CIRCUMSTANCES REQUIRING AN EXTENSION OF TIME AND THE DATE BY WHICH THE COMMITTEE
EXPECTS TO RENDER THE BENEFIT DETERMINATION. IN RENDERING ITS DECISION, THE
COMMITTEE SHALL TAKE INTO ACCOUNT ALL COMMENTS, DOCUMENTS, RECORDS AND OTHER
INFORMATION SUBMITTED BY THE CLAIMANT RELATING TO THE CLAIM, WITHOUT REGARD TO
WHETHER SUCH INFORMATION WAS SUBMITTED OR CONSIDERED IN THE INITIAL BENEFIT
DETERMINATION. THE DECISION MUST BE WRITTEN IN A MANNER CALCULATED TO BE
UNDERSTOOD BY THE CLAIMANT, AND IT MUST CONTAIN:
(A)
SPECIFIC REASONS FOR THE DECISION;
(B)
SPECIFIC REFERENCE(S) TO THE PERTINENT PLAN PROVISIONS UPON WHICH
THE DECISION WAS BASED;
(C)
A STATEMENT THAT THE CLAIMANT IS ENTITLED TO RECEIVE, UPON REQUEST
AND FREE OF CHARGE, REASONABLE ACCESS TO AND COPIES OF, ALL DOCUMENTS, RECORDS
AND OTHER INFORMATION RELEVANT (AS DEFINED IN APPLICABLE ERISA REGULATIONS) TO
THE CLAIMANT'S CLAIM FOR BENEFITS; AND
(D)
A STATEMENT OF THE CLAIMANT'S RIGHT TO BRING A CIVIL ACTION UNDER
ERISA SECTION 502(A).
17.5
LEGAL ACTION.
A CLAIMANT'S COMPLIANCE WITH THE FOREGOING
PROVISIONS OF THIS ARTICLE 17 IS A MANDATORY PREREQUISITE TO A CLAIMANT'S RIGHT
TO COMMENCE ANY LEGAL ACTION WITH RESPECT TO ANY CLAIM FOR BENEFITS UNDER THIS
PLAN.
ARTICLE 18
TRUST
18.1
ESTABLISHMENT OF THE TRUST.
IN ORDER TO PROVIDE ASSETS FROM WHICH
TO FULFILL THE OBLIGATIONS OF THE PARTICIPANTS AND THEIR BENEFICIARIES UNDER THE
PLAN, THE PRINCIPAL SPONSOR MAY ESTABLISH A TRUST BY A TRUST AGREEMENT WITH A
THIRD PARTY, THE TRUSTEE, TO WHICH EACH EMPLOYER MAY, IN ITS DISCRETION,
CONTRIBUTE CASH OR OTHER PROPERTY, INCLUDING SECURITIES ISSUED BY THE PRINCIPAL
SPONSOR, TO PROVIDE FOR THE BENEFIT PAYMENTS UNDER THE PLAN.
18.2
INTERRELATIONSHIP OF THE PLAN AND THE TRUST.
THE PROVISIONS OF THE
PLAN AND THE PLAN AGREEMENT SHALL GOVERN THE RIGHTS OF A PARTICIPANT TO RECEIVE
DISTRIBUTIONS PURSUANT TO THE PLAN.
27
Hormel Foods Corporation
Executive Deferred Income Plan II
Master Plan Document (2008 Restatement)
THE PROVISIONS OF THE TRUST SHALL GOVERN THE RIGHTS OF THE EMPLOYERS,
PARTICIPANTS AND THE CREDITORS OF THE EMPLOYERS TO THE ASSETS TRANSFERRED TO THE
TRUST. EACH EMPLOYER SHALL AT ALL TIMES REMAIN LIABLE TO CARRY OUT ITS
OBLIGATIONS UNDER THE PLAN.
18.3
DISTRIBUTIONS FROM THE TRUST.
EACH EMPLOYER'S OBLIGATIONS UNDER THE
PLAN MAY BE SATISFIED WITH TRUST ASSETS DISTRIBUTED PURSUANT TO THE TERMS OF THE
TRUST, AND ANY SUCH DISTRIBUTION SHALL REDUCE THE EMPLOYER'S OBLIGATIONS UNDER
THIS PLAN.
ARTICLE 19
MISCELLANEOUS
19.1
STATUS OF PLAN. THE PLAN IS INTENDED TO BE A PLAN THAT IS NOT
QUALIFIED WITHIN THE MEANING OF CODE SECTION 401(A) AND THAT "IS UNFUNDED AND IS
MAINTAINED BY AN EMPLOYER PRIMARILY FOR THE PURPOSE OF PROVIDING DEFERRED
COMPENSATION FOR A SELECT GROUP OF MANAGEMENT OR HIGHLY COMPENSATED EMPLOYEES"
WITHIN THE MEANING OF ERISA SECTIONS 201(2), 301(A)(3) AND 401(A)(1). THE PLAN
SHALL BE ADMINISTERED AND INTERPRETED TO THE EXTENT POSSIBLE IN A MANNER
CONSISTENT WITH THAT INTENT.
19.2
UNSECURED GENERAL CREDITOR.
PARTICIPANTS AND THEIR BENEFICIARIES,
HEIRS, SUCCESSORS AND ASSIGNS SHALL HAVE NO LEGAL OR EQUITABLE RIGHTS, INTERESTS
OR CLAIMS IN ANY PROPERTY OR ASSETS