Document:

EX-10.3 FOURTH AMENDMENT TO EXEC. RETIREMENT PLAN

 

Aflac Incorporated 2007 Form 10-K

 

    EXHIBIT 10.3

 

    FOURTH AMENDMENT
    TO THE AFLAC INCORPORATED

    SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

    (as amended and restated effective January 1,
    2001)

 

    This Amendment to the Aflac Incorporated Supplemental Executive
    Retirement Plan, as amended and restated effective
    January 1, 2001, is adopted by Aflac Incorporated (the
    “Company”), effective as of December 6, 2007 (the
    “Amendment Date”).

 

    WITNESSETH:

 

    WHEREAS, the Company maintains the AFLAC Incorporated
    Supplemental Executive Retirement Plan (the “Plan”)
    for the benefit of certain key management and highly compensated
    employees; and

 

    WHEREAS, pursuant to Section 7.1 of the Plan, the
    Compensation Committee of the Board of Directors of the Company
    (the “Committee”) has the right to amend the Plan at
    any time; and

 

    WHEREAS, the Committee desires to amend the Plan to allow
    participants to elect a form of payment available under the
    Aflac Incorporated Pension Plan with respect to the
    participant’s benefits that are subject to
    Section 409A of the Internal Revenue Code of 1986, as
    amended, which is generally the participant’s benefits that
    accrued
    and/or
    became vested after December 31, 2004;

 

    NOW, THEREFORE, BE IT RESOLVED, that the Plan is hereby
    amended as follows, effective as of the Amendment Date:

 

    1.     A new Section 1.32A shall
    be added to the Plan, to read as follows:

 

    1.32A Post-409A Benefit means, with respect to a
    Participant, his benefits under the Plan other than his Pre-409A
    Benefit.

 

    2.     A new Section 1.32B shall
    be added to the Plan, to read as follows:

 

    1.32B Pre-409A Benefit shall mean the present
    value of the portion of a Participant’s Annual Retirement
    Benefit (if any) that he would have been entitled to receive if
    he had voluntarily terminated services without Cause and not due
    to death on December 31, 2004, and received a payment of
    benefits available from the Plan on the earliest possible date
    allowed under the Plan to receive a payment of benefits
    following the termination of services, in the form with the
    maximum value, including any benefits already paid or in pay
    status. The Pre-409A Benefit may increase to equal the present
    value of the benefit the Participant actually becomes entitled
    to, in the form and at the time actually paid, determined under
    the terms of the Plan (including applicable limits under the
    Internal Revenue Code), as in effect on October 3, 2004,
    without regard to any further services rendered by the
    Participant after December 31, 2004, or any other events
    affecting the amount of or the entitlement to benefits, other
    than the Participant’s election with respect to the time or
    form of the benefit.

    

    EXH 10.3-1

 

Aflac Incorporated 2007 Form 10-K

 

		
	    3.     	
    Section 3.6(c) of the Plan is deleted in its entirety, and
    a new Section 3.6(c) is added to read as follows:

 

    (c)     Optional Form of
    Payment.

 

    (i)     Pre-409A Benefit.
    A Participant may elect, not later than 3 months before his
    termination of employment with the Company and all Affiliates,
    to have his
    Pre-409A
    Benefit paid in the form of a Joint and 50% Survivor Annuity,
    which shall be the Actuarial Equivalent of the
    Participant’s Pre-409A Benefit payable in the form of a
    Single Life Annuity. Notwithstanding any such election, if a
    Participant who has elected a Joint and 50% Survivor Annuity is
    not married on the date of his termination of employment, his
    Pre-409A Benefit shall be paid in the form of a Single Life
    Annuity.

 

    (ii)     Post-409A
    Benefit.

 

    (A)     A Participant whose Post-409A
    Benefit is payable in a life annuity (as that term is defined in
    Treasury Regulation Section 1.409A-2(b)(2)(ii)(A)) and who
    has not yet attained his Benefit Commencement Date may elect to
    change the form of payment of his Post-409A Benefit to another
    type of life annuity (as that term is defined in Treasury
    Regulation Section 1.409A-2(b)(2)(ii)(A))
    that is permitted under the Pension Plan (based on the terms of
    the Pension Plan in effect on the date of the election). The
    newly elected life annuity shall have the same scheduled date
    for the first annuity payment and shall be Actuarially
    Equivalent to the Participant’s Post-409A Benefit payable
    in the form of a Single Life Annuity. An election shall only be
    permitted under this subsection if the annuity form of payment
    in effect for the Participant’s Post-409A Benefit prior to
    the change and the annuity form of payment elected are
    actuarially equivalent applying reasonable actuarial methods and
    assumptions as described in Treasury
    Section 1.409A-2(b)(2)(ii).

 

    (B)     As of December 6, 2007,
    the life annuities as defined in Treasury
    Regulation Section 1.409A-2(b)(2)(ii)(A)
    among which a Participant may choose pursuant to this subsection
    are the following: (i) Single Life Annuity; (ii) joint
    and 50% survivor annuity; (iii) joint and 75% survivor
    annuity; and (iv) joint and 100% survivor annuity. (The
    other forms of distribution offered under the Pension Plan as of
    said date do not qualify as actuarially equivalent life
    annuities for purposes of Code Section 409A and may not be
    selected.)

 

    4.     Except as amended herein, the
    Plan shall continue in full force and effect.

 

    IN WITNESS WHEREOF, Aflac Incorporated has caused this
    Amendment to the Plan to be executed on the date shown below.

 

    AFLAC INCORPORATED

 

			
	 	    By: 
	
    /s/  Joey
    M. Loudermilk

    

 

			
	 	    Date: 
	
             December 6,
    2007

    

    EXH 10.3-2EX-10.8 AFLAC INCORPORATED SALES INCENTIVE PLAN

 

Aflac Incorporated 2007 Form 10-K

 

    EXHIBIT 10.8

 

    Aflac
    Incorporated Sales Incentive Plan

 

    Aflac maintains an unwritten Sales Incentive Plan (SIP) under
    which the Director of Sales of Aflac is a participant. The SIP
    provides for performance-based bonuses based on the achievement
    of new annualized premium sales growth and field force
    development objectives. The targets for each objective are
    determined at the beginning of the performance period (typically
    the calendar year). Bonuses under the SIP are determined based
    on performance achievement results at the conclusion of the
    performance period.

    

    EXH 10.8-1EX-10.33 AFLAC CONSULTING ARRANGEMENT

 

Aflac Incorporated 2007 Form 10-K

 

    EXHIBIT 10.33

 

    Aflac Consulting
    Arrangement with E. Stephen Purdom

 

    In the fourth quarter of 2007, Aflac entered into a consulting
    arrangement with Mr. E. Stephen Purdom, an independent
    member of Aflac Incorporated’s board of directors.
    Mr. Purdom has been retained as a special consultant for
    the purpose of helping Aflac Japan with: (1) marketing and
    sales force development and (2) underwriting and claims.
    The term of the agreement is for the fourth quarter of 2007 and
    the first two quarters of 2008. The compensation has been
    established at $40,000 per quarter.

    

    EXH 10.33-1EX-10.27 AMENDMENT TO SUPPLEMENTAL RETIREMENT PLAN

 

EXHIBIT 10.27

AMENDMENT FOUR TO THE

GENUINE PARTS COMPANY

SUPPLEMENTAL RETIREMENT PLAN

          This Amendment to the Genuine Parts Company Supplemental Retirement Plan is adopted by Genuine
Parts Company (the “Company”), effective as of the date set forth herein.

W I T N E S S E T H:

              WHEREAS, the Company maintains The Genuine Parts Company Supplemental Retirement Plan (the
“Plan”), and such Plan is currently in effect;

              WHEREAS, the Company desires to amend the Plan; and

              WHEREAS, pursuant to Section 6.08 of the Plan, the Company has reserved the right to amend
the Plan through action of the Committee;

              NOW, THEREFORE, BE IT RESOLVED that the Plan is hereby amended as follows:

1.

              Effective January 1, 2006, Section 1.02 is deleted in its entirety and a new Section 1.02 is
hereby substituted in lieu thereof as follows:

	 	 	 
	“1.02

	 	Incorporation of Pension Plan.

	 

	 	The terms of the Genuine Parts Company Pension Plan, as amended and
restated effective January 1, 2006 (the “Pension Plan”) are hereby
incorporated in this Plan by reference. Unless otherwise indicated
herein, the provisions of any future amendments to the Pension Plan
shall also be incorporated in this Plan by reference. Unless
indicated otherwise, capitalized terms used in this Plan shall have
the meaning given those terms in the Pension Plan.”

2.

              Effective January 1, 2008, Section 2.01 is deleted in its entirety and a new Section 2.01 is
hereby substituted in lieu thereof as follows:

	 	 	 
	“2.01

	 	Eligibility.

	 

	 	Except as provided in Section 2.02, any employee of the Employer
(“Key Employee”) whose annual, regular Earnings are expected to be
equal to or greater than the compensation limits of Code Section
401(a)(17) ($230,000 in 2008) shall participate in this Plan. Upon
becoming eligible to participate, a Key Employee must complete and
execute a Joinder Agreement in a form satisfactory to the Pension
and Benefits Committee of Genuine Parts Company (the “Committee”).
Such Joinder Agreement must be completed no later than January 30
following the calendar year in which the Key Employee first accrues
a benefit under this Plan. If the Key Employee fails to timely
complete the Joinder Agreement, the Key Employee shall not accrue
benefits under this Plan until the first day of the calendar year
after the completion of the Joinder Agreement. Even though a Key
Employee may be a Participant in this Plan, he shall not be entitled
to any benefit hereunder unless and until his benefits under the
Pension Plan are reduced due to the application of either Section
401(a)(17) or Section 415 of the Code.”

 

 

3.

     Effective January 1, 2008, Section 2.02 is deleted in its entirety and a new Section 2.02 is
hereby substituted in lieu thereof as follows:

	 	 	 
	“2.02

	 	Additional Rules on Eligibility.

	(a)	 	A Key Employee shall not accrue a benefit for any year in which the Key Employee’s annual,
regular Earnings are less than the compensation limits of Code Section 401(a)(17).
Nevertheless, the Key Employee shall continue to participate in the Plan and shall again
accrue a benefit under this Plan during the calendar year in which the Key Employee’s
Earnings exceed the Earnings limit in Section 2.01.
	 
	(b)	 	A Key Employee shall be notified in writing by the Committee (or its designee) of his or
her initial eligibility to participate in the Plan no later than January 30 following the
calendar year in which the Key Employee first accrues a benefit under the Plan. Unless
notified in writing by the Committee (or its designee) as described in the preceding
sentence, a Key Employee shall not be eligible to participate in the Plan and shall not
accrue a benefit under this Plan. Furthermore, the Committee (or its designee) may prohibit
any Key Employee from accruing future benefits under this Plan by notifying such Key
Employee in writing that his or her accruals under this Plan shall cease. Such freezing of
future accruals shall be effective for the next calendar year following the date the written
notice is mailed or hand delivered to the Key Employee.”

4.

              Effective January 1, 2008, Section 3.02(a) is deleted in its entirety and a new Section
3.02(a) is hereby substituted in lieu thereof as follows:

	“(a)	 	The Employer shall commence payment of the Supplemental Retirement Income on the first day of
the seventh month following the Participant’s separation from service with the Employer and
such benefit shall continue on a monthly basis for the Participant’s lifetime and for any
period thereafter provided for under the form of benefit elected by the Participant. The
first payment shall equal to seven months of payments (representing the payment made to the
Participant for that month plus the monthly payments for the six months following the
Participant’s separation from service with the Employer). For example, if a Participant has a
separation from service with the Employer on January 12, the first payment shall be made on
August 1 (the first day of the seventh month following January 12). The August 1 payment
shall include an amount equal to seven months of payments (representing payments for February,
March, April, May, June and July).”

5.

              Effective January 1, 2008, Section 3.02(d) is deleted in its entirety and a new Section
3.02(d) is hereby substituted in lieu thereof as follows:

	“(d)	 	A Participant may elect among the following annuity payment options available under the
Plan:

	 	(i)	 	Life Annuity Option — a monthly Retirement Income payable during the
Participant’s lifetime, with payments ceasing upon the Participant’s death.
	 
	 	(ii)	 	Joint and 50% Survivor Annuity — a monthly Retirement Income equal to the
reduced Actuarial Equivalent of the Life Annuity Option. The Retirement Income shall
be

 

 

	 	 	 	payable to the Participant for the Participant’s life, and upon the Participant’s
death, 50% of such Retirement Income shall be payable to the Participant’s Spouse
for the Spouse’s life. Such Retirement Income shall cease on the later of the
death of the Participant or the death of the Participant’s Spouse.

	 	(iii)	 	Ten Years Certain and Life Option — a monthly Retirement Income equal to
the reduced Actuarial Equivalent of the Life Annuity Option. The Retirement Income
shall be payable to the Participant during the Participant’s lifetime and, in the
event of the Participant’s death, within a period of ten years after the commencement
of benefits, the same monthly amount shall be payable to the Participant’s
Beneficiary for the remainder of such ten-year period.
	 
	 	(iv)	 	Joint and Last Survivor Option — a monthly Retirement Income equal to the
reduced Actuarial Equivalent of the Life Annuity Option. The Retirement Income shall
be payable to the Participant for the Participant’s life, and upon the Participant’s
death, a designated percentage (100%, 75% or 50%) of the Participant’s Retirement
Income shall be payable to the Participant’s Beneficiary for the Beneficiary’s life.
Such Retirement Income shall cease on the later of the death of the Participant or
the death of the Participant’s Beneficiary.
	 
	 	 	 	The Participant may choose the annuity form of payment at any time prior to the
commencement of benefits under the Plan. In the event that the Participant fails
to elect a form of payment, then the Supplemental Retirement Income shall be paid
in the form of a 50% joint and survivor annuity if the Participant has a Spouse on
the separation from service date and in the form of a Life Annuity if the
Participant does not have a Spouse on the separation from service date. If the
Supplemental Retirement Income is paid in a form other than a Life Annuity, then
the amount of such benefit shall be adjusted so that it is the Actuarial
Equivalent of the Life Annuity described in Section 3.01.”

6.

              Effective January 1, 2008, Section 4.02 is deleted in its entirety and a new Section 4.02 is
hereby substituted in lieu thereof as follows:

“If a Participant dies after Supplemental Retirement Income Payments have begun hereunder,
then the Participant’s Beneficiary shall be entitled to only that death benefit, if any,
which is in effect at the time of the Participants’ death in accordance with the benefit
option elected by the Participant.”

7.

              Effective January 1, 2008, Sections 5.01(a), (b) and (c) are deleted in their entirety and new
Sections 5.01(a), (b) and (c) are hereby substituted in lieu thereof as follows:

	 	 	 
	“5.01

	 	Change of Control.

	(a)

	 	In the event there is a Change of Control of Genuine Parts (as defined in Section
5.01(d)), a Participant described below shall receive an immediate lump sum payment of the
Participant’s Supplemental Retirement Income in lieu of the Supplemental Retirement Income
otherwise provided under this Plan.

	 	(i)	 	A Participant who terminates employment on account of the Change of Control (as
defined below) must have attained age 55 with at least fifteen (15) years of Credited
Service for vesting purposes under the Pension Plan on or prior to the Participant’s
termination of

 

 

	 	 	 	employment of account of the Change of Control. Such Participant’s lump sum benefit
shall be computed as described in Section 5.01(b) below.

	 	(ii)	 	A Participant (or his or her Beneficiary if the Participant is not living) who
does not satisfy the conditions of subparagraph (i) above but who terminated employment
prior to the Change of Control and who is receiving or entitled to receive benefits
under the Plan following the Change in Control shall receive a lump sum benefit
computed as described in Section 5.01(c). However, this subparagraph (ii) shall apply
only if both a “Code Section 409A Change in Control” occurs (as defined in Code Section
409A — see Treas. Reg. Section 1.409A-3(i)(5)) and a Change of Control occurs (as
defined in Section 5.01(d)).
	 
	 	(iii)	 	For purposes of this Section 5.01(a), a Participant’s employment shall be
considered to have “terminated on account of such Change of Control” if the
Participant’s employment with the Employer is terminated for any reason (e.g.,
resignation, involuntary termination, disability, death, etc.) that constitutes a
separation from service as defined in Code Section 409A (see Treas. Reg. Section
1.409A-1(h)). Such termination of employment must occur during the two-year period
beginning on the date on which the Change in Control occurred.

	(b)	 	The lump sum payment for a Participant described in Section 5.01(a)(i) shall be
determined by computing the present value of the Participant’s monthly Supplemental Retirement
Income as of the date of the Participant’s termination of employment on account of the Change
of Control (calculated pursuant to the formula set forth in Section 3.01(a)). The present
value amount shall be determined using the Applicable Interest Rate and Applicable Mortality
Table as defined in Section 4.10 of the Pension Plan (i.e., the interest rate used to compute
a lump sum payout from the Pension Plan following a change in control).
	 
	(c)	 	The lump sum payment for a Participant described in Section 5.01(a)(ii) shall be
determined by computing the present value of the remaining unpaid monthly Supplemental
Retirement Income payments under this Plan using the Applicable Interest Rate and Applicable
Mortality Table as defined in Section 4.10 of the Pension Plan (i.e., the interest rate used
to compute a lump sum payout from the Pension Plan following a Change of Control) and by
assuming such payments begin or continue (as the case may be) immediately following the Change
of Control.”

8.

              Effective January 1, 2008, Section 6.03 is hereby deleted from the Plan and in lieu thereof,
the following phrase shall be added:

“Reserved:”

9.

              Effective January 1, 2008, a new Section 6.05(c) is hereby added to the Plan as follows:

	 	 	 	“(c) Any payments that are not paid pursuant to subsections (a) or (b) above shall be
irrevocably forfeited.”

10.

              Effective January 1, 2008, Section 6.08 is hereby deleted and a new Section 6.08 is hereby
substituted in lieu thereof as follows:

 

 

	 	 	 
	6.08

	 	Right to Amend and Terminate.

	 

	 	The Committee reserves the right to modify, alter, amend, or terminate the Plan, at
any time and from time to time, without notice, to any extent deemed advisable;
provided, however, that no such amendment or termination shall (without the written
consent of the Participant, if living, and if not, the Participant’s Beneficiary)
adversely affect any benefit under the Plan which has accrued with respect to the
Participant as of the date of such amendment or termination regardless of whether
such benefit is vested or in pay status. Notwithstanding the foregoing, no
amendment, modification, alteration, or termination of this Plan may be given effect
with respect to any Participant without the consent of such Participant (if living,
and if not, the Participant’s Beneficiary) if such amendment, modification,
alteration, or termination is adopted during the six-month period prior to a Change
of Control or during the two-year period following a Change of Control. In
addition, no termination shall result in an acceleration of any benefit under this
Plan unless such termination complies with the termination and liquidation
provisions of Code Section 409A (see Treas. Reg. Section 1.409A-3(j)(4)(ix)).
Finally, the Committee may amend the Plan for any purpose to comply with Code
Section 409A, including optional Code Section 409A provisions, and may amend the
Plan to comply with other required changes in law without the consent of
Participants or Beneficiaries and regardless of a prior or subsequent Change in
Control.

11.

              Effective January 1, 2008, the term “Contingent Annuitant” shall be replaced with the term
“Beneficiary” throughout the Plan. As a matter of background, the terms “Contingent Annuitant” and
“Beneficiary” were functionally identical for purposes of the Plan.

* * * * * * * * *

              Except as amended herein, the Plan shall remain in full force and effect.

              IN WITNESS WHEREOF, the Pension and Benefits Committee has caused this Amendment to the Plan
to be executed on the date shown below, but effective as of the date indicated above.

	 	 	 	 	 
	 	 	PENSION AND BENEFITS COMMITTEE
	 
	 	 	 	 
	 

	 	By:	 	 /s/ Frank M. Howard
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Name	 	 Frank M. Howard
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Title	 	 Chairman
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	Date:	 	 11/28/07
	 

	 	 	 	 

	 	 	 	 	 
	Attest:
	 	 	 	 
	 
	 	 	 	 
	By:

	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	Date:

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