Document:

Amended & Restated 2003 Incentive Plan

 Exhibit 10.3 
  
 AMENDED AND RESTATED 
 2003 INCENTIVE PLAN OF ELECTRONIC DATA SYSTEMS CORPORATION 
  
 1. Plan. This Amended and Restated 2003 Incentive Plan of Electronic Data Systems Corporation (the “Plan”), effective as of February 2,
2005, is a further amendment and restatement of the 2003 Incentive Plan of Electronic Data Systems Corporation which became effective on May 20, 2003 upon approval by the stockholders of Electronic Data Systems Corporation (the “Company”)
on that date. 
  
 2. Objectives. This Plan is designed to
attract and retain employees of the Company and its Subsidiaries (as hereinafter defined), to attract and retain qualified directors of the Company, to encourage the sense of proprietorship of such employees and Directors, and to stimulate the
active interest of such persons in the development and financial success of the Company and its Subsidiaries. These objectives are to be accomplished by making Awards (as hereinafter defined) under this Plan and thereby providing Participants (as
hereinafter defined) with a proprietary interest in the growth and performance of the Company and its Subsidiaries. 
  
 3. Definitions. As used herein, the terms set forth below shall have the following respective meanings: 
  
 “Annual Director Award Date” means, for each year, the first
business day of the month next succeeding the date upon which the annual meeting of stockholders of the Company is held in such year. 
  
 “Authorized Officer” means the Chairman of the Board or the Chief Executive Officer of the Company (or any other senior officer of the Company
to whom either of them shall delegate the authority to execute any Award Agreement). 
  
 “Award” means an Employee Award or a Director Award. 
  
 “Award Agreement” means any Employee Award Agreement or Director Award Agreement. 
  
 “Board” means the Board of Directors of the Company. 
  
 “Cash Award” means an award denominated in cash. 
  
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
  
 “Committee” means the Compensation and Benefits Committee of the Board or such other committee of the Board as is
designated by the Board to administer the Plan. 
  
 “Common
Stock” means the Common Stock, par value $.01 per share, of the Company. 
  
 “Director” means an individual serving as a member of the Board. 
  
 “Director Award” means the grant of an Award to a Nonemployee Director, including, but not limited to, the grant of a Director Option or
Director Restricted Stock. 
  
 “Director Award
Agreement” means a written agreement between the Company and a Participant who is a Nonemployee Director setting forth the terms, conditions and limitations applicable to a Director Award. 
  
 “Director Options” means Nonqualified Options granted to
Nonemployee Directors pursuant to the applicable terms, conditions and limitations specified in paragraph 9(a) hereof. 
  
 “Director Restricted Stock” means Common Stock granted to Nonemployee Directors pursuant to the applicable terms, conditions and limitations
specified in paragraph 9(b) hereof. 

 “Disability” means, with respect to a Nonemployee Director, the inability to perform the duties
of a Director for a continuous period of more than three months by reason of any medically determinable physical or mental impairment. 
  
 “Dividend Equivalents” means, with respect to shares of Restricted Stock that are to be issued at the end of the Restriction Period, an amount
equal to all dividends and other distributions (or the economic equivalent thereof) which are payable to stockholders of record during the Restriction Period on a like number of shares of Common Stock. 
  
 “Employee” means an employee of the Company or any of its
Subsidiaries. 
  
 “Employee Award” means the grant of
any Option, SAR, Stock Award, Cash Award or Performance Award, whether granted singly, in combination or in tandem, to a Participant who is an Employee pursuant to such applicable terms, conditions and limitations as the Committee may establish in
order to fulfill the objectives of the Plan. 
  
 “Employee
Award Agreement” means a written agreement between the Company and a Participant who is an Employee setting forth the terms, conditions and limitations applicable to an Employee Award. 
  
 “Employee Award Statement” means a written notice to a
Participant who is an Employee from the Company setting forth the terms, conditions and limitations applicable to an Employee Award. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 
  
 “Fair Market Value” of a share of Common Stock means, as of a
particular date, (i) if shares of Common Stock are listed on a national securities exchange, the mean between the highest and lowest sales price per share of Common Stock on the consolidated transaction reporting system for the principal national
securities exchange on which shares of Common Stock are listed on that date, or, if there shall have been no such sale so reported on that date, on the last preceding date on which such a sale was so reported, (ii) if shares of Common Stock are not
so listed but are quoted on the Nasdaq Stock Market, the mean between the highest and lowest sales price per share of Common Stock reported by the Nasdaq Stock Market on that date, or, if there shall have been no such sale so reported on that date,
on the last preceding date on which such a sale was so reported or (iii) if the Common Stock is not so listed or quoted but are traded in the over-the-counter market, the mean between the closing bid and asked price on that date, or, if there are no
quotations available for such date, on the last preceding date on which such quotations shall be available, as reported by the Nasdaq Stock Market, or, if not reported by the Nasdaq Stock Market, by the National Quotation Bureau Incorporated.

  
 “Incentive Option” means an Option that is intended
to comply with the requirements set forth in Section 422 of the Code. 
  
 “Noncompetition Provisions” has the meaning set forth in paragraph 8(c) hereof. 
  
 “Nonemployee Director” has the meaning set forth in paragraph 4(b) hereof. 
  
 “Nonqualified Stock Option” means an Option that is not an Incentive Option. 
  
 “Option” means a right to purchase a specified number of shares of
Common Stock at a specified price. 
  
 “Participant”
means an Employee or Director to whom an Award has been made under this Plan. 
  
 “Performance Award” means an award made pursuant to this Plan to a Participant who is an Employee that is subject to the attainment of one or more Performance Goals. 
  
 “Performance Goal” means a standard established by the Committee,
to determine in whole or in part whether a Performance Award shall be earned. 

 “Restricted Stock” means any Common Stock that is restricted or subject to forfeiture
provisions. 
  
 “Restriction Period” means a period of
time beginning as of the date upon which an Award of Restricted Stock is made pursuant to this Plan and ending as of the date upon which the Common Stock subject to such Award is no longer restricted or subject to forfeiture provisions. 

 
 “Rule 16b-3” means Rule 16b-3 promulgated under the Exchange
Act, or any successor rule. 
  
 “SAR” means a right to
receive a payment, in cash or Common Stock, equal to the excess of the Fair Market Value or other specified valuation of a specified number of shares of Common Stock on the date the right is exercised over a specified strike price (in each case, as
determined by the Committee). 
  
 “Split-Off” means the
split-off of the Company from General Motors Corporation (“GM”) on June 7, 1996 pursuant to which each outstanding share of Class E Common Stock of GM was converted into one share of Common Stock, and the Company became an independent
publicly-traded corporation. 
  
 “Stock Award” means an
award in the form of shares of Common Stock or units denominated in shares of Common Stock. 
  
 “Stock Option Exchange Program” means the Stock Option Exchange Program approved as Proposal 3 at the 2003 Annual Meeting of Shareholders of the Company. 
  
 “Subsidiary” means (i) in the case of a corporation, any
corporation of which the Company directly or indirectly owns shares representing more than 50% of the combined voting power of the shares of all classes or series of capital stock of such corporation which have the right to vote generally on matters
submitted to a vote of the stockholders of such corporation and (ii) in the case of a partnership or other business entity not organized as a corporation, any such business entity of which the Company directly or indirectly owns more than 50% of the
voting, capital or profits interests (whether in the form of partnership interests, membership interests or otherwise). 
  
 4. Eligibility. 
  
 (a) Employees. Employees eligible for Employee Awards under this Plan shall consist of those Employees whose performance or contribution, in the
judgment of the Committee, benefits or will benefit the Company. 
  
 (b) Directors. Directors eligible for Director Awards under this Plan are those who are not employees of the Company or any of its Subsidiaries (“Nonemployee Directors”). 
  
 5. Common Stock Available for Awards. Subject to the provisions of
paragraph 15 hereof, the aggregate number of shares of Common Stock that may be issued under the Plan for Awards granted wholly or partly in Common Stock (including rights or options which may be exercised for or settled in Common Stock) is
66,149,9521 (in addition to any shares that are the subject of Awards outstanding as of May 20, 2003), of which an
aggregate of not more than 317, 338 shares shall be available for Director Awards (in addition to any shares subject to Director Awards as of May 20, 2003) and the remainder shall be available for Employee Awards, including Incentive Options
(provided, that no Award of an Incentive Option with respect to such shares shall be made on or after May 20, 2013]), the date which is 10 years after the Board’s approval of this amended and restated Plan). The number of shares of
Common Stock that are the subject of any Awards outstanding on or after December 31, 2002 that are forfeited or terminated, expire unexercised, are settled in cash in lieu of Common Stock or in a manner such that all or some of the shares covered by
the Award are not issued to a Participant or are exchanged for Awards that do not involve Common Stock, shall again immediately become available for issuance under Awards hereunder. The Committee may from time to time adopt and observe such
procedures concerning the counting of shares against the Plan maximum as it may 

	1	This number will be subject to adjustment from time to time as follows: (I) upward as a result of options forfeited hereunder after 05/20/03 and (II) downward for
those options issued pursuant to other equity plans and eligible for exchange for options under this plan but subsequently not exchanged in connection with the Stock Option Exchange Program. 

 deem appropriate. The Board and the appropriate officers of the Company shall from time to time take whatever actions are
necessary to file any required documents with governmental authorities, stock exchanges and transaction reporting systems to ensure that shares of Common Stock are available for issuance pursuant to Awards. 
  

	 	6.	Administration. 

  
 (a) This Plan shall be administered by the Committee. The Board, in its sole discretion may exercise any authority of the Committee under the Plan in lieu
of the Committee’s exercise thereof, in which instances references to the Committee shall refer to the Board. To the extent required (i) in order for Employee Awards to be exempt from Section 16 of the Exchange Act by virtue of the provisions
of Rule 16b-3, the Committee shall be the Board or shall consist of at least two members of the Board who meet the requirements of the definition of “non-employee director” set forth in Rule 16b-3 promulgated under the Exchange Act, and
(ii) with respect to any Award that is intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Committee shall consist of two or more directors, each of whom meets the definition of “outside
director” under said Section 162(m). 
  
 (b) Subject to the
provisions hereof, the Committee shall have full and exclusive power and authority to administer this Plan and to take all actions which are specifically contemplated hereby or are necessary or appropriate in connection with the administration
hereof. The Committee shall also have full and exclusive power to interpret this Plan and to adopt, amend and rescind such rules, regulations and guidelines for carrying out this Plan as it may deem necessary or proper, all of which powers shall be
exercised in the best interests of the Company and in keeping with the objectives of this Plan. The Committee may, in its discretion, provide for the extension of the exercisability of an Award, accelerate the vesting or exercisability of an Award,
eliminate or make less restrictive any restrictions contained in an Award, waive any restriction or other provision of this Plan or an Award or otherwise amend or modify an Award in any manner (except any change which would result in the lowering of
the grant price without shareholder approval) that is either (i) not adverse to the Participant to whom such Award was granted or (ii) consented to by such Participant. The Committee may correct any defect or supply any omission or reconcile any
inconsistency in this Plan or in any Award in the manner and to the extent the Committee deems necessary or desirable to carry it into effect. Any decision of the Committee in the interpretation and administration of this Plan shall lie within its
sole and absolute discretion and shall be final, conclusive and binding on all parties concerned. 
  
 (c) No member of the Committee or officer of the Company to whom the Committee has delegated authority in accordance with the provisions of paragraph 7 of
this Plan shall be liable for anything done or omitted to be done by him or her, by any member of the Committee or by any officer of the Company in connection with the performance of any duties under this Plan, except for his or her own willful
misconduct or as expressly provided by statute. 
  
 7.
Delegation of Authority. The Committee may delegate to the Chief Executive Officer and to other senior officers of the Company its duties under this Plan pursuant to such conditions or limitations as the Committee may establish, except that
the Committee may not delegate to any person the authority to grant Awards to, or take other action with respect to, Participants who at the time of such awards or action are subject to Section 16 of the Exchange Act or are “covered
employees” as defined in Section 162(m) of the Code. 
  

	 	8.	Employee Awards. 

  
 (a) The Committee shall determine the type or types of Employee Awards to be made under this Plan and shall designate from time to time the Employees who
are to be the recipients of such Awards. Each Employee Award may be embodied in an Employee Award Agreement or Employee Award Statement, which shall contain such terms, conditions and limitations as shall be determined by the Committee in its sole
discretion. Employee Awards may consist of those listed in this paragraph 8(a) hereof and may be granted singly, in combination or in tandem. Employee Awards may also be made in combination or in tandem with, in replacement of, or as alternatives
to, grants or rights under this Plan or any other employee plan of the Company or any of its Subsidiaries, including the plan of any acquired entity; provided that no Option may be issued in exchange for the cancellation of an Option with a lower
exercise price other than in connection with the Stock Option Exchange Program. An Employee Award may provide for the grant or issuance of additional, replacement or alternative Employee Awards upon the occurrence of specified events, including the
exercise of the original Employee Award granted to a Participant. All or part of an Employee Award may be subject to conditions established by the Committee, which may include, but are not limited to, continuous service with the Company and its
Subsidiaries, achievement of specific business objectives, increases in 

 
specified indices, attainment of specified growth rates and other comparable measurements of performance. Upon the termination of employment by a Participant
who is an Employee, any unexercised, deferred, unvested or unpaid Employee Awards shall be treated as set forth in the applicable Employee Award Agreement or Employee Award Statement. 
  
 (i) Stock Option. An Employee Award may be in the form of an Option. An Option awarded pursuant to
this Plan may consist of an Incentive Option or a Nonqualified Option. The price at which shares of Common Stock may be purchased upon the exercise of an Incentive Option shall be not less than the Fair Market Value of the Common Stock on the date
of grant. The price at which shares of Common Stock may be purchased upon the exercise of a Nonqualified Option shall be not less than, but may exceed, the Fair Market Value of the Common Stock on the date of grant. Subject to the foregoing
provisions, the terms, conditions and limitations applicable to any Options awarded pursuant to this Plan, including the term of any Options and the date or dates upon which they become exercisable, shall be determined by the Committee. 

 
 (ii) Stock Appreciation Right. An Employee Award
may be in the form of an SAR. The terms, conditions and limitations applicable to any SARs awarded pursuant to this Plan, including the term of any SARs and the date or dates upon which they become exercisable, shall be determined by the Committee.

  
 (iii) Stock Award. An Employee Award
may be in the form of a Stock Award. The terms, conditions and limitations applicable to any Stock Awards granted pursuant to this Plan shall be determined by the Committee. 
  
 (iv) Cash Award. An Employee Award may be in the form of a Cash Award. The terms, conditions and
limitations applicable to any Cash Awards granted pursuant to this Plan shall be determined by the Committee. 
  
 (v) Performance Award. Without limiting the type or number of Employee Awards that may be made under the other provisions of this
Plan, an Employee Award may be in the form of a Performance Award. A Performance Award shall be paid, vested or otherwise deliverable solely on account of the attainment of one or more pre-established, objective Performance Goals established by the
Committee prior to the earlier to occur of (x) 90 days after the commencement of the period of service to which the Performance Goal relates and (y) the elapse of 25% of the period of service (as scheduled in good faith at the time the goal is
established), and in any event while the outcome is substantially uncertain. A Performance Goal is objective if a third party having knowledge of the relevant facts could determine whether the goal is met. A Performance Goal may be based on one or
more of business criteria that apply to the individual, one or more business units of the Company, or the Company as a whole, and may include one or more of the following criteria: revenue, net income, Common Stock price, stockholder return,
stockholder value, economic value, earnings per share, market performance, return on assets, return on equity, earnings, operating profits, cash flow, working capital, costs, new business contract values, and/or such other financial, accounting or
quantitative metric determined by the Committee. A Performance Goal may, but need not be, based upon a change or an increase or positive result under a particular business criterion and could include, for example, maintaining the status quo,
limiting economic losses, or a relative comparison of performance to the performance of a peer group or other external or internal measure (measured, in each case, by reference to specific business criteria). A Performance Goal may include or
exclude items to measure specific objectives, including, without limitation, extraordinary or other non-recurring items, acquisitions and divestitures, internal restructuring and reorganizations, accounting charges and effects of accounting changes.
In interpreting Plan provisions applicable to Performance Goals and Performance Awards applicable to Awards to Employees who are “covered employees” under Section 162(m) of the Code, it is the intent of the Plan to conform with the
standards of Section 162(m) of the Code and Treasury Regulations Section 1.162-27(e)(2)(i), and the Committee in establishing such goals and interpreting the Plan shall be guided by such provisions. Prior to the payment of any compensation based on
the achievement of Performance Goals to any such “covered employee”, the Committee must certify in writing that applicable Performance Goals and any of the material terms thereof were, in fact, satisfied. Subject to the foregoing
provisions, the terms, conditions and limitations applicable to any Performance Awards made pursuant to this Plan shall be determined by the Committee. 

 (b) Notwithstanding anything to the contrary contained in this Plan, the following limitations shall
apply to any Employee Awards made hereunder: 
  
 (i) No Participant may be granted, during any calendar year period, Employee Awards consisting of Options or SARs that are exercisable for more than 2,000,000 shares of Common Stock, subject to adjustment pursuant to the provisions of
paragraph 15 hereof; 
  
 (ii) No Participant may
be granted, during any calendar period, Employee Awards consisting of shares of Common Stock or units denominated in such shares (other than any Employee Awards consisting of Options or SARs) covering or relating to more than 500,000 shares of
Common Stock, subject to adjustment pursuant to the provisions of paragraph 15 hereof (the limitation set forth in this clause (ii), together with the limitation set forth in clause (i) above, being hereinafter collectively referred to as the
“Stock Based Awards Limitations”); and 
  
 (iii) No Participant may be paid under any Employee Awards consisting of Cash Awards or any other form permitted under this Plan (other than Employee Awards consisting of Options or SARs or otherwise consisting of shares of Common Stock or
units denominated in such shares) in respect of any calendar-year period an amount in excess of $6,000,000. 
  
 (c) Prior to the Split-Off, certain awards consisting of shares of GM Class E Common Stock or units denominated in such shares (the “Existing Stock
Awards”) had been made to Employees under the Plan as in effect from time to time prior to the Split-Off. As of the Split-Off, each Existing Stock Award was adjusted so that such award consisted of or related to a number of shares of Common
Stock equal to the number of shares of GM Class E Common Stock that were the subject of such Existing Stock Award immediately prior to such date, without any alteration or enlargement of the rights of the holders thereof. Notwithstanding anything to
the contrary contained in this Plan, all Existing Stock Awards that were subject to the restrictions and other provisions relating to competition by participants and related matters set forth in Section 10 of the Plan as in effect immediately prior
to the Split-Off (the “Noncompetition Provisions”) continue to be subject to the Noncompetition Provisions, as fully and to the same extent as if such Section 10 were set forth herein in its entirety. Awards made after the Split-Off shall
be subject to such restrictions and other provisions relating to competition or other conduct detrimental to the Company as determined by the Committee. 
  
 9. Director Awards. Each Nonemployee Director of the Company may be granted Director Awards in accordance with this paragraph 9 and subject to the
applicable terms, conditions and limitations set forth in this Plan and the applicable Director Award Agreement. Notwithstanding anything to the contrary contained herein, Director Awards shall not be made in any year in which a sufficient number of
shares of Common Stock are not available to make such Awards under this Plan. 
  
 (a) Director Options A Nonemployee Director may make an annual election to receive, in lieu of all or any portion of the Director’s fees he or she would otherwise be entitled to receive in cash during the
next year (including both annual retainer and meeting fees), Director Options that provide for the purchase of a number of shares of Common Stock (rounded up to the nearest whole number) equal to the product of (x) three times (y) a fraction the
numerator of which is equal to the dollar amount of fees the Nonemployee Director elects to forego in the next year in exchange for Director Options and the denominator of which is equal to the Fair Market Value of the Common Stock on the effective
date of the election. Notwithstanding the foregoing, a Nonemployee Director may not elect to receive Director Options in lieu of all or any portion of the Director’s fees he or she would otherwise be entitled to receive in cash in respect of
any compensation period commencing on or after the Company’s 2005 Annual Meeting of Shareholders. Each annual election made by a Nonemployee Director pursuant to this paragraph 9(a) (i) shall take the form of a written document signed by such
Nonemployee Director and filed with the Secretary of the Company, (ii) shall designate the dollar amount of the fees the Nonemployee Director elects to forego in the next year in exchange for Director Options and (iii) to the extent provided by the
Committee in order to ensure that the Award of the Director Options is exempt from Section 16 by virtue of Rule 16b-3, shall be irrevocable and shall be made prior to the date as of which such Award of Director Options is to be effective. An Award
of Director Options at the election of a Nonemployee Director shall be effective on the next Annual Director Award Date. Each Director Option shall have a term of ten years from the date of grant, notwithstanding any earlier termination of the
status of the holder as a Nonemployee Director. The purchase price of each share of Common Stock subject to a Director Option shall be 

 equal to the Fair Market Value of the Common Stock on the date of grant. All Director Options shall vest and become
exercisable in increments of one-third of the total number of shares of Common Stock that are subject thereto (rounded up to the nearest whole number) on the first and second anniversaries of the date of grant and of all remaining shares of Common
Stock that are subject thereto on the third anniversary of the date of grant. All unvested Director Options shall be forfeited if the Nonemployee Director resigns as a Director without the consent of a majority of the other Directors. Any Award of
Director Options shall be embodied in a Director Award Agreement, which shall contain the terms, conditions and limitations set forth above and shall be signed by the Participant to whom the Director Options are granted and by an Authorized Officer
for and on behalf of the Company. 
  
 (b) Director Restricted
Stock A Nonemployee Director may make an annual election to receive, in lieu of all or any portion of the Director’s fees he or she would otherwise be entitled to receive in cash during the next year (including both annual retainer and
meeting fees), a number of shares of Director Restricted Stock (rounded up to the nearest whole number) having a Fair Market Value equal to 110% of a fraction the numerator of which is equal to the dollar amount of fees the Nonemployee Director
elects to forego in the next year in exchange for Director Restricted Stock and the denominator of which is equal to the Fair Market Value of the Common Stock on the effective date of the election. Each annual election made by a Nonemployee Director
pursuant to this paragraph 9(b) (i) shall take the form of a written document signed by such Nonemployee Director and filed with the Secretary of the Company, (ii) shall designate the dollar amount of the fees the Nonemployee Director elects to
forego in the next year in exchange for Director Restricted Stock and (iii) to the extent provided by the Committee in order to ensure that the Award of the Director Restricted Stock is exempt from Section 16 by virtue of Rule 16b-3, shall be
irrevocable and shall be made prior to the date as of which such Award of Director Restricted Stock is to be effective. Shares of Director Restricted Stock awarded to a Nonemployee Director (a) shall vest in increments of one-third of the total
number of shares of Director Restricted Stock (rounded up to the nearest whole number) that are the subject of such Award on the first and second anniversaries of the date of grant and all remaining shares of Director Restricted Stock that are the
subject of such Award on the third anniversary of the date of grant and (b) shall fully vest (to the extent not previously vested pursuant to clause (a) above) upon a failure to reelect the Nonemployee Director as Director, the death of the Director
or the resignation of the Director by reason of Disability or at the request of a majority of the other Directors. All unvested shares of Director Restricted Stock granted to a Nonemployee Director shall be forfeited if the Nonemployee Director
resigns as a Director without the consent of a majority of the other Directors. An Award of Director Restricted Stock at the election of a Nonemployee Director shall be effective on the next Annual Director Award Date. 
  
 Any Award of Director Restricted Stock shall be embodied in a Director Award
Agreement, which shall contain the terms, conditions and limitations set forth above and shall be signed by the Participant to whom the Director Restricted Stock is granted and by an Authorized Officer for and on behalf of the Company. 

 

	 	10.	Payment of Awards. 

  
 (a) General. Payment of Employee Awards may be made in the form of cash or Common Stock, or a combination thereof, and may include such
restrictions as the Committee shall determine, including, in the case of Common Stock, restrictions on transfer and forfeiture provisions. If payment of an Employee Award is made in the form of Restricted Stock, the Employee Award Agreement or
Employee Award Statement relating to such shares shall specify whether they are to be issued at the beginning or end of the Restriction Period. In the event that shares of Restricted Stock are to be issued at the beginning of the Restriction Period,
the certificates evidencing such shares (to the extent that such shares are so evidenced) shall contain appropriate legends and restrictions that describe the terms and conditions of the restrictions applicable thereto. In the event that shares of
Restricted Stock are to be issued at the end of the Restricted Period, the right to receive such shares shall be evidenced by book entry registration or in such other manner as the Committee may determine. 
  
 (b) Deferral. With the approval of the Committee, payments in respect
of Employee Awards may be deferred, either in the form of installments or a future lump sum payment. The Committee may permit selected Participants to elect to defer payments of some or all types of Employee Awards in accordance with procedures
established by the Committee. Any deferred payment of an Employee Award, whether elected by the Participant or specified by the Employee Award Agreement, Employee Award Statement or by the Committee, may be forfeited if and to the extent that the
Employee Award Agreement or Employee Award Statement so provides. 

 (c) Dividends and Interest. Rights to dividends or Dividend Equivalents may be extended to and
made part of any Employee Award consisting of shares of Common Stock or units denominated in shares of Common Stock, subject to such terms, conditions and restrictions as the Committee may establish. The Committee may also establish rules and
procedures for the crediting of interest on deferred cash payments and Dividend Equivalents for Employee Awards consisting of shares of Common Stock or units denominated in shares of Common Stock. 
  
 (d) Substitution of Awards. At the discretion of the Committee, a
Participant who is an Employee may be offered an election to substitute an Employee Award for another Employee Award or Employee Awards of the same or different type. 
  
 11. Stock Option Exercise. The price at which shares of Common Stock may be purchased under an Option shall be paid
in full at the time of exercise in cash or, if elected by the optionee, the optionee may purchase such shares by means of tendering Common Stock or surrendering another Award, including Restricted Stock or Director Restricted Stock, valued at Fair
Market Value on the date of exercise, or any combination thereof. The Committee shall determine acceptable methods for Participants who are Employees to tender Common Stock (including by attestation of ownership) or other Employee Awards; provided
that any Common Stock that is or was the subject of an Employee Award may be so tendered only if it has been held by the Participant for six months. The Committee may provide for procedures to permit the exercise or purchase of such Awards by use of
the proceeds to be received from the sale of Common Stock issuable pursuant to an Employee Award. Unless otherwise provided in the applicable Award Agreement or Employee Award Statement, in the event shares of Restricted Stock are tendered as
consideration for the exercise of an Option, a number of the shares issued upon the exercise of the Option, equal to the number of shares of Restricted Stock or Director Restricted Stock used as consideration therefore, shall be subject to the same
restrictions as the Restricted Stock or Director Restricted Stock so submitted as well as any additional restrictions that may be imposed by the Committee. 
  
 12. Tax Withholding. The Company shall have the right to deduct applicable taxes from any Employee Award payment and withhold, at the time of
delivery or vesting of cash or shares of Common Stock under this Plan, or if later, the date of income recognition, an appropriate amount of cash or number of shares of Common Stock or a combination thereof for payment of taxes required by law or to
take such other action as may be necessary in the opinion of the Company to satisfy all obligations for withholding of such taxes. The Committee may also permit withholding to be satisfied by the transfer to the Company of shares of Common Stock
theretofore owned by the holder of the Employee Award with respect to which withholding is required. If shares of Common Stock are used to satisfy tax withholding, such shares shall be valued based on the Fair Market Value when the tax withholding
is required to be made. The Committee may provide for loans, on either a short term or demand basis, from the Company to a Participant who is an Employee to permit the payment of taxes required by law. Any income or compensation arising out of the
grant, vesting or exercise of an Employee Award shall not be taken into account in determining overtime, bonus, life insurance, pension or such other benefits except as provided in the relevant plan or policy covering such compensation or benefits
or as otherwise required by law. 
  
 13. Amendment,
Modification, Suspension or Termination. The Board may amend, modify, suspend or terminate this Plan for the purpose of meeting or addressing any changes in legal requirements or for any other purpose permitted by law, except that no amendment
or alteration that would adversely affect the rights of any Participant under any Award previously granted to such Participant shall be made without the consent of such Participant. 
  
 14. Assignability. Except as provided below, no Award or any other benefit under this Plan shall be assignable or
otherwise transferable except by will or the laws of descent and distribution or pursuant to a qualified domestic relations order as defined by the Code or Title I of the Employee Retirement Income Security Act, or the rules thereunder.
Notwithstanding the foregoing, the Committee may, in its discretion, authorize all or a portion of the Nonqualified Stock Options granted to a Participant to be transferable to: 
  

	 	(a)	the spouse, parents, children, stepchildren, grandchildren or legal dependents of the Participant (“Immediate Family Members”); 

  

	 	(b)	a trust or trusts solely for the benefit of the Participant and/or such Immediate Family Members, or; 

	 	(c)	a partnership in which the only partners are the Participant, such Immediate Family Members and/or a trust or trusts solely for the benefit of the Participant and/or such Immediate
Family Members, provided that: 

  

	 	(i)	there may be no consideration for any such transfer; 

  

	 	(ii)	the Employee Award Agreement or Employee Award Statement pursuant to which such Options are granted expressly provides for transferability in a manner consistent with this paragraph
14; and 

  

	 	(iii)	subsequent transfers of transferred Options shall be prohibited except those to the Participant or individuals or entities described in clauses (a), (b) or (c) above, or by the laws
of descent or distribution. 

  
 Following transfer, any such Options
shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer, including but not limited to, (i) restrictions or other provisions relating to competition or other conduct detrimental to the Company,
and (ii) the obligation of the Participant for payment of taxes with respect to the exercise of such Options and the rights of the Company to withhold such taxes from the Participant or to otherwise require the Participant to satisfy all obligations
for the withholding of such taxes as contemplated by paragraph 12 above. The provisions relating to the period of exercisability and expiration of the Option shall continue to be applied with respect to the original Participant, and the Options
shall be exercisable by the transferee only to the extent, and for the periods, set forth in the Employee Award Agreement or Employee Award Statement. 
  
 The Committee may prescribe and include in applicable Award Agreements or Employee Award Statements other restrictions on transfer. Any attempted
assignment of an Award or any other benefit under this Plan in violation of this paragraph 14 shall be null and void. 
  

	 	15.	Adjustments. 

  
 (a) The existence of outstanding Awards shall not affect in any manner the right or power of the Company or its stockholders to make or authorize any or
all adjustments, recapitalizations, reorganizations or other changes in the capital stock of the Company or its business or any merger or consolidation of the Company, or any issue of bonds, debentures, preferred or prior preference stock (whether
or not such issue is prior to, on a parity with or junior to the Common Stock) or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding of any
kind, whether or not of a character similar to that of the acts or proceedings enumerated above. 
  
 (b) In the event of any subdivision or consolidation of outstanding shares of Common Stock, declaration of a dividend payable in shares of Common Stock or
other stock split, then (i) the number of shares of Common Stock reserved under this Plan, (ii) the number of shares of Common Stock covered by outstanding Awards in the form of Common Stock or units denominated in Common Stock, (iii) the exercise
or other price in respect of such Awards, (iv) the appropriate Fair Market Value and other price determinations for such Awards, (v) the number of shares of Common Stock covered by Director Options granted pursuant to paragraph 9(a) hereof, (vi) the
number of shares of Director Restricted Stock granted pursuant to paragraph 9(b) hereof and (vii) the Stock Based Awards Limitations shall each be proportionately adjusted by the Board to reflect such transaction. In the event of any other
recapitalization or capital reorganization of the Company, any consolidation or merger of the Company with another corporation or entity, the adoption by the Company of any plan of exchange affecting the Common Stock or any distribution to holders
of Common Stock of securities or property (other than normal cash dividends or dividends payable in Common Stock), the Board or Committee shall make appropriate adjustments to (i) the number of shares of Common Stock covered by Awards in the form of
Common Stock or units denominated in Common Stock, (ii) the exercise or other price in respect of such Awards, (iii) the appropriate Fair Market Value and other price determinations for such Awards, (iv) the number of shares of Common Stock covered
by Director Options granted pursuant to paragraph 9(a) hereof, (v) the number of shares of Director Restricted Stock granted pursuant to paragraph 9(b) hereof and (vi) the Stock Based Awards Limitations to give effect to such transaction shall each
be proportionately adjusted by the Board to reflect such transaction; provided that such adjustments shall only be such as are necessary to maintain the proportionate interest of the holders of the Awards and preserve, without exceeding, the

 value of such Awards. In the event of a corporate merger, consolidation, acquisition of property or stock, separation,
reorganization or liquidation, the Board shall be authorized to issue or assume Awards by means of substitution of new Awards, as appropriate, for previously issued Awards or an assumption of previously issued Awards as part of such adjustment.

  
 16. Restrictions. No Common Stock or other form of
payment shall be issued with respect to any Award unless the Company shall be satisfied based on the advice of its counsel that such issuance will be in compliance with applicable federal and state and non-U.S. securities laws. It is the intent of
the Company that this Plan comply with Rule 16b-3 with respect to persons subject to Section 16 of the Exchange Act unless otherwise provided herein or in an Award Agreement or Employee Award Statement, that any ambiguities or inconsistencies in the
construction of this Plan be interpreted to give effect to such intention, and that if any provision of this Plan is found not to be in compliance with Rule 16b-3, such provision shall be null and void to the extent required to permit this Plan to
comply with Rule 16b-3. Certificates evidencing shares of Common Stock certificates delivered under this Plan (to the extent that such shares are so evidenced) may be subject to such stop transfer orders and other restrictions as the Committee may
deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any securities exchange or transaction reporting system upon which the Common Stock is then listed or to which it is admitted for quotation
and any applicable federal or state and non-U.S. securities laws. The Committee may cause a legend or legends to be placed upon such certificates (if any) to make appropriate reference to such restrictions. 
  
 17. Unfunded Plan. Insofar as it provides for Awards of cash, Common
Stock or rights thereto, this Plan shall be unfunded. Although bookkeeping accounts may be established with respect to Participants who are entitled to cash, Common Stock or rights thereto under this Plan, any such accounts shall be used merely as a
bookkeeping convenience. The Company shall not be required to segregate any assets that may at any time be represented by cash, Common Stock or rights thereto, nor shall this Plan be construed as providing for such segregation, nor shall the
Company, the Board or the Committee be deemed to be a trustee of any cash, Common Stock or rights thereto to be granted under this Plan. Any liability or obligation of the Company to any Participant with respect to an Award of cash, Common Stock or
rights thereto under this Plan shall be based solely upon any contractual obligations that may be created by this Plan, Award Agreement or any Employee Award Statement, and no such liability or obligation of the Company shall be deemed to be secured
by any pledge or other encumbrance on any property of the Company. Neither the Company nor the Board or the Committee shall be required to give any security or bond for the performance of any obligation that may be created by this Plan. 

 
 18. Governing Law. This Plan and all determinations made and
actions taken pursuant hereto, to the extent not otherwise governed by mandatory provisions of the Code or the securities laws of the United States, shall be governed by and construed in accordance with the laws of the State of Delaware.Amended & Restated EDS Deferred Compensation Plan

 Exhibit 10.4 
  
 ELECTRONIC DATA SYSTEMS CORPORATION 
  
 DEFERRED COMPENSATION PLAN 
 FOR NON-EMPLOYEE DIRECTORS 
  
 (As Amended and Restated Effective March 11, 2005) 
  
 ARTICLE I 
 PURPOSES OF PLAN AND DEFINITIONS 
  
 1.1 Purpose. Electronic Data Systems Corporation, a Delaware corporation (the “Company”), previously
established the Electronic Data Systems Corporation Deferred Compensation Plan for Non-Employee Directors (the “Plan”), which is herein amended and restated effective as of March 11, 2005, for the purpose of providing non-employee
directors (“Directors”) of the Company the opportunity to defer a portion of their compensation and to provide greater incentives for those Directors to attain and maintain the highest standards of performance, to attract and retain
Directors of outstanding competence and ability, to stimulate the active interest of such persons in the development and financial success of the Company, to further the identity of interests of such Directors with those of the Company’s
stockholders generally, and to reward such Directors for outstanding performance. 
  
 1.2. Definitions. 
  
 (a) “Applicable Annual Rate” will initially be 7.45% and will be adjusted as of January 1 of each year to that rate which is equal to 120% of the applicable federal long-term rate for the month of January of
such year as published by the Internal Revenue Service pursuant to Section 1274(d) of The Code. 
  
 (b) “Beneficiary” means the person or persons designated by the Participant, as provided in Section 4.5, to receive any payments
otherwise due the Participant under this Plan in the event of the Participant’s death. 
  
 (c) “Board of Directors” or “Board” means the Board of the Directors of the Company. 
  
 (d) “Cash Compensation” means all of the cash
compensation payable to a Participant, including annual, meeting and other fees. 
  
 (e) “Code” means the Internal Revenue Code of 1986, as amended. 
  
 (f) “Committee” means such committee of the Board as is designated by the Board to administer the
Plan in accordance with Article II, but which shall initially be the Compensation and Benefits Committee of the Board. 

 (g) “Common Stock” means the Common Stock, par value $.01 per share, of the
Company. 
  
 (h) “Company” means
Electronic Data Systems Corporation. 
  
 (i)
“Deferred Compensation Period” means such period of 365 days (or such longer or shorter period) as shall from time to time be prescribed by the Committee for which Participants shall be entitled to defer receipt of all or any part of their
Cash Compensation and/or not to receive Restricted Stock. 
  
 (j) “Deferred Interest Bearing Account” means the bookkeeping account maintained for each Participant to record certain amounts deferred by the Participant in accordance with Article III hereof. 

 
 (k) “Determination Date” means the date on
which payment of a Participant’s deferred compensation is made or commences, as determined in accordance with Section 4. 1. 
  
 (l) “Effective Date” means June 7, 1996. 
  
 (m) “Election Effective Date” means the date upon which a Participant’s deferred compensation
is credited to his Deferred Interest Bearing Account or his Phantom Stock Account pursuant to Section 3.3 of this Plan. 
  
 (n) “Eligible Director” means each director of the Company who is not a full-time employee of the Company but who receives
compensation for services as a director. 
  
 (o)
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 
  
 (p) “Fair Market Value” of a share of Common Stock means, as of a particular date, (i) if shares of Common Stock are listed on a
national securities exchange, the mean between the highest and lowest sales price per share of common Stock on the consolidated transaction reporting system for the principal national securities exchange on which shares of Common Stock are listed on
that date, or, if there shall have been no such sale so reported on that date, on the last preceding date on which such a sale was so reported, (ii) if shares of Common Stock are not so listed but are quoted on the Nasdaq National Market, the mean
between the highest and lowest sales price per share of Common Stock reported by the Nasdaq National Market on that date, or, if there shall have been no such sale so reported on that date, on the last preceding date on which such a sale was so
reported or (iii) if the Common Stock is not so listed or quoted, the mean between the closing bid and asked price on that date, or, if 
  

 2 

 there are no quotations available for such date, on the last preceding date on which such quotations
shall be available, as reported by the NASDAQ Stock Market, or, if not reported by the NASDAQ Stock Market, by the National Quotation Bureau Incorporated. “Fair Market Value” of a Phantom Stock Unit means, as of a particular date, the Fair
Market Value of a share of Common Stock on such date. 
  
 (q) “1996 Incentive Plan” means the 1996 Incentive Plan of Electronic Data Systems Corporation, as amended from time to time. 
  
 (r) “Participant” means an Eligible Director of the Company who elects to participate in the Plan. 
  
 (s) “Phantom Stock Account” means the bookkeeping
account maintained for each Participant to record certain amounts deferred by the Participant in accordance with Article III hereof. 
  
 (t) “Phantom Stock Unit” means a unit equal to one share of Common Stock issued and outstanding as of the Effective Date (as
adjusted pursuant to Section 3.6), utilized for the purpose of measuring the benefits payable under Section 4.3. 
  
 (u) “Restricted Stock” means awards automatically made periodically to Eligible Directors under paragraph 9(b) of the 1996
Incentive Plan. 
  
 (v) “Valuation
Date” means the Effective Date and the first day of each month thereafter, or in the event the Common Stock is traded or quoted on a national securities exchange or in the over-the-counter market, each day on which a sale or sales of the Common
Stock is reported or a quotation for the Common Stock is available (as the case may be). 
  
 ARTICLE II 
 ADMINISTRATION OF THE PLAN 
  
 2.1 Committee. This Plan shall be administered by the Committee. The
Committee shall consist of at least two members of the Board. 
  
 2.2 Committee’s Power. Subject to the provisions hereof, the Committee shall have full and exclusive power and authority to administer this Plan and to take all actions which are specifically contemplated hereby or are necessary
or appropriate in connection with administration hereof. The Committee shall also have full and exclusive power to interpret this Plan and to adopt such rules, regulations and guidelines for carrying out this Plan as it may deem necessary or proper,
all of which powers shall be exercised in the best interests of the Company and in keeping with the objectives of this Plan. The Committee may, in its discretion, 
  

 3 

 determine the eligibility of individuals to participate herein, determine the amount of Cash Compensation and Restricted
Stock a Participant may elect to defer or not to receive, or waive any restriction or other provision of this Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in this Plan in the manner and to the
extent the Committee deems necessary or desirable to carry it into effect. 
  
 2.3 Committee Determinations Conclusive. Any decision of the Committee in the interpretation and administration of this Plan shall lie within its sole and absolute discretion and shall be final, conclusive and
binding on all parties concerned. 
  
 2.4 Committee
Liability. No member of the Committee or officer of the Company to whom the Committee has delegated authority in accordance with the provisions of Section 2.5 of this Plan shall be liable for anything done or omitted to be done by him or her, by
any member of the Committee or by an officer of the Company in connection with the performance of any duties under this Plan, except for his or her own willful misconduct or as expressly provided by statute. 
  
 2.5 Delegation of Authority. The Committee may delegate to the Chief
Executive Officer and to other senior officers of the Company its duties under this Plan pursuant to such conditions or limitations as the Committee may establish. 
  
 ARTICLE III 
 ACCOUNTS 
  
 3.1 Establishment of Accounts.
The Company shall set up an appropriate record (hereinafter called the “Deferred Interest Bearing Account”) which will from time to time reflect the name of each Participant and the amounts deferred by such Participant to an interest
bearing account pursuant to Section 3.2. The Company shall also set up an appropriate record (hereinafter called the “Phantom Stock Account”) which will from time to time reflect the name of each Participant, the number of Phantom Stock
Units credited to such Participant pursuant to Section 3.2. and the Fair Market Value of that number of Phantom Stock Units credited to the Participant. 
  
 3.2 Deferral. 
  
 (a) A Participant may elect to defer receipt of all or any part of the Cash Compensation payable to the Participant for serving on the
Company’s Board of Directors for any Deferred Compensation Period. At the election of the Participant, the amount deferred shall be: (i) credited to his Deferred Interest Bearing Account; (ii) credited to his Phantom Stock Account; or (iii) a
combination of both. If a Participant chooses to receive a credit to his Phantom Stock Account, a number of Phantom Stock Units (rounded up to the nearest whole number) having a Fair Market Value on the Election Effective Date equal to the dollar
amount of fees the Participant 
  

 4 

 elects to forego in the applicable Deferred Compensation Period in exchange for Phantom Stock Units shall
be credited to such account. In addition, with respect to deferrals of Cash Compensation in respect of a Deferred Compensation Period commencing on or after May 25, 2004, the Company will credit to the Phantom Stock Account an additional number of
Phantom Stock Units equal to 10% of the number of units credited pursuant to the preceding sentence. A Participant may only elect to defer Cash Compensation which is otherwise payable after an election to defer compensation is made pursuant to
Section 5.1 hereof. 
  
 (b) A Participant may
elect not to receive the Restricted Stock that would otherwise have been automatically awarded to the Participant for serving on the Company’s Board of Directors for any Deferred Compensation Period. At the election of the Participant (i) such
Restricted Stock will not be issued and (ii) a number of Phantom Stock Units equal to the number of shares of Restricted Stock that would have been awarded shall be credited to his Phantom Stock Account. A Participant may only elect not to receive
Restricted Stock which would otherwise be automatically awarded after an election not to receive Restricted Stock is made pursuant to Section 5.1 hereof. Effective for each Deferred Compensation Period commencing on or after May 25, 2004, elections
under this Section 3.2(b) shall only be allowed if the Committee decides to make such elections available to Participants for that Deferred Compensation Period. 
  

3.3 Crediting of Deferred Amounts. 
  
 (a) Any Cash Compensation credited to a Participant’s Deferred Interest Bearing Account or Phantom Stock Account shall be credited to
such account on the last day of the month in which the deferred Cash Compensation would otherwise have been paid (the “‘Election Effective Date”). Effective for each Deferred Compensation Period commencing on or after May 25, 2004,
the Election Effective Date shall be the first trading day of the month following the month in which the deferred Cash Compensation would otherwise have been paid. For example, if a Participant effectively elects to defer Cash Compensation to his
Deferred Interest Bearing Account for a Deferred Compensation Period of 365 days beginning January 1 by notifying the Company in the manner provided in Section 5.1, the Cash Compensation which accrues for the month of January shall be credited to
such Participant’s Deferred Interest Bearing Account on January 31 (or, effective for a Deferred Compensation Period commencing on or after May 25, 2004, on the first trading day in following month of February). 
  
 (b) Any amounts in respect of Restricted Stock which a
Participant has elected not to receive shall be credited to the Participant’ s Phantom Stock Account as of the date such Restricted Stock would otherwise have been awarded. 
  
 3.4 Interest on Deferred Interest Bearing Accounts. The amount of deferred compensation credited to a
Participant’s Deferred Interest Bearing Account will bear interest 
  

 5 

 from but excluding the date so credited, to and including the Determination Date, at a rate per annum equal to the
Applicable Annual Rate in effect from time to time, compounded monthly, and such interest shall be credited to the Deferred Interest Bearing Account as of the last day of each calendar month during the applicable Deferred Compensation Period and the
last day of the calendar month in which such period ends (or, if applicable, the Determination Date). Thereafter, interest so credited shall similarly bear interest from but excluding the date so credited, to and including the Determination Date, at
a rate per annum equal to the Applicable Annual Rate in effect from time to time, compounded monthly and credited as of the last day of each calendar month during the applicable Deferred Compensation Period and the last day of the calendar month in
which such period ends (or, if applicable, the Determination Date). 
  
 3.5 Dividends. As of each date that dividends are paid with respect to Common Stock, a Participant who has any outstanding Phantom Stock Units credited to his Phantom Stock Account shall have a number of Phantom Stock Units credited
to his Phantom Stock Account with respect to such dividends. The Phantom Stock Units (rounded up to the nearest whole number) credited in respect of dividends shall have a Fair Market Value equal to the dollar amount of the dividend per share of
Common Stock multiplied by the number of Phantom Stock Units credited to the Participant’s Phantom Stock Account immediately prior to the payment date of such dividend. 
  
 3.6 Adjustments. 
  
 (a) Exercise of Corporate Powers. The existence of this Plan and any outstanding Phantom Stock Units credited hereunder shall not affect
in any manner the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the capital stock of the Company or its business or any merger or consolidation
of the Company, or any issue of bonds. debentures, preferred or prior preference stock (whether or not such issue is prior to, on a parity with or junior to the Common Stock) or the dissolution or liquidation of the Company, or any sale or transfer
of all or any part of its assets or business, or any other corporate act or proceeding of any kind, whether or not of a character similar to that of the acts or proceedings enumerated- above. 
  
 (b) Recapitalizations, Reorganizations and Other Activities.
In the event of any subdivision or consolidation of outstanding shares of Common Stock, declaration of a dividend payable in shares of Common Stock or other stock split, then (i) the number of Phantom Stock Units and (ii) the appropriate Fair Market
Value and other price determinations for such Phantom Stock Units shall each be proportionately adjusted by the Board to reflect such transaction. In the event of any other recapitalization or capital reorganization of the Company, any consolidation
or merger of the Company with another corporation or entity, the adoption by the Company of any plan of exchange affecting the Common Stock or any distribution to holders of Common Stock of securities or property (other than normal cash dividends or
dividends payable in Common Stock), the Board shall make appropriate adjustments to (i) the 
  

 6 

 number of Phantom Stock Units and (ii) the appropriate Fair Market Value and other price determinations
for such Phantom Stock Units to give effect to such transaction; provided that such adjustments shall only be such as are necessary to preserve, without increasing, the value of such units. In the event of a corporate merger, consolidation,
acquisition of property or stock, separation, reorganization or liquidation, the Board shall be authorized to issue or assume units by means of substitution of new units, as appropriate, for previously issued units or an assumption of previously
issued units as part of such adjustment. 
  
 ARTICLE IV

 PAYMENTS 
  
 4.1 Period of Deferral. A Participant may elect that payment of the compensation deferred under the Plan be made or commence at (a) a date that is
five years following the date of the termination of the Participant’s status as a Director of the Company, or (b) the date of the termination of the Participant’s status as a Director of the Company (either of such dates elected by the
Participant to be known as the “Determination Date”). If alternative (a) is elected by the Participant, payment will be made or will commence within sixty (60) days after the date that is five years after termination of the
Participant’s status as a Director of the Company. If alternative (b) is elected by the Participant, payment will be made or will commence within sixty (60) days after termination of the Participant’s status as a Director of the Company.
Effective for elections made under Section 5.1(a) on or after February 1, 2005, alternative (a) shall no longer be available and payment of compensation deferred under the Plan to each Participant who files an election under Section 5.1(a) at any
time on or after February 1, 2005 shall be made or commence under alternative (b). 
  
 4.2 Payment of Amounts in Deferred Interest Bearing Account. As of the Determination Date, the sum of the amounts theretofore credited to a Participant’s Deferred Interest Bearing Account for each Deferred
Compensation Period plus all interest accrued thereon to, and including, the Determination Date (the “Total Deferred Compensation Amount”) shall be calculated. A Participant shall receive payment of his Total Deferred Compensation Amount
with respect to each Deferred Compensation Period in the form he has previously elected under Section 4.4. 
  
 4.3 Payment of Amounts in Phantom Stock Account. As of the Determination Date, the aggregate Fair Market Value on the Valuation Date coinciding
with or immediately preceding the Determination Date of that number of Phantom Stock Units then credited to a Participant’s Phantom Stock Account with respect to each Deferred Compensation Period shall be calculated. The result is the
“Total Deferred Unit Amount.” A Participant shall receive payment of his Total Deferred Unit Amount with respect to each Deferred Compensation Period in the form he has previously elected under Section 4.4. 
  

 7 

 4.4 Form of Payment. Payment to a Participant of amounts in his Deferred Interest Bearing Account
and his Phantom Stock Account shall be made in cash. Payment to a Participant of amounts in both accounts shall be made by one of the following methods: (a) a lump sum, (b) three substantially equal consecutive annual installments, or (c) five
substantially equal consecutive annual installments. The Total Deferred Compensation Amount and the Total Deferred Unit Amount shall then bear interest from, but excluding, the Determination Date to, and including, the date paid at the Applicable
Annual Rate as in effect from time to time, compounded monthly, and the payment of each annual installment shall be accompanied by payment of the amount of interest accrued thereon. 
  
 4.5 Death Prior to Payment. In the event that a Participant dies prior to payment of all of the amounts payable
pursuant to the Plan, any remaining amounts together with all interest accrued thereon, shall be paid to the Participant’s designated Beneficiary in a lump sum within sixty (60) days following the Company’s notification of the
Participant’s death. If no Beneficiary has been designated, such payment shall be made to the Participant’s estate. A beneficiary designation, or revocation of a prior beneficiary designation, shall be effective only if it is made in
writing on a form provided by the Company, signed by the Participant and received by the Committee. In the event that a Participant dies prior to payment of all of the amounts payable pursuant to the Plan, and the designated Beneficiary dies prior
to payment of all the amounts payable pursuant to the Plan, payment shall be made to the Participant’s estate in a lump sum within sixty (60) days of notification of the Beneficiary’s death. 
  
 4.6 Payments to Minors and Incompetents. Should the Participant become
incompetent or should the Participant designate a Beneficiary who is a minor or incompetent, the Company shall be authorized to pay such funds to a parent or guardian of such minor or incompetent, or directly to such minor or incompetent, whichever
manner the Committee shall determine in its sole discretion. 
  
 ARTICLE V 
 ELECTING DEFERRALS 
  

5.1 Manner of Electing Deferral. 
  
 (a) Each election made by a Participant to defer compensation under the Plan (i) shall take the form of a written document (provided by
the Company) signed by the Participant and filed with the Committee, (ii) shall, subject to paragraph (b) below, designate the Deferred Compensation Period for which deferral is elected, the account to which such deferral shall be credited (in the
case of Cash Compensation), the period of deferral and the form and manner of payment, (iii) shall only apply to Cash Compensation payable or Restricted Stock otherwise to be awarded after the date of such election and (iv) may not be revoked or
modified without the prior written approval of the Committee if the proposed revocation or modification applies to 
  

 8 

 amounts deferred with respect to a Deferred Compensation Period which has already commenced at the time
such revocation or modification is proposed to be effected provided that effective January 1, 2005, the Committee shall not approve any revocation or modification with respect to a Deferred Compensation Period that has already commenced. Subject to
paragraphs (b) and (c) below, the Committee shall be authorized to adopt such rules and limitations as it shall determine are necessary or appropriate with respect to the timing of elections to defer compensation under the Plan. 
  
 (b) Notwithstanding the foregoing, the period of deferral
and the form and maner of payment that is set forth on each election that is made under Section 5.1(a) during the period February 3, 2004 through March 31, 2004 (the “2004 Payment Election”) shall apply to the entire amount that is payable
to the Participant from the Participant’s Deferred Interest Bearing Account and Phantom Stock Account regardless of the period of deferral and form and manner of payment elections previously made by the Participant provided, however, that
unless twelve months elapse from the date a Participant files the 2004 Payment Election and the date payment of the Participant’s benefit under the Plan is made or commences, payment of the Participant’s benefit shall be made in accordance
with such previous payment elections. Further, effective February 1, 2005, an election made under Section 5.1(a) shall no longer specify the period of deferral referenced in subparagraph (a)(ii) above and prior to December 31, 2005, each
Participant, at such time as determined by the Committee, shall make a final and irrevocable election under Section 5.1(a) as to the form and manner of payment that will apply to the entire amount that is payable to the Participant from the
Participant’s Deferred Interest Bearing Account and Phantom Stock Account regardless of the form and manner of payment elected on the 2004 Payment Election or other payment elections previously made by the Participant. 
  
 (c) Effective for Cash Compensation that is earned and
payable during the Deferred Compensation Period commencing on April 22, 2005, a Participant must, except as provided in the second sentence of paragraph (b) above, make the election set forth in Section 5.1(a) no later than March 15, 2005.
Thereafter, a Participant must make the election set forth in Section 5.1(a) for each subsequent Deferred Compensation Period by December 31 (or such other date that complies with Code Section 409A as may be established by the Committee) of the
immediately preceding calendar year and such election shall apply to Cash Compensation that is earned and is payable (or, if permitted by the Committee under Section 3.2(b), Restricted Stock that is earned and would otherwise have been awarded) in
the immediately following Deferred Compensation Period. In the case of a person who becomes an Eligible Director during a Deferred Compensation Period, the deadline to file an election under Section 5.1(a) for the remainder of that Deferred
Compensation Period shall be the date that is thirty (30) days from the date on which the person becomes a non-employee member of the Board of Directors of the Company provided that such election shall only apply to Cash Compensation that is earned
and is payable (and, if permitted by the Committee under Section 3.2(b), Restricted Stock that is earned and would otherwise have been awarded) after the date of such election. 
  

 9 

 ARTICLE VI 
 MISCELLANEOUS 
  
 6.1
Unfunded Plan. Nothing contained herein shall be deemed to create a trust of any kind or create any fiduciary relationship. Insofar as it provides for rights to cash or Common Stock, this Plan shall be unfunded. Funds invested hereunder shall
continue for all purposes to be part of the general funds of the Company. To the extent that a Participant acquires a right to receive payments from the Company under the Plan, such right shall not be greater than the night of any unsecured general
creditor of the Company and such right shall be an unsecured claim against the general assets of the Company. Although bookkeeping accounts may be established with respect to Participants who are entitled to cash or rights thereto under this Plan,
any such accounts shall be used merely as a bookkeeping convenience. The Company shall not be required to segregate any assets that may at my time be represented by cash or rights thereto, nor shall this Plan be construed as providing for such
segregation, nor shall the Company, the Board or the Committee be deemed to be a trustee of any cash or rights thereto to be granted under this Plan. Any liability or obligation of the Company to any Participant with respect to cash or rights
thereto under this Plan shall be based solely upon any contractual obligations that may be created by this Plan, and no such liability or obligation of the Company shall be deemed to be secured by any pledge or other encumbrance on any property of
the Comp any. Neither the Company nor the Board nor the Committee shall be required to give any security or bond for the performance of any obligation that may be created by this Plan. 
  
 6.2 Title to Funds Remains with Company. Amounts credited to each Participant’s Deferred Interest Bearing
Account and Phantom Stock Account shall not be specifically set aside or otherwise segregated, but will be combined with corporate assets. Title to such funds will remain with the Company and the Company’s only obligation will be to make timely
payments to Participants in accordance with the Plan. 
  
 6.3
Statement of Account. A statement will be furnished to each Participant annually on such date as may be determined by the Committee stating the balance of the Participants Deferred Interest Bearing Account and Phantom Stock Account and
accrued interest thereon as of a recent date designated by the Committee. 
  
 6.4 Assignability. Except as provided in Section 4.5, no right to receive payment hereunder shall be transferable or assignable by a Participant except by will or the laws of descent and distribution or
pursuant to a qualified domestic relations order as defined by the Code or Title I of the Employee Retirement Income Security Act of 1974, as amended, or the rules thereunder. Any attempted assignment of any benefit under this Plan in violation of
this Section 6.4 shall be null and void. 
  

 10 

 6.5 Amendment, Modification. Suspension or Termination. The Board may amend, modify, suspend or
terminate this Plan for the purpose of meeting or addressing any changes in legal requirements or for any other purpose permitted by law, except that no amendment, modification or termination shall, without the consent of the Participant, impair the
rights of any Participant to the balance in such Participant’s Deferred Interest Bearing Account or Phantom Stock Account or the amount of interest accrued thereon as of the date of such amendment, modification or termination. The Board may at
any time and from time to time delegate to the Committee any or all of this authority under this Section 6.5. 
  
 6.6 Governing Law. This Plan and all determinations made and actions taken pursuant hereto, to the extent. not otherwise governed by mandatory
provisions of the Code or the securities laws of the United States, shall be governed by and construed in accordance with the laws of the State of Delaware. 
  

	
	COMPENSATION AND BENEFITS COMMITTEE
OF THE BOARD OF DIRECTORS OF
ELECTRONIC DATA SYSTEMS CORPORATION
	
	For the Committee
	
	 /S/ MICHAEL E. PAOLUCCI

	Michael E. Paolucci, Secretary of the Committee and Vice President Global Compensation and Benefits of EDS

  

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