Cincinnati Bell 2007 Annual Report Download - page 73
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Amounts deferred by any participating key employee under the Executive Deferred Compensation Plan and
any related Company “match” are credited to the account of the participant under the plan and are assumed to be
invested in various mutual funds or other investments (including common shares) as designated by the
participant.
The accounts under the Executive Deferred Compensation Plan are not funded in a manner that would give
any participant a secured interest in any funds, and benefits are paid from the assets of the Company and its
subsidiaries (or from a trust that the Company has established and that remains subject to the Company’s
creditors).
The amounts credited to the account of any participant under the Executive Deferred Compensation Plan are
generally distributed, as so elected by the participant, in a lump sum or in two to ten annual installments (in cash
and/or common shares), that begin at some date after his or her termination of employment with the Company
and its subsidiaries or a fixed date that occurs at least six years after the start of the first calendar year in which
he or she participates in the plan. In addition, as a special rule, in the event of a change in control of the
Company, all of the amounts then credited under the plan to a participant’s account under the plan are generally
paid in a lump sum on the day after the change in control.
The Executive Deferred Compensation Plan must comply with the requirements of the American Jobs
Creation Act of 2004 in order to retain its ability to defer federal income tax on certain amounts credited to a
participant’s account under the plan. The Company has amended the plan to meet the requirements of the
American Jobs Creation Act of 2004 and will make further amendments as necessary to comply with the
regulations adopted by the IRS to implement the Act.
In 2007, the deferrals of performance awards by Messrs. Ross, Freyberger and Wilson under the Executive
Deferred Compensation Plan for 2006 performance is reflected in the Nonqualified Deferred Compensation for
2007 Fiscal Year table on page 58. None of the other Named Executive Officers participated in the Executive
Deferred Compensation Plan during 2007.
59
Proxy Statement