Abercrombie & Fitch 2008 Annual Report Download - page 139

Download and view the complete annual report

Please find page 139 of the 2008 Abercrombie & Fitch annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 160

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160

calendar year in which an individual becomes a Director, the newly eligible Participant may elect to have all or a portion of his or her
Eligible Compensation for such calendar year allocated to his or her Deferred Compensation Account by filing a Deferral Notice with
the Company by the thirtieth (30th) day following the date that the individual first becomes a Director (or such earlier date as specified
by the Plan Administrator). Such Deferral Notice shall become irrevocable on the date that it is received by the Company and shall
apply only to Eligible Compensation earned by and restricted stock or stock units that are included in Eligible Compensation granted
to the Participant after the date on which the Deferral Notice becomes irrevocable. A Participant’s Deferral Notice shall remain in
effect for subsequent calendar years unless and until the Participant files a new Deferral Notice in accordance with this Section 4.B.
C. Company Contributions. As of the date any Eligible Compensation would have otherwise been payable absent the filing of a
Deferral Notice, the Company will allocate to the Participant’s Deferred Compensation Account the amount of Eligible Compensation
specified in the Deferral Notice. Any amounts so allocated by the Company are called “Company Contributions.”
D. Adjustment of Account Balance. Stock-based incentives deferred pursuant to the Plan shall be credited to a Participant’s
Deferred Compensation Account as Common Shares. As of the date any amount of Eligible Compensation otherwise payable in cash
is credited to a Participant’s Deferred Compensation Account, such amount shall be divided by the then Fair Market Value of the
Common Shares. Upon completion of this calculation, each Deferred Compensation Account shall be credited with the resulting
number of Common Shares (carried to three decimals). The Deferred Compensation Account of each Participant shall be credited with
cash dividends on the Common Shares at the times and equal in amount to the cash dividends actually paid with respect to Common
Shares on and after the date credited to the Deferred Compensation Account. The amount of cash dividends credited to each Deferred
Compensation Account shall be divided by the then Fair Market Value of the Common Shares; and the Deferred Compensation
Account of each Participant shall be credited with the resulting number of Common Shares (carried to three decimals). The Plan
Administrator may prescribe any reasonable method or procedure for the accounting of Additions.
E. Stock Adjustments. The number of Common Shares in the Deferred Compensation Accounts of each Participant shall be
adjusted from time to time to reflect stock splits, stock dividends or other changes in the Common Shares resulting from a change in
the Company’s capital structure.
F. Participant’s Rights in Accounts. A Participant’s only right with respect to his or her Deferred Compensation Account (and
amounts allocated thereto) will be to receive payments in accordance with the provisions of Section 5 of the Plan.
Section 5. PAYMENT OF DEFERRED BENEFITS
A. Time of Payment. A Participant may elect to have his or her Deferred Compensation Account distributed upon Separation from
Service or the occurrence of a specified date. To exercise such an election, the Participant must advise the Company of his or her
4
Source: ABERCROMBIE & FITCH CO /DE/, 10-K, March 27, 2009 Powered by Morningstar® Document Research℠