Unassociated Document


    

      Exhibit
10(l)

      GENERAL
ELECTRIC COMPANY

      2006
EXECUTIVE DEFERRED SALARY PLAN

      


      


      I.           Eligibility

      


      Each employee of General Electric
Company or a participating affiliate ("Company") who, as of December 31, 2005,
is in an Executive Band or higher position, or, in the discretion of affiliate
management, an equivalent position in such affiliate, and who is subject to U.S.
tax laws, shall be eligible to participate in this Plan.

      


      II.           Deferral of
Salary

      


      
        	
                 
      

              	
                1.

              	
                Each
      employee eligible to participate in this Plan ("Participant") shall be
      given an opportunity to irrevocably elect (subject to any conditions set
      out in the election form) prior to any deferral
  hereunder:

              


      

      


      
        	
                (a)  

              	
                the
      portion of the Participant's annual base salary rate as of November 1,
      2005 to be deferred. The minimum portion deferred shall be 10% and the
      maximum shall be 50%, and

              


      

      


      
        	
                (b)  

              	
                the
      form of payout alternative as set forth in Section
  V.

              


      

      


      
        	
                 
      

              	
                2.

              	
                Commencing
      with base salary for January 2006, the Participant's total base salary
      elected to be deferred under this Plan will be deferred in ratable
      installments through the month of December 2006, and will be credited to
      the Participant's deferred salary cash account ("Deferred Account") as of
      the end of the month of deferral ("Deferral
  Date").

              


      

      


      III.           Special One-Time Matching
Credit

      


      As of December 31, 2006, a special
one-time credit shall be made to the Deferred Account of each Participant who is
actively employed by the Company on such date. The amount of such credit shall
equal 3.5% of the total base salary deferred under this Plan by the Participant
(excluding interest). Such credit shall not be provided for any Participant who
has terminated employment with the Company for any reason prior to December 31,
2006, or is not actively employed on such date.

      


      IV.           Manner of
Accounting

      


      
        	
                 
      

              	
                1.

              	
                Each
      Deferred Account shall be unfunded, unsecured and nonassignable, and shall
      not be a trust for the benefit of any
  Participant.

              


      

      


      
        	
                 
      

              	
                2.

              	
                Except
      as may be otherwise provided in Section V or VIII, the Participant's
      Deferred Account will be credited with (a) the amount of base salary
      deferred on each Deferral Date as set forth in Section II, (b) the special
      one-time matching credit as set forth in Section III, and (c) interest at
      the annual rate of 8.5% compounded annually on each December
      31.

              


      

      



      
        
           


        

        
           


          
            

          

        

        
           


        

      


      V.           Payment of Deferred
Account

      


      
        	
                 
      

              	
                1.

              	
                Payment
      of a Participant's Deferred Account will be made only after termination of
      employment of the Participant.

              


      

      


      
        	
                 
      

              	
                2.

              	
                If
      no manner of payment election is made, the Deferred Account will be paid
      in 10 annual installments commencing on March 1 (or as soon thereafter as
      practical) following the year of termination of
  employment.

              


      

      


      
        	
                 
      

              	
                3.

              	
                At
      the time of election to defer base salary, a Participant may irrevocably
      elect: (a) the number of annual payout installments (minimum of 10,
      maximum of 20) of the Deferred Account commencing on March 1 (or as soon
      thereafter as practical) following the year of termination of employment,
      unless (b) a lump sum payment of the Deferred Account is elected in which
      case the lump sum payment will be made on March 1 (or as soon thereafter
      as practical) following the year of termination of
    employment.

              


      

      


      
        	
                 
      

              	
                4.

              	
                Participants
      who terminate their employment on or after December 31, 2006 because of
      retirement, death, disability, layoff, plant closing or transfer to a
      successor employer which is not controlled by the Company, or Participants
      who terminate their employment on or after December 31, 2010 for any
      reason, will receive payouts based on Deferred Account accumulations at
      the 8.5% interest rate. The Chairman (or his delegate) is authorized to
      grant interest to any Participant who would otherwise be ineligible for
      such credit under this Section V.4.

              


      

      


      
        	
                 
      

              	
                5.

              	
                If
      the Participant terminates employment prior to December 31, 2006 for any
      reason, or prior to December 31, 2010 for any reason other than
      retirement, death, disability, layoff, plant closing or transfer to a
      successor employer which is not controlled by the Company, the
      Participant's Deferred Account will be paid in a lump sum as soon as
      practical following the date of termination. Unless waived by the Chairman
      (or his delegate), Section IV.2. (c) shall not apply to such a Participant
      and no interest shall be payable with such lump sum. Notwithstanding the
      foregoing, if a Participant Separates from Service on or after January 1,
      2009 and prior to December 31, 2010, his Deferred Account shall be paid
      starting March 1 (or as soon thereafter as practical) following the year
      of Separation from Service: (a) in accordance with any special re-election
      under Section IX, or if no such special re-election is made, then either
      in accordance with his original election under Section II.1, or the
      default rule in Section V.2, as applicable; and (b) with or without
      interest in accordance with the rules in Section
  V.4.

              


      

      


      
        	
                 
      

              	
                6.

              	
                Notwithstanding
      any provision of this Plan to the contrary, no payments shall be made to a
      Specified Employee during the six-month period following his Separation
      from Service to the extent necessary to comply with Section 409A(a)(2) of
      the Internal Revenue Code.

              


      

      



      
        
           


        

        
          2

          
            

          

        

        
           


        

      


      VI.           Death
Benefits

      


      In the event of a Participant's death
prior to receiving any or all payments to which the Participant is entitled, the
remaining Deferred Account shall be paid at the time and in the manner provided
in Section V to the beneficiary or beneficiaries designated by the Participant
on a beneficiary designation form properly filed by the Participant with the
Company in accordance with established administrative procedures. If no such
designated beneficiary survives the Participant, such remaining benefits shall
be paid as set forth above to the Participant's estate.

      


      VII.           Administration and
Interpretation

      


      This Plan shall be administered by a
"Committee" consisting of not less than two persons appointed from time to time
by the Chairman. The Committee shall have full power and authority on behalf of
the Company to administer and interpret the Plan in its sole discretion. All
Committee decisions with respect to the administration and interpretation of the
Plan shall be final and binding upon all persons.

      


      VIII.           Amendment of the
Plan

      


      This Plan may be amended, suspended or
terminated at any time by the Management Development and Compensation Committee
of the Board of Directors (“MDCC”), except that the MDCC may not alter the time
or form of payment of a Participant's Deferred Account.

      


      IX.           Special One-Time
Re-Election

      


      Pursuant to a special one-time
re-election, eligible Participants shall be given the opportunity to re-elect
how their Deferred Accounts will be paid in the event they Separate from Service
on and after January 1, 2009 and prior to December 31, 2010. The following rules
shall apply to this re-election:

      


      
        	
                 
      

              	
                1.

              	
                Re-electing
      Participants shall be allowed to choose to receive payments in 10, 15 or
      20 year installments, or in a lump sum, in each case commencing on March 1
      (or as soon thereafter as practical) following the year of Separation from
      Service.

              


      

      


      
        	
                 
      

              	
                2.

              	
                Participants
      who either (a) Separate from Service on or after December 31, 2010 or (b)
      Separate from Service on or after January 1, 2009 without making this
      special re-election, shall receive payment of their Deferred Accounts
      commencing on March 1 (or as soon thereafter as practical) following the
      year of Separation from Service, in accordance with their original
      elections under Section II.1, or if no original election as to the form of
      payment was made, in accordance with the default rule in Section
      V.2.

              


      

      



      
        
           


        

        
          3

          
            

          

        

        
           


        

      


      
        	
                 
      

              	
                3.

              	
                The
      determination of whether a Participant's Deferred Account is credited with
      interest shall be made under Section V.4 without regard to any special
      re-election under this Section. Accordingly, unless waived by the Chairman
      (or his delegate), a Participant who terminates employment before December
      31, 2010 for any reason other than retirement, death, disability, layoff,
      plant closing or transfer to a successor employer which is not controlled
      by the Company will not receive interest under Section IV.2.(c),
      regardless of the form in which his Deferred Account is
    paid.

              


      

      


      
        	
                 
      

              	
                4.

              	
                Eligibility
      for this special re-election, and the rules for making the re-election,
      shall be determined in accordance with established administrative
      procedures, provided however, that all re-elections shall comply with the
      applicable transition relief in IRS Notice
  2007-86.

              


      

      


      X.           Compliance with Code Section
409A

      


      This Plan is intended to comply with
Internal Revenue Code Section 409A and applicable guidance thereunder, and the
Plan shall be administered and interpreted in a manner consistent with such
intent. Consistent with the foregoing, and notwithstanding anything herein to
the contrary:

      


      
        	
                 
      

              	
                1.

              	
                For
      periods on and after January 1, 2009, "termination of employment" shall
      mean "Separation from Service" when used in the context of determining the
      time or form of benefits. "Separation from Service" means a Participant's
      termination of employment with the Company and all Affiliates (defined for
      this purpose as any company or business entity in which General Electric
      Company has a 50% or more interest whether or not a participating employer
      in the Plan); provided that Separation from Service for purposes of the
      Plan shall be interpreted consistent with the requirements of Code Section
      409A and regulations and other guidance issued
  thereunder.

              


      

      


      
        	
                 
      

              	
                2.

              	
                Re-employment
      on or after January 1, 2009 shall be disregarded in determining whether
      payment of a Participant's Deferred Account commences to be paid (or
      continues to be paid).

              


      

      


      
        	
                 
      

              	
                3.

              	
                "Specified
      Employee" means a specified employee as described in the Company’s
      Procedures for Determining Specified Employees under Code Section 409A, as
      amended from time to time.

              


      

      


      XI.           Effective
Date

      


      The effective date of this Plan shall
be January 1, 2006, except as otherwise provided herein.


      
        
           


        

        
          4

          
            

          

        

        
           


        

      


      


      2006
EXECUTIVE DEFERRED SALARY PLAN

      


      


      


      


      As
provided pursuant to the terms of the above-mentioned Plan, the persons holding
the titles "Manager – Executive Compensation," and "Pension Counsel" for General
Electric Company shall serve on the administrative committee for said
Plan.


      
        
           


        

        
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