Exhibit 10.29

 

RETIREMENT BENEFIT AGREEMENT

 

THIS AGREEMENT dated this 16th day of January, 2003, between The Burlington
Northern and Santa Fe Railway Company (hereinafter referred to as the “Company”)
and Mr. John Lanigan (hereinafter referred to as “Mr. Lanigan.”)

 

W I T N E S S E T H

 

WHEREAS, in consideration of Mr. Lanigan’s service, the Company desires to
provide Mr. Lanigan with benefits upon retirement to be calculated in the manner
and provided under the conditions set forth herein;

 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the
Company and Mr. Lanigan agree as follows:

 

1. Upon termination of his employment with the Company, Mr. Lanigan will be
entitled to the following retirement benefits:

 

  (a)   A Normal Retirement Benefit, reduced Early Retirement Benefit or Vested
Right Benefit calculated in accordance with the provisions of the Burlington
Northern Santa Fe Retirement Plan (hereinafter referred to as the “Plan”) in
effect on the date of his termination, and payable out of Plan assets in
accordance with the Plan terms and, if entitled thereto by the provisions of the
Burlington Northern Santa Fe Supplemental Retirement Plan, an additional benefit
payable out of the general assets of the Company; and

 

  (b)   An extra Retirement Benefit payable monthly out of the general assets of
the Company and calculated as follows:

 

  (i)   Mr. Lanigan’s Normal Retirement Benefit, reduced Early Retirement
Benefit or Vested Right Benefit calculated as described in Section 1(a) of this
Agreement, provided that for purposes of this Section 1(b), at the time of his
termination of employment Mr. Lanigan shall be credited with an additional five
years of Benefit Service under the Plan, with total Benefit Service not to
exceed 40 years under the BNSF Plan benefit formula; minus

 

  (ii)   Mr. Lanigan’s Normal Retirement Benefit, reduced Early Retirement
Benefit or Vested Right Benefit, if any, as calculated in Section 1(a) of this
Agreement.

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  (c)   The extra Retirement Benefit to be provided to Mr. Lanigan pursuant to
Section 1(b) will be forfeited if Mr. Lanigan voluntarily terminates his
employment with the Company without the Company’s consent prior to the
completion of five years of continuous employment or if Mr. Lanigan is
terminated by the Company for Cause (defined below), but shall not be forfeited
if Mr. Lanigan voluntarily terminates his employment with the Company after the
completion of five years of continuous employment or if Mr. Lanigan’s employment
with the Company terminates by reason of his death or disability or termination
by the Company without Cause. For purposes of this Section 1(c), “Cause” shall
mean (i) the willful and continued failure by Mr. Lanigan to substantially
perform his duties with the Company (other than any such failure resulting from
his incapacity due to physical or mental illness), or (ii) the willful engaging
by Mr. Lanigan in conduct which is demonstrably and materially injurious to the
Company, monetarily or otherwise. For purposes of this definition, no act, or
failure to act, shall be deemed “willful” unless done, or omitted to be done, by
Mr. Lanigan not in good faith and without reasonable belief that his action or
omission was in the best interest of the Company.

 

  (d)   For purposes of the extra Retirement Benefit to be provided to Mr.
Lanigan pursuant to Section 1(b), Mr. Lanigan shall be eligible for early
retirement at any time he has both attained age 55 and completed at least 10
years of Vesting Service.

 

2.   Nothing contained herein shall confer any right upon Mr. Lanigan for
continued employment by the Company, or any affiliate or subsidiary of the
Company.

 

3.   The Company retains the right to withhold from payments due hereunder
amounts deemed by the Company to be required to be withheld under income or
other tax laws of any jurisdiction.

 

4.   This Agreement releases the Company and its affiliates from making any
retirement benefit payments to Mr. Lanigan out of Plan or Company assets other
than as provided herein and supersedes all prior agreements between Mr. Lanigan,
the Company or any of its affiliated companies related to retirement benefits.

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
day and year first above written.

 

THE BURLINGTON NORTHERN AND SANTA FE RAILWAY COMPANY

By:

 

/s/    Matthew K. Rose

   

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[Corporate Seal]

 

ATTEST:

  

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Secretary

 

JOHN LANIGAN

/s/    John Lanigan

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