Abercrombie & Fitch 2008 Annual Report Download - page 140

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election, in writing, on a form prescribed by the Plan Administrator (a “Payment Election Form”) delivered to the Plan Administrator
with the Participant’s Deferral Notice. If a Participant makes no election, the Participant’s Deferred Compensation Account will be
distributed upon the Participant’s Separation from Service. Regardless of any election made by a Participant, the Participant’s
Deferred Compensation Account will be distributed in the event of a Change in Control.
B. Method of Distribution. A Participant’s Deferred Compensation Account shall be distributed to the Participant in a single lump
sum transfer of the whole Common Shares (plus cash representing the value of any fractional share), or in such number of annual
installments (not to exceed 10) as may be elected by the Participant in accordance with a Payment Election Form delivered to the Plan
Administrator with the Participant’s Deferral Notice. If a Participant makes no election, the Participant’s Deferred Compensation
Account will be distributed in a single lump sum. Regardless of any election made by a Participant, the Participant’s Deferred
Compensation Account will be distributed in a single lump sum in the event of a Change in Control.
C. Time of Payment. Amounts payable to the Participant or his Beneficiary, as the case may be, upon the occurrence of a payment
event or specified date described in Section 5.A shall be paid within 90 days of such event or specified date. Notwithstanding the
foregoing, in no event may payments upon Separation from Service of a Participant who is a Specified Employee from the
Participant’s Deferred Compensation Account commence prior to the earlier of the first business day of the seventh month following
the Participant’s Separation from Service or the Participant’s death.
D. Calculation of Installments. In the event that a Deferred Compensation Account becomes payable in installments (i) the amount
of each installment shall equal the quotient obtained by dividing the Participant’s Deferred Compensation Account balance as of the
end of the month immediately preceding the month of such installment payment by the number of installment payments remaining to
be paid at the time of the calculation, and (ii) the amount of such Deferred Compensation Account remaining unpaid shall continue to
be credited with gains and losses. By way of example, if the Participant elects to receive payments of his Deferred Compensation
Account in equal annual installments over a period of ten (10) years, the first payment shall equal 1/10th of the Deferred
Compensation Account balance, calculated as described in this Section 5.D. The following year, the payment shall be 1/9th of the
Deferred Compensation Account balance, calculated as described in this Section 5.D.
E. Subsequent Elections. A Participant may elect a further deferral of amounts credited to his or her Deferred Compensation
Account, or a different method of distribution, by delivering a later Payment Election Form to the Plan Administrator, provided that
any election to further defer amounts credited to a Participant’s Deferred Compensation Account or to receive a different method of
distribution must meet the following requirements:
(i) The election may not take effect until at least 12 months after the date on which it is made.
5
Source: ABERCROMBIE & FITCH CO /DE/, 10-K, March 27, 2009 Powered by Morningstar® Document Research℠