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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.
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
Table of Contents
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.
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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