AMD 1994 Annual Report Download - page 164

which is subject to offset and the portion which is not subject to offset. The
offset shall first be applied to the Participant's Company Matching Account and
then to the Participant's Deferral Account.
(b) If the Policy in subsection (a) is not on the life of the
Participant and the insured dies prior to distribution of benefits under this
Plan, then the value of the benefits received by the Participant under the
Policy will offset the Participant's Accounts under this Plan to the extent
provided in this subsection (b). This offset ("Offset Value") shall be equal to
the amount of death benefit payable to the Participant divided by the Tax
Adjustment Factor. This Offset Value shall then be compared to the
Participant's Accounts, and the amounts credited to the Accounts shall be
reduced, but not to be less than zero, by the Offset Value; provided, however,
that any portion of the Accounts which is attributable to Compensation deferred
during Plan Years in which the Company did not pay premiums on the Policy shall
not be reduced by the Offset Value. The offset shall first be applied to the
Participant's Company Matching Account and then to the Participant's Deferral
Account.
(c) The reduction described in Section 10.1(a) shall be made as of
the date on which the Participant becomes entitled to exercise rights under the
Policy free of the Company's security interest, and the reduction described in
Section 10.1(b) shall be made as of the date on which the Participant receives
the death proceeds.
(d) In the event of an offset as described herein, any election to
receive distribution of the amounts credited to a Participant's Accounts in the
form of installments shall be deemed to be revoked, and any benefits which are
or become payable under this Plan after such offset shall be paid in a lump sum
as soon as practicable following the Participant's Payment Eligibility Date.
IN WITNESS WHEREOF, the Company has caused this Executive Savings Plan
to be executed by its duly authorized officers on this _____ day of ________,
19__.
ADVANCED MICRO DEVICES, INC.
By_________________________
Stanley Winvick
Senior Vice President,
Human Resources
By_________________________
Marvin D. Burkett
Senior Vice President
and Chief Financial Officer
15
Source: ADVANCED MICRO DEVIC, 10-K, March 07, 1995