Fourth Amendment to Newport News Shipbuilding Inc. Deferred Compensation Plan

Summary

This amendment updates the Newport News Shipbuilding Inc. Deferred Compensation Plan, effective October 10, 2000. It changes the rules for how vested benefits are paid, allowing payment in either cash or company common stock, with stock payments only available if the participant previously deferred performance shares. The amendment also clarifies timing for payments and confirms that all payments are subject to required tax withholdings.

EX-10.26 4 0004.txt EXHIBIT 10.26 Exhibit 10.26 FOURTH AMENDMENT TO NEWPORT NEWS SHIPBUILDING INC. DEFERRED COMPENSATION PLAN The Newport News Shipbuilding Inc. Deferred Compensation Plan is hereby amended, effective October 10, 2000, in the following respects: Section 7.06 is amended to read as follows: 7.06 Form of Payment. All vested benefits under the Plan shall be --------------- paid in cash or NNS common stock. Payment in NNS common stock shall be made only if the Participant has previously deferred the cash equivalent value of earned performance shares under Section 5.07. The number of shares of common stock so issued shall not exceed the equivalent number of shares initially deferred. Payments shall be made as soon as practicable after the end of the deferral period or, if earlier, the date specified in Section 7.02, 7.03, 7.04 or 7.05, as applicable. To the extent required by law, all payments shall be subject to withholding of Federal, state and local taxes. IN WITNESS WHEREOF, this amendment is hereby executed this _____ day of October 2000. NEWPORT NEWS SHIPBUILDING INC. By: _______________________________ Vice President ATTEST:______________________