ex10k.htm


    Exhibit
10(k)

    GE
Excess Benefits Plan

    Effective
January 1, 2009

     

     

    Section
I.

    Eligibility

     

    All Employees,
Surviving Spouses and beneficiaries of Employees eligible to receive Pension
Benefits under the GE Pension Plan shall be eligible to receive excess benefits
under this Plan in accordance with Section II.

     

    Section
II.

    Excess
Benefits

     

    
      	
               
      

            	
              1.

            	
              The amount of
      the Excess Benefit payable under this Plan to an Employee, Surviving
      Spouse or beneficiary shall be based upon the excess (if any)
      of:

            


    

     

    
      	
               
      

            	
              a.

            	
              the Pension,
      survivor benefit or death benefit that the Employee, Surviving Spouse or
      beneficiary would have received under the GE Pension Plan as a result of
      the retirement or death of the Employee but for the limitations on such
      benefit imposed by the GE Pension Plan pursuant to Section 415 of the
      Code, over

            


    

     

    
      	
               
      

            	
              b.

            	
              the Pension,
      survivor benefit or death benefit that the Employee, Surviving Spouse or
      beneficiary receives under the GE Pension
Plan.

            


    

     

    For all periods
during which this Plan is in effect and regardless of whether the Employee’s
termination of Service date occurs on, before or after January 1, 2009, in no
event shall an individual be entitled to receive more benefits from this Plan
and the GE Pension Plan combined than he would have been entitled to receive
from the GE Pension Plan alone without application of the limits of Section 415
of the Code referred to in Section II.1.a. above.

     

    
      	
               
      

            	
              2.

            	
              Consistent
      with established Company procedures, if an eligible Employee commences his
      Excess Benefits at the time set forth in Section III but remains in
      protected service for other purposes, his initial Excess Benefits shall be
      based on his service credits earned up to the commencement date of his
      Excess Benefits. Following the eligible Employee’s break in protected
      service, the dollar amount (but not the form, time or manner of
      distribution) of the eligible Employee’s Excess Benefits shall be adjusted
      consistent with such procedures to take into account any additional
      service credits the eligible Employee may have earned under the GE Pension
      Plan and any related offsets.

            


    

     


    
      
         


      

      
        1

        
          

        

      

      
         


      

    


    
      	
               
      

            	
              3.

            	
              Notwithstanding
      any provision of the Plan to the contrary, in no event will any benefits
      be payable hereunder as a result of the exclusion from the definition of
      Compensation in the GE Pension Plan of Incentive Compensation, commissions
      and similar variable compensation paid after the end of the calendar year
      in which the Employee’s Service terminates pursuant to the last sentence
      of the first paragraph of the definition of “Compensation” set forth in
      Section XXVI therein.

            


    

     

    Section
III.

    Payment
of Excess Benefits

     

    
      	
               
      

            	
              1.

            	
              All Excess
      Benefits provided for hereunder which are Grandfathered Plan Benefits
      shall be paid in the same form, time and manner as the benefits payable to
      such Employee, Surviving Spouse or beneficiary under the GE Pension
      Plan.

            


    

     

    
      	
               
      

            	
              2.

            	
              All Excess
      Benefits provided for hereunder which are Non-Grandfathered Plan Benefits
      shall be paid in the same form, time and manner as the non-grandfathered
      plan benefits payable to such Employee, Surviving Spouse or beneficiary
      under the GE Supplementary Pension Plan.  Consistent with the
      foregoing, the provisions of the GE Supplementary Pension Plan which
      restrict payments to a Specified Employee during the first six months
      following Separation from Service shall apply in the same manner hereunder
      with respect to such Excess Benefits.  In addition, if an
      Employee is not also entitled to benefits from the GE Supplementary
      Pension Plan, the principles of the GE Supplementary Pension Plan
      governing the form, time and manner of payment shall nevertheless apply in
      the same manner hereunder with respect to such Excess
      Benefits.

            


    

     

    
      	
               
      

            	
              3.

            	
              If an
      Employee is reemployed, the treatment of the Employee’s Excess Benefits
      will be governed by the principles of the reemployment provisions of the
      GE Supplementary Pension Plan (regardless of whether the Employee is
      otherwise entitled to a Supplementary Pension under the GE Supplementary
      Pension Plan).

            


    

     

     

    

      Section
IV.

      
        Beneficiary

      

    

     

    An
Employee’s beneficiary for the purposes of this Plan shall be determined in the
same manner as beneficiaries are determined under the GE Supplementary Pension
Plan (regardless of whether the Employee is otherwise entitled to a
Supplementary Pension under the GE Supplementary Pension Plan).

     


    
      
         


      

      
        2

        
          

        

      

      
         


      

    


    Section
V.

    Administration

     

    
      	
               
      

            	
              1.

            	
              This Plan
      shall be administered by the Pension Board, which shall have authority in
      its sole discretion to make, amend, interpret and enforce rules and
      regulations for the administration of this Plan and decide or resolve in
      its sole discretion any and all questions which may arise in connection
      with this Plan.

            


    

     

    
      	
               
      

            	
              2.

            	
              In the
      administration of this Plan, the Pension Board may, from time to time,
      employ agents and delegate to them such administrative duties as it sees
      fit and may, from time to time, consult with counsel, including counsel to
      the Company.

            


    

     

    
      	
               
      

            	
              3.

            	
              The decision
      or action of the Pension Board in respect of any question arising out of
      or in connection with the administration, interpretation and application
      of this Plan and the rules and regulations hereunder shall be final and
      conclusive and binding upon all persons having any interest in this
      Plan.

            


    

     

    Section
VI.

    Amendment
and Termination

     

    The Company
reserves the right, by action of the General Electric Company Board of
Directors, to amend, modify or terminate, either retroactively or prospectively,
any or all of the provisions of this Plan; provided, however, that no such
action on its part shall adversely affect the rights of an Employee, his
Surviving Spouse or beneficiaries without the consent of such Employee (or his
Surviving Spouse or beneficiaries, if the Employee is deceased) with respect to
any benefits accrued under this Plan prior to the date of such amendment,
modification or termination of the Plan if the Employee has at that time a
non-forfeitable right to benefits under Section XII of the GE Pension
Plan.  Any amendment, modification or termination of the Plan shall
comply with the restrictions of Section 409A of the Code to the extent
applicable.  No amendment, modification or termination of the Plan may
accelerate a scheduled payment of Non-Grandfathered Plan Benefits, nor may any
amendment, modification or termination permit a subsequent deferral of
Non-Grandfathered Plan Benefits.

     

    Section
VII.

    General
Conditions

     

    
      	
               
      

            	
              1.

            	
              The Excess
      Benefits payable under this Plan shall be paid by the Company out of its
      general assets and shall not be funded in any manner.  The
      obligations that the Company incurs under this Plan shall be subject to
      the claims of the Company’s other creditors having priority as to the
      Company’s assets.

            


    

     


    
      
         


      

      
        3

        
          

        

      

      
         


      

    


    
      	
               
      

            	
              2.

            	
              Except as to
      withholding of any tax under the laws of the United States or any state or
      locality, no Excess Benefit payable at any time hereunder shall be subject
      in any manner to alienation, sale, transfer, assignment, pledge,
      attachment or other legal process, or encumbrance of any
      kind.  Any attempt to alienate, sell, transfer, assign, pledge
      or otherwise encumber any such Excess Benefit, whether currently or
      thereafter payable hereunder, shall be
void.

            


    

     

    
      	
               
      

            	
              3.

            	
              No Employee
      and no other person shall have any legal or equitable rights or interest
      in this Plan that are not expressly granted in this
      Plan.  Participation in this Plan does not give any person any
      right to be retained in the Service of his Employer.  The right
      and power of the Company to dismiss or discharge any Employee is expressly
      reserved.

            


    

     

    
      	
               
      

            	
              4.

            	
              Notwithstanding
      the provisions of Section I, employees who are represented by a union
      (pursuant to a certification by the National Labor Relations Board or
      otherwise in accordance with the provisions of Section 9 of the National
      Labor Relations Act) shall become eligible to participate in this Plan (a)
      only after the Company and such union shall have entered into a written
      agreement to the effect that the Plan shall be offered to the employees so
      represented, and (b) only in accordance with any conditions or
      requirements contained in such agreement; provided, however, that whenever
      employees who are eligible for the Plan choose a bargaining agent
      (pursuant to NLRB certification), they shall continue to be eligible
      unless and until the certified agent gives notice to the Company that it
      does not wish such eligibility to
continue.

            


    

     

    
      	
               
      

            	
              5

            	
              The rights
      under this Plan of an Employee who leaves the Service of the Company at
      any time and the rights of anyone entitled to receive any payments under
      this Plan by reason of the death of such Employee, shall be governed by
      the provisions of this Plan in effect on the date such Employee leaves the
      Service of the Company, except as otherwise specifically provided in this
      Plan; provided, however, that with respect to Non-Grandfathered Plan
      Benefits:

            


    

     

    
      	
               
      

            	
              a.

            	
              Any Employee
      who left the Service of the Company on or after January 1, 2005 and prior
      to January 1, 2009 and commenced receipt of such benefits before January
      1, 2009 shall not be eligible to select the revocation feature provided in
      Section IX.8 of the GE Pension
Plan.

            


    

     

    
      	
               
      

            	
              b.

            	
              Any Employee
      who left the Service of the Company on or after January 1, 2005 and prior
      to January 1, 2009 and did not commence receipt of such benefits before
      January 1, 2009 (or anyone entitled to receive any payments under the Plan
      by reason of the death of such Employee who did not commence receipt of
      such payments before January 1, 2009) shall have the form, time and manner
      of payment of such benefits determined under the terms contained
      herein.

            


    

     


    
      
         


      

      
        4

        
          

        

      

      
         


      

    


    
      	
               
      

            	
              6.

            	
              Except to the
      extent that the same are governed by the federal law (including Section
      409A of the Code), the law of the State of New York shall govern the
      construction and administration of this
Plan.

            


    

     

    
      	
               
      

            	
              7.

            	
              This Plan is
      intended to comply with Section 409A of the Code with respect to amounts
      accrued after December 31, 2004 and amounts that were accrued but
      forfeitable on that date.  In addition, if an Employee accrues
      benefits hereunder on or after January 1, 2005, the Plan is intended to
      comply with the requirements

            


    


    
      
         


      

      
        5