Document:

exhibit101.htm

    Exhibit 10.1

    Fiscal
Year 2009 Annual Incentive Plan Summary

    (September
1, 2008 through August 31, 2009 Performance Period)

    

    
      	
               
      

            	
              General:

            

    

    

    
      	
              ·  

            	
              The
      Fiscal Year 2009 Annual Incentive Plan (“Plan”) will cover the performance
      period September 1, 2008 through August 31, 2009 (“Performance
      Period”)

            

    

    

    
      	
              Ø  

            	
              Any
      payout, as determined by the Board People and Compensation Committee
      (“Committee”), is made in November
2009

            

    

    

    
      	
              ·  

            	
              Eligibility
      includes all regular employees of Monsanto Company, Seminis Vegetable
      Seeds Inc., and American Seeds Inc. who do not participate in a local
      sales or manufacturing annual incentive plan.  The Plan also
      excludes from eligibility all employees employed in the U.S. who are
      members of a collective bargaining unit with whom incentive compensation
      was the subject of good faith
bargaining

            

    

    

    
      	
              Ø  

            	
              Funding
      of the Plan is determined by the Company’s attainment of certain financial
      goals and the Committee’s determination that such attainment satisfies
      certain subjective performance criteria as determined by the
      Committee.  In addition, regardless of the attainment of any one
      or more of the Plan’s financial goals, the Committee, in its sole
      discretion, shall determine whether the incentive pool should be funded
      and the amount of such funding, if
any

            

    

     

    
      	
              Ø  

            	
              A
      Target Annual Incentive Opportunity, expressed as a percentage of base
      pay, is established for each participant with respect to the Performance
      Period

            

    

     

    
      

      
        	
                Performance
      Level

              	
                Potential
      Payout as a Percent of Target Annual Incentive
  Opportunity

              
	
                Threshold

              	
                35%

              
	
                Target
      (Budget)

              	
                100%

              
	
                Outstanding

              	
                200%

              

      

      
 

    

    Financial
Goals:

    

    
      	
              ·  

            	
              The
      Committee approves Threshold, Budget and Outstanding levels of performance
      for the Performance Period relating
to:

            

    

    

    
      	
               

            	
              Sales

            	
              10%
      weighting

            
	
               

            	
              Diluted
      Earnings Per Share

            	
              50%
      weighting

            
	
               

            	
              Cash
      Flow

            	
              40%
      weighting

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    
      	
              ·  

            	
              Sales,
      Diluted Earnings Per Share and Cash Flow are determined in accordance with
      the “Definition of Performance
Metrics”

            

    

    

    
      	
              ·  

            	
              Following
      the end of the Performance Period, the Committee evaluates Company
      performance for the Performance Period relative to the financial
      goals

            

    

    

    
      	
              Ø  

            	
              The
      Committee may consider subjective criteria in determining whether or not
      any financial goal has been attained and the amount of incentive pool
      funding with respect to any financial
goal

            

    

    

    Process: Funding of
Incentive Pool and Payout of Awards:

    

    
      	
              ·  

            	
              A
      Target incentive award pool is calculated, equal to the sum of base
      salaries of all Plan participants at the end of the Performance Year
      multiplied by their respective Target Annual Incentive
      Opportunities

            

    

    

    
      	
              ·  

            	
              After
      the end of the Performance Period, the Committee determines the actual
      funding of the incentive pool for the Plan based upon the Company’s
      performance for the Performance Period, measured against the Plan’s
      financial goals and other subjective performance
  factors

            

    

    

    
      	
              Ø  

            	
              The
      Committee may, in its judgment, consider subjective factors in determining
      to what extent, if any, the incentive pool will be
  funded

            

    

    

    
      	
              ·  

            	
              The
      amount of money available for awards (i.e. the funding of the incentive
      pool) is determined by multiplying the value of the Target incentive award
      pool by the percentage of overall Company performance achieved, as
      determined by the Committee

            

    

    

    
      	
              Ø  

            	
              Special
      considerations regarding attainment of financial goals and funding of
      incentive pool:

            

    

    

    
      	
              o  

            	
              The
      incentive pool will be funded at no less than 20% of Budget level funding
      in the event Monsanto pays dividends with respect to each of its financial
      quarters ending during the Performance
Year

            

    

    

    
      	
              o  

            	
              In
      the event Monsanto does pay dividends with respect to each of the
      Company’s fiscal quarters ending during the Performance Period, but the
      Company does not attain the Threshold level of performance with respect to
      the Diluted Earnings Per Share financial goal (considering the financial
      goal metrics for Diluted Earnings Per Share and other subjective
      performance factors), the incentive pool may not fund at greater than 20%
      of Budget level funding

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    
      	
              o  

            	
              One
      or more of the financial goals may be funded at above Outstanding level
      funding if the Committee determines that Company performance with respect
      to the goal warrants such funding; provided, however, the overall
      incentive pool would be capped at 200% of budget level funding unless the
      Committee determines in its discretion to fund above
  200%

            

    

    

    
      	
              ·  

            	
              Individual
      awards are determined based on team and individual
    performance

            

    

    

    
      	
              Ø  

            	
              People
      managers: 50% of award based on development of people, team and personal
      development (including diversity); 50% based on business
      results

            

    

    

    
      	
              Ø  

            	
              Non-managers:
      75% of award based on business results; 25% on personal
      development

            

    

    

    
      	
              ·  

            	
              A
      participant’s award may be greater than 200% of his or her Target Annual
      incentive Opportunity

            

    

     

    
      
      

      
        	
                ·  

              	
                The
      payment and amount of any award are subject to the sole discretion of the
      Committee or its delegate

              

      

    

     

    
      	
               
      

            	
              Events Affecting
      Payout of Individual Performance Year
  Incentives:

            

    

    

    
      	
              ·  

            	
              If
      an employee commences employment during the Performance Period, he/she is
      eligible for an award reflecting actual months of participation to the
      nearest whole month

            

    

    

    
      	
              ·  

            	
              If
      a participant’s Target Annual Incentive Opportunity changes during the
      Performance Period, he/she is eligible for an award reflecting the Target
      Annual Incentive Opportunity on the last day of the Performance
      Period

            

    

    

    
      	
              ·  

            	
              If
      a participant’s pay changes during the Performance Period, any incentive
      award received is based on base pay on the last day of the Performance
      Period

            

    

    

    
      	
              ·  

            	
              If
      a participant transfers within the Company, his/her award will come from
      the unit in which he/she is working on the last day of the Performance
      Period, but performance for the entire Performance Period will be
      considered

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

     

    
      	
              ·  

            	
              A
      participant who:

            

    

    

    
      	
              Ø  

            	
              voluntarily
      resigns other than on account of retirement on or after attaining age 55
      and five years of service may be considered for an award only if the
      resignation occurs after the end of the Performance
  Period

            

    

     

    
      	
              Ø  

            	
              involuntarily
      separates without cause or for poor performance, is eligible for an award
      reflecting participation to the nearest whole month if he/she has already
      worked at least three months in the Performance
  Period

            

    

     

    
      	
              Ø  

            	
              retires,
      dies, or becomes permanently disabled, is eligible for an award reflecting
      actual participation to the nearest whole month provided that he/she
      worked at least three months during the Performance
      Period.  Retirement is defined as a voluntary termination on or
      after attaining age 55 and five years of
service

            

    

     

    
      	
              Ø  

            	
              incurs
      a termination of employment for cause, forfeits all rights to any
      award.  A “termination of employment for cause” is defined as an
      Involuntary Termination of Service of the Participant or other individual
      on account of the Participant’s or other individual’s engaging in (i) any
      willful or intentional neglect in performing his duties, including, but
      not limited to, fraud, misappropriation or embezzlement involving property
      of the Company or an Affiliate, or (ii) any other intentional wrongful act
      that may impair the goodwill or business of the Company or an Affiliate,
      or that may cause damage to any of their
  businesses

            

    

    

    
      	
              ·  

            	
              Continued
      eligibility for employees employed in the U.S. who become represented by a
      collective bargaining unit during the Performance Period will be
      determined by good faith bargaining

            

    

    

    
      	
              ·  

            	
              Any
      award would be paid in November
2009exhibit102.htm

    Exhibit
10.2

     

    THE
MONSANTO BENEFITS PLAN

    FOR

    THIRD
COUNTRY NATIONALS (TCNs)

    

    

    INTRODUCTION

    

    Throughout
our worldwide organization, Monsanto aims to employ and develop people of the
highest quality.  Because of the size and scope of our international
operations, some employees are permanently transferred to another country at the
Company’s request.  Employees are then referred to as Third Country
Nationals (or TCNs).

    

    The TCN
Benefits Plan was established to provide a target level of
benefits.  The TCN Plan is designed to be competitive and financially
attractive in order to provide you with an equitable level of financial
protection during your career.

    

    The TCN
Plan is responsive to the many variables that can determine your benefits, and
changes in circumstances in the location(s) where you are assigned.

    

    Specifically,
the TCN Plan aims to enable you to accept and maintain your assignment as a TCN
and maintain a pattern and quality of living at retirement that is:

    

    
      	
              ·  

            	
              consistent
      with that at your original Monsanto location;
  and

            

    

    
      	
              ·  

            	
              comparable
      with your “international” colleagues in Monsanto (even though local
      conditions will vary).

            

    

    

    Monsanto
provides all supplemental TCN benefits; that is all benefits over and above
those you receive through participation in local plans, at no cost to
you.

    

    
      
         

      

      
        Page1

        
          

        

      

      
         

      

    

    CONTENTS

    

    

    
      	
              Eligibility

            	 
      	
              3

               

            
	
              Cost

            	 
      	
              3

               

            
	
              How
      TCN Benefits are Determined

            	 
      	
              3

               

            
	
              TCN
      Benefits at Retirement

            	 
      	
              4

               

            
	
              Disability
      Income

            	 
      	
              6

               

            
	
              Death
      Benefits

            	 
      	
              8

               

            
	
              Additional
      Information

            	 
      	
              9

               

            

    

    

     

    This
booklet describes the benefits Monsanto provides for TCNs.  The TCN
Plan is fairly complex, because it takes into account many different factors
which can determine the benefits you actually receive and covers varying
situations in many countries around the world.  Some of the provisions
and terminology may be unfamiliar and not applicable to your
case.  Please ask questions if you have any concerns about your own
situation.

     

     

    Although
this booklet describes the main features of the TCN Plan, it does not cover
every aspect of the plan.  The term “Monsanto” can refer to either the
parent company or a participating subsidiary.

     

     

    

     

    
      
         

      

      
        Page2

        
          

        

      

      
         

      

    

    ELIGIBILITY

    

    You
became eligible for TCN benefits when:

    

    
      	
              ·  

            	
              your
      supervisor or local HR representative determined that you had been
      permanently transferred to another country at the request of the Company,
      and applied to the Company before January 1, 2002, for you to be covered
      by the TCN Plan;

            

    

    
      	
              ·  

            	
              the
      appropriate authorized Monsanto committee approved your participation in
      the TCN Plan prior to January 1,
2002;

            

    

    
      	
              ·  

            	
              you
      were notified in writing that you had been designated a TCN;
      and

            

    

    
      	
              ·  

            	
              you
      waived any prior commitments made to you arising from an international
      transfer and accepted the legal jurisdiction governing interpretation of
      the TCN Plan.

            

    

    

    

    COST
OF TCN BENEFITS

    

    Monsanto
pays the whole cost of providing your TCN benefits apart from any contributions
you may be required to make to local Social Security plans or as a result of
participation in local Company benefit plans.

    

    

    HOW
TCN BENEFITS ARE DETERMINED

    

    The
Monsanto TCN Plan has been designed to provide a “target” level of benefits
based on your international Monsanto career.  In order to understand
how the TCN Plan operates, you need to recognize three important
concepts:

    

    
      	
              ·  

            	
              Target
      Benefit

            

    

    
      	
              ·  

            	
              Accrued
      Benefits (called “Offsets”)

            

    

    
      	
              ·  

            	
              TCN
      Supplement

            

    

    

    Simply
stated the Target Benefit is the total benefit you should get as a TCN from all
sources; Accrued Benefits (or “Offsets”) are what you are scheduled to get from
local private and public plans including other retirement and disability plans
sponsored by Monsanto; and the TCN Supplement is what you will receive under the
TCN Plan if the sum of your various Accrued Benefits is less than the Target
Benefit.  Stated as a formula:

    

    Target
Benefit – Accrued Benefits = TCN Supplement payable under TCN Plan

    

    

    In other
words, the overall aim of the TCN Plan is to provide a sound level of Target
Benefits (on retirement, disability, termination or death).

    

    Target Benefit
- WHAT YOU SHOULD GET FROM ALL
SOURCES

    

    To
calculate your Target Benefit for retirement and disability, the TCN formula
applies to your worldwide Monsanto service and is independent of any particular
country’s plan.  Your Target Benefit will be calculated in the
currency of your last country of employment.

    

    The
formula will be explained in greater detail under the relevant benefits sections
in the remainder of this booklet.

    
      
         

      

      
        Page3

        
          

        

      

      
         

      

    

    Accrued Benefits
(Or “Offsets”) -
WHAT YOU ARE SCHEDULED
TO GET FROM OTHER SOURCES

    

    Your
Accrued Benefits or Offsets can include any or all the following:

    

    
      	
              ·  

            	
              All
      local retirement income type benefits you accrue while working for
      Monsanto and to which Monsanto has contributed either directly or
      indirectly.  These will be offset against the Target Benefit and
      will include benefits from local Company-sponsored retirement or
      disability plans (like pension plans, profit sharing plans, Provident
      Funds, etc.) whether contributory or not, annuity or single
      sum.

            

    

    
      	
              ·  

            	
              All
      government retirement or disability benefits to which Monsanto has
      contributed directly or indirectly, by taxes or otherwise (like Social
      Security available to you on application.)  These public
      benefits will be offset on a pro rata basis in the proportion that your
      Monsanto Pensionable Service bears to the total service underlying such
      government benefits.

            

    

    
      	
              ·  

            	
              All
      compulsory benefits required by governmental action to which Monsanto has
      contributed and which are based on your service with Monsanto (like
      certain severance and seniority payments whether statutory, contractual or
      granted by custom).

            

    

    

    You will
be expected to participate fully in any local Monsanto plans that are voluntary
and our calculations will assume maximum participation at local
levels.  Offsets are determined and fixed at the time of termination,
but can be adjusted thereafter to prevent “windfalls”.  This would be
the case, for example, when an additional offset benefit is created after the
initial Supplement is calculated.  Monsanto uses a professional
pension adviser (the Actuary) as necessary to determine such
calculations.  The Actuary’s decision is final and
binding.  Offsets are converted to the appropriate currency before
calculations are completed.

    

    TCN Supplement - ANY
DIFFERENCE BETWEEN WHAT YOU SHOULD GET AND WHAT YOU ARE SCHEDULED TO
GET

    

    If the
Target Benefit is greater than the sum of the Accrued Benefits, you will be paid
the difference under the TCN Plan as a TCN Supplement to the local government
and Company benefits you will receive.

    

    If the
sum of the Accrued Benefits is equal to or greater than the Target Benefit,
there will be no TCN Supplement payable under the TCN Plan.

    

    

    TCN
BENEFITS AT RETIREMENT

    

    You can
look forward to an income after your career with Monsanto, regardless of which
countries you have worked in for Monsanto.  The TCN approach provides
alternative ways of calculating your pension rights, to guarantee certain
minimum levels of retirement income.

    

    Normal
Retirement Pension

    

    At normal
retirement age (65), you will receive at least a target level of pension
(calculated as a single life annuity).  We look at your Accrued
Benefits (Offsets) and compare them against the TCN Target Benefit
formula.

    

    
      
         

      

      
        Page4

        
          

        

      

      
         

      

    

    Normal
Retirement Target Benefit

    

    You are
eligible for the TCN Benefit if you have completed at least 10 continuous years
of Pensionable Service as a TCN.

    

    The
amount of pension you receive is based on:

    

    
      	
              ·  

            	
              your
      Pensionable Earnings; and

            

    

    
      	
              ·  

            	
              your
      years (and completed months) of Pensionable Service, up to a maximum of 40
      years

            

    

    

    Pensionable
Earnings mean the average of earnings in the currency of the country of last
assignment for the final 36-month period, and will include the same items as are
included under the local Monsanto pension plan and will be consistent with the
objectives of the last country of assignment pension plan.

    

    The
three-year average is used because this will normally produce an earnings figure
that reflects the highest years of your career with Monsanto.

    

    The
annual Target Benefit you will receive as a pension from all sources at normal
retirement age will be calculated as follows:

    

    _____________________________________

    

    1.75%
of Pensionable Earnings

    times

    years
of TCN eligible Pensionable Service

    _____________________________________

    

    Pensionable
Service is defined as the period from the latest date of hire by Monsanto to the
date continuous service is terminated with any Monsanto Company.  So,
after 40 years’ service with Monsanto, your target pension will be 70% of your
Pensionable Earnings.

    

    Your
Retirement Accrued Benefits (or “Offsets”)

    

    The TCN
Plan takes into account the sum of your Accrued Benefits (Offsets) during your
career with Monsanto.  These “Offsets” include a combination of
Company and government benefits that provide retirement income (see page
4).

    

    As the
definition of the Target Benefit does not include government benefits, the
public benefits will be deemed to include government benefits only in proportion
to Monsanto service, since the objective is to include only benefits earned
while with Monsanto.

    

    Retirement
TCN Supplement

    

    If the
sum of your Accrued Benefits is less than the Target Benefit amount calculated
above, then you will receive a TCN Supplement under the TCN Plan to make up the
difference.

    

    If
calculations produce a TCN Supplement, you will receive the supplement at
retirement in the currency of your final country of employment.

    
      
         

      

      
        Page5

        
          

        

      

      
         

      

    

    You will
receive your TCN pension monthly, starting from the first day of the month
following your 65th
birthday.  The Internal People Committee may direct that payment of a
TCN Supplement be made in a lump sum.

    

    Early Retirement
Benefits

    

    You are
eligible to receive an early retirement pension beginning at age 55, provided
you have completed at least 10 years of Pensionable Service as a
TCN.  The accrued TCN Supplement payable at age 65 (if any) is reduced
by 1⁄4% per month (3% a year) before your normal retirement date.  This
is to take into account the potentially longer period of payment.

    

    Deferred
Retirement

    

    If your
retirement is deferred beyond your normal retirement date, any TCN Supplement
payable to you will be the same as if you retired on your normal retirement
date.

    

    If
You Leave (Termination)

    

    If you
leave Monsanto before you are eligible to receive any retirement benefits, you
may still be eligible for a deferred (or preserved) TCN Supplement if you have
at least 10 years of Pensionable Service.

    

    If you
are eligible for a TCN Supplement, you will receive the full amount beginning at
normal retirement age (65).  However, you may choose an early
retirement pension at or after age 55, reduced by 1⁄4% per month before your
normal retirement date.

    

    

    DISABILITY
INCOME

    

    Monsanto
provides financial security for you if you become Totally and Permanently
Disabled and unable to work as a result of sickness or bodily
injury.  The TCN Plan provides a target level of income on a total
Monsanto career basis.  (Benefits are not provided under the TCN Plan
for temporary or partial disability.)

    

    Eligibility

    

    If you
become Totally and Permanently Disabled prior to age 65, a Disability TCN
Supplement may be payable until you reach age 65.  Total and Permanent
Disability means the inability or incapacity as the result of bodily injury or
disease so as to be prevented from engaging in any occupation or employment for
remuneration or profit, which disability has lasted for 6 months - as determined
by medical advisors selected by the Company.

    

    Disability
Income

    

    We look
at your Accrued Benefits (Offsets) and compare them against the TCN Disability
Income Target Benefit described below.

    

    Disability
Income Target Benefit

    

    You are
eligible for a Disability Income Target Benefit, if you have completed at least
five years’ Pensionable Service when disabled, or if you meet the eligibility
requirements of your current Monsanto disability plan.

    

    
      
         

      

      
        Page6

        
          

        

      

      
         

      

    

    The
Disability Income Target Benefit is 60% of Pensionable Earnings at the time you
become disabled.

    

    Pensionable
Earnings are calculated in the same way as for retirement, except that we use
the average of the last three years prior to the time of
disablement.

    

    No
reduction will be applied to any Disability TCN Supplement although payment
commences prior to normal retirement age.

    

    Your
Disability Accrued Benefits (or “Offsets”)

    

    In order
to establish whether a TCN Supplement is payable, the TCN Plan looks at your
Disability Accrued Benefits.  These “Offsets” to the Target Benefits
will be nearly the same as those listed under the How TCN Benefits Are
Determined section (see page 4) and dealt with in the same manner as for
retirement benefits.

    

    Disability
Income TCN Supplement

    

    If the
sum of your Disability Accrued Benefits is less than the Disability Income
Target Benefit described above, then you will be eligible to receive a TCN
Supplement under the TCN Plan to make up the difference.

    

    You will
receive a Disability TCN Supplement (if applicable) payable until the earlier of
the date you reach age 65 or are no longer disabled.  At age 65, you
will receive a TCN Supplement (if applicable) in accordance with the TCN
Benefits at Retirement section (see pages 4-6).

    

    

    DEATH
BENEFITS

    

    An
important feature of your benefits provisions is the level of financial
protection provided for your dependents during your career with
Monsanto.

    

    There are
no age or service eligibility requirements to receive this
coverage.

    

    Target
Benefit - on Death in Service

    

    If you
die while employed by Monsanto, the Target Benefit at death is 60% of the Target
Benefit at retirement calculated taking into consideration your actual years of
service plus your projected years of service to age 65.  In other
words:

    

    ___________________________________________________

    60%

    times

    1.75%
of Pensionable Earnings

    times

    Pensionable
Service projected to age 65

    ___________________________________________________

    

    
      
         

      

      
        Page7

        
          

        

      

      
         

      

    

    Accrued
Benefits (or “Offsets”) at Death

    

    There
will be “Offsets” to the TCN Target Benefit at death also, such as all Monsanto
and government death benefits in whatever form and to whomever payable, to which
Monsanto has contributed directly or indirectly.   These will
include such things as group life insurance, widows’ and orphans’ pensions,
employer contributions to savings, thrift, profit-sharing or provident funds,
informal death gratuities and publicly provided survivors’
benefits.

    

    These
Offsets will not include additional accidental death benefits such as AD&D
or travel accident insurance, government benefits which are incidental or token
in nature (including modest burial benefits) or mere refunds from local Company
benefits plans of your contributions and interest which may be designated as
“death benefits”.

    

    TCN
Supplement

    

    If the
benefits generated by the Offsets are less than the amount calculated under the
Target Benefit upon death formula described above, then your dependents will
receive a TCN Supplement from the TCN Plan.  This TCN Supplement will
be paid in the currency of your Home Country - either as a single lump sum or as
a periodic payment (or a combination of both).

    

    Target Benefit - on Death after
Retirement

    

    On death
after retirement, a Death Benefit Supplement may be payable to your surviving
spouse.  Such Death Benefit Supplement will be equal to 60% of the TCN
Supplement you were receiving under the TCN Plan at the time of
death.

    

    Beneficiaries

    

    You can
file with the Company (through your local HR representative) your preferences
for beneficiaries to receive any TCN Supplement due.  You may change
your beneficiary designation at your discretion.  This is especially
advisable if your personal circumstances change (such as marriage or birth of a
child).

    

    
      
         

      

      
        Page8

        
          

        

      

      
         

      

    

    ADDITIONAL
INFORMATION

    

    CURRENCIES

    

    For
Calculations

    

    Calculations
for Retirement or Disability Income TCN Supplements will be made in the currency
of the country of last assignment.  In the case of the Death Benefit
TCN Supplement calculations, the currency of the Home Country will be
used.

    

    For
Offsets

    

    All
offset amounts will be converted to the proper currency for calculation
according to the Exchange Rate in effect at the time of determination of
benefits.  The Exchange Rate used will be the currency exchange rates
normally used within the Company for Inter-company accounting.

    

    For
Payments

    

    Any TCN
Supplement payable will normally be paid in the currency of the calculation as
described above, except that you and the Company may agree that Retirement or
Disability Income TCN Supplements will be paid in any other currency mutually
convenient to the parties.  The amounts payable will be converted to
such other currency at the Exchange Rate in effect at the time of each
payment.

    

    MISCELLANEOUS

    

    Funding

    

    The
Company undertakes no obligation to pre-fund any TCN Supplement benefits which
may be payable under the TCN Plan.  Benefits will be paid from the
source designated by the Company at the time of payment.

    

    Administration

    

    The
Internal People Committee of Monsanto Company will be solely responsible for
administration of the TCN Plan and for all interpretations, constructions or
other acts which require determinations or the exercise of
discretion.  The decisions of the Committee or its delegates shall be
final, binding and enforceable against all parties.  The Committee may
delegate such administrative, interpretative and discretionary authority as it
may deem appropriate or desirable.  The Committee or its delegate may
exercise discretion as to variance from the terms of the TCN Plan in individual
cases to eliminate serious inequities, to prevent excessive windfalls or to
otherwise achieve the objectives of this TCN Plan.  The Committee may
engage a professional actuarial firm to perform any calculations or services
necessary under the TCN Plan.  The calculations and decisions of the
actuary shall be final and binding on all parties.

    

    Amendment/Termination

    

    The
Company may amend, modify, terminate or suspend the TCN Plan at any time;
however, benefits or entitlements accrued by a participant to the date of any
such action will not be reduced by such action unless in accordance with the
terms of the TCN Plan or the written conditions of the notice of participation,
or with the participant’s consent, or if the benefits provided or participation
hereunder become void or illegal under applicable law.

    

    
      
         

      

      
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    Taxes

    

    You will
be solely responsible for any taxes applied to a TCN Supplemental benefit, and
the Company does not in any manner or respect agree to be liable therefore, nor
does the Company agree to increase your benefits to make up for any taxes levied
on such benefits.  If required to do so, the Company will withhold
taxes from any benefits payable under the TCN Plan.

    

    Your
Responsibilities

    

    You will
be responsible for co-operating with the Company and supplying or obtaining data
requested by it to enable it to make any determinations of eligibility or to
calculate benefits under the TCN Plan.  No Supplements will become
payable or continue to be paid until requested information is received from you
and necessary calculations are completed.  This responsibility will
continue beyond commencement of payment hereunder, and benefits may be subject
to reduction if information is not provided as requested.

    

    Non-alienation
of Assets or Benefits

    

    No fund,
retirement income or other benefits under the TCN Plan shall be liable for or
subject to the debts or liabilities of you or any other person except as
specifically provided in the TCN Plan and except as may be required by
applicable tax collection requirements of any country.  No benefits
under the TCN Plan shall be subject at any time or in any manner to any
voluntary or involuntary alienation, sale, transfer, assignment, pledge or
incumbrance of any kind.

    

    No
Enlargement or Employment Rights

    

    The TCN
Plan does not constitute a contract of employment, and participation will not
give you the right to be retained in the employ of the Company or any right or
claim to any benefit under the TCN Plan except in accordance with the provisions
of the TCN Plan.

    

    In the
event of any possible conflict between this summary description and the text of
the TCN Plan, the terms of the TCN Plan will prevail.  The full text
of the TCN Plan is available for review on request.

    

    

    

    
      
         

      

      
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