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DTV » Topics » Termination for Cause Benefit; Involuntary Termination Benefit

This excerpt taken from the DTV 10-K filed Mar 1, 2005.

Termination for Cause Benefit; Involuntary Termination Benefit

 

7.1 Termination for Cause Benefit. Upon a Termination for Cause, the Participant shall receive his or her Account Balance as provided in Section 7.2 below, subject to the Deduction Limitation.

 

7.2 Payment of Termination for Cause Benefit. The Termination Benefit shall be paid in a lump sum. The lump sum payment shall be made no later than 90 days after the date of the Participant’s Termination for Cause. Any payment made shall be subject to the Deduction Limitation. The non-vested portions of the Participant’s Company Contribution Account and Company Matching Account are forfeited upon Termination for Cause. Notwithstanding anything in this Plan to the contrary, a Participant’s Long-Term Achievement Plan Account and Restricted Stock Unit Account shall be distributed only in Stock.

 

7.3 Involuntary Termination Benefit. Upon an Involuntary Termination of Employment, the Participant shall receive his or her Account Balance as provided in Section 7.4 below, subject to both the Deduction Limitation and Section 3.12.

 

7.4

Payment of Involuntary Termination Benefit. A Participant, in connection with his or her commencement of participation in the Plan, shall elect on an Election Form to receive the Involuntary Termination Benefit in a lump sum or pursuant to an Annual Installment Method of 5 years. The Participant may annually change his or her election to an allowable alternative payout period by submitting a new Election Form to the Committee, provided that any such Election Form is submitted at least 1 year prior to the Participant’s Involuntary Termination and is accepted by the Committee in its sole discretion. The Election Form most recently accepted by the Committee at least one year prior to the Involuntary Termination shall govern the payout of the Involuntary Termination Benefit. If a Participant does not make any election with respect to the payment of the Involuntary

 

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Hughes Electronics Corporation

Executive Deferred Compensation Plan

Master Plan Document

 

Termination Benefit, then such benefit shall be payable pursuant to an Annual Installment Method of 5 years. The payment(s) shall commence, no later than 90 days after the last day of the Plan Year of the Involuntary Termination. The non-vested portions of the Participant’s Company Contribution Account and Company Matching Account are forfeited upon Involuntary Termination of Employment. Notwithstanding anything in this Plan to the contrary, a Participant’s Long-Term Achievement Plan Account and Restricted Stock Unit Account shall be distributed only in Stock.

 

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