EMC 2010 Annual Report Download - page 107

Article 4. DEFERRALS AND CREDITS
4.1. Elective Deferrals.
(a) Election to Defer.
(1) General. An Elective Deferral Eligible Employee 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 (subject to
compliance with the requirements of Code section 409A and the regulations and guidance thereunder) 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 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. This election will be effective as of the thirtieth day
after the individual becomes an Elective Deferral Eligible Employee 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 and again becomes an Elective Deferral
Eligible Employee, 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 for at least twenty-four (24) consecutive
months; or (ii) the Participant has been paid all amounts deferred under the Plan and, as of the date of the last payment, was not an Elective
Deferral Eligible Employee.
(3) Performance-Based Bonuses. Notwithstanding the foregoing, the Administrator, in its discretion, may permit a separate election to
defer a Performance-Based Bonus, and such election may be made no later than six (6) months prior to the end of the applicable performance
period; provided, however, that such election must be made before the date that the Performance-Based Bonus is readily ascertainable.
(b) Nature of Election.
(1) General. Each election under this Section 4.1 for a Plan Year or the balance of a Plan Year must be made on a form (whether written,
electronic, or otherwise) prescribed or approved by the Administrator and must be completed and filed with the Administrator. The election form
will specify the whole percentage or flat dollar amount of each type of Compensation that is to be deferred for the applicable Plan Year;
provided, however, that the Administrator may require that a single percentage apply to certain types of Compensation. The election will
generally be effective as of the first day of the Plan Year to which it applies. Elections for initial years of eligibility under Section 4.1(a)(2) are
effective as of the thirtieth (30th) day after initial eligibility. Elections for Performance-Based Bonuses will be effective no later than six
(6) months prior to the end of the applicable performance period.
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