Washington Mutual, Inc. Deferred Compensation Plan Amendment
This document outlines proposed amendments to the Washington Mutual, Inc. Deferred Compensation Plan. The changes clarify eligibility, specifying that employees at Levels 1-5 and the top 250 earners as of September 30 each year are eligible, provided their earnings remain at least $200,000. Participants can elect to receive distributions after leaving the company, but must begin payments at age 65 unless still employed. Those with balances under $10,000 will automatically receive a lump sum upon termination.
Exhibit 10.11
Washington Mutual, Inc.
Deferred Compensation Plan
| Current Provision |
| Proposed Amendment |
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| Eligible Employee:
Levels 1-5 and all who earned $200,000 in previous year. |
| Eligible Employee:
· Levels 1-5 and
· Top 250 earners based on eligible compensation as of the most recent Sept. 30
· Once eligible, participants will continue to be eligible as long as eligible earnings are at lease $200,000 as the most recent Sept. 30 payroll data. |
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| Terminated participants may begin receiving distribution at any time. |
| Participants must receive payments beginning at age 65 unless they remain employed. |
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| Participants may elect to receive distributions any time after termination. |
| Participants with small balances (less than $10,000) will receive automatic lump sum distributions upon termination. |
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