AMD 1994 Annual Report Download - page 153

"Tax Adjustment Factor" shall mean a number, determined by the
Committee, which is equal to one minus the sum of (1) the highest marginal
federal personal income tax rate then in effect and (2) the effective highest
marginal state income tax rate in the state in which the Participant resides,
net after the effect of the deduction for such state income tax for federal
income tax purposes.
ARTICLE II
PARTICIPATION
2.1 Participation.
-------------
An Eligible Employee shall become a Participant in the Plan by
electing to defer all or a portion of his or her Compensation in accordance with
Section 3.1.
ARTICLE III
DEFERRAL ELECTIONS
3.1 Elections to Defer Compensation.
-------------------------------
(a) General Rule. The amount of Compensation which an Eligible
-------------
Employee may elect to defer is as follows:
(1) Any percentage of Salary up to 50%, provided that such
Eligible Employee's Salary is not reduced to an amount less than the Social
Security wage base for the plan year; plus
(2) Any percentage or dollar amount of Bonus and commissions up
to 100%.
(b) Initial Election. Each Eligible Employee may elect to defer
----------------
Compensation by filing with the Committee an election, on a form provided by the
Committee, no later than the last day of his or her Initial Election Period. An
election to defer Compensation during an Initial Election Period shall be
irrevocable and shall be effective with respect to Salary and commissions earned
during the first pay period beginning after the later of August 1, 1993, or the
date of the election, and to each Bonus the amount of which first becomes fixed
and determinable after the date of the election; provided, however, that,
effective as of January 1, 1995, the initial election will apply to any Bonus
payable for a Fiscal Year, or for a performance period ending with the close of
a Fiscal Year, only if such election is made on or before June 30 of such Fiscal
Year.
(c) Elections other than Elections during the Initial Election
----------------------------------------------------------
Period. Any Eligible Employee who fails to elect to defer Compensation during
- - -------
his or her Initial Election Period may subsequently become a Participant, and
any Eligible Employee who
4
Source: ADVANCED MICRO DEVIC, 10-K, March 07, 1995