Document:

Amendment to the Wyeth Deferred Compensation Plan

The Wyeth Deferred Compensation Plan, as amended and restated as of November 20, 2003, is further amended, effective as of January 1, 2005 (unless otherwise provided), by adding the following Section Fourteen immediately following Section Thirteen.

"SECTION FOURTEEN—SECTION 409A AMENDMENTS

Notwithstanding anything in the Plan to the contrary, effective as of January 1, 2005 (unless otherwise provided), the Plan is amended as set forth in this Section Fourteen in order to avoid adverse or unintended tax consequences under Section 409A of the Code and the applicable rules and regulations thereunder to any Participant.  The provisions of this Section Fourteen shall apply to the portion of a Participant's Deferral Account that is not both earned and vested as of December 31, 2004 (the "409A Deferral Account"), notwithstanding any contrary provision of the Plan, and shall supersede the other provisions of the Plan to the extent necessary to eliminate inconsistencies between this Section Fourteen and such other provisions.  References to Sections are references to sections in the Plan, unless otherwise provided.

(a)          Deferral Elections.  An Employee of the Company who first becomes eligible to participate in the Plan on or after January 1, 2005 and on or prior to March 15, 2005 shall be permitted to elect, at any time on or prior to March 15, 2005, in accordance with procedures established by the Administrator and Q&A 21 of Notice 2005-1 promulgated by the U.S. Treasury Department and the Internal Revenue Service ("Notice 2005-1"), to defer his Base Salary earned in the calendar year beginning on January 1, 2005 and/or Bonus Compensation earned in the calendar year beginning on January 1, 2004 or January 1, 2005; provided, however, that the Base Salary
and/or Bonus Compensation to which such election relates has not been paid or become payable at the time of such election.

	
             
 	
            (b)
 	
            Payment Elections.  
 

(1)          Effective as of December 1, 2005, a Participant who elected in 2004 to defer Bonus Compensation earned in 2005 and payable in 2006 shall be permitted to elect by no later than December 31, 2005 to change the time and/or form of payment previously elected for such 2005 Bonus Compensation to another time and/or form of payment permitted under the Plan.

(2)          With respect to amounts previously deferred in the 409A Deferral Account, a Participant shall be permitted to make, through December 31, 2006, a re-deferral election or an election to change the time and/or form of payment, to the extent such election is permitted under the terms of the Plan; provided, however, that such election shall apply solely to amounts that would not otherwise be payable in 2006 and shall not cause any amount to be paid in 2006 that would not otherwise be payable in 2006.  

(3)          Except as otherwise provided in Section 14(c)(1), payment elections pursuant to this Section 14(b) shall be deemed pursuant to Q&A 19(c) of Notice 2005-1, as amended by the preamble to the proposed Treasury Regulations under Section 409A of the Code, issued on September 29, 2005.  

 

 

 

 

	
             
 	
            (c)
 	
            Termination of Participation; Cancellation of Deferral Election.
 

(1)          Effective as of December 1, 2005, a Participant who elected in 2004 to defer Bonus Compensation earned in 2005 and payable in 2006 shall be permitted to elect by no later than December 31, 2005, in accordance with procedures established by the Administrator, to cancel, in whole or in part, his deferral election under the Plan with respect to his Bonus Compensation earned in 2005 and payable in 2006.

(2)          The Committee shall be permitted, in 2005, to the extent it deems necessary or advisable under Section 409A, to cancel any 2005 deferral election and/or terminate a Participant's participation in the Plan solely with respect to his 409A Deferral Account; provided that amounts subject to such cancellation or termination be distributed by the later of December 31, 2005 and the date on which such amounts are earned and vested.

(3)          Any termination of participation or cancellation of a deferral election pursuant to this Section 14(c) shall be deemed pursuant to Q&A 20(a) of Notice 2005-1.

(d)          General Rules.  Notwithstanding anything in this Section Fourteen to the contrary:

(1)          Distribution of a Participant's 409A Deferral Account shall be made in accordance with the provisions of Section 409A of the Code and, to the extent that such payments are issued in connection with a Participant's separation from service (within the meaning of Section 409A of the Code) for any reason other than death, such payment shall be delayed for six months and one day to the extent the Administrator determines that such delay is necessary to avoid the imposition on any Participant of an additional tax or interest under Section 409A of the Code.

(2)          With respect to a Participant's 409A Deferral Account, the Retirement Committee of Wyeth shall have the unilateral right to amend or modify the Plan, any Participant elections under the Plan and the time and manner of any payment of benefits under the Plan in accordance with Section 409A of the Code, in each case, without the consent of any employee or Participant, to the extent that the Retirement Committee or the Administrator, as the case may be, deems such action to be necessary or advisable to avoid the imposition on any Participant of an additional tax or interest under Section 409A of the Code.  Any determinations made by the Retirement Committee under this Section 14(d)(2) shall be final, conclusive and binding on all persons."

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Except as set forth herein, the Plan remains in full force and effect.Amendment to the Wyeth Executive Retirement Plan

The Wyeth Executive Retirement Plan, as amended through June 16, 2004, is further amended, effective as of January 1, 2005 (unless otherwise provided), by adding the following Section Ten immediately following Section Nine.

"SECTION TEN—SECTION 409A AMENDMENTS

Notwithstanding anything in the Plan to the contrary, effective as of January 1, 2005 (unless otherwise provided), the Plan is amended as set forth in this Section Ten in order to avoid adverse or unintended tax consequences under Section 409A of the Code and the applicable rules and regulations thereunder to any Participant.  Except as provided in Section 10.2(a), the provisions of this Section Ten shall apply to the portion of a Participant's benefit under the Plan that is not both earned and vested as of December 31, 2004 (the "409A Benefit"), notwithstanding any contrary provision of the Plan, and shall supersede the other provisions of the Plan to the extent necessary to eliminate inconsistencies between this Section Ten and such other provisions.  References to Sections are references to sections in the Plan, unless otherwise provided.

	
             
 	
            10.1.
 	
            Payment Elections.
 	
             

	
             
 	
            (a)
 	
            Retirement-Eligible Participants.
 

Effective as of December 1, 2005, a Participant who, as of January 1, 2006, will have attained either his Early Retirement Age or Normal Retirement Age shall be permitted, by no later than December 31, 2005, to elect the form (annuity or lump sum) and time of commencement of his 409A Benefit, including an election to transfer the 409A Benefit to the Wyeth Deferred Compensation Plan (the "DCP"); provided that such form and time of payment would be permitted under the Plan or the DCP (if transferred thereto) and such election is made on the form provided by the Committee for purposes thereof.

	
             
 	
            (b)
 	
            Failure to Elect.
 

Effective as of December 31, 2005, a Participant described in Section 10.1(a) who does not make a payment election by December 31, 2005 shall receive his 409A Benefit in the form of a lump sum one year after the date of the Participant's separation from service pursuant to Section 409A of the Code (a "Separation from Service").

	
             
 	
            (c)
 	
            Elections Permitted Under Section 409A of the Code.
 

Payment elections made through December 31, 2005 with respect to a 409A Benefit shall be deemed pursuant to Q&A 19(c) of Notice 2005-1 promulgated by the U.S. Treasury Department and the Internal Revenue Service.

 

 

 

 

10.2   General Rules.

Notwithstanding anything in this Section Ten to the contrary:

	
             
 	
            (a)
 	
            Six-Month Delay.
 

Distribution of a Participant's 409A Benefit shall be made in accordance with the provisions of Section 409A of the Code and, to the extent that such payments are issued in connection with a Participant's Separation from Service for any reason other than death, such payment shall be delayed for six months and one day to the extent the Committee determines that such delay is necessary to avoid the imposition on any Participant of an additional tax or interest under Section 409A of the Code.

	
             
 	
            (b)
 	
            Payment of 409A Benefits.
 

To the extent that any Participant receives in 2005 a distribution of all, or any portion of, his 409A Benefit, such distribution shall be deemed a termination of such Participant's participation in the Plan with respect to all or such portion of the Participant's 409A Benefit in accordance with Q&A 20(a) of Notice 2005-1 promulgated by the U.S. Treasury Department and the Internal Revenue Service.  For avoidance of doubt, a Participant shall be permitted in 2005, pursuant to this Section 10.2(b), to elect to receive in 2005 a distribution of the portion of his 409A Benefit attributable to bonus compensation paid in 2005. 

	
             
 	
            (c)
 	
            Amendments and Modifications.
 

With respect to a Participant's 409A Benefit, the Retirement Committee of Wyeth shall have the unilateral right to amend or modify the Plan and to amend or modify (i) any Participant elections under the Plan and (ii) the time and manner of any payment of benefits under the Plan in accordance with Section 409A of the Code, in each case, without the consent of any employee or Participant, to the extent that the Retirement Committee, as the case may be, deems such action to be necessary or advisable to avoid the imposition on any Participant of an additional tax or interest under Section 409A of the Code.  Any determinations made by the Retirement Committee under this Section 10.3(c) shall be final, conclusive and binding on all persons."

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Except as set forth herein, the Plan remains in full force and effect.

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