Comcast 2014 Annual Report Download - page 198

(b) For Plan Years beginning after 2014, the sum of an Eligible Employee’s Annual Rate of Pay, plus Company Credits described in
Section 3.8, plus any target bonus amount under a cash bonus award that is includible as “Compensation” under Section 2.16, plus the grant date
value of any annual long-
term incentive award granted in the immediately preceding Plan Year, all as determined by the Administrator in its sole
discretion, as of the September 30th immediately preceding the Plan Year.
(c) For the purpose of determining Total Compensation under the Plan, the Administrator, in its sole discretion, may determine the
applicable value of an Eligible Employee’s annual long-term incentive award in appropriate circumstances, such as where the Eligible
Employee’s actual annual long-term incentive award (if any) reflects a new hire’s short period of service, or other similar circumstances.
ARTICLE 3 – INITIAL AND SUBSEQUENT ELECTIONS
3.1. Elections .
(a) Initial Elections . Subject to any applicable limitations or restrictions on Initial Elections, each Outside Director, Director
Emeritus and Eligible Employee shall have the right to defer Compensation by filing an Initial Election with respect to Compensation that he
would otherwise be entitled to receive for a calendar year or other Performance Period at the time and in the manner described in this Article 3.
Notwithstanding the foregoing, an individual who is expected to become a New Key Employee on a specific date shall be treated as an
“Eligible
Employee” for purposes of this Section 3.1(a) and may file an Initial Election before the date on which such individual becomes a New Key
Employee. The Compensation of such Outside Director, Director Emeritus or Eligible Employee for a calendar year or other Performance Period
shall be reduced in an amount equal to the portion of the Compensation deferred by such Outside Director, Director Emeritus or Eligible
Employee for such period of time pursuant to such Outside Director’s, Director Emeritus’s or Eligible Employee’s Initial Election. Such
reduction shall be effected on a pro rata basis from each periodic installment payment of such Outside Director’s, Director Emeritus’
s or Eligible
Employee’s Compensation for such period of time (in accordance with the general pay practices of the Participating Company), and credited, as
a bookkeeping entry, to such Outside Director’s, Director Emeritus’s or Eligible Employee’s Account in accordance with Section 5.1. Amounts
credited to the Accounts of Outside Directors in the form of Company Stock shall be credited to the Company Stock Fund and credited with
income, gains and losses in accordance with Section 5.2(c).
(b) Subsequent Elections . Each Participant or Beneficiary shall have the right to elect to defer the time of payment or to change the
manner of payment of amounts previously deferred in accordance with the terms of a previously made Initial Election pursuant to the terms of
the Plan by filing a Subsequent Election at the time, to the extent, and in the manner described in this Article 3.
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