Non-Qualified Deferred Compensation for Fiscal
Non-Qualified Deferred Compensation for Fiscal
Year 2007
Year 2007
| Name | Executive Contributions in Last Fiscal Year ($)(1) |
Intel Contributions in Last Fiscal Year ($)(2) | Aggregate Earnings in Last Fiscal Year ($)(3) | Aggregate Balance at Last Fiscal Year-End ($)(4) | ||||
|---|---|---|---|---|---|---|---|---|
| Craig R. Barrett | — | 86,300 | 1,438,100 | 15,586,600 | ||||
| Paul S. Otellini | 65,200 | 162,300 | 593,500 | 5,964,800 | ||||
| Andy D. Bryant | 607,200 | 98,200 | 433,100 | 7,092,300 | ||||
| Stacy J. Smith | 391,600 | 35,900 | 227,300 | 2,135,700 | ||||
| Sean M. Maloney | 241,900 | 82,500 | 92,900 | 846,100 | ||||
| David Perlmutter | — | — | — | — |
Intel will distribute the balances reported in the Non-Qualified Deferred Compensation table (plus any future contributions or earnings) to the listed officers in the manner that the officers have chosen under the plan's terms. The balance reported in the table above includes the offset amount that the employee would receive under the tax-qualified pension plan arrangement; the actual amount distributed under this plan will be reduced by the benefit under the pension plan. See the Pension Benefits table for these amounts.
The following table summarizes the total contributions made by the participant and Intel, including gains and losses attributable to such contributions that were previously reported (or that would have been reported had the participant been a listed officer for all years) in the Summary Compensation table over the life of the plan.
| Name | Aggregate Executive Deferrals over Life of Plan ($) |
Aggregate Intel Contributions over Life of Plan ($) |
||
|---|---|---|---|---|
| Craig R. Barrett | 9,586,000 | 6,000,600 | ||
| Paul S. Otellini | 3,235,600 | 2,729,200 | ||
| Andy D. Bryant | 5,185,500 | 1,906,800 | ||
| Stacy J. Smith | 2,013,400 | 122,300 | ||
| Sean M. Maloney | 320,100 | 526,000 | ||
| David Perlmutter | — | — |
Intel's non-qualified deferred compensation plan allows highly compensated employees, including executive officers, to defer up to 50% of their salary and 100% of their annual incentive cash payment. Gains on equity compensation are not eligible for deferral. Intel's contributions to the employee's account represent the portion of Intel's profit sharing contribution in excess of the tax code limit of $225,000 in 2007. Intel's contributions are subject to the same vesting provisions as the profit sharing retirement plan. Effective January 1, 2008, after two years of service, Intel's contributions vest in 20% annual increments, until the participant is 100% vested after six years of service. Intel's contributions also vest in full upon death, disability, or reaching the age of 60, regardless of years of service. All listed officers are fully vested in the value of Intel's contributions, as they each have more than six years of service.
Intel does not provide a guaranteed rate of return on these funds. Thus, the amount of earnings that a participant receives depends on the participant's investment elections for his or her deferrals and on the performance of the company-directed diversified portfolio for Intel's contributions. The non-qualified deferred compensation plan offers the same investment choices as the 401(k) savings plan with respect to participant investments and uses the same company-directed diversified portfolio as the profit sharing retirement plan with respect to Intel's profit sharing contribution. Prior to 2008, upon enrollment, participants made a one-time, irrevocable distribution election: a lump sum in the year of employment termination, a lump sum in March of the year following the year of termination, or annual installments over five or 10 years. Beginning with the 2008 plan year, Intel provided participants with the flexibility to begin receiving distributions at separation or a future date not less than 36 months from the deferral election date. Participants may make a hardship withdrawal under specific circumstances.