Exhibit 10(o)
GENERAL ELECTRIC COMPANY
1994 EXECUTIVE DEFERRED SALARY PLAN
I. ELIGIBILITY
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Each employee of General Electric Company or a participating
affiliate ("Company") who, as of December 31, 1993, is in an Executive Band
or higher position, or an equivalent position in such affiliate, and who is
subject to U.S. tax laws, shall be eligible to participate in this Plan.
II. DEFERRAL OF SALARY
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1. Each employee eligible to participate in this Plan
("Participant") shall be given an opportunity to irrevocably
elect (subject to any conditions set out in the election form)
prior to any deferral hereunder:
(a) the portion (minimum of 10%, maximum of 100% for executive
officers - 50% for all others) of the Participant's 1994 base
salary to be deferred, and
(b) the form of payout alternative as set forth in Section V.
2. Commencing with base salary earned for January 1994, the
Participant's total base salary elected to be deferred under
this Plan will be deferred in ratable installments through the
month of December 1994, and will be credited to the
Participant's deferred salary cash account ("Deferred Account")
as of the end of the month of deferral ("Deferral Date").
III. SPECIAL ONE-TIME MATCHING CREDIT
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As of December 31, 1994, a special one-time credit shall be
made to the Deferred Account of each Participant who is
actively employed by the Company on such date. The amount of
such credit shall equal 3.5% of the total 1994 base salary
deferred under this Plan by the Participant (excluding
interest). Such credit shall not be provided for any
Participant who has terminated employment with the Company for
any reason prior to December 31, 1994, or is not actively
employed on such date.
IV. MANNER OF ACCOUNTING
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1. Each Deferred Account shall be unfunded, unsecured and
nonassignable, and shall not be a trust for the benefit of any
Participant.
2. Except as may be otherwise provided in Section V or VIII, the
Participant's Deferred Account will be credited with (a) the
amount of base salary deferred on each Deferral Date as set
forth in Section II (b) the special one-time matching credit as
set forth in Section III, and (c) interest at the annual rate
of 10% compounded annually on each December 31.
V. PAYMENT OF DEFERRED ACCOUNT
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1. Payment of a Participant's Deferred Account will be made only
after termination of employment of the Participant.
2. If no manner of payment election is made, the Deferred Account
will be paid in 10 annual installments commencing on March 1
(or as soon thereafter as practical) following the year of
termination of employment.
3. At the time of election to defer base salary, a Participant may
irrevocably elect: (a) the number of annual payout
installments (minimum of 10, maximum of 20) of the Deferred
Account commencing on March 1 (or as soon thereafter as
practical) following the year of termination of employment,
unless (b) a lump sum payment of the Deferred Account is
elected in which case the lump sum payment will be made on
March 1 (or as soon thereafter as practical) following the year
of termination of employment.
4. Participants who terminate their employment on or after
December 31, 1994 because of retirement, death, disability,
layoff, plant closing or transfer to a successor employer which
is not controlled by the Company, or Participants who terminate
their employment on or after December 31, 1998 for any reason,
will receive payouts based on Deferred Account accumulations at
the 10% interest rate. Payments will be made pursuant to
Section V.2 or V.3 above beginning on March 1 (or as soon
thereafter as practical) following the year of termination of
employment.
5. Unless waived by the Chairman of the Board of Directors of
General Electric Company (the "Chairman"), if the Participant
terminates employment prior to December 31, 1994 for any
reason, or prior to December 31, 1998 for any reason other than
retirement, death, disability, layoff, plant closing or
transfer to a successor employer which is not controlled by the
Company, the Participant's Deferred Account will be paid in a
lump sum as soon as practical following the date of
termination, along with simple interest credited at an annual
rate of 3% rather than the rate specified in Section IV.
VI. DEATH BENEFITS
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In the event of a Participant's death prior to receiving any or all
payments to which the Participant is entitled, the remaining Deferred
Account shall be paid at the time and in the manner provided in Section V
to the beneficiary or beneficiaries designated by the Participant on a
beneficiary designation form properly file by the Participant with the
Company in accordance with established administrative procedures. If no
such designated beneficiary survives the Participant, such remaining
benefits shall be paid as set forth above to the Participant's estate.
VII. ADMINISTRATION AND INTERPRETATION
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This Plan shall be administered by a "Committee" consisting of not
less than two persons appointed from time to time by the Chairman. The
Committee shall have full power and authority on behalf of the Company to
administer and interpret the Plan in its sole discretion. All Committee
decisions with respect to the administration and interpretation of the Plan
shall be final and binding upon all persons.
VIII. AMENDMENT OF THE PLAN
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This Plan may be amended, suspended or terminated at any time by the
Management Development and Compensation Committee of the Board of Directors
("MDCC"). In addition, the MDCC may alter or amend the payout schedule of
any or all of the accrued benefits of a Participant at any time.
IX. EFFECTIVE DATE
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The effective date of this Plan shall be January 1, 1994.