Mondelez 2012 Annual Report Download - page 385

Subject to the following provisions of this subsection 3.3, any election in effect for a Participant under subsection 3.3 of the Kraft Plan
immediately prior to the Spin Date shall remain in effect under this subsection 3.3 on and after the Spin Date. Any other election under this
subsection 3.3 for any Plan Year (i) shall be made during an annual enrollment period established by the Committee which ends no later than
June 30th of the immediately preceding Plan Year, (ii) shall specify the percentage of the Eligible Compensation in excess of the IRS Annual
Compensation Limit that the Participant wishes to defer (which percentage shall not exceed the maximum contribution percentage applicable to
the Participant under the Thrift Plan on the date of the election), and (iii) is irrevocable after such June 30th. The Account of a Participant shall
be credited with the amounts deferred by the Participant under this subsection 3.3 as of the date on which the compensation would otherwise
have been paid to the Participant. A Participant’s deferral election under this subsection 3.3 shall be a continuing election so that a Participant
will be deemed to have made the same election to defer (or not to defer) for each succeeding Plan Year unless and until the Participant files a
new election for a Plan Year during the applicable open enrollment period for such subsequent year. Any such deemed election with respect to
any subsequent Plan Year is irrevocable after June 30th of the immediately preceding Plan Year. Pursuant to the foregoing, in the event that a
Participant’s Separation from Service occurs during the period that his deferral election or deemed election with respect to any Plan Year is
irrevocable, and such Participant is reemployed by the Employer or a Related Company during such period, such election shall automatically be
reinstated on the date of such reemployment.
3.4 Special Rule for First Year of Eligibility . Notwithstanding the provisions of subsection 3.3, in the case of the first year in which an
employee becomes eligible to defer Eligible Compensation under subsection 3.3, the Participant’s deferral election may be made within 30 days
after the date the employee becomes eligible but only with respect to Eligible Compensation paid for services to be performed after such
election, subject to the following:
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(a) If any such Eligible Compensation is earned based upon a specified performance period and the deferral election is made after the
beginning of the performance period, such election shall apply to no more than an amount equal to the total of such compensation for
the performance period multiplied by the ratio of the number of days remaining in the performance period after the election over the
total number of days in the performance period.
(b) For purposes of this subsection 3.4, whether an employee is newly eligible to defer compensation under the Plan shall be determined
by taking into account the plan aggregation rules of Treas. Reg. §1.409A-1(c) pursuant to which an employee will not be treated as
newly eligible if he is (or was) eligible to elect to defer compensation under any other nonqualified deferred compensation account
balance plan maintained by any Employer or Related Company. Notwithstanding the preceding sentence, if an employee has ceased
being eligible to elect to defer compensation and subsequently again becomes eligible to elect to defer compensation under this
Section 3, (i) he may be treated as being newly eligible if he either (A) has not been eligible to defer compensation under this
Section 3 or any aggregated plan at any time during the 24-month period ending on the date on which he again becomes eligible to
defer compensation under this Section 3, or (B) has previously received a distribution of all amounts deferred under this