Document:

EXHIBIT 10.59

EXHIBIT 10.59
    

Corning Incorporated - Executive Supplemental Pension Plan 

Amendment No. 3  

Pursuant to Section 6.1 of the Corning Incorporated Executive Supplemental Pension Plan (“Plan”), the Supplemental Pension Committee acting upon delegation of authority from the Compensation Committee of the Board of Directors given February 7, 2007, hereby amends the Plan, effective December 31, 2008, as follows: 

1.

	The first sentence of Section 4.2 of the Plan is amended by adding “and Section 4.3(a)” after “Section 4.6”.

2.

	Section 4.2 of the Plan is amended by replacing the last sentence with the following:

“Benefit payments that would otherwise have been paid to a specified employee in the absence of the previous sentence shall be held in suspense during the six month suspension period and paid to the specified employee in a lump sum payment within the first fifteen days of the seventh month following the specified employee’s separation from service.” 

3.

	The first paragraph of Section 4.3 is amended by adding the following sentence to the end of that paragraph:

“Notwithstanding any provision to the contrary in this Section 4.3, all annuity options shall be actuarially equivalent to any other annuity option.” 

4.

	The first sentence of Section 4.3(a) of the Plan is amended by (i) replacing “earned” with “accrued”; and (ii) adding “within 60 days of the first of the month following the Employee’s “separation from service” as provided in Section 4.3 of the Corning Incorporated Supplemental Pension Plan” after “(rather than an annuity)”.

5.

	Section 4.3(a) of the Plan is amended by replacing the last sentence of such Section with the following:

“The following rules shall apply when calculating the benefit that was accrued under the cash balance formula of the Corning Incorporated Supplemental Pension Plan as of the date the Employee commenced participation in this Plan (the “Frozen Cash Balance SPP Benefit”) and when determining how the Frozen Cash Balance SPP Benefit reduces amounts otherwise payable hereunder: 

(x)

	For the period of time after the Employee commences participation in this Plan, the Employee’s Frozen Cash Balance SPP Benefit shall be credited with interest at the rate that applied to such benefit as of the date the Employee commenced participation in this Plan (i.e., the average of the monthly annual yields on ten-year Treasury Bonds in effect for the 12-month period ending on the last business day of October of the Plan Year preceding the date the Employee commenced participation in this Plan).

(y)

	The offset of the Frozen Cash Balance SPP Benefit shall be calculated by converting the Employee’s Frozen Cash Balance SPP Benefit (calculated with interest to the date the Employee’s benefit under this Plan commences) into an actuarial equivalent single life annuity with a six-year certain benefit as of the date the Employee’s benefit under this Plan commences using the “applicable interest rate” and “applicable mortality table”, in each case as defined in Section 417(e)(3) of the Code, that would apply for making such conversions as of the date the Employee commenced participation in this Plan (i.e., such rate and table that applied for the last month of the quarter that second precedes the date the Employee commenced participation in this Plan).

(z)

	For Employees with a Frozen Cash Balance SPP Benefit as of December 31, 2008, the interest rate used to credit interest on the Employee’s Frozen Cash Balance SPP Benefit for periods after December 31, 2008 and the annuity factors used for making the calculation described in the preceding subsection (y) shall be the interest rate and annuity factors in effect for such Employee as of December 31, 2008.”

6.

	Section 4.4 of the Plan is amended by adding the following provision to the end of such Section:

“Notwithstanding the foregoing, if an eligible Employee dies and has a Frozen Cash Balance SPP Benefit, such benefit shall be paid in a lump sum within 60 days of the Employee’s death to the Employee’s beneficiary. The amount of any other death benefit under this Plan shall be offset by the value of the Employee’s Frozen Cash Balance SPP Benefit under the methodology set forth in Section 4.3(a).” 

7.

	Section 7.4 of the Plan is amended by adding the following provision to the end of the first paragraph of such Section:

“The reimbursement of an eligible expense described in this Section will be made by the end of the calendar year in which the expense is incurred or, if later, by the 15th day of the third month after the date on which the expense was incurred. The Employee must provide the Company with an invoice or other supporting documentation for each expense for which the Employee requests reimbursement at least one month before the date set forth in the preceding sentence. If the Employee fails to provide such supporting documentation within the time periods prescribed above, the Company shall have no obligation to reimburse the Employee for such expenses.” 

8.

	Section 7.4 of the Plan is amended by replacing the reference in such Section to “3.1(c)” with “3.1(b)”.

IN WITNESS WHEREOF, the Company has caused this Plan document to be executed by its duly authorized officer this 18th day of December, 2008. 

	

 

	

CORNING INCORPORATED

	

 

	

By:

	

/s/ John P. MacMahon

	

 

	

	

John P. MacMahon

	

 

	

	

Senior Vice President – Global 

Compensation and BenefitsEXHIBIT 10.61

EXHIBIT 10.61
    

Corning Incorporated - Deferred Compensation Plan For Directors 

Amendment No. 3 to February 3, 1999 Restatement 

Pursuant to Section 16 of the Corning Incorporated Deferred Compensation Plan for Directors (the “Plan”), Corning Incorporated hereby amends the Plan, effective as of January 1, 2013, as follows: 

Section 5 (as previously amended by Amendment No. 2) is amended by deleting paragraph (e) thereof in its entirety and replacing it with the following: 

(e)

Application to Amounts Deferred Prior to the Effective Date of Amendment No. 2. Notwithstanding anything contained above in this Section 5, with respect to amounts deferred under the Plan prior to January 1, 2013 (“Prior Deferrals”), the following shall apply:

(i)

	Until the changes in investment account allocations described in clauses (ii) and (iii) below become effective on July 1, 2013, Amendment No. 2 to the Plan shall not be applicable to the Prior Deferrals, which shall continue to be credited to the accounts in place prior to the effective date of such Amendment;

(ii)

	On or before December 31, 2012, each participant (other than a participant retiring from the Board of Directors prior to July 1, 2013) may elect to reallocate, effective as of July 1, 2013, amounts credited to the participant’s market value account (as defined under the Plan before giving effect to Amendment No. 2) to the cash account and/or the restricted stock unit account (in increments of 5%); and

(iii)

	Effective July 1, 2013, the market value account shall be closed and all amounts previously credited thereto shall as of such date either (A) be allocated between the cash account and the restricted stock unit account in accordance with the elections referred to in clause (ii) above, or (B) in the case of participants who did not make an election in accordance with clause (ii), be allocated entirely to the restricted stock unit account.

IN WITNESS WHEREOF, the Company has caused its duly authorized officer to execute this amendment on its behalf this 28th day of December, 2012. 

	

 

	

CORNING INCORPORATED

	

 

	

By:

	

/s/ John P. MacMahon

	

 

	

	

John P. MacMahon

	

 

	

Title:

	

Senior Vice President, Global Compensation and BenefitsEXHIBIT 10.62

EXHIBIT 10.62
    

Corning Incorporated - Executive Supplemental Pension Plan 

Amendment No. 4  

Pursuant to Section 6.1 of the Corning Incorporated Executive Supplemental Pension Plan (the “Plan”), the Board of Directors of Corning Incorporated hereby amends the Plan, effective as indicated herein: 

1.

	Effective January 1, 2012, Sections 4.1 A(b)(2) and 4.1 B(b)(2) of the Plan are amended by deleting the following language in such Sections:

“, provided that such amount shall not exceed 300% of the Employee’s annual full-time base compensation as of the date the eligible Employee terminates employment”  

2.

	Effective December 28, 2012, a fourth paragraph is added to Section 4.1A to read as follows:

“The immediately preceding paragraph shall not apply and instead this paragraph shall apply to an eligible Employee if his straight life annuity benefit at Normal Retirement Date calculated under this Section 4.1A as of his separation from service exceeds four times the annual compensation limitation under Section 401(a)(17) of the Code in effect at the time of such separation. Such an eligible Employee shall be entitled to receive an unreduced early retirement benefit if the Employee (i) incurs a Total and Permanent Disability, (ii) dies with at least 25 years of Credited Service, or (iii) separates from service after attaining age 57 with at least 25 years of Credited Service or attaining age 60 with at least 10 years of Credited Service. The following rules shall apply if such an eligible Employee fails to satisfy these requirements: 

(iv)

	If the Employee separates from service with 25 or more years of Credited Service after age 55, such Employee’s early retirement benefit shall be the amount determined above in Section 4.1A(a), adjusted and reduced, at the rate of one-twelfth of one percent for each month, if any, between the date benefits commence and the month following the month in which the Employee would attain age 57 less the amount determined in Section 4.1A(b). If the Employee separates from service with less than 25 years of Credited Service after age 55, such Employee’s early retirement benefit shall be the amount determined above in Section 4.1A(a), adjusted and reduced as outlined in Section 4.1A(x).

(v)

	If the Employee separates from service before attaining age 55, such Employee’s benefit shall commence within 60 days after attaining age 55 pursuant to Section 4.2 and his early retirement benefit shall be the amount determined above in Section 4.1A(a), adjusted and reduced by 50%, less the amount determined in Section 4.1A(b).”

IN WITNESS WHEREOF, the Company has caused this Amendment to be executed by its duly authorized officer this 31st day of December, 2012. 

	

 

	

CORNING INCORPORATED

	

 

	

By:

	

/s/ John P. MacMahon

	

 

	

	

John P. MacMahon

	

 

	

	

Senior Vice President, Global Compensation and Benefits

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