Deferrals ceased when the 2002 Deferred Compensation Plan was adopted, although the participants continue to maintain account balances under the Newell Co. Plan which are credited with earnings as described below. Mr. Jahnke is the only named executive officer who has an account balance under the Newell Co. Plan. The material terms and conditions of the Newell Co. Plan as they pertain to Mr. Jahnke are as follows:
Interest. Interest on amounts credited to a plan account before January 1, 1997 are credited at the rate published in the Midwest Edition of The Wall Street Journal for United States Treasury Bills (which was 4.372% for the first quarter of 2006, 4.6966% for the second quarter of 2006, 4.9224% for the third quarter of 2006 and 4.8929% for the fourth quarter of 2006). Interest on amounts credited to a plan account on or after January 1, 1997 are credited at a fixed rate of 10%, compounded quarterly.
Distributions and Withdrawals. A participant or his beneficiary is entitled to receive a distribution of his plan account following termination of employment or death. In each of these cases, the Company will choose the form of payment, which may be either a lump sum distribution or annual, quarterly or monthly installments over a period of up to 10 years. The Company will also choose the payment date or payment commencement date, which may not be more than 10 years after the date of termination or death. However, if the participant becomes employed by or otherwise provides services to a competitor of the
Company following his termination, the Company will distribute the participants account to him in a lump sum as soon as practicable following the employment or provision of services.
A participant may take an in-service withdrawal of any amounts that have been credited to his account for at least 36 months. Payment of this withdrawal will be made in a lump sum 12 months following the date of the request unless the participant terminates employment or dies before the payment is made. A participant may also make an in-service lump sum withdrawal if he has an unforeseeable emergency or if the Company undergoes a change in control as defined in the Newell Co. Plan.