Document:

Exhibit 10.25

 

Non-Employee
Director Compensation Summary

 

The compensation structure for the Company’s
non-employee directors as follows:

 

Grant of Options Upon Appointment

 

Each new non-employee director will automatically
receive an option to purchase up to 30,000 shares of the Company’s common stock
upon appointment to the Board. These options will vest quarterly over the three
years following the grant date, subject to such director’s continued service on
the Board.

 

Grant of Additional Stock Options

 

In connection with the Nominating and Corporate
Governance Committee’s annual evaluation, non-employee directors who served on
the Board during the then-current fiscal year and who will continue to serve on
the Board following the annual meeting will be granted an option to purchase up
to 15,000 shares of the Company’s common stock at the annual meeting of
stockholders. These options will vest quarterly over the year following the
grant date, subject to the non-employee director’s continued service on the Board.

 

Payment of Retainer Fee;
Reimbursement of Travel and Other Expenses

 

In addition to an option grant, each non-employee
director is entitled to receive an annual retainer of $30,000 for his or her
service on the Board. Additional amounts will be paid as follows:

 

	
  Position

  	
   

  	
  Additional

  Fees

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Non-Employee
  Chairman of the Board

  	
   

  	
  $30,000

  	
   

  
	
  Audit
  Committee Chair

  	
   

  	
  $17,000

  	
   

  
	
  Audit
  Committee Members (other than the Chair)

  	
   

  	
  $8,000

  	
   

  
	
  Compensation
  Committee Chair

  	
   

  	
  $12,000

  	
   

  
	
  Compensation
  Committee Members (other than the Chair)

  	
   

  	
  $6,000

  	
   

  
	
  Nominating
  and Corporate Governance Committee Chair

  	
   

  	
  $12,000

  	
   

  
	
  Nominating
  and Corporate Governance Committee Members (other than the Chair)

  	
   

  	
  $6,000

  	
   

  
	
  Science
  Committee Chair

  	
   

  	
  $10,000

  	
   

  
	
  Science
  Committee Members

  	
   

  	
  $7,500

  	
   

  
	
  Additional
  Payments to Science Committee Chair and Members

  	
   

  	
  $3,000 for each all day session attended (up to a
  maximum of $15,000 per year) that is in addition to the standard quarterly
  meetings of the Scientific Committee

  	
   

  

 

All retainer amounts shall be paid quarterly during
the fiscal year. Non-employee directors also receive reimbursement for
reasonable travel and other expenses in connection with attending Board
meetings.Exhibit 10.41

 

Amendment No. 1 to the

Restricted Stock Agreement

Granted Under 2004 Stock Incentive Plan, as amended

 

This Amendment
No. 1, effective as of November 4, 2009,  is to the Restricted Stock Agreement made on
March 7, 2006 between Momenta Pharmaceuticals, Inc., a Delaware  corporation (the “Company”), and
Ganesh Venkataraman (the “Participant”).

 

For valuable
consideration, receipt of which is acknowledged, the parties hereto agree to
amend the Agreement as follows.

 

Section 2(a) of
the Agreement is hereby deleted and replaced with the following:

 

One
hundred thousand (100,000) Shares shall vest and become free from forfeiture
under Section 2(c) hereof and become free from the transfer
restrictions in Section 3 hereof on the date that the Company (or any of
the Company’s partners or collaborators) commercially launches M-Enoxaparin in
the United States, provided, that such commercial launch occurs on or
before March 7, 2011 and provided further, that such Shares shall
only vest pursuant to this Section 2(a) if the Participant is
employed by the Company on the date of such vesting event. For the purpose of
this Section and vesting hereunder, “commercial launch” shall not be
deemed to have occurred earlier than ten (10) days after the marketing
approval of M-Enoxaparin in the United States by the United States Food and
Drug Administration.

 

Except as explicitly set
forth herein, all other terms and conditions of the Agreement remain in full
force and effect.

 

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the day and year first above
written.

 

	
   

  	
  MOMENTA PHARMACEUTICALS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard P. Shea

  
	
   

  	
   

  	
  Richard P. Shea

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Ganesh Venkataraman

  
	
   

  	
  Ganesh VenkataramanExhibit 10(E)

 

TARGET CORPORATION

SPP I

(2010 Plan Statement)

 

Effective January 13, 2010

As Amended and Restated

 

 

TARGET CORPORATION

SPP I

(2010 Plan Statement)

 

TABLE OF CONTENTS

 

	
  SECTION 1
  INTRODUCTION; DEFINITIONS

  	
   

  	
  1

  
	
  1.1 History

  	
   

  	
  1

  
	
  1.2
  Definitions

  	
   

  	
  1

  
	
  1.2.1
  Actuarial Equivalent

  	
   

  	
  1

  
	
  1.2.2
  Affiliate

  	
   

  	
  1

  
	
  1.2.3
  Beneficiary

  	
   

  	
  1

  
	
  1.2.4 Board

  	
   

  	
  1

  
	
  1.2.5
  Change-in-Control

  	
   

  	
  1

  
	
  1.2.6 Code

  	
   

  	
  2

  
	
  1.2.7
  Committee

  	
   

  	
  2

  
	
  1.2.8 Company

  	
   

  	
  3

  
	
  1.2.9 Officer

  	
   

  	
  3

  
	
  1.2.10 Officer
  EDCP

  	
   

  	
  3

  
	
  1.2.11
  Participant

  	
   

  	
  3

  
	
  1.2.12
  Participating Employer

  	
   

  	
  3

  
	
  1.2.13 Pension
  Plan

  	
   

  	
  3

  
	
  1.2.14 Plan

  	
   

  	
  3

  
	
  1.2.15 Plan
  Administrator

  	
   

  	
  3

  
	
  1.2.16 Plan
  Rules

  	
   

  	
  3

  
	
  1.2.17 Plan
  Statement

  	
   

  	
  3

  
	
  1.2.18 SPP IV

  	
   

  	
  3

  
	
  1.2.19
  Termination of Employment

  	
   

  	
  3

  
	
  1.2.20 Trust

  	
   

  	
  4

  
	
   

  	
   

  	
   

  
	
  SECTION 2 PARTICIPATION

  	
   

  	
  5

  
	
  2.1
  Eligibility

  	
   

  	
  5

  
	
  2.2
  Termination of Participation

  	
   

  	
  5

  
	
  2.3 Rehire

  	
   

  	
  5

  
	
  2.4 Effect on
  Employment

  	
   

  	
  5

  
	
   

  	
   

  	
   

  
	
  SECTION 3 BENEFIT — TRADITIONAL FINAL AVERAGE PAY
  FORMULA

  	
   

  	
  7

  
	
  3.1 Amount of
  Pension

  	
   

  	
  7

  
	
  3.2 Rehire

  	
   

  	
  7

  
	
   

  	
   

  	
   

  
	
  SECTION 4 BENEFIT — PERSONAL PENSION ACCOUNT

  	
   

  	
  8

  
	
  4.1 Amount of
  Pension

  	
   

  	
  8

  
	
  4.2 Rehire

  	
   

  	
  8

  
	
   

  	
   

  	
   

  
	
  SECTION 5 VESTING

  	
   

  	
  9

  
	
  5.1 General
  Rule

  	
   

  	
  9

  
	
  5.2 Rehire

  	
   

  	
  9

  

 

 

	
  5.3 Transfers
  to Officer EDCP

  	
   

  	
  9

  
	
   

  	
   

  	
   

  
	
  SECTION 6 TRANSFERS

  	
   

  	
  10

  
	
  6.1 Benefit
  Distributions

  	
   

  	
  10

  
	
  6.2 Transfers
  to Officer EDCP

  	
   

  	
  10

  
	
   

  	
   

  	
   

  
	
  SECTION 7 NATURE OF INTEREST

  	
   

  	
  11

  
	
  7.1 Unfunded
  Obligation

  	
   

  	
  11

  
	
  7.2
  Spendthrift Provision

  	
   

  	
  11

  
	
  7.3
  Compensation Recovery (Recoupment)

  	
   

  	
  11

  
	
   

  	
   

  	
   

  
	
  SECTION 8 ADOPTION, AMENDMENT AND TERMINATION

  	
   

  	
  12

  
	
  8.1 Adoption

  	
   

  	
  12

  
	
  8.2 Amendment

  	
   

  	
  12

  
	
  8.3
  Termination

  	
   

  	
  12

  
	
   

  	
   

  	
   

  
	
  SECTION 9 CLAIM PROCEDURES

  	
   

  	
  14

  
	
  9.1  Claim Procedures

  	
   

  	
  14

  
	
  9.2
  Rules and Regulations

  	
   

  	
  15

  
	
  9.3
  Limitations and Exhaustion

  	
   

  	
  16

  
	
   

  	
   

  	
   

  
	
  SECTION 10 PLAN ADMINISTRATION

  	
   

  	
  18

  
	
  10.1 Plan
  Administration

  	
   

  	
  18

  
	
  10.2 Conflict
  of Interest

  	
   

  	
  18

  
	
  10.3
  Membership and Authority

  	
   

  	
  19

  
	
  10.4 Service
  of Process

  	
   

  	
  19

  
	
  10.5 Choice of
  Law

  	
   

  	
  19

  
	
  10.6
  Responsibility for Delegate

  	
   

  	
  19

  
	
  10.7 Expenses

  	
   

  	
  19

  
	
  10.8 Errors in
  Computations

  	
   

  	
  19

  
	
  10.9
  Indemnification

  	
   

  	
  19

  
	
  10.10 Notice

  	
   

  	
  20

  
	
   

  	
   

  	
   

  
	
  SECTION 11 CONSTRUCTION

  	
   

  	
  21

  
	
  11.1 ERISA
  Status

  	
   

  	
  21

  
	
  11.2 IRC
  Status

  	
   

  	
  21

  
	
  11.3
  Rules of Document Construction

  	
   

  	
  21

  
	
  11.4
  References to Laws

  	
   

  	
  21

  
	
  11.5 Appendices

  	
   

  	
  21

  

 

 

SECTION 1

INTRODUCTION; DEFINITIONS

 

1.1          History.  The Company originally established this Plan
(formerly known as the Target Corporation Supplemental Pension Plan I)
effective as of January 1, 1995. 
The Plan is a non-qualified, unfunded plan intended to replace certain
pension benefits for a select group of management or highly compensated
employees who are officers.  The Plan
provides retirement benefits not provided under the Pension Plan as a result of
the limitations imposed by Code sections 401(a)(17) and 415.   The Plan is intended to be a “top hat plan”
as defined under the Employee Retirement Income Security Act of 1974, as
amended from time to time.   Since the
effective date of this Plan, upon a Participant becoming an Officer of the
Company, the benefit due under the Target Corporation SPP IV has been
transferred to this Plan.  Effective April 30,
2002, for Participants in this Plan who were members of the Company’s Corporate
Operating Committee, the Company transferred the present value of the vested
benefit due under this Plan to the Officer EDCP.  Effective July 31, 2002, this transfer
was extended to all Officers of the Company. 
After such transfer, no benefits were due or payable to the Participant
from this Plan. Further, after the transfer, the individuals would no longer
participate in this Plan or be eligible for further accruals under this
Plan.  Effective January 1, 2005
(and other effective dates as specifically provided), this Plan was operated in
compliance with Code section 409A.  The
Plan, which is intended to comply with Code section 409A, was amended and
restated effective January 1, 2009. 
This Plan Statement, which was amended to incorporate the Company’s
recoupment policy, is effective January 13, 2010.

 

1.2          Definitions.  Terms used herein with initial capital
letters will have same meaning as those used in the Pension Plan except as
otherwise defined below or where the context clearly indicates to the contrary.

 

1.2.1       Actuarial
Equivalent.  An “Actuarial
Equivalent” will be determined by using such factors and assumptions as the
Company considers appropriate in its sole and absolute discretion.

 

1.2.2       Affiliate.  An “Affiliate”
is the Company and all persons, with whom the Company would be considered a
single employer under Code section 414(b) or 414(c).

 

1.2.3       Beneficiary.  The “Beneficiary” is the “Beneficiary” as
defined under the Officer EDCP.

 

1.2.4       Board “Board” is the
Board of Directors of the Company, or such committee of the Board of Directors
to which the Board of Directors of the Company has delegated the respective
authority.

 

1.2.5       Change-in-Control.

 

(a)                                  A “Change-in-Control”
shall be deemed to have occurred if:

 

(i)                                     50% or more of
the directors of the Company shall be persons other than persons

 

(A)                              for whose
election proxies shall have been solicited by the Board, or

 

 

(B)                                who are then
serving as directors appointed by the Board to fill vacancies on the Board
caused by death or resignation (but not by removal) or to fill newly-created
directorships, or

 

(ii)                                  30% or more of
the outstanding voting power of the Voting Stock of the Company is acquired or
beneficially owned (as defined in Article IV of the Restated Articles of
Incorporation, as amended, of the Company) by any person (as defined in Article IV
of the Restated Articles of Incorporation, as amended, of the Company), other
than an entity resulting from a Business Combination in which clauses (x) and
(y) of subparagraph (iii) apply, or

 

(iii)                               the
consummation of a merger or consolidation of the Company with or into another
entity, a statutory share exchange, a sale or other disposition (in one
transaction or a series of transactions) of all or substantially all of the
Company’s assets or a similar business combination (each, a “Business
Combination”), in each case unless, immediately following such Business
Combination, (x) all or substantially all of the beneficial owners of the
Company’s Voting Stock immediately prior to such Business Combination
beneficially own, directly or indirectly, more than 60% of the voting power of
the then outstanding shares of voting stock (or comparable voting equity
interests) of the surviving or acquiring entity resulting from such Business
Combination (including such beneficial ownership of an entity that, as a result
of such transaction, owns the Company or all or substantially all of the
Company’s assets either directly or through one or more subsidiaries), in
substantially the same proportions (as compared to the other beneficial owners
of the Company’s Voting Stock immediately prior to such Business Combination)
as their beneficial ownership of the Company’s Voting Stock immediately prior
to such Business Combination, and (y) no person (as defined in Article IV
of the Restated Articles of Incorporation, as amended, of the Company)
beneficially owns, directly or indirectly, 30% or more of the voting power of
the outstanding voting stock (or comparable equity interests) of the surviving
or acquiring entity (other than a direct or indirect parent entity of the
surviving or acquiring entity, that, after giving effect to the Business
Combination, beneficially owns, directly or indirectly, 100% of the outstanding
voting stock (or comparable equity interests) of the surviving or acquiring
entity), or

 

(iv)                              approval by the
shareholders of a definitive agreement or plan to liquidate or dissolve the
Company.

 

For
purposes of this 1.2.5, “Voting Stock” has the same meaning as defined in Article IV
of the Restated Articles of Incorporation, as amended, of the Company.

 

1.2.6       Code. “Code” means
the Internal Revenue Code of 1986, as amended (including, when the context
requires, all regulations, interpretations and rulings issued thereunder).

 

1.2.7       Committee. “Committee”
means the administrative committee appointed in accordance with Section 10.3.

 

2

 

1.2.8       Company. “Company”
means  Target Corporation, a
Minnesota corporation, or any successor thereto.

 

1.2.9       Officer.  An “Officer” is a member of the executive
committee and any other Employee who is designated and categorized as an
officer of the Company by the Company’s Chief Executive Officer.

 

1.2.10     Officer EDCP.  “Officer EDCP” means the Target Corporation
Officer EDCP.

 

1.2.11     Participant.  A “Participant” is an  Employee who becomes a Participant in this
Plan in accordance with the provisions of Section 2.  An Employee who has become a Participant
shall be considered to continue as a Participant in this Plan until the date of
the Participant’s death or, if earlier, the date when the Participant is no
longer eligible and upon which the Participant no longer has a benefit due
under this Plan (that is, a transfer of the benefit has been made pursuant to Section 6,
or the Participant’s benefit under this Plan wears away, or the Participant’s
benefit under this Plan has been forfeited as hereinafter provided).

 

1.2.12     Participating Employer.  “Participating Employer” means the Company
and each other Affiliate that, with the consent of the Company, adopts this
Plan.   A Participating Employer shall
cease to be a Participating Employer on the date it ceases to be an Affiliate.

 

1.2.13     Pension Plan.  “Pension Plan” means the tax qualified
defined benefit pension plan, established for the benefit of employees eligible
to participate therein, and known as the Target Corporation Pension Plan,
including any predecessor plan(s) or successor plan.

 

1.2.14     Plan.  “Plan” means this Target Corporation SPP I
(formerly known as the Target Corporation Supplemental Pension Plan I).

 

1.2.15     Plan Administrator. “Plan
Administrator” means the Company or, if affirmatively designated by the
Company, some other individual or committee.

 

1.2.16     Plan Rules.  “Plan Rules” are rules, policies, practices or
procedures adopted by the Plan Administrator or its delegate pursuant to Section 10.1.5.

 

1.2.17     Plan Statement.  “Plan Statement” means this document entitled
“Target Corporation SPP I (2010 Plan Statement),” as adopted by the Company,
effective as of January 13, 2010, as the same may be amended from time to
time.

 

1.2.18     SPP IV.  “SPP IV” means the Target Corporation SPP IV.

 

1.2.19     Termination of
Employment.

 

(a)                                  For purposes of
determining entitlement to or the amount of benefits under the Plan, “Termination
of Employment” means a severance of a Participant’s employment relationship
with each Participating Employer and all Affiliates, for any reason.

 

(b)                                 For purposes of
determining when a distribution will be made under the Plan, a “Termination of
Employment” will be deemed to occur if, based on the relevant facts and
circumstances to the Participant, the Participating Employer, all 

 

3

 

Affiliates and Participant reasonably anticipate that the level of bona
fide future services to be performed by the Participant for the Participating
Employer and all Affiliates will permanently decrease to no more than 20% of
the average level of bona fide services performed over the immediately
preceding 36-month period.

 

(c)                                  A bona fide
leave of absence that is six months or less, or during which an individual
retains a reemployment right, will not cause a Termination of Employment.  In the case of a leave of absence without a
right of reemployment that exceeds the time periods described in this
paragraph, a Termination of Employment will be deemed to occur once the leave
of absence exceeds six months.

 

(d)                                 Notwithstanding
the foregoing, a Termination of Employment shall not occur unless such
termination also qualifies as a “separation from service,” as defined under
Code section 409A and related guidance thereunder.

 

1.2.20     Trust.  “Trust” means the Target
Corporation Deferred Compensation Trust Agreement, dated January 1, 2009
by and between the Company and State Street Bank and Trust Company, as it is
amended from time to time, or similar trust agreement.

 

 

4

 

SECTION 2

PARTICIPATION

 

2.1                               Eligibility.

 

2.1.1       General Requirements.  An Employee is eligible to participate in
this Plan on and after the date he or she:

 

(a)                                  is an active
participant in the Pension Plan; and

 

(b)                                 is an Officer.

 

2.1.2       Applicable Benefit
Formula.  A
Participant’s benefit under this Plan will be determined based on the
applicable benefit formula under the Pension Plan.

 

(a)                                  A Participant
with a Pension Plan benefit determined solely by the traditional final average
pay formula will have his or her benefit under this Plan determined pursuant to
Section 3.

 

(b)                                 A Participant
with a Pension Plan benefit determined solely by the personal pension account
formula will have his or her benefit under this Plan determined pursuant to Section 4.

 

(c)                                  A Participant
with a Pension Plan benefit determined in part by the traditional final average
pay formula and in part by the personal pension account formula will have his
or her benefit under this Plan determined pursuant to Section 3 with
respect to the period earning a traditional final average pay benefit under the
Pension Plan, and Section 4 with respect to the period earning a personal
pension account benefit under the Pension Plan.

 

2.2          Termination of
Participation.  Except as
otherwise specifically provided in this Plan or by the Committee, an Employee
who ceases to satisfy the requirements of Section 2.1.1 or whose benefit
is transferred to the Officer EDCP pursuant to Section 6.2 is not eligible
to continue to participate in this Plan, and will not accrue any additional
benefits under this Plan.  The
Participant’s benefit under this Plan will continue to be governed by the terms
of this Plan until such time as the Participant’s benefit is transferred, wears
away, or is forfeited in accordance with the terms of this Plan.  A Participant or Beneficiary will cease to be
such as of the date on which his or her entire benefit under this Plan has been
transferred, wears away, or forfeited.

 

2.3          Rehire.  A Participant with a vested
benefit under this Plan who incurs a Termination of Employment and is rehired
will not be eligible to participate in this Plan.

 

2.4                               Effect
on Employment.

 

2.4.1       Not a Term of
Employment.  Neither the
terms of this Plan Statement nor the benefits under this Plan or the
continuance thereof shall be a term of the employment of any Employee.

 

2.4.2       Not an Employment
Contract.  The Plan is not
and shall not be deemed to constitute a contract of employment between any
Participating Employer and any Employee or  

 

5

 

 

other
person, nor shall anything herein contained be deemed to give any Employee or
other person any right to be retained in any Participating Employer’s employ or
in any way limit or restrict any Participating Employer’s right or power to
discharge any Employee or other person at any time and to treat him or her
without regard to the effect that such treatment might have upon him or her as
a Participant in this Plan.

 

6

 

SECTION 3

BENEFIT — TRADITIONAL FINAL AVERAGE PAY FORMULA

 

3.1                               Amount
of Pension.

 

3.1.1       General Rule.       A Participant of this Plan whose benefit
under the Pension Plan is determined all or in part by the traditional final
average pay formula, shall be entitled to a pension benefit determined under
this Plan that is the Actuarial Equivalent of 
the sum of:

 

(a)                                  The monthly
pension benefit of the Participant transferred to this Plan as determined under
Section 3 of SPP IV, and

 

(b)                                 The excess, if
any, of:

 

(i)                                     The monthly
pension benefit of the Participant as determined under the Pension Plan, based
on the “traditional formula” (Article VI of the Pension Plan) if such
formula were applied:

 

(A)      without regard to the
maximum benefit limits imposed by Code section 415;

 

(B)        without regard to the
maximum compensation limits imposed by Code section 401(a)(17); and

 

(C)        without regard to the
alternative benefit formula of Sections 4.6(a)(3) and 4.6(b)(2) of
the Pension Plan.

 

Over

 

(ii)                                  The sum of:

 

(A)                              The monthly
pension benefit of the Participant as determined under the Pension Plan, based
on the “traditional formula” (Article VI of the Pension Plan); and

 

(B)                                The monthly
pension benefit of the Participant transferred to this Plan as determined under
Section 3 of SPP IV.

 

Such
benefit will be determined as of the date of transfer as provided in Section 6.

 

3.1.2       Death Benefit.  If a Participant dies prior
to receiving a transfer of his or her benefit determined under this Section 3,
the death benefit to be transferred pursuant to Section 6 will be
calculated in the same manner as the Participant’s benefit under this Section 3,
and for purposes of Section 3.1.1, as if the Participant were alive and
entitled to a benefit under the Pension Plan and SPP IV as of his or her date
of death.

 

3.2          Rehire.  If a Participant or former Participant is
rehired and eligible to participate in this Plan, then a Participant’s service
prior to reemployment will be considered for benefit purposes only to the
extent such service would be recognized for benefit purposes under the
traditional final average pay formula of the Pension Plan.

 

7

SECTION 4

BENEFIT — PERSONAL PENSION ACCOUNT

 

4.1                               Amount
of Pension

 

4.1.1       General Rule.  A Participant of this Plan whose benefit
under the Pension Plan is determined all or in part by the personal pension
account formula, shall be entitled to a pension benefit under this Plan that is
the Actuarial Equivalent of  the sum of:

 

(a)                                  The pension
benefit of the Participant transferred to this Plan as determined under Section 4
of SPP IV, and

 

(b)                                 the excess, if
any, of:

 

(i)                                     The amount that
would have been credited each quarter (including both “pay credits” and “interest
credits”) to the Participant’s “personal pension account” under the Pension
Plan (Article VII of the Pension Plan), if such account were applied:

 

(A)                              without regard
to the maximum benefit limits imposed by Code section 415; and

 

(B)                                without regard
to the maximum compensation limits imposed by Code section 401(a)(17).

 

Over

 

(ii)                                  The sum of:

 

(A)                              The amount of
the credits actually made to the Participant’s “personal pension account” under
the Pension Plan; and

 

(B)                                The pension
benefit of the Participant transferred to this Plan as determined under Section 4
of SPP IV.

 

Such
benefit will be determined as of the date of transfer as provided in Section 6.

 

4.1.2       Death Benefit.  If a Participant dies prior to receiving a
transfer of his or her benefit determined under this Section 4, the death
benefit to be transferred pursuant to Section 6 will be calculated in the
same manner as the Participant’s benefit under this Section 4.

 

4.2          Rehire.  If a Participant or former Participant is
rehired and eligible to participate in this Plan, then a Participant’s service
prior to reemployment will be considered for benefit purposes only to the
extent such service would be recognized for benefit purposes under the personal
pension account formula of the Pension Plan.

 

8

 

SECTION 5

VESTING

 

5.1          General Rule.  A Participant will be vested
in his or her benefit under this Plan to the extent he or she is vested in
their benefit under the Pension Plan.

 

5.2          Rehire.   A Participant’s service
prior to reemployment will be considered for vesting purposes only to the
extent such service would be recognized for vesting purposes under the Pension
Plan.

 

5.3          Transfers to Officer
EDCP.  A Participant whose benefit
under this Plan is transferred to the Officer EDCP pursuant to Section 6
will no longer have any rights under this Plan effective as of the date of such
transfer.

 

9

 

SECTION 6

TRANSFERS

 

6.1                               Benefit
Distributions.

 

6.1.1       Benefit Transfer to
Officer EDCP.  No benefits
transferred to this Plan from SPP IV or benefits accrued and determined under
this Plan will be paid directly to Participants.  All vested benefits due under this Plan, as
determined under Section 3 and Section 4, will be transferred to the
Officer EDCP, and paid to the Participant or Beneficiary pursuant to the terms
of the Officer EDCP.

 

6.1.2       Form and Timing
of Benefit Distribution.  Benefits earned
under this Plan will be deemed to have a distribution form and timing of an
Actuarial Equivalent single lump payment  of the vested
benefit determined under Sections 3 and 4, as applicable, within 60 days
following the one-year anniversary of the date that the Participant incurs a
Termination of Employment.  Any benefits
earned under this Plan will be subject to the distribution terms of the Officer
EDCP, including any provisions regarding the acceleration or delay of distribution
(to the extent allowed under Code section 409A).

 

6.1.3       Transfers from SPP
IV.   Benefits transferred to this Plan from SPP IV
will have the distribution timing, form, and rights as provided under SPP IV,
but upon transfer will be subject to the distribution terms of the Officer
EDCP, including any provisions regarding the acceleration or delay of
distribution (to the extent allowed under Code section 409A).

 

6.2          Transfers to Officer
EDCP.   A Participant’s vested
benefit under this Plan will be transferred to the Officer EDCP as provided below.

 

6.2.1       Timing of Benefit
Transfer.

 

(a)                                  On or about the
April 30 (or the immediately preceding business day) immediately following
the calendar year in which a Participant is first eligible to participate in
this Plan and has a vested benefit, a Participant will have his or her vested
benefit that is determined under this Plan transferred to the Officer
EDCP.  The transfer will be an amount
equal to the actuarial lump sum present value on March 31 (or the
immediately preceding business day) for the Participant’s SPP Benefit accrued
through the preceding December 31. 
In the case of a Participant who is an executive officer, such transfer
will be made and determined on or about the last business day prior to the end
of the Company’s fiscal year.

 

(b)                                 Notwithstanding
the foregoing, in the case of a Termination of Employment as defined under Section 1.2.19(a) or
a Plan termination upon a Change-in-Control under Section 8.3.2 prior to
the date in Section 6.2.1(a), the transfer will be made within 60 days
following such event.

 

6.2.2       Benefit to Be
Transferred.  The benefit
transferred to the Officer EDCP is the vested benefit accrued and determined
under this Plan at the time of transfer to the Officer EDCP provided in Section 6.2.1.  The transfer to the Officer EDCP will not
change the payment form, payment timing, or vested status of the benefit
determined under this Plan.  After the
transfer to the Officer EDCP, the benefit will be subject to the terms of the
Officer EDCP, including the acceleration or delay of distributions permitted
thereunder.

 

10

 

SECTION 7

NATURE OF INTEREST

 

7.1          Unfunded Obligation.  The obligation of the Participating Employers
to provide benefits pursuant to this Plan constitutes only the unsecured (but
legally enforceable) promise of the Participating Employers to provide such
benefits.  Participants and their
Beneficiaries, heirs, successors and assigns shall have no legal or equitable
rights, claims or interests in any specific property or assets of the Company
or a Participating Employer, nor shall they be beneficiaries of, or have any
rights, claims or interests in any life insurance policies, annuity contracts
or the proceeds therefrom owned or which may be acquired by the Company.

 

7.2          Spendthrift Provision.  Except as otherwise provided in this Section 7.2,
no Participant or Beneficiary shall have any interest in any benefit which can
be transferred nor shall any Participant or Beneficiary have any power to
anticipate, alienate, dispose of, pledge or encumber the same while in the
possession or control of the Participating Employers.  The Plan Administrator shall not recognize
any such effort to convey any interest under this Plan.  No benefit payable under this Plan shall be
subject to attachment, garnishment, or execution following judgment or other
legal process before actual payment to such person.  This Section 7.2 shall not prevent the
Plan Administrator from exercising, in its discretion, any of the applicable
powers and options granted to it under any applicable provision hereof.

 

7.3          Compensation Recovery
(Recoupment).  Notwithstanding any other provision of the
Plan, a Participant who engaged in intentional misconduct that contributed
directly or indirectly, in whole or in part, to the need for a restatement of
the Company’s consolidated financial statements and who becomes subject to the
Company’s recoupment policy as adopted by the Compensation Committee of the
Company’s Board of Directors and amended from time to time (“Recoupment Policy”)
may have all or a portion of his or her benefit under this Plan forfeited
and/or all or a portion of any distributions payable to the Participant or his
or her Beneficiary recovered by the Company.

 

(a)          Any portion of the Participant’s benefit resulting
from the receipt of compensation that is subject to recovery under the
Recoupment Policy may be forfeited and, in such event, a corresponding
adjustment will be made to the Participant’s benefit under this Plan.

 

(b)         If a Participant (or his or her Beneficiary) is
entitled to receive a distribution under this Plan and the Participant is
subject to a claim for recovery under the Recoupment Policy, then the Company
may, subject to any limitations under Code section 409A, retain all or any portion
of the Participant’s (or the Beneficiary’s) taxable distribution, net of state,
federal or foreign tax withholding, to satisfy such claim.

 

11

 

SECTION 8 

ADOPTION, AMENDMENT AND TERMINATION

 

8.1          Adoption.  With the prior
approval of the Plan Administrator, an Affiliate may adopt the Plan and become
a Participating Employer by furnishing to the Plan Administrator a certified
copy of a resolution of its board of directors adopting the Plan.

 

8.2          Amendment.

 

8.2.1       General Rule.  The Board may at any time
amend this Plan, in whole or in part, for any reason, including but not limited
to tax, accounting or insurance changes, a result of which may be to terminate
this Plan; provided, unless such amendment is necessary or reasonable to comply
with any changes in law, no amendment shall be effective to decrease the
benefits, nature or timing thereof payable under this Plan to any Participant
with respect to deferrals made (and benefits thereafter accruing) prior to the
date of such amendment.  The Committee is
authorized to make any amendments to this Plan Statement deemed necessary or
desirable by the Committee for the operation and administration of this Plan
provided such amendment does not have a material financial impact on the
Company.  Such changes will be considered
an Amendment to this Plan and shall be effective without further action by the
Board.  Written notice of any amendment shall
be given to each Participant then participating in this Plan.

 

8.2.2       Amendment to Benefit
of Executive Officer.  Any amendment
to the benefit of an executive officer under this Plan, to the extent approval
of such amendment by the board of directors would be required by the Securities
and Exchange Commission and its regulations or the rules of any applicable
securities exchange, will require the approval of the Board.

 

8.2.3       No Oral
Amendments.  No modification
of the terms of this Plan Statement shall be effective unless it is in
writing.  No oral representation
concerning the interpretation or effect of this Plan Statement shall be
effective to amend this Plan Statement.

 

8.3          Termination.

 

8.3.1       General Rule.

 

(a)                                  To the extent
necessary or reasonable to comply with any changes in law, the Board may at any
time terminate this Plan, provided such termination satisfies the requirements
of Code section 409A.

 

(b)                                 To the extent
that a Participant’s benefit under the Plan will be immediately included in the
income of the Participant, as determined by a court of competent jurisdiction
or the Internal Revenue Service, to the extent permitted under Code section
409A, the Board may terminate this Plan,  in whole or in
part, as it relates to the impacted Participant.

 

8.3.2       Plan Termination on
Account of a Change-in-Control.  Upon a Change-in-Control the Plan will
terminate and the transfer of all amounts under the Plan will be accelerated if
and to the extent provided in this Section 8.3.2.

 

(a)                                  The Plan will
be terminated effective as of the first date on which there has occurred both (i) a
Change-in-Control under Section 1.2.5(a), and (ii) a funding  

 

12

 

of the Trust on account of such Change-in-Control (referred to herein
as the “Plan termination effective date”) unless, prior to such Plan
termination effective date, the Board affirmatively determines that the Plan
will not be terminated as of such effective date. The Board will be deemed to
have taken action to irrevocably terminate the Plan as of the Plan termination
effective date by its failure to affirmatively determine that the Plan will not
terminate as of such date.

 

(b)                                 The
determination by the Board under paragraph (a) constitutes a determination
that such termination will satisfy the requirements of Code section 409A,
including an agreement by the Company that it will take such additional action
or refrain from taking such action as may be necessary to satisfy the
requirements necessary to terminate and liquidate the Plan under paragraph (c) below.

 

(c)                                  In the event
the Board does not affirmatively determine not to terminate the Plan as
provided in paragraph (a), such termination shall be subject to either (i) or
(ii), as follows:

 

(i)                                     If the
Change-in-Control qualifies as a “change in control event” for purposes of Code
section 409A, transfer of all amounts under the Plan will be accelerated and
distributed under the Officer EDCP.

 

(ii)                                  If the
Change-in-Control does not  qualify as a “change
in control event” for purposes of Code section 409A, transfer of all amounts
under the Plan will be accelerated and distributed under the Officer EDCP.

 

13

 

SECTION 9 

CLAIM PROCEDURES

 

9.1      Claim Procedures.  Until
modified by the Plan Administrator, the claim and review procedures set forth
in this Section shall be the mandatory claim and review procedures for the
resolution of disputes and disposition of claims filed under the Plan.  An application for a distribution or
withdrawal shall be considered as a claim for the purposes of this Section.

 

9.1.1       Initial Claim.  An individual
may, subject to any applicable deadline, file with the Plan Administrator a  written claim for benefits under  the Plan in a  form and manner prescribed by the Plan Administrator.

 

(a)                                  If the claim is
denied in whole or in part, the Plan Administrator shall notify the claimant of
the adverse benefit determination within ninety (90) days after receipt of the
claim.

 

(b)                                 The ninety (90)
day period for making the claim determination may be extended for ninety (90)
days if the Plan Administrator determines that special circumstances require an
extension of time for determination of the claim, provided that the Plan
Administrator notifies the claimant, prior to the expiration of the initial
ninety (90) day period, of the special circumstances requiring an extension and
the date by which a claim determination is expected to be made.

 

9.1.2       Notice of Initial Adverse Determination.  A notice of an adverse determination shall
set forth in a manner calculated to be understood by the claimant:

 

(a)                                  the specific
reasons for the adverse determination,

 

(b)                                 references to
the specific provisions of the Plan Statement (or other applicable Plan
document) on which the adverse determination is based,

 

(c)                                  a description
of any additional material or information necessary to perfect the claim and an
explanation of why such material or information is necessary, and

 

(d)                                 a description
of the claim and review procedures, including the time limits applicable to
such procedure, and a statement of the claimant’s right to bring a civil action
under ERISA section 502(a) following an adverse determination on review.

 

9.1.3       Request for Review.  Within  sixty (60) days after receipt of an
initial adverse benefit determination notice, the claimant may file with the Plan
Administrator a written request for a review of the adverse determination and
may, in connection therewith submit written comments, documents, records and
other information relating to the claim benefits.  Any request for review of the initial adverse
determination not filed within sixty (60) days after receipt of the initial
adverse determination notice shall be untimely.

 

9.1.4       Claim on Review.  If the claim,
upon review, is denied in whole or in part, the Plan Administrator shall notify
the claimant of the adverse benefit determination within sixty (60) days after
receipt of such a request for review.

 

14

 

(a)                                  The sixty (60)
day period for deciding the claim on review may be extended for sixty (60) days
if the Plan Administrator determines that special circumstances require an
extension of time for determination of the claim, provided that the Plan
Administrator notifies the claimant, prior to the expiration of the initial
sixty (60) day period, of the special circumstances requiring an extension and
the date by which a claim determination is expected to be made.

 

(b)                                 In the event
that the time period is extended due to a claimant’s failure to submit
information necessary to decide a claim on review, the claimant shall have
sixty (60) days within which to provide the necessary information and the
period for making the claim determination on review shall be tolled from the
date on which the notification of the extension is sent to the claimant until
the date on which the claimant responds to the request for additional
information or, if earlier, the expiration of sixty (60) days.

 

(c)                                  The Plan
Administrator’s review of a denied claim 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.

 

9.1.5       Notice of Adverse Determination for Claim on Review.  A  notice of an adverse determination for a claim on review
shall set forth in a manner calculated to be understood by the claimant.

 

(a)                                  the specific
reasons for the denial,

 

(b)                                 references to
the specific provisions of the Plan Statement (or other applicable Plan
document) on which the adverse determination is 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 to the claimant’s claim for benefits,

 

(d)                                 a statement
describing any voluntary appeal procedures offered by the Plan and the claimant’s
right to obtain information about such procedures, and

 

(e)                                  a statement of
the claimant’s right to bring an action under ERISA section 502(a).

 

9.2          Rules and
Regulations.

 

9.2.1       Adoption of Rules.  Any rule not
in conflict or at variance with the provisions hereof may be adopted by the
Plan Administrator.

 

9.2.2       Specific Rules.

 

(a)                                  No inquiry or
question shall be deemed to be a claim or a request for a review of a denied
claim unless made in accordance with the established claim procedures.  The Plan Administrator may require that any
claim for benefits and any request 

 

15

 

for a review of a denied claim be filed on forms to be furnished by the
Plan Administrator upon request.

 

(b)                                 All decisions
on claims and on requests for a review of denied claims shall be made by the
Plan Administrator unless delegated as provided for in the Plan, in which case
references in this Section 9 to the Plan Administrator shall be treated as
references to the Plan Administrator’s delegate.

 

(c)                                  Claimants may
be represented by a lawyer or other representative at their own expense, but
the Plan Administrator reserves the right to require the claimant to furnish
written authorization and establish reasonable procedures for determining
whether an individual has been authorized to act on behalf of a claimant.  A claimant’s representative shall be entitled
to copies of all notices given to the claimant.

 

(d)                                 The decision of
the Plan Administrator on a claim and on a request for a review of a denied
claim may be provided to the claimant in electronic form instead of in writing
at the discretion of the Plan Administrator.

 

(e)                                  In connection
with the review of a denied claim, the claimant or the claimant’s
representative shall be provided, upon request and free of charge, reasonable
access to, and copies of, all documents, records, and other information
relevant to the claimant’s claim for benefits.

 

(f)                                    The time period
within which a benefit determination will be made shall begin to run at the
time a claim or request for review is filed in accordance with the claims
procedures, without regard to whether all the information necessary to make a
benefit determination accompanies the filing.

 

(g)                                 The claims and
review procedures shall be administered with appropriate safeguards so that
benefit claim determinations are made in accordance with governing plan
documents and, where appropriate, the plan provisions have been applied
consistently with respect to similarly situated claimants.

 

(h)                                 The Plan
Administrator may, in its discretion, rely on any applicable statute of
limitation or deadline as a basis for denial of any claim.

 

9.3          Limitations
and Exhaustion.

 

9.3.1       Claims.  No claim shall be considered
under these administrative procedures unless it is filed with the Plan
Administrator within two (2) years after the Participant knew (or
reasonably should have known) of the general nature of the dispute giving rise
to the claim.  Every untimely claim shall
be denied by the Plan Administrator without regard to the merits of the claim.

 

9.3.2       Lawsuits.  No suit may be brought by or on behalf of any
Participant or Beneficiary on any matter pertaining to this Plan unless the
action is commenced in the proper forum within two (2) years from the
earlier of:

 

(a)                                  the date the
Participant knew (or reasonably should have known) of the general nature of the
dispute giving rise to the action, or

 

16

 

(b)                                 the date the
claim was denied.

 

9.3.3       Exhaustion
of Remedies.  These administrative procedures are the
exclusive means for resolving any dispute arising under this Plan.  As to such matters:

 

(a)                                  no Participant
or Beneficiary shall be permitted to litigate any such matter unless a timely
claim has been filed under these administrative procedures and these
administrative procedures have been exhausted, and

 

(b)                                 determinations
by the Plan Administrator (including determinations as to whether the claim was
timely filed) shall be afforded the maximum deference permitted by law.

 

9.3.4       Imputed
Knowledge.  For the purpose of applying the deadlines to
file a claim or a legal action, knowledge of all facts that a Participant knew or
reasonably should have known shall be imputed to every claimant who is or
claims to be a Beneficiary of the Participant or otherwise claims to derive an
entitlement by reference to the Participant for the purpose of applying the
previously specified periods.

 

17

SECTION 10 

PLAN ADMINISTRATION

 

10.1                        Plan Administration.

 

10.1.1     Administrator.  The Company is the “administrator” of the
Plan for purposes of 3(16)(A) of ERISA. 
Except as expressly otherwise provided herein, the Company shall control
and manage the operation and administration of the Plan and make all decisions
and determinations.

 

10.1.2     Authority and Delegation.  Except in cases where the Plan expressly
requires action on behalf of the Company to be taken by the Board, action on
behalf of the Company may be taken by any of the following:

 

(a)                                  The Board.

 

(b)                                 The Chief
Executive Officer of the Company.

 

(c)                                  The senior Vice
President of Human Resources of the Company.

 

(d)                                 Any person or
persons, natural or otherwise, or committee, to whom responsibilities for the
operation and administration of the Plan are delegated by the Company, by
resolution of the Board or by written instrument executed by the Chief
Executive Officer or the senior Vice President of Human Resources of the
Company and filed with its permanent records, provided action of such person or
persons or committee shall be within the scope of said delegation.

 

10.1.3     Determinations.  The Plan Administrator shall make such
determinations as may be required from time to time in the administration of
this Plan.  The Plan Administrator shall
have the discretionary authority and responsibility to interpret and construe
the Plan Statement and to determine all factual and legal questions under this
Plan, including but not limited to the entitlement of Participants and
Beneficiaries, and the amounts of their respective interests.

 

10.1.4     Reliance.  The Plan Administrator may act and rely upon
all information reported to it hereunder and need not inquire into the accuracy
thereof, nor be charged with any notice to the contrary.

 

10.1.5     Rules and Regulations.  Any rule, regulation, policy, practice or
procedure not in conflict or at variance with the provisions hereof may be
adopted by the Plan Administrator.

 

10.2        Conflict of Interest.  If any
individual to whom authority has been delegated or redelegated hereunder shall
also be a Participant in this Plan, such Participant shall have no authority
with respect to any matter specially affecting such Participant’s individual
interest hereunder or the interest of a person superior to him or her in the
organization (as distinguished from the interests of all Participants and
Beneficiaries or a broad class of Participants and Beneficiaries), all such
authority being reserved exclusively to other individuals as the case may be,
to the exclusion of such Participant, and such Participant shall act only in
such Participant’s individual capacity in connection with any such matter.

 

18

 

10.3        Committee
Membership and Authority.

 

10.3.1     Appointment.  The Company
may, in its discretion, appoint a committee to act as agent of the Company in
performing the duties of the Plan Administrator.

 

10.3.2     Membership and Authority.  The committee
will consist of three or more persons appointed by the Board and shall be
subject to the following:

 

(a)                                  The committee
shall act by a majority of its then members by meeting or by writing filed
without meeting.

 

(b)                                 A committee
member may resign at any time by giving ten days’ advance written notice to the
Company and the other committee members. 
The Board may remove a committee member by giving advance written notice
to him or her and the other committee members.

 

(c)                                  The Board may
fill any vacancy in the membership of the committee and shall give prompt
written notice thereof to the other committee members.  While there is a vacancy in the membership of
the committee, the remaining committee members shall have the same powers as
the full committee until the vacancy is filled.

 

(d)                                 A certificate
of either the secretary to the
committee or a majority of the members of the committee that the committee has
taken or authorized any action will be conclusive in favor of any person
relying on the certificate.

 

10.4        Service of Process.  In
the absence of any designation to the contrary by the Plan Administrator, the
General Counsel of the Plan Administrator is designated as the appropriate and
exclusive agent for the receipt of service of process directed to this Plan in
any legal proceeding, including arbitration, involving this Plan.

 

10.5        Choice of Law.  Except to the
extent that federal law is controlling, this Plan Statement will be construed
and enforced in accordance with the laws of the State of Minnesota.

 

10.6        Responsibility for Delegate.  No person shall be liable for an act or
omission of another person with regard to a responsibility that has been
allocated to or delegated to such other person pursuant to the terms of the
Plan Statement or pursuant to procedures set forth in the Plan Statement.

 

10.7        Expenses.  All expenses of
administering the benefits due under this Plan shall be borne by the
Participating Employers.

 

10.8        Errors in Computations.  It is recognized that in the operation and
administration of the Plan certain mathematical and accounting errors may be
made or mistakes may arise by reason of factual errors in information supplied
to the Company or trustee.  The Company
shall have power to cause such equitable adjustments to be made to correct for
such errors as the Company, in its sole discretion, considers appropriate.  Such adjustments shall be final and binding
on all persons.

 

10.9        Indemnification.  In addition to any other
applicable provisions for indemnification, the Participating Employers jointly
and severally agree to indemnify and hold harmless, to the extent permitted by
law, each director, officer and Employee of the Participating Employers against
any and all liabilities, losses, costs or expenses (including legal fees) of
whatsoever kind and nature  

 

19

 

which
may be imposed on, incurred by or asserted against such person at any time by
reason of such person’s services as an administrator in connection with the
Plan, but only if such person did not act dishonestly, or in bad faith, or in
willful violation of the law or regulations under which such liability, loss,
cost or expense arises.

 

10.10      Notice.  Any notice
required under this Plan Statement may be waived by the person entitled
thereto.

 

20

 

SECTION 11 

CONSTRUCTION

 

11.1        ERISA Status.  The Plan was
adopted and is maintained with the understanding that it is an unfunded plan
maintained primarily for the purpose of providing deferred compensation for a
select group of management or highly compensated employees as provided in
section 201(2), section 301(a)(3) and section 401(a)(1) of
ERISA.  The Plan shall be interpreted and
administered accordingly.

 

11.2        IRC Status.  The Plan is
intended to be a nonqualified deferred compensation arrangement that will
comply in form and operation with the requirements of Code section 409A and the
Plan will be construed and administered in a manner that is consistent with and
gives effect to such intention.

 

11.3        Rules of Document Construction. 
In the event any provision of the Plan Statement is held invalid, void
or unenforceable, the same shall not affect, in any respect whatsoever, the
validity of any other provision of the Plan. 
The titles given to the various Sections of the Plan Statement are
inserted for convenience of reference only and are not part of the Plan
Statement, and they shall not be considered in determining the scope, purpose,
meaning or intent of any provision hereof. 
The provisions of the Plan Statement shall be construed as a whole in
such manner as to carry out the provisions thereof and shall not be construed
separately without relation to the context.

 

11.4        References  to Laws.  Any reference in the Plan
Statement to a statute or regulation shall be considered also to mean and refer
to any subsequent amendment or replacement of that statute or regulation
unless, under the circumstances, it would be inappropriate to do so.

 

11.5        Appendices.  Plan
provisions that have application to a limited number of Participants or that
otherwise do not apply equally to all Participants may be described in an
appendix to the Plan Statement.  In the
event of a conflict between the terms of an appendix and the terms of the
remainder of the Plan Statement, the terms of the appendix control.

 

21

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