EMC 2008 Annual Report Download - page 154

Plan and, as of the date of the last payment, was not an Elective Deferral Eligible Employee or Eligible Director.
(3) Performance-Based Bonuses. Notwithstanding the foregoing, the Administrator, in its discretion, may permit a separate election to
defer a Performance-Based Bonus, and such election may be made no later than six (6) months prior to the end of the applicable performance
period; provided, however, that such election must be made before the date that the Performance-Based Bonus is readily ascertainable.
(b) Nature of Election.
(1) General. Each election under this Section 4.1 for a Plan Year or the balance of a Plan Year must be made on a form (whether written,
electronic, or otherwise) prescribed or approved by the Administrator and must be completed and filed with the Administrator. The election form
will specify the whole percentage or flat dollar amount of each type of Compensation that is to be deferred for the applicable Plan Year; provided,
however, that the Administrator may require that a single percentage apply to certain types of Compensation. The election will generally be
effective as of the first day of the Plan Year to which it applies. Elections for initial years of eligibility under Section 4.1(a)(2) are effective as of
the thirtieth (30th) day after initial eligibility. Elections for Performance-Based Bonuses will be effective no later than six (6) months prior to the
end of the applicable performance period.
(2) Time and Form of Distribution. Each Participant must indicate on the election form when the amount to be deferred for the applicable
Plan Year is to be paid or, in the case of installments, is to commence being paid (e.g., upon Retirement, upon a fixed distribution date under
Section 6.2, or upon a Change of Control) and the method of payment (e.g., in a single lump sum payment, in a number of annual installments, or
in any other method approved by the Administrator).
(3) Irrevocability. Except as provided in Section 4.1(c), an election under Section 4.1(a) will become irrevocable for the applicable Plan
Year as of a date set by the Administrator that is no later than the close of business on the date immediately before the date the election becomes
effective under (1) above.
(c) Election to Change Time of Distribution. Any Participant who has made an irrevocable election to defer Compensation under
Section 4.1(a) may make an additional election to change the time of distribution and, in the Administrator's sole discretion, may also make an
additional election to change the form of distribution. Any election to change the time or form of distribution cannot take effect until at least twelve
(12) months after the date of the election and must defer payment not less than five (5) years from the date payment would otherwise be made. If a
Participant changes his or her election with respect to amounts that would be paid in installments, the additional election must apply to all installments
associated with the Plan Year (i.e., each installment must be delayed for at least five (5) years from its originally scheduled commencement date).
Where a Participant initially elects a fixed distribution date under Section 6.2, an election to change the timing of the payment must be made no less
than twelve (12) months before the originally scheduled fixed distribution date.
4.2. Company Credits. Notwithstanding any other provisions of the Plan, the Company is not obligated to credit a Company Credit to the Company
Credit Subaccount of a Company Credit Eligible Employee. However, the Company may make a Company Credit to the Company Credit Subaccount of a
Company Credit Eligible Employee in an amount the Company determines in its sole discretion.
Article 5. ACCOUNTS; INTEREST
5.1. Accounts. The Administrator will establish an Account for each Participant consisting of an Elective Deferral Subaccount and Company Credit
Subaccount, reflecting Elective Deferrals and Company Credits, respectively, and any adjustments. Elective Deferrals will be credited to each Participant's
Elective Deferral Subaccount as soon as administratively practicable after the