VMware 2013 Annual Report Download - page 125
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ARTICLE 4 – PARTICIPANT ELECTIONS
A new deferral agreement must be timely executed for each Plan Year during which the Eligible Employee or
Director desires to defer Compensation. An Eligible Employee or Director who does not timely execute a deferral
agreement shall be deemed to have elected zero deferrals of Compensation for such Plan Year.
A deferral agreement may be changed or revoked during the period specified by the Administrator. Except as
provided in Section 9.3 or in Section 4.01(c) of the Adoption Agreement, a deferral agreement becomes
irrevocable at the close of the specified period.
411
4.1 Deferral Agreement. If permitted by the Plan Sponsor in accordance with Section 4.01 of the Adoption
Agreement, each Eligible Employee and Director may elect to defer his Compensation within the meaning of
Section 3.01 of the Adoption Agreement by executing in writing or electronically, a deferral agreement in
accordance with rules and procedures established by the Administrator and the provisions of this Article 4.
4.2 Amount of Deferral. An Eligible Employee or Director may elect to defer Compensation in any amount
permitted by Section 4.01(a) of the Adoption Agreement.
4.3 Timing of Election to Defer. Each Eligible Employee or Director who desires to defer Compensation otherwise
payable during a Plan Year must execute a deferral agreement within the period preceding the Plan Year
specified by the Administrator. Each Eligible Employee who desires to defer Compensation that is a Bonus must
execute a deferral agreement within the period preceding the Plan Year during which the Bonus is earned that is
specified by the Administrator, except that if the Bonus can be treated as performance based compensation as
described in Code Section 409A(a)(4)(B)(iii), the deferral agreement may be executed within the period specified
by the Administrator, which period, in no event, shall end after the date which is six months prior to the end of
the period during which the Bonus is earned, provided the Participant has performed services continuously from
the later of the beginning of the performance period or the date the performance criteria are established through
the date the Participant executed the deferral agreement and provided further that the compensation has not yet
become ‘readily ascertainable’ within the meaning of Reg. Sec 1.409A-2(a)(8). In addition, if the Compensation
qualifies as
‘
fiscal year compensation
’
within the meaning of Reg. Sec.