Exhibit 10.75
SANMINA-SCI
CORPORATION
DEFERRED
COMPENSATION PLAN
FOR OUTSIDE
DIRECTORS
(Originally
effective June 1, 2002)
Amended and restated effective
January 1, 2009
TABLE OF CONTENTS
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ARTICLE I
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PURPOSE
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1
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ARTICLE II
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DEFINITIONS
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1
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2.1
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Account
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1
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2.2
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Beneficiary
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1
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2.3
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Board
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1
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2.4
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Change of Control
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1
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2.5
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Code
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2
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2.6
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Code section 409A
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2
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2.7
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Committee
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2
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2.8
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Compensation Committee
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2
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2.9
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Common Stock
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2
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2.10
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Company
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2
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2.11
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Compensation
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2
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2.12
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Deferral Commitment
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2
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2.13
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Deferral Period
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2
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2.14
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Deferred
Compensation
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2
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2.15
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Eligible Director
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2
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2.16
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Market Value
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2
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2.17
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Participant
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2
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2.18
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Participation Agreement
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3
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2.19
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Plan Year
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3
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2.20
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Share Units
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3
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2.21
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Separation from
Service
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3
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ARTICLE III
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DEFERRAL COMMITMENTS
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3
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3.1
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Participation
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3
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3.2
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Initial Year of Participation
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3
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3.3
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Elective Deferrals
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3
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3.4
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Limitations on Deferral Commitments
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3
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i
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ARTICLE IV
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DEFERRED COMPENSATION
ACCOUNTS
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4
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4.1
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Accounts
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4
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4.2
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Deferred Compensation
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4
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4.3
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Share Units
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4
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4.4
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Dividends
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4
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4.5
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Determination of Accounts
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4
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4.6
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Vesting of
Accounts
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4
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4.7
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Statement of Accounts
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4
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4.8
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Adjustment of Share Units
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5
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ARTICLE V
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PLAN BENEFITS
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5
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5.1
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After Separation from Service
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5
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5.2
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Change of Control
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5
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5.3
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Tax Withholding
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5
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5.4
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Payment to Guardian
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5
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ARTICLE VI
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BENEFICIARY DESIGNATION
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6
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6.1
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Beneficiary Designation
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6
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6.2
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Changing Beneficiary
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6
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6.3
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Community Property
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6
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6.4
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No Beneficiary
Designation
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6
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ARTICLE VII
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ADMINISTRATION
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6
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7.1
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Committee
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6
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7.2
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Agents and Delegation
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7
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7.3
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Binding Effect of Decisions
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7
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7.4
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Indemnification of
Committee
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7
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ARTICLE VIII
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AMENDMENT AND TERMINATION OF
PLAN
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7
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8.1
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Amendment
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7
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8.2
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Right to Terminate Plan
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7
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ARTICLE IX
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MISCELLANEOUS
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8
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9.1
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Unfunded Plan
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8
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9.2
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Trust Fund
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8
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9.3
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Nonalienability
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8
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ii
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9.4
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Governing Law
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9
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9.5
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Validity
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9
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9.6
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Notice
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9
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9.7
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Successors
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9
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iii
SANMINA-SCI
CORPORATION
DEFERRED COMPENSATION PLAN FOR
OUTSIDE DIRECTORS
ARTICLE I
PURPOSE
Effective
June 1, 2002 the Board of Directors of Sanmina-SCI
Corporation (“Sanmina-SCI”)
approved the establishment of the Sanmina-SCI Corporation
Deferred Compensation Plan
for Outside Directors (the “Plan”). T
he Plan is intended to provide
eligible Sanmina-SCI Directors an opportunity to defer payment of all or part of
the Compensation which is
payable to them for acting as Directors of
Sanmina-SCI. Sanmina-SCI now approves the amendment and restatement of
the Plan effective January 1, 2009. T
he Plan is intended to reflect
the requirements of section 409A of the Internal Revenue Code and
the regulations issues thereunder, and, in all respects, shall be
administered and construed in accordance with such
requirements. Prior to 2009, the Plan was
administered in accordance with Code section 409A.
ARTICLE II
DEFINITIONS
For purposes of
this Plan, the following terms shall have the meanings
indicated, unless the context clearly
indicates otherwise:
2.1
Account
.
“Account”
means the account established for a Participant pursuant to
Article IV. A
Participant’s Account shall be utilized solely as a device
for the determination and measurement of the amounts to be paid to the
Participant pursuant to this Plan and shall not constitute or be treated as a trust fund of
any kind.
2.2
Beneficiary
. “Beneficiary”
means the person, persons or entity entitled under Article VI to receive any Plan
benefits payable under Article V after a Participant’s
death.
2.3
Board . “Board”
means the Board of Directors of Sanmina- SCI.
2.4
Change of
Control . “Change of
Control” means:
(a)
A change in the
effective control of the Company as defined under Treasury
Regulations section 1.409A-3(i)(5)(vi)(A)(1) ; or,
(b)
A change in the
ownership of the Company as defined under Code section 409A
; or,
(c)
A change in the
ownership of a substantial portion of the Company’s assets as
defined under Code section 409A .
2.5
Code . “Code”
means the Internal Revenue Code, as amended from time to
time.
2.6
Code section
409A . Code section 409A
shall refer to, collectively, section 409A of the Code and the
regulations and IRS guidance issued thereunder.
2.7
Committee
.
“Committee” means the management committee
established by or at the direction of the Board to adminster the
Plan.
2.8
Compensation
Committee . “Compensation Committee” means
the Compensation Committee of the Board.
2.9
Common
Stock . “Common
Stock” means the shares of common stock of the
Company.
2.10
Company
.
“Company” means Sanmina-SCI Corporation and any
successor thereto.
2.11
Compensation
.
“Compensation” means all fees payable to such
Director during the year, including the retainer for service as a
member of the Board or any committees thereof and meeting fees.
Fees payable in the form of
Common Stock and any expense reimbursements for attending Board
or committee meetings shall not be included in the definition of
Compensation.
2.12
Deferral
Commitment . “Deferral
Commitment” means an election to defer Compensation made by a Participant pursuant
to Article III and submitted in a Participation Agreement.
2.13
Deferral
Period . “Deferral
Period” means the period over which a Director has elected to
defer his Compensation. Each calendar year shall be a separate
Deferral Period.
2.14
Deferred
Compensation .
“Deferred
Compensation,” means the amount of Compensation that a Participant elects to
defer pursuant to a Deferral Commitment.
2.15
Eligible
Director . “Eligible
Director” means any individual who is a member of the Board
and who is not an employee of the Company or any of its
subsidiaries. An individual shall become an Eligible Director
only upon notification of his eligibility to participate and the
material terms of participation.
2.16
Market
Value . “Market
Value” means, with respect to one share of Common Stock on
any date, the closing price for Common Stock listed in the
composite tables in the
“Wall Street Journal” for the applicable
date.
2.17
Participant
.
“Participant” means any Eligible Director who has
made an election under
Article III to defer any portion of his or her Compensation
for any Plan Year.
2
2.18
Participation
Agreement . “Participation
Agreement” means the Deferral Commitment agreement submitted
by a Participant to the Committee pursuant to
Article III.
2.19
Plan
Year .
“Plan Year” means the calendar year.
2.20
Share
Units . “Share Units” means a unit of
measurement equivalent to one share of Common Stock, with
none of the attendant rights of a holder of such share, including,
without limitation, the right to
vote such share and the right to receive dividends thereon, except
to the extent otherwise
specifically provided herein.
2.21
Separation
from Service .
“Separation from Service” shall have the meaning as set
forth in Code section 409A.
ARTICLE III
DEFERRAL
COMMITMENTS
3.1
Participation
. An
Eligible Director may elect to participate in this Plan with
respect to any Deferral Period by submitting a Participation
Agreement to the Committee, prior to the date established by the Committee, in
the calendar year immediately preceding the Deferral Period.
3.2
Initial Year
of Participation . In the event that an Eligible Director first
becomes eligible to participate during a calendar year, a
Participation Agreement must be submitted to the Committee
no later than thirty (30) days following the date the Director
becomes an Eligible Director. Such Participation Agreement shall be
effective only with regard to Compensation earned following the submission of the
Participation Agreement to the Committee.
3.3
Elective
Deferrals . An Eligible
Director’s Deferral Commitment may defer all or part of the Compensation payable
to the Director during the Plan Year. Once
made, a Deferral Commitment
shall be irrevocable for the Plan Year.
3.4
Limitations on
Deferral Commitments . The following
limitations shall apply to Deferral Commitments:
(a)
Minimum.
The minimum Deferral Commitment
shall be two thousand dollars ($2,000) per Deferral
Period.
(b)
Maximum
.
The maximum Deferral Commitment
shall be one hundred percent (100%) of the
Participant’s Compensation.
(c)
Changes
in Minimum or Maximum .
The Committee may amend the Plan
to change the minimum or maximum deferral amounts from time to time
by giving
3
written
notice to all Participants. No such change may affect a
Deferral Commitment
made prior to the Committee’s action.
ARTICLE IV
DEFERRED COMPENSATION
ACCOUNTS
4.1
Accounts
. For
record keeping purposes only, separate accounts shall be
maintained on the Company’s
books and records for each Participant to reflect the
Participant’s interest under the Plan.
4.2
Deferred
Compensation . The amount of
Compensation deferred by each Participant shall be credited to his
or her Account as of the date the Deferred Compensation would
otherwise have been payable. Any withholding of taxes or
other amounts which is required
by state, federal or local law with respect to Deferred
Compensation shall be withheld from the Participant’s non-deferred
Compensation to the maximum extent possible with any
excess reducing the amount
deferred.
4.3
Share
Units . The amounts credited
to a Participant’s Account shall be converted into Share
Units. The number of Share Units shall be determined
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