EMC 2008 Annual Report Download - page 153

2.24. "Retirement" means a Participant's Separation from Service resulting from retirement after the Participant has (a) attained fifty-five (55) years of
age and completed five (5) years of service with the Company and its Subsidiaries or (b) completed twenty (20) years of service with the Company and its
Subsidiaries.
2.25. "Separation from Service" means a Participant's death, Retirement, or other "separation from service" as defined under Code section 409A(a)(2)
(A)(i). A Separation from Service will not occur when a Participant reduces his hours of employment so long as the reasonably anticipated level of bona fide
services performed is greater than or equal to 21% of the average level of bona fide services provided in the immediately preceding thirty-six (36) months (or
such shorter period as the Participant shall have performed services).
2.26. "Specified Employee" means any Participant who, as of an Identification Date, the Company determines is a specified employee under Code
section 409A(a)(2)(B).
2.27. "Subsidiary" or "Subsidiaries" means a corporation or corporations in which the Company owns stock, directly or indirectly, and that are in the
same "controlled group" of corporations as the Company. "Controlled group" is defined in Code section 414(b), except that a 50% ownership test applies
rather than an 80% percent test.
Article 3. PARTICIPATION
3.1. Commencement of Participation. Any individual who is an Eligible Employee or an Eligible Director and who has elected to defer part of his or
her Compensation for the Plan Year in accordance with Section 4.1, or who has been selected by the Company in its sole discretion to receive a Company
Credit in accordance with Section 4.2, will become a Participant on the date the election or credit is made.
3.2. Continued Participation. An individual who has become a Participant in the Plan will continue to be a Participant so long as any amount
remains credited to his or her Account.
Article 4. DEFERRALS AND CREDITS
4.1. Elective Deferrals.
(a) Election to defer.
(1) General. An Elective Deferral Eligible Employee or Eligible Director may elect to defer a designated portion of his or her
Compensation to be earned during a Plan Year by filing an election with the Administrator before the first day of the Plan Year in which the
Compensation is to be earned. This election will become effective as of the first day of the Plan Year to which it applies. The Administrator has
the sole discretion to determine which specific types of Compensation each Participant may defer under the Plan and to set election deadlines,
rules for irrevocability of elections, and effective dates for such elections.
(2) First Year of Eligibility. An individual who first becomes an Elective Deferral Eligible Employee or Eligible Director on or after the
first day of any Plan Year may elect to defer a designated portion of his or her Compensation to be earned during the Plan Year by filing an
election with the Administrator within thirty (30) days after becoming an Elective Deferral Eligible Employee or Eligible Director. This election
will be effective as of the thirtieth day after the individual becomes an Elective Deferral Eligible Employee or Eligible Director and will apply
only to the extent the Compensation is earned after the initial thirty (30) days of eligibility. Where a Participant ceases to be an Elective Deferral
Eligible Employee or Eligible Director and again becomes an Elective Deferral Eligible Employee or Eligible Director, that Participant will be
treated as newly eligible and may make the election described in the first sentence of this paragraph (2) if either of the following applies: (i) the
Participant was not an Elective Deferral Eligible Employee or Eligible Director for at least twenty-four (24) consecutive months; or (ii) the
Participant has been paid all amounts deferred under the