WDC » Topics » Fiscal 2009 Non-Qualified Deferred Compensation Table

This excerpt taken from the WDC DEF 14A filed Sep 28, 2009.
Fiscal 2009 Non-Qualified Deferred Compensation Table
 
The following table presents information regarding the contributions to, investment earnings, distributions and total value of our named executive officers’ balances under our Deferred Compensation Plan during fiscal 2009.
 
                                         
                Aggregate
          Aggregate
 
    Executive
    Registrant
    Earnings
    Aggregate
    Balance
 
    Contributions in
    Contributions in
    in Last
    Withdrawals
    at Last
 
    Last FY
    Last FY
    FY
    /Distributions
    FYE
 
Name
  ($)     ($)     ($)(1)     ($)     ($)(2)  
 
John F. Coyne
                (196,816 )           1,248,901  
Timothy M. Leyden
                             
Raymond M. Bukaty
                (76,952 )     (78,224 )     321,908  
Hossein M. Moghadam
                             
 
 
(1) The amounts reflect a net loss based on interest earned for fiscal 2009 on the portion of the plan account balance allocated to the declared rate interest fund offered under the plan, less depreciation during fiscal 2009 of the portion of the plan account balance deemed invested in the other available market measurement funds offered under the plan. The interest taken into account in determining these amounts is not considered to be above-market earnings under applicable Securities and Exchange Commissions rules. Accordingly, in accordance with the Securities and Exchange Commission’s rules, we did not include interest earned on deferred compensation as compensation to the named executive officers in the “Fiscal Years 2007 — 2009 Summary Compensation Table” above.
 
(2) The balances reported represent compensation already reported in the “Fiscal Years 2007 — 2009 Summary Compensation Table” in this year’s Proxy Statement and its equivalent table in prior years’ proxy statements, except for the earnings on contributions that are not considered to be at above-market rates under Securities and Exchange Commission rules and for amounts earned while the individual was not a named executive officer under Securities and Exchange Commission rules.
 
Non-Qualified Deferred Compensation Plan
 
We permit our named executive officers and other key employees to elect to receive a portion of their compensation reported in the “Fiscal Years 2007 — 2009 Summary Compensation Table” on a deferred basis under our Deferred Compensation Plan. Under the plan, each participant may elect to defer a minimum of $2,000 and a maximum of 100% of his or her eligible compensation that may be earned during the year under our Incentive Compensation Plan.
 
Under the plan, we are permitted to make additional discretionary contributions with respect to amounts deferred under the plan. These discretionary contributions vest over a five-year service period. The service period begins on July 1 of the year for which the contribution was made and ends on June 30 of the same


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year, except that the first year of service is earned as long as the participant is employed for at least six months of that service year. Discretionary contributions will become 100% vested upon the retirement or disability of the participant or a change in control. We did not make any discretionary contributions during fiscal 2009. In addition, we have not in the past made any discretionary contributions under the Deferred Compensation Plan to any of our current named executive officers.
 
For cash amounts deferred under the plan, the participant may elect one or more measurement funds to be used to determine investment gains or losses to be credited to his or her account balance, including certain mutual funds and, prior to 2009, a declared rate fund under which we credit interest at a fixed rate for each plan year. The fixed interest rate was 5.25% for each of calendar years 2006 through 2008. Effective January 1, 2009, the fixed interest rate investment option was eliminated from the plan.
 
Under the Deferred Compensation Plan, cash amounts deferred by a participant may be deferred until a specified date, retirement, disability or death. At the participant’s election, compensation deferred until retirement or death may be paid as a lump sum or in installments over five, ten, fifteen or twenty years. If the participant’s employment terminates before the participant qualifies for retirement, including due to disability, the participant’s deferred compensation balance will be paid in a single lump sum upon termination. Emergency hardship withdrawals are also permitted under the plan.
 
Under our Deferred Compensation Plan, we also permit the named executive officers and other key employees to defer receipt of any restricted stock units awarded under our 2004 Performance Incentive Plan beyond the vesting date of the award. A participant can elect to defer receipt of restricted stock units until a specified date, retirement, disability or death, as described above. If a participant makes an election to defer restricted stock units, the participant will receive a distribution with respect to the restricted stock units (including any stock units credited as dividend equivalents) in an equivalent number of shares of our common stock in accordance with the participant’s deferral election.
 
This excerpt taken from the WDC DEF 14A filed Sep 23, 2008.
Fiscal 2008 Non-Qualified Deferred Compensation Table
 
The following table presents information regarding the contributions to, investment earnings, distributions and total value of our named executive officers’ balances under our Deferred Compensation Plan during fiscal 2008.
 
                                         
                Aggregate
          Aggregate
 
    Executive
    Registrant
    Earnings
    Aggregate
    Balance
 
    Contributions in
    Contributions in
    in Last
    Withdrawals
    at Last
 
    Last FY
    Last FY
    FY
    /Distributions
    FYE
 
Name
  ($)     ($)     ($)(1)     ($)     ($)(2)  
 
John F. Coyne
                (107,889 )           1,445,717  
Timothy M. Leyden
                             
Stephen D. Milligan
                             
Raymond M. Bukaty
                2,578             477,084  
Hossein M. Moghadam
                             
 
 
(1) The amounts reported are not considered to be at above-market rates under SEC rules. Accordingly, we did not include these amounts as compensation to the named executive officers in the “Fiscal 2007 and 2008 Summary Compensation Table” above.
 
(2) The balances reported represent compensation already reported in the “Fiscal 2007 and 2008 Summary Compensation Table” in this year’s Proxy Statement and its equivalent table in prior years’ proxy statements, except for the earnings on contributions that are not considered to be at above-market rates under SEC rules and for amounts earned while the individual was not a named executive officer under SEC rules.


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Non-Qualified Deferred Compensation Plan
 
We permit our named executive officers and other key employees to elect to receive a portion of their compensation reported in the “Fiscal 2007 and 2008 Summary Compensation Table” on a deferred basis under our Deferred Compensation Plan. Under the plan, each participant may elect to defer a minimum of $2,000 and a maximum of 100% of his or her base salary and semi-annual bonuses that may be earned during the year under our Incentive Compensation Plan.
 
Under the plan, we are permitted to make additional discretionary contributions with respect to amounts deferred under the plan. These discretionary contributions vest over a five-year service period. The service period begins on July 1 of the year for which the contribution was made and ends on June 30 of the same year, except that the first year of service is earned as long as the participant is employed for at least six months of that service year. Discretionary contributions will become 100% vested upon the retirement or disability of the participant or a change in control. We did not make any discretionary contributions during fiscal 2008. In addition, the aggregate deferred compensation balance for each of our named executive officers that are participants in the Deferred Compensation Plan does not include any discretionary contributions by us.
 
For cash amounts deferred under the plan, the participant may elect one or more measurement funds to be used to determine investment gains or losses to be credited to his or her account balance, including certain mutual funds and a declared rate fund under which we credit interest at a fixed rate for each plan year. We set the fixed interest rate prior to the beginning of each plan year. The fixed interest rate was 5.25% for each of calendar years 2006 through 2008.
 
Under the Deferred Compensation Plan, cash amounts deferred by a participant may be deferred until a specified date, retirement or death. At the participant’s election, compensation deferred until retirement or death may be paid as a lump sum or in installments over five, ten, fifteen or twenty years. If the participant’s employment terminates before the participant qualifies for retirement, including due to disability, the participant’s deferred compensation balance will be paid in a single lump sum upon termination. Emergency hardship withdrawals are also permitted under the plan.
 
Under our Deferred Compensation Plan, we also permit the named executive officers and other key employees to defer receipt of any restricted stock units awarded under our 2004 Performance Incentive Plan beyond the vesting date of the award. A participant can elect to defer receipt of restricted stock units until a specified date or retirement as described above. If a participant makes an election to defer restricted stock units, the participant will receive a distribution with respect to the restricted stock units (including any stock units credited as dividend equivalents) in an equivalent number of shares of our common stock in accordance with the participant’s deferral election.
 

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