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GWW » Topics » Termination of Participation and/or Deferrals

These excerpts taken from the GWW 10-K filed Feb 27, 2008.
Termination of Participation and/or Deferrals. If the Committee determines in good faith that a Participant no longer qualifies as a member of a select group of management or highly compensated employees, the Committee shall have the right, in its sole discretion and consistent with Code Section 409A, to (i) terminate any deferral election for both Annual Base Salary and/or Bonus which the Participant has made for the remainder of the Plan Year in which

 

 

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the Participant’s membership status changes, (ii) prevent the Participant from making future deferral elections and/or (iii) immediately distribute the total vested portion of the Participant’s Annual Account Balances and terminate the Participant’s participation in the Plan. If a Participant terminates employment after the end of a Plan Year but prior to the payment of a bonus for such Plan Year, the deferral election will be terminated.

 

 

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Termination of Participation and/or Deferrals. If the Committee determines in good faith that a Participant no longer qualifies as a member of a select group of management or highly compensated employees, the Committee shall have the right, in its sole discretion and consistent with Code Section 409A, to (i) terminate any deferral election for both Annual Base Salary and/or Bonus which the Participant has made for the remainder of the Plan Year in which



 











 

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the Participant’s membership status changes, (ii) prevent the Participant from making future deferral elections and/or (iii) immediately distribute the total vested portion of the Participant’s Annual Account Balances and terminate the Participant’s participation in the Plan. If a Participant terminates employment after the end of a Plan Year but prior to the payment of a bonus for such Plan Year, the deferral election will be terminated.



 











 

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EXCERPTS ON THIS PAGE:

10-K (2 sections)
Feb 27, 2008

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