Document:

exv10wxfy

 

Exhibit 10(f)

WELLS FARGO & COMPANY

DEFERRED COMPENSATION PLAN

(As Amended and Restated January 1, 2004)

     1.     Purpose of the Plan. On July 27, 1993, the Board of Directors of
Norwest Corporation, a Delaware corporation now known as “Wells Fargo &
Company” (the “Company”), authorized the creation of a nonqualified,
unfunded, elective deferral plan known as the “Norwest Corporation
Employees’ Deferred Compensation Plan” (the “Plan”) for the purpose of
allowing a select group of management and highly compensated employees of
the Company and its subsidiaries to defer the receipt of compensation which
would otherwise be paid to those employees. Effective July 1, 1999, the
name of the Plan was changed to the “Wells Fargo & Company Deferred
Compensation Plan.” The Company reserved the power to amend and terminate
the Plan by action of the Human Resources Committee of the Company’s Board
of Directors. The Human Resources Committee exercises that reserved power
of amendment by the adoption of this amended and restated Plan document
effective January 1, 2004.

     2.     Definitions. When the following terms are used herein with initial
capital letters, they shall have the following meanings:

	 	(A)	 	CD Option. An earnings option based on a certificate
of deposit in such denomination and for such duration as is
determined from time to time by the Plan Administrator.

	 	(B)	 	Common Stock. Shares of Wells Fargo & Company common
stock.

	 	(C)	 	Common Stock Earnings Option. An earnings option
based on shares of Common Stock.

	 	(D)	 	Compensation. Salaries, bonuses and commissions
earned by the Eligible Employee during the Deferral Year for
services rendered to the Company or the Company’s subsidiaries
as determined by the Plan Administrator and payable no later
than March 31 of the following Deferral Year.

	 	(E)	 	Deferral Account. A bookkeeping account maintained
for each Participant to which is credited the amounts deferred
under a Deferral Election and a Stock Option Gain Deferral
Election, together with any increase or decrease thereon based
on the earnings options selected by the Participant or mandated
by the Plan.

	 	(F)	 	Deferral Election. An irrevocable election made by an
Eligible Employee during an enrollment period specified by the
Plan Administrator to defer the receipt of Compensation for a
given Deferral Year.

	 	(G)	 	Deferral Year. The Plan Year following the year in
which a Deferral Election is made.

	 	(H)	 	Eligible Employee. Each employee of the Company or
any of its subsidiaries who has been selected for participation
in this Plan for a given Plan Year pursuant to Section 3 of the
Plan.

	 	(I)	 	Fund Options. An earnings option based on a selection
of registered investment companies, collective investment
funds, private portfolios, or other comparable investment media
chosen from time to time by the Plan Administrator.

 

 

	 	(J)	 	Participant. Each Eligible Employee who has entered
into a Deferral Election or Stock Option Gain Deferral Election
for a given Deferral Year and each employee who has a
Transferred Account set up under the Plan shall be considered a
Participant. An employee who has become a Participant shall be
considered to continue as a Participant in the Plan until the
date of the Participant’s death or, if earlier, the date the
Participant no longer has any Deferral Accounts under the Plan.

	 	(K)	 	Plan Administrator. For purposes of Section 3(16)(A)
of the Employee Retirement Income Security Act of 1974, as
amended, the Human Resources Committee of the Company’s Board
of Directors has designated that the Plan Administrator shall
be the Company’s Director of Human Resources.

	 	(L)	 	Plan Year. The twelve month period beginning on any
January 1 and ending the following December 31.

	 	(M)	 	Stock Option Gain Compensation. Certain gains derived
from specified Common Stock option grants under the Company’s
Long-Term Incentive Compensation Plan and any other stock
option plan approved by the Plan Administrator.

	 	(N)	 	Stock Option Gain Deferral Election. An irrevocable
election made by an Eligible Employee to defer the receipt of
Stock Option Gain Compensation. Effective January 1, 2004, the
Plan will no longer permit Eligible Employees to enter into
Stock Option Gain Deferral Elections.

	 	(O)	 	Transferred Account. The bookkeeping account
maintained for each Participant to which is credited the
Participant’s interest in any nonqualified deferred
compensation plan transferred to this Plan, together with any
increase or decrease thereon based on the earnings options
selected by the Participant or mandated by the Plan.

     3.     Eligibility. Each regular and part-time highly compensated Eligible
Employee of the Company or any of its subsidiaries who has been selected for
participation in this Plan by the Plan Administrator or by such officers of
the Company to which the Plan Administrator has delegated its authority,
shall be eligible to participate in the Plan for a given Plan Year.

     4.     Transferred Accounts. Any employee who had an account under the
Wells Fargo & Company Benefit Restoration Program (“BRP”) on June 30, 1999
that transferred into this Plan on July 1, 1999, was deemed a Participant
with respect to their transferred BRP accounts subject to the terms of
Appendix A to this Plan. Effective January 1, 2000, the Norwest Corporation
Elective Deferred Compensation Plan for Mortgage Banking Executives, Norwest
Mortgage Banking Incentive Compensation and Deferral Plan and Norwest
Mortgage Banking Deferral Plan (the “Mortgage Plans”) merged into this Plan.
All accounts under the Mortgage Plans on December 31, 1999 transferred to
this Plan on January 1, 2000. Any employee or former employee who had an
account under the Mortgage Plans on December 31, 1999 was deemed to be a
Participant in this Plan on January 1, 2000 with respect to their
transferred Mortgage Plans’ accounts subject to the terms of Appendix A to
this Plan. Effective January 1, 2000, the Wells Fargo & Company 1997 Bonus
Deferral Plan (“Bonus Deferral Plan”) employee accounts merged into this
Plan. Employee accounts under the Bonus Deferral Plan on December 31, 1999
transferred to this Plan on January 1, 2000. Any employee on January 1,
2000 who had an account under the Bonus Deferral Plan on December 31, 1999
was deemed to be a Participant in this Plan on January 1, 2000 with respect
to their transferred Bonus Deferral Plan accounts subject to the terms of
Appendix A to this Plan.

     5.     Deferral of Compensation. An Eligible Employee may elect to defer a
portion of the Compensation that the Eligible Employee may earn from the
Company or its subsidiaries during the Deferral Year following the year in
which the Deferral Election is made. FICA taxes and certain other payroll
deductions elected by the Eligible Employee shall be deducted before any
deferrals are made under this Plan. Such Deferral Election shall be made as
described in Section 6(A)(2).

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     6.     Election to Participate and Defer Compensation and Stock Option Gain.

	 	(A)	 	Deferral of Compensation.

	 	(1)	 	Participation. Except as provided in Section
6(A)(3) as to new Eligible Employees, an Eligible Employee
becomes a Participant in the Plan by filing, during an
enrollment period specified by the Plan Administrator but no
later than December 31 of the year preceding the Deferral
Year, an irrevocable Deferral Election. An Eligible Employee
who has made a Deferral Election for any Deferral Year and has
a Deferral Account is a Participant. The Deferral Election
shall be effective only for the Deferral Year specified. A
new Deferral Election must be filed for each Deferral Year.
Amounts deferred under a Deferral Election shall be credited
to a Deferral Account established under the Plan for the
Eligible Employee.

	 	(2)	 	Deferral Election. The Deferral Election shall
consist of the Eligible Employee’s election to defer
Compensation, election of earnings option(s) as described in
Section 7(A), and election of the timing and form of
distribution of amounts deferred as described in Section 8.
An Eligible Employee may elect to defer (subject to any
limitations on Compensation imposed by the Plan Administrator
for the Deferral Year), in any combination, all or a part of
the Eligible Employee’s (a) base salary earned and paid on a
periodic basis throughout the Deferral Year, (b) incentive pay
earned throughout the Deferral Year and paid after the end of
the Deferral Year, and (c) commissions and other periodic
incentive payments paid during the Deferral Year. The
Eligible Employee shall specify for each Compensation category
an amount to be deferred per pay period, expressed either as a
percentage or a dollar amount.

	 	(3)	 	Initial Deferral Election or Initial Eligibility.
A new Eligible Employee must make a Deferral Election within
thirty (30) days of the date the Eligible Employee receives
notification of eligibility to participate in the Plan in
order to defer Compensation earned in the current Deferral
Year.

	 	(B)	 	Deferral of Stock Option Gains.

	 	(1)	 	Participation. Effective January 1, 2004, the
Plan will no longer permit Eligible Employees to enter into
Stock Option Gain Deferral Elections. Prior to January 1,
2004, an Eligible Employee could file at least twelve (12)
months prior to exercise an option under the Wells Fargo &
Company Long Term Incentive Compensation Plan, an
irrevocable Stock Option Gain Deferral Election. Stock
Option Gain Deferral Elections entered into prior to
January 1, 2004 became effective immediately. An Eligible
Employee who had made a Stock Option Gain Deferral Election
is a Participant. Amounts deferred under a Stock Option
Gain Deferral Election shall be credited to a Deferral
Account established under the Plan for the Eligible
Employee.

	 	(2)	 	Deferral Election. Effective January 1, 2004,
the Plan will no longer permit Eligible Employees to enter
into Stock Option Gain Deferral Elections. Prior to January
1, 2004, a Stock Option Gain Deferral Election shall consist
of the Eligible Employee’s election to defer all of the
eligible Stock Option Gain Compensation derived from a
specific stock option grant under the Wells Fargo & Company
Long Term Incentive Compensation Plan. Eligible Stock Option
Gain Compensation consists of only stock option gains realized
using the stock-for-stock swap (“stock swap”) method of
exercise. Stock option gains derived from either a cash
exercise or a same day sale will not be eligible Stock Option
Gain Compensation. Therefore, if an Eligible Employee elects
to defer the stock option gain derived from a specific stock
option grant, the Eligible Employee must agree to use the
stock swap method under the terms and conditions of such
grant. Stock option gains from stock swaps will be allocated
solely to the Common Stock Earnings Option. The Stock Option
Gain Deferral Election must also specify the timing and form
of distribution of the amount deferred as described in Section
8.

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	 	(3)	 	Effect on Stock Options. The filing of a Stock
Option Gain Deferral Election (prior to January 1, 2004)
prohibits the Participant from exercising the stock option for
at least twelve (12) months. Termination of employment for any
reason prior to exercise will void the Stock Option Gain
Deferral Election.

     7.     Deferral Account Valuation.

	 	(A)	 	Earnings Options. The earnings options available for
selection on the Deferral Election are as follows:

	 	(1)	 	Common Stock Earnings Option

	 	(2)	 	CD Option

	 	(3)	 	Fund Options

	 		 	A Participant must choose to allocate amounts credited to the
Participant’s Deferral Account among the earnings options in
increments of one (1) percent. Except as to new Eligible
Employees, the initial election of earnings options must be made by
the Participant in advance of each Deferral Year. A Participant’s
Stock Option Gain Deferral Election will automatically be allocated
to the Common Stock Earnings Option. In addition, a minimum of
twenty (20) percent of the amount of Compensation deferred during a
Deferral Year must be allocated to the Common Stock Earnings
Option. Except with respect to the portion of the Deferral Account
allocated to the Common Stock Earnings Option, after the initial
election of earnings options, a Participant shall be entitled to
change the earnings options for the Participant’s entire Deferral
Account with such frequency (but no more than twice each year) and
effective as of such dates as determined by the Plan Administrator
by making an earnings option election with the Plan Administrator
pursuant to a procedure established by the Plan Administrator.
Such earnings option election will not change the earnings options
selected by the Participant on the current Deferral Year’s Deferral
Election for the remaining Compensation to be deferred in the
current Deferral Year.

	 	(B)	 	Periodic Credits of Deferral Amounts. The
Participant’s Deferral Account shall be credited with the amount
of the deferred Compensation on the day such deferred
Compensation would otherwise be paid to a Participant. All
periodic credits to a Participant’s Deferral Account under the
Fund Options shall be in share equivalents of the Fund Options.
All periodic credits to a Participant’s Deferral Account under
the Common Stock Earnings Option shall be in share equivalents of
Common Stock. The number of share equivalents of Common Stock
credited to a Participant’s Deferral Accounts for Compensation
deferrals under the Common Stock Earnings Option shall be
determined by dividing the amount of each periodic credit by the
New York Stock Exchange- only closing price per share of Common
Stock on the day that the deferred Compensation is credited to
the Participant’s Deferral Account (or, if the New York Stock
Exchange is closed on that date, on the next preceding date on
which it is open). When a stock option covered by a Stock Option
Gain Deferral Election is exercised using a stock swap, the
Participant’s Deferral Account will be credited on the stock
option exercise date. The amount of each credit shall be equal
to the amount deferred from the Participant’s Compensation and/or
Stock Option Gain Compensation. In the case of Compensation,
each credit shall be accounted for based on the earnings options
selected by the Participant on the Compensation Deferral
Election. In the case of Stock Option Gain Compensation, the
credit shall be based on the fair market value as of the stock
option exercise date as defined by the stock option plan.

	 	(C)	 	Increase or Decrease to Deferral Accounts. The value
of a Participant’s Deferral Account will increase or decrease as
follows:

	 	(1)	 	CD Option. The amount of the increase or
decrease for the CD Option for a particular calendar month is
calculated based on the interest rate as of the first business
day of that month

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	 		 	for a certificate of deposit in such denomination and for such
duration as is determined by the Plan Administrator.

	 	(2)	 	Fund Options. The amount of the increase or
decrease for a Fund Option is based on the performance for the
selected Fund Option.

	 	(3)	 	Common Stock Earnings Option. The amount of the
increase or decrease for the Common Stock Earnings Option is
based on the performance of the Common Stock including
dividends. Common Stock dividend equivalents will be credited
under the Common Stock Earnings Option at the same time and
same rate as dividends are paid on shares of Common Stock.

     8.     Distributions. Payment of Deferral Accounts shall be made in
accordance to the Participant’s Deferral Elections, subject to the following:

	 	(A)	 	Lump Sum or Installment Distributions. A
Participant must elect to receive distribution of the
Participant’s Deferral Accounts in either a lump sum or in
annual installments over a period of years up to ten.

	 	(B)	 	Timing of Distribution. A Participant must
designate on the Deferral Election the year that distribution
from the Participant’s Deferral Account shall be made. For
purposes of Stock Option Gain Deferral Elections (made prior
to January 1, 2004), the Participant may not elect to receive
the distribution earlier than twelve (12) months after the
date on which the option is exercised. In all events,
however, distribution shall commence as soon as practicable
after the March 1 immediately following the date the
Participant ceases to be employed by the Company or a
subsidiary of the Company. A Participant who is actively
employed by the Company or a subsidiary of the Company shall
be permitted to make a one time re-deferral election to push
back the timing of distribution of a particular Deferral Year
by selecting a new distribution year that is at least three
(3) years beyond the originally elected distribution year and
by completing an election form in a form provided by the Plan
Administrator at least twelve (12) months prior to the
originally elected distribution year. If a Participant
re-defers by electing a new distribution year for a
particular Deferral Year, that Deferral Year Account shall
become subject to the terms of the Plan in effect at the time
of the new distribution election including the early
withdrawal provisions. An election of a new distribution
year shall not change the form of distribution (lump sum or
installments) originally selected on the Participant’s
Deferral Election.

	 	(C)	 	Accounts Less Than $25,000. Notwithstanding the
foregoing, if the aggregate value of the Participant’s
Deferral Accounts attributable to (a) Deferral Elections made
for Deferral Years commencing on or after January 1, 2000,
(b) Deferral Elections made on July 1, 1999 by transferred
BRP Participants, and (c) any Prior Deferral Elections that
became subject to the terms of this Plan in accordance with
Section 8 (E), is less than $25,000 at the end of the month
in which the Participant’s employment terminates, such
Deferral Accounts shall be paid in a lump sum as soon as
practicable after the March 1 immediately following the
Participant’s termination date.

	 	(D)	 	Upon Death. If a Participant dies before receiving
all payments under the Plan, payment of the balance in the
Participant’s Deferral Accounts shall be made to the
Participant’s designated beneficiary in the forms of
distribution elected by the Participant on the Participant’s
Deferral Elections as soon as practicable after the March 1
following the date of the Participant’s death. To be valid,
a beneficiary designation must be in writing and the written
designation must have been delivered to and accepted by the
Plan Administrator prior to the Participant’s death.

	 		 	If at the time of the Participant’s death there is not on file a
fully effective beneficiary designation form, or if the designated
beneficiary did not survive the Participant, the person or persons
surviving at the time of the Participant’s death in the first of
the following classes of beneficiaries in

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	 		 	which there is a survivor, shall be entitled to receive the balance
of the Participant’s Deferral Accounts. If a person in the class
surviving dies before receiving the balance (or the person’s share
of the balance in case of more than one person in the class) of the
Participant’s Deferral Accounts, that person’s right to receive the
Participant’s Deferral Accounts will lapse and the determination of
who will be entitled to receive the Participant’s Deferral Accounts
will be determined as if that person predeceased the Participant.

	 	(a)	 	Participant’s surviving spouse;

	 	(b)	 	Equally to the Participant’s children,
except that if any of the Participant’s children predecease
the Participant but leave descendants surviving, such
descendants shall take by right of representation the share
their parent would have taken if living;

	 	(c)	 	Participant’s surviving parents equally;

	 	(d)	 	Participant’s surviving brothers and sisters equally; or

	 	(e)	 	Representative of the Participant’s estate.

	 	(E)	 	Transitional Rule. Notwithstanding the foregoing distribution
rules contained in this Section 8, a Participant who was employed
by the Company on January 1, 2000 and who entered into a Deferral
Election for a Deferral Year prior to January 1, 2000 or had a
Transferred Account (collectively “Prior Deferral Elections”) and
who had not commenced distribution of such Prior Deferral Election
prior to January 1, 2000, was given a one-time opportunity
effective January 1, 2000 to elect to change the method of
distribution (lump sum versus installments) or to postpone the
distribution commencement date for a Prior Deferral Election for a
period of at least one year from the original distribution
commencement date selected on the Prior Deferral Election. To be
effective, such change had to be submitted to the Plan
Administrator on a form provided by the Plan Administrator by
December 31, 1999, or if earlier, a date required by the Plan
Administrator. If the change was not submitted by December 31,
1999, the method and timing of distribution elected on the Prior
Deferral Election remained in effect. If the Participant elected
to make a change to a Prior Deferral Election, the amount deferred
under the Prior Deferral Election and all earnings attributable to
that Prior Deferral Election became subject to the distribution
rules contained in this Section 8 and the timing and form of
distribution selected on the Prior Deferral Election was no longer
applicable with respect to distributions on account of termination
of employment, retirement or disability. For purposes of a Prior
Deferral Election made under this Plan, “retirement” means the
Participant’s termination of employment with the Company after the
Participant’s attainment of regular or early retirement as defined
in Section 6.1 or 6.2 of the Norwest Corporation Pension Plan in
effect on June 30, 1999. Also, for purposes of Prior Deferral
Elections made under this Plan, “disability” means the
Participant’s total disability as described in the Wells Fargo &
Company Long-Term Disability Plan, as amended from time to time.

	 	(F)	 	Form of Distributions. All distributions from Deferral Accounts shall
be payable as follows:

	 	(1)	 	in cash for all Deferral Accounts in an earnings
option other than the Common Stock Earnings Option; or

	 	(2)	 	in shares of Common Stock for the portion of the
Deferral Accounts in the Common Stock Earnings Option.

	 	(G)	 	Valuation of Deferral Accounts for Distribution.

	 	(1)	 	The amount of the distribution in cash and/or
Common Stock shall be determined based on the Participant’s
Deferral Account balance (and, if applicable, the price of
Common Stock) as of the close of business on March 1 of the
year of distribution (or the next following business day

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	 		 	if March 1 is not a business day). The amount of the
distribution in cash and/or Common Stock as of any other date on
which a distribution is made shall be determined based on the
Participant’s Deferral Account balance (and, if applicable, the
price of Common Stock) as of the close of business on the last
business day of the month in which the event which triggers
distribution occurs. Earnings adjustments to amounts that have
been valued for distribution shall cease as of the date used to
value such amounts.

	 	(2)	 	The amount of each installment payment will be
based on the value of the Participant’s Deferral Account as of
the close of business on March 1 of the year of the
installment payment (or the next following business day if
March 1 is not a business day) and the number of the
installments remaining. The balance remaining in the Deferral
Account shall continue to be adjusted based on the earnings
options selected by the Participant in the Deferral Election
until the valuation date used to determine the amount of the
last payment. All installment payments will be made by pro
rata withdrawals from each earnings option elected by the
Participant.

	 	(H)	 	Early Withdrawal. Effective January 1, 2004, the Plan
will not allow early withdrawals for any reason. As such, this
Section 8(H) is not applicable for Deferral Accounts attributable
to Deferral Years commencing on or after January 1, 2004 and to
Deferral Accounts commencing prior to January 1, 2004 that were
subject to a change in the time of distribution election made
pursuant to Section 8(B). A Participant or beneficiary who
wishes to receive payment of all or part of the Participant’s
Deferral Account on a date earlier than that specified in the
Deferral Election or in the case of a beneficiary in accordance
with Section 8(D), may do so by filing with the Plan
Administrator a request for early withdrawal. Such payment will
be made from the earliest Deferral Year(s) in which the
Participant has participated in the Plan. Partial withdrawals of
a given Deferral Year’s deferral are not permitted. Deferral
Accounts will be distributed in the order in which the accounts
were established. Stock Option Gain Compensation deferrals will
be distributed in the order in which the accounts were
established following the distribution of all funds from the
Compensation Deferrals. For the appropriate Deferral Year(s),
Account accruals to date shall be disbursed completely, less a
10% early withdrawal penalty on the amount distributed. The 10%
penalty assessed for early withdrawal will be permanently
forfeited by the Participant and will be credited to the account
of the Company. Further, the Participant shall forfeit
eligibility to defer Compensation under this Plan during the two
Deferral Years following the year in which the early withdrawal
is made, but in no case shall an early withdrawal cause a current
Deferral Election (either of Compensation or Stock Option Gain
Compensation) to be suspended or canceled. In no case may a
Participant or beneficiary make more than one early withdrawal
per calendar year.

     9.     Nonassignability. No Participant or beneficiary shall have any
interest in any Accounts under this Plan that can be transferred, nor shall any
Participant or beneficiary have any power to anticipate, alienate, dispose of,
pledge or encumber the same while in the possession or control of the Company,
nor shall the Company recognize any assignment thereof, either in whole or in
part, nor shall any Account be subject to attachment, garnishment, execution
following judgment or other legal process while in the possession or control of
the Company. The designation of a beneficiary by a Participant does not
constitute a transfer.

     10.     Withholding of Taxes. Distributions under this Plan shall be subject
to the deduction of the amount of any federal, state, or local income taxes,
Social Security tax, Medicare tax, or other taxes required to be withheld from
such payments by applicable laws and regulations.

     11.     Unsecured Obligation. The obligation of the Company to make payments
under this Plan constitutes only the unsecured (but legally enforceable)
promise of the Company to make such payments. The Participant shall have no
lien, prior claim or other security interest in any property of the Company.
The Company is not required to establish or maintain any fund, trust or account
(other than a bookkeeping account or reserve) for the purpose of funding or
paying the benefits promised under this Plan. If such a fund is established,
the property therein shall remain the sole and exclusive property of the
Company. The Company will pay the cost of this Plan out of its general assets.
All references to accounts, accruals, gains, losses, income, expenses,
payments, custodial funds and the like

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 are included merely for the purpose of measuring the Company’s obligation
to Participants in this Plan and shall not be construed to impose on the
Company the obligation to create any separate fund for purposes of this Plan.

     12.     Trust Fund. If the Company chooses to fund credits to Participant’s
Deferral Accounts, all cash contributed for such funding shall be held and
administered in trust in accordance with the terms and provisions of a trust
agreement between the Company and the appointed trustee or any duly appointed
successor trustee. All Common Stock or other funds in the trust shall be held
on a commingled basis and shall be subject to the claims of the general
creditors of the Company. Plan Accounts shall be for bookkeeping purposes
only, and the establishment of Plan Accounts shall not require segregation of
trust assets.

     13.     No Guarantee of Employment. Participation in this Plan does not
constitute a guarantee or contract of employment with the Company or any of the
Company’s affiliates. Such participation shall in no way interfere with any
right of the Company or any affiliate to determine the duration of a
Participant’s employment or the terms and conditions of such employment.

     14.     Administration. The Plan Administrator or its delegate shall have the
exclusive authority and responsibility for all matters in connection with the
operation and administration of the Plan. The Plan Administrator’s powers and
duties shall include, but shall not be limited to, the following: (a)
responsibility for the compilation and maintenance of all records necessary in
connection with the Plan; (b) discretionary authority to interpret the terms of
the Plan; (c) authorizing the payment of all benefits and expenses of the Plan
as they become payable under the Plan; (d) authority to engage such legal,
accounting and other professional services as it may deem necessary; (e)
authority to adopt procedures for implementing the Plan; (f) discretionary
authority to determine Participants’ eligibility for benefits under the Plan;
(g) set limits on the percentage or amount of Compensation that may be deferred
in a Deferral Year; and (h) to resolve all issues of fact and law in connection
with such determinations.

     15.     Common Stock. Subject to adjustment below, the maximum number of
shares of Common Stock that may be credited under the Plan is 5,000,000. If
the Company shall at any time increase or decrease the number of its
outstanding shares of Common Stock or change in any way the rights and
privileges of such shares by means of the payment of a stock dividend or any
other distribution upon such shares payable in Common Stock, or through a stock
split, subdivision, consolidation, combination, reclassification, or
recapitalization involving the Common Stock, then the numbers, rights, and
privileges of the shares issuable under the Plan shall be increased, decreased,
or changed in like manner as if such shares had been issued and outstanding,
fully paid, and non-assessable at the time of such occurrence.

     16.     Claims Procedure. The Company shall establish a claims procedure
consistent with the requirements of ERISA. Such claims procedure shall provide
adequate notice in writing to any Participant or Beneficiary whose claim for
benefits under the Plan has been denied, setting forth the specific reasons for
such denial, written in a manner calculated to be understood by the claimant
and shall afford a reasonable opportunity to a claimant whose claim for
benefits has been denied for a full and fair review by the Company of the
decision denying the claim.

     17.     Construction and Applicable Law. This Plan is intended to be
construed and administered as an unfunded plan maintained primarily for the
purpose of providing deferred compensation for a select group of management or
highly compensated employees as provided under ERISA. The Plan shall be
construed and administered according to the laws of the State of Minnesota to
the extent that such laws are not preempted by ERISA.

     18.     Agent for Legal Process. The Company shall be agent for service of
legal process with respect to any matter concerning the Plan, unless and until
the Company designates some other person as such agent.

     19.     Amendment and Termination. The Board of Directors of the Company or
the Human Resources Committee of the Company’s Board of Directors may at any
time terminate, suspend, or amend this Plan in any manner; provided, however,
that if necessary to maintain the availability of the exemption contained in
Rule 16b-3, or any successor regulation, under the Securities Exchange Act of
1934, as amended, for transactions pursuant to this Plan, the provisions of
this Plan relating to the amount, price and timing of awards pursuant to this
Plan may not be

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amended more than once in every six months other than to comport with changes
in the Internal Revenue Code or ERISA, or the rules thereunder. In the event
that the Plan is terminated, the Deferral Accounts of all Participants (whether
or not currently in distribution status) shall be paid in the form originally
elected by the Participant to commence as soon as practicable after the March 1
following the date the Plan is terminated or shall be paid under some other
method as determined by the Plan Administrator. Notwithstanding the foregoing,
the President, Director of Human Resources and the Senior Vice President of
Compensation and Benefits, acting singly, shall have the authority to execute a
written action to amend the Plan to authorize the merger of any nonqualified
deferred compensation plan maintained by any acquired entity into this Plan.

     20.     Severability. If any provision of the Plan is determined to be
illegal or invalid (in whole or in part) for any reason, or if legislative,
Internal Revenue Service, Department of Labor, court or other action is at risk
of causing a provision to be interpreted so as to cause Participants in the
Plan to be in constructive receipt of amounts in their Deferral Accounts for
U.S. federal income tax purposes, the Plan shall be construed and enforced as
if the provision had not been included in the Plan.

9<PAGE>
                                                                     Exhibit 4.1

                                 CERTIFICATE OF
                 VICE CHAIRMAN AND CHIEF FINANCIAL OFFICER AND
                            VICE PRESIDENT, TREASURER
                             AND ASSISTANT SECRETARY
                      PURSUANT TO SECTIONS 201, 301 AND 303
                                OF THE INDENTURE

                                                         Dated: November 7, 2003

                  The undersigned, ALAN H. LUND and PAMELA S. HENDRY, do hereby
certify that they are the duly appointed and acting Vice Chairman and Chief
Financial Officer and Vice President, Treasurer and Assistant Secretary,
respectively, of INTERNATIONAL LEASE FINANCE CORPORATION, a California
corporation (the "Company"). Each of the undersigned also hereby certifies,
pursuant to Sections 201, 301 and 303 of the Indenture, dated as of November 1,
2000 (the "Indenture"), between the Company and The Bank of New York, as
Trustee, as amended, that:

                  A. There has been established pursuant to resolutions duly
adopted by the Board of Directors of the Company (a copy of such resolutions
being attached hereto as Exhibit B) and by a Special Committee of the Board of
Directors (a copy of such resolutions being attached hereto as Exhibit C) a
series of Securities (as that term is defined in the Indenture) to be issued
under the Indenture, with the following terms:

                  1. The title of the Securities of the series is "Medium-Term
                  Notes, Series P" (the "Medium-Term Notes").

                  2. The limit upon the aggregate principal amount of the
                  Medium-Term Notes which may be authenticated and delivered
                  under the Indenture (except for Medium-Term Notes
                  authenticated and delivered upon registration of, transfer of,
                  or in exchange for, or in lieu of other Medium-Term Notes
                  pursuant to Sections 304, 305, 306, 906 or 1107 of the
                  Indenture) is $1,000,000,000. The Company may, without the
                  consent of the Holders of the Medium-Term Notes, issue
                  additional notes having the same ranking, interest rate,
                  Stated Maturity, CUSIP number and terms as to status,
                  redemption or otherwise as Medium-Term Notes that have been
                  previously issued, in which event such notes and such
                  previously issued Medium-Term Notes shall constitute one issue
                  for all purposes under the Indenture including without
                  limitation, amendments and waivers.

                  3. The date on which the principal of each of the Medium-Term
                  Notes is payable shall be any Business Day (as defined in the
                  forms of Global Fixed Rate Note and Global Floating Rate Note
                  attached hereto as Exhibit A and incorporated herein by
                  reference) nine months or more from the date of issuance as
                  determined from time to time by any one of Steven F.
                  Udvar-Hazy, John L. Plueger, Alan H. Lund, Pamela S. Hendry or
                  Kurt Schwarz (each a "Designated Person").

                  4. The rate at which each of the Medium-Term Notes shall bear
                  interest shall be established by any one Designated Person,
                  and may be either a fixed interest
<PAGE>
                  rate (which may be zero) (hereinafter, a "Fixed Rate Note") or
                  may vary from time to time in accordance with one of the
                  interest rate formulas more fully described in Exhibit A
                  hereto (hereinafter, a "Floating Rate Note") or otherwise as
                  specified by a Designated Person.

                  5. Unless otherwise specified by a Designated Person, the date
                  from which interest shall accrue for each Medium-Term Note
                  shall be the respective date of issuance of each of the
                  Medium-Term Notes.

                  6. The interest payment dates on which interest on the
                  Medium-Term Notes shall be payable are, in the case of Fixed
                  Rate Notes, April 15 and October 15, unless otherwise
                  specified by any Designated Person, and, in the case of
                  Floating Rate Notes, such dates as specified by any Designated
                  Person. The initial interest payment on each outstanding
                  Medium-Term Note shall be made on the first interest payment
                  date falling at least 15 days after the date the Medium-Term
                  Note is issued, unless otherwise specified by any Designated
                  Person.

                  7. The regular record dates for the interest payable on any
                  Fixed Rate Note on any interest payment date shall be April 1
                  and October 1, unless otherwise specified by any Designated
                  Person, and the regular record dates for the interest payable
                  on any Floating Rate Note on any interest payment date shall
                  be on the day 15 calendar days prior to any such interest
                  payment date, unless otherwise specified by any Designated
                  Person.

                  8. Interest on the Fixed Rate Notes shall be computed on the
                  basis of a 360-day year of twelve (12) 30-day months. Interest
                  on the Floating Rate Notes shall be computed on the basis set
                  forth in Exhibit A hereto.

                  9. The place or places where the principal (and premium, if
                  any) and interest on Medium-Term Notes shall be payable is at
                  the office of the Trustee, 101 Barclay Street, Ground Floor
                  Window, New York, New York 10286, provided that payment of
                  interest, other than at Stated Maturity (as defined in the
                  Indenture) or upon redemption or repurchase, may be made at
                  the option of the Company by check mailed to the address of
                  the person entitled thereto as such address shall appear in
                  the Security Register (as defined in the Indenture) and
                  provided further that (i) the Depositary (as designated
                  below), as holder of Global Securities (as defined in the
                  Indenture), shall be entitled to receive payments of interest
                  by wire transfer of immediately available funds, and (ii) a
                  Holder of $10,000,000 or more in aggregate principal amount of
                  certificated Medium-Term Notes, having identical Interest
                  Payment Dates, shall be entitled to receive payments of
                  interest, other than interest due at Stated Maturity or upon
                  redemption, by wire transfer in immediately available funds to
                  a designated account maintained in the United States upon
                  receipt by the Trustee of written instructions from such
                  Holder not later than the Regular Record Date for the related
                  Interest Payment Date. Such instructions shall remain in
                  effect with respect to payments of interest made to such
                  Holder on subsequent Interest

                                       2
<PAGE>
                  Payment Dates unless revoked or changed by written
                  instructions received by the Trustee from such Holder;
                  provided that any such written revocation or change which is
                  received by the Trustee after a Regular Record Date and before
                  the related Interest Payment Date shall not be effective with
                  respect to the interest payable on such Interest Payment Date.

                  10. The date, if any, on which each Medium-Term Note may be
                  redeemed at the option of the Company shall be established by
                  any Designated Person.

                  11. The terms under which any of the Medium-Term Notes shall
                  be repaid at the option of the Holder shall be as set forth in
                  the forms of the Global Fixed Rate Note and Global Floating
                  Rate Note attached hereto and the obligation of the Company,
                  if any, to repay any of the Medium-Term Notes at the option of
                  a Holder shall be established by any Designated Person.

                  12. The Medium-Term Notes shall be issued in fully registered
                  form in denominations of $1,000 or any amount in excess
                  thereof which is an integral multiple of $1,000.

                  13. The principal amount of the Medium-Term Notes shall be
                  payable upon declaration of acceleration of the maturity
                  thereof pursuant to Section 502 of the Indenture.

                  14. The Medium-Term Notes shall be issued as Global Securities
                  under the Indenture, unless otherwise specified by any
                  Designated Person, and The Depository Trust Company is
                  designated the Depositary under the Indenture for the
                  Medium-Term Notes.

                  15. The terms of the Medium-Term Notes include the provisions
                  set forth in Exhibit A hereto.

                  16. If specified by a Designated Person, Medium-Term Notes may
                  be issued as Amortizing Notes, Original Issue Discount Notes
                  or Indexed Notes, each as described in the Prospectus
                  Supplement dated November 7, 2003 to the Prospectus dated July
                  1, 2003 relating to the Medium-Term Notes, including any
                  subsequent amendments or supplements thereto.

                  B. The forms of the Global Fixed Rate Notes and the Global
Floating Rate Notes are attached hereto as Exhibit A.

                  C. The Trustee is appointed as Paying Agent (as defined in the
Indenture) and The Bank of New York is appointed as Calculation Agent.

                  D. The foregoing form and terms of the Medium-Term Notes have
been established in conformity with the provisions of the Indenture.

                  E. Each of the undersigned has read the provisions of Sections
301 and 303 of the Indenture and the definitions relating thereto and the
resolutions adopted by the Board of

                                       3
<PAGE>
Directors of the Company and delivered herewith. In the opinion of each of the
undersigned, he or she has made such examination or investigation as is
necessary to enable him or her to express an informed opinion as to whether or
not all conditions precedent provided in the Indenture relating to the
establishment, authentication and delivery of a series of Securities under the
Indenture, designated as the Medium-Term Notes in this Certificate, have been
complied with. In the opinion of each of the undersigned, all such conditions
precedent have been complied with.

                  F. The undersigned Assistant Secretary, by execution of this
Certificate, thereby certifies the actions taken by the Special Committee of the
Board of Directors of the Company in determining and setting the specific terms
of the Medium-Term Notes, and hereby further certifies that attached hereto as
Exhibits A, B, and C respectively, are the forms of certificates representing
the Global Fixed Rate Notes and Global Floating Rate Notes as duly approved by
the Special Committee of the Board of Directors of the Company, a copy of
resolutions duly adopted by the Board of Directors of the Company as of June 11,
2003 and a copy of resolutions duly adopted by the Special Committee of the
Board of Directors as of November 7, 2003, pursuant to which the terms of the
Medium-Term Notes set forth above have been established.

                  [remainder of page intentionally left blank]

                                       4
<PAGE>
                  IN WITNESS WHEREOF, the undersigned have hereunto executed
this Certificate as of the date first above written.

                                     /s/ Alan H. Lund
                                     ----------------------------------------
                                     Alan H. Lund
                                     Vice Chairman and
                                     Chief Financial Officer

                                     /s/ Pamela S. Hendry
                                     ----------------------------------------
                                     Pamela S. Hendry
                                     Vice President, Treasurer and
                                     Assistant Secretary

                                       5

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