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This excerpt taken from the WDC DEF 14A filed Sep 24, 2007. Deferred
Compensation Opportunities
Our executives and certain other key employees who are subject
to U.S. federal income taxes are eligible to participate in
our Deferred Compensation Plan. The Deferred Compensation Plan
is intended to promote retention by providing employees with an
opportunity to save in a tax-efficient manner. Participants in
the Deferred Compensation Plan can elect to defer up to 100% of
their base salary, semi-annual cash bonuses under our Incentive
Compensation Plan and awards of restricted stock units without
regard to the tax code limitations applicable to tax-qualified
plans. Amounts deferred in cash are invested in one or more
mutual funds or a declared rate fund as selected by the
participant, and participants do not receive any additional
above-market rates of return on amounts they defer. Payouts
under the deferred compensation plan generally commence on a
specified date or upon the retirement or death of the
participant.
Please see the “Non-Qualified Deferred
Compensation — Fiscal 2007” table and related
narrative section, “Non-Qualified Deferred Compensation
Plan,” on pages 40 and 41 below for a more detailed
description of our Deferred Compensation Plan and the deferred
compensation amounts that our executives have accumulated under
the plan.
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