Document:

Exhibit 10.1

MARTIN
MARIETTA MATERIALS, INC.

THIRD AMENDED AND RESTATED

EMPLOYMENT PROTECTION AGREEMENT

          This Employment Protection Agreement between Martin Marietta Materials, Inc., a North Carolina
corporation (the “Company”), and                      (the “Employee”), dated as of this August 13,
2008 (the “Effective Date”).

W I T N E S S E T H:

          WHEREAS, Employee is a valuable member of management of the Company and the Company desires to
ensure the continuity of its senior management; and

          WHEREAS, it is the determination of the Company that management continuity is most likely to
occur if senior management is financially protected against involuntary termination following a
“Change of Control” (as defined below) of the Company; and

          WHEREAS, this Agreement is entered into to provide the Employee with payments and benefits
upon certain terminations of the Employee’s employment with the Company in connection with a Change
of Control, in consideration of the Employee’s continued service to the Company (which the parties
hereto agree constitutes adequate consideration to support the Company’s obligations under this
Agreement); and

          WHEREAS, the Company and the Employee desire to reflect their intention as set forth in this
Agreement.

          NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, and
for other good and valuable consideration, the receipt and sufficiency of which are acknowledged,
it is hereby agreed by and between the Company and the Employee, each of whom intends to be legally
bound, as follows:

          1. Definitions. For purposes of this Agreement,

          (a) “Annual Bonus” shall mean the Employee’s highest annual bonus paid in a calendar
year beginning five years prior to a Change of Control and ending on the date of termination of
employment.

          (b) “Base Salary” shall mean the highest annual rate of base salary that the Employee
receives from the Company or its affiliates in any pay period within the twelve-month period ending
on the date of a Change of Control; provided, however, that for purposes of calculating the payment
described in Section 3(a)(ii), “Base Salary” shall mean the highest annual rate of base salary that
the Employee receives from the Company or its affiliates in any pay period beginning five years
prior to a Change of Control and ending on the date of termination of employment.

          (c) “Board” shall mean the Board of Directors of the Company.

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          (d) “Cause” shall mean the Employee’s having been convicted in a court of competent
jurisdiction of a felony or has been adjudged by a court of competent jurisdiction to be liable for
fraudulent or dishonest conduct, or gross abuse of authority or discretion, with respect to the
Company, and such conviction or adjudication has become final and non-appealable. The Employee
shall not be deemed to have been terminated for Cause, unless the Company shall have given the
Employee (A) notice setting forth, in reasonable detail, the facts and circumstances claimed to
provide a basis for termination for Cause, (B) a reasonable opportunity for the Employee, together
with his counsel, to be heard before the Board and (C) a notice of termination stating that, in the
reasonable judgment of the Board, the Employee was guilty of conduct constituting Cause and
specifying the particulars thereof in reasonable detail.

          (e) “Change of Control” shall mean:

(i) The acquisition by any individual, entity or group (within the meaning
of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”)) (an “Acquiring Person”) of beneficial
ownership (within the meaning of Rule 13d-3 promulgated under the Exchange
Act) of 40% or more of either (A) the fully diluted shares of common stock
of the Company, as reflected on the Company’s financial statements (the
“Outstanding Company Common Stock”), or (B) the combined voting power of the
then outstanding voting securities of the Company entitled to vote generally
in the election of directors (the “Outstanding Company Voting Securities”);
provided, however, that for purposes of this subsection (i), the following
acquisitions shall not constitute a Change of Control: (X) any acquisition
by the Company or any “affiliate” of the Company, within the meaning of 17
C.F.R. § 230.405 (an “Affiliate”), (Y) any acquisition by any employee
benefit plan (or related trust) sponsored or maintained by the Company or
any Affiliate of the Company or (Z) any acquisition by any entity pursuant
to a transaction which complies with clauses (A), (B) and (C) of subsection
(iii) of this definition; or

(ii) Individuals who constitute the Incumbent Board cease for any reason to
constitute at least a majority of the Board; or

(iii) Consummation of a reorganization, merger or consolidation or sale or
other disposition of all or substantially all of the assets of the Company
(a “Business Combination”), in each case, unless, following such Business
Combination, (A) all or substantially all of the individuals and entities
who were the beneficial owners, respectively, of the Outstanding Company
Common Stock and Outstanding Company Voting Securities immediately prior to
such Business Combination beneficially own, directly or indirectly, more
than 50% of, respectively, the then outstanding shares of common stock and
the combined voting power of the then

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outstanding voting securities entitled to vote generally in the election of
directors, as the case may be, of the corporation resulting from such
Business Combination (including, without limitation, a corporation which 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 their ownership, immediately prior to
such Business Combination, of the Outstanding Company Common Stock and
Outstanding Company Voting Securities, as the case may be, and (B) no Person
(excluding any employee benefit plan (or related trust) sponsored or
maintained by the Company or any Affiliate of the Company, or such
corporation resulting from such Business Combination or any Affiliate of
such corporation) beneficially owns, directly or indirectly, 40% or more of,
respectively, the fully diluted shares of common stock of the corporation
resulting from such Business Combination, as reflected on such corporation’s
financial statements, or the combined voting power of the then outstanding
voting securities of such corporation except to the extent that such
ownership existed prior to the Business Combination and (C) at least a
majority of the members of the board of directors of the corporation
resulting from such Business Combination were members of the Incumbent Board
at the time of the execution of the initial agreement, or of the action of
the Board, providing for such Business Combination; or

(iv) Approval by the shareholders of the Company of a complete liquidation
or dissolution of the Company.

          (f) “COBRA” shall mean 29 U.S.C. §§ 1161-1168, as amended from time to time.

          (g) “Death” shall mean a death that occurs other than by suicide.

          (h) “Disability” shall mean a medically determined physical or mental impairment which
qualifies the Employee for benefits under the Company’s long-term disability program, provided that
the Employee would be considered “disabled” under Treas. Reg. § 1.409A-3(i)(4). An Employee shall
not be deemed to have incurred a Disability until such benefits actually become payable (i.e.,
after any applicable waiting period). If the Company does not maintain a long-term disability
program, or if the Employee does not elect coverage under such program, Disability shall have the
meaning ascribed to it by Treas. Reg. § 1.409A-3(i)(4).

          (i) “Good Reason” shall mean (i) a good faith determination by the Employee that the
Company or any of its officers has (A) taken any action which materially and adversely changes the
Employee’s position (including titles), authority or responsibilities with the Company or reduces
the Employee’s ability to carry out his duties and responsibilities with the Company or (B) has
failed to take any action where such failure results in material and adverse changes in the
Employee’s position (including titles), authority or responsibilities with the Company or reduces
the Employee’s ability to carry out his duties and responsibilities with the

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Company; (ii) a reduction in the Employee’s Base Salary or other forms of compensation (including,
without limitation, any equity compensation); or (iii) requiring the Employee to be employed at any
location more than 35 miles further from his principal residence than the location at which the
Employee was employed immediately preceding the Change of Control, in any case of (i), (ii) or
(iii) without the Employee’s prior written consent.

          (j) “Incumbent Board” shall mean a member of the Board of Directors of the Corporation
who is not an Acquiring Person, or an affiliate (as defined in Rule 12b-2 of the Exchange Act) or
an associate (as defined in Rule 12b-2 of the Exchange Act) of an Acquiring Person, or a
representative or nominee of an Acquiring Person.

          (k) “IRS” shall mean the United States Internal Revenue Service.

          (l) “Perquisites” shall mean any perquisites provided to the Employee by the Company
at any time during the three-year period prior to the Employee’s termination of employment,
including, without limitation, personal use of a leased automobile, Company-paid country
club/dinner club dues, Company-paid airline club dues and Company-paid professional dues.

          (m) “Term” shall mean the term of this Agreement as set forth in Section 2.

          (n) “Welfare Benefits” shall mean all benefits provided by the Company to its
employees pursuant to an “employee welfare benefit plan” as defined in Section 3(1) of the Employee
Retirement Income Security Act of 1974, as amended.

          2. Effective Date; Term. This Agreement shall be effective as of the Effective Date,
and shall remain in effect until the Employee’s employment with the Company ceases for any reason.
Notwithstanding this Section 2, the Company’s obligations under this Agreement shall survive the
termination of this Agreement if all events giving rise to such obligations (including, without
limitation, the Employee’s termination of employment under the circumstances described in Section
3(i), (ii) and (iii)) occurred prior to such termination.

          3. Obligations of the Company upon Termination. If, during the two year period
following the effective date of a Change of Control, the Company terminates the Employee’s
employment other than for Cause or Disability, or the Employee terminates his employment for Good
Reason, or in the event of the Employee Death while in active employment with the Company, or if,
during the thirty day period following the two year anniversary of the effective date of a Change
of Control, the Employee terminates his employment for any reason, the Company shall pay the
compensation and provide the benefits described in this Section 3. Anything in this Agreement to
the contrary notwithstanding, if (i) a Change of Control occurs, (ii) the Employee’s employment
with the Company is terminated by the Company without Cause before the date on which the
consummation of the Change of Control occurred, and (iii) it is reasonably demonstrated by the
Employee that such termination of employment arose in connection with or in anticipation of a
transaction which, if consummated, would constitute a Change of Control (whether or not with
respect to the party first coming to the Company’s attention), then, for purposes of this Agreement
and

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notwithstanding any other action taken by the Company or the Employee (including execution of
a general release of claims), the Employee’s termination shall be deemed to have occurred with Good
Reason after consummation of a transaction constituting a Change of Control, and the Company shall
pay the compensation and provide the benefits described in this Section 3, subject to a credit for
the value of any other post-termination compensation and benefits paid to the Employee without
regard to the Employee’s rights under this Agreement.

          (a) The Company shall pay to the Employee in a lump sum on the first day of the seventh month
beginning after Employee’s termination of employment:

(i) if not theretofore paid, an amount equal to any portion of the
Employee’s earned but unpaid Base Salary (including unused but accrued
vacation time) through the date of termination of employment; and

(ii) a cash amount equal to three times the sum of:

(A) the Employee’s annual Base Salary;

(B) the Employee’s Annual Bonus; and

(C) the aggregate value of the Employee’s Perquisites.

          (b) The Company shall pay to the Employee a pro-rata portion of the target annual bonus (as
defined in this paragraph) with respect to the fiscal year in which the Employee’s employment
terminated, payable on the date that it would have otherwise been paid, but in no event later than
March 15th of the year following the year in which it otherwise would have been paid,
equal to the product of (i) the Employee’s target annual bonus (as defined in this paragraph) for
the full year multiplied by (ii) a fraction, the numerator of which is the number of days elapsed
from the beginning of the applicable fiscal year to the date of termination and the denominator of
which is 365. The target annual bonus is as set forth in the Corporation’s Executive Incentive Plan
and attached hereto as Exhibit A.

          (c) The Company shall provide, for the period of three years following the date of Employee’s
termination of employment, all Welfare Benefits for the Employee and his dependents and
beneficiaries that are at least as favorable in all material respects as the benefits provided to
such person immediately preceding the Change of Control and to employees employed by the Company or
its successor in positions following the Change of Control that are similar to the position the
Employee held immediately prior to the Change of Control (“Similarly Situated Active Employees”);
provided, however, that, with respect to this Section 3(c), the Employee shall be required to pay
the same share of the cost of such Welfare Benefits as Similarly Situated Active Employees; and
provided further that if medical coverage provided to the Employee pursuant to this Section 3(c)
would expire later than the date upon which COBRA coverage for the Employee (determined without
regard to this Agreement) would expire (the “Normal COBRA Expiration Date”), continued medical
coverage provided to the Employee hereunder following the Normal COBRA Expiration Date shall be
subject to the reimbursement provisions of Section 9(c) of this Agreement. Notwithstanding
anything to the contrary set forth

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above, the Company, in its sole discretion, may discontinue any medical plan coverage contemplated
hereunder in the event that such continuation is not permitted under or would adversely affect the
tax status of the plan or plans of the Company pursuant to which the coverage is provided, in which
case the Company shall provide such coverage through insurance or other arrangements.

          (d) The Company shall pay to the Employee in a lump sum within 15 days following Employee’s
termination of employment an amount equal to the sum of (i) matching contributions that the Company
would have made to the Company’s tax-qualified defined contribution plan on behalf of the Employee
had Employee remained an employee of the Company for the three-year period following the date of
Employee’s termination of employment assuming the Employee contributed to such plan as elective
deferral contributions the maximum amount permissible by applicable law and the terms of such plan,
and (ii) the additional amount the Employee would have received as a benefit under the Company’s
tax-qualified defined benefit pension plan had Employee remained an employee of the Company for the
three-year period following the date of Employee’s termination of employment. The amounts
described herein shall be determined under the terms of each respective plan as in effect
immediately prior to the effective date of the Change of Control.

          (e) The Employee shall continue to be entitled to the rights and benefits described in (i)
Section 11 of the Company’s Amended and Restated Supplemental Excess Retirement Plan and (ii) the Company’s Amended and
Restated Stock-Based Award Plan and the award agreements entered into in connection with such
Stock-Based Award Plan.

          (f) The Company shall provide the Employee with the same retiree medical benefits that were in
effect for retirees of the Company immediately prior to the Change of Control, based on the
Employee’s years of service, including service after the Change of Control; provided, however, that
if Employee is less than age 55 on the date of termination of employment, Employee shall be treated
for purposes of entitlement to such benefits as if he had attained age 55 prior to such
termination.

          4. Certain Additional Payments by the Company.

          (a) Anything in this Agreement to the contrary notwithstanding, in the event it shall be
determined that any payment or distribution by the Company to or for the benefit of the Employee,
or any benefit provided by the Company to the Employee (whether paid or payable or distributed or
distributable provided pursuant to the terms of this Agreement or otherwise, but determined without
regard to any additional payments required under this Section 4) (the “Total Payments”) would be
subject to the excise tax imposed by Section 4999 of the Code (or any successor provision) or any
interest or penalties are incurred by the Employee with respect to such excise tax (such excise
tax, together with any such interest and penalties, are hereinafter collectively referred to as the
“Excise Tax”), then the Employee shall be entitled to receive an additional payment (a “Gross-Up
Payment”) in an amount such that after payment by the Employee of all taxes with respect to the
Gross-Up Payment (including any interest or penalties imposed with respect to such taxes),
including, without limitation, any income taxes (and any interest and penalties imposed with
respect thereto) and Excise Tax imposed upon the Gross-Up

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Payment, the Employee retains an amount of the Gross-Up Payment equal to the Excise Tax imposed
upon the Payment.

          (b) Notwithstanding anything in Section 4(a) to the contrary, the Gross-Up Payment shall only
be made to the Employee if the Total Payments exceed the maximum dollar amount that would be
payable to the Employee without application of the Excise Tax by more than fifty thousand dollars
($50,000.00). If the Total Payments exceed the maximum dollar amount that would be payable to the
Employee without application of the Excise Tax by an amount which is equal to or less than fifty
thousand dollars ($50,000.00), the Total Payments will be limited to the minimum extent necessary
to ensure that the Total Payments do not give rise to the Excise Tax.

          (c) Subject to the provisions of Section 4(d), all determinations required to be made under
this Section 4, including whether and when a Gross-Up Payment is required and the amount of such
Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be
made by Ernst & Young or such other nationally recognized accounting firm then auditing the
accounts of the Company (the “Accounting Firm”) which shall provide detailed supporting
calculations both to the Company and the Employee within 15 business days of the receipt of notice
from the Employee that there has been a Payment, or such earlier time as is requested by the
Company. In the event that the Accounting Firm is serving as accountant or auditor for the
individual, entity or group effecting the Change of Control, or is unwilling or unable to perform
its obligations pursuant to this Section 4, the Employee shall appoint another nationally
recognized accounting firm to make the determinations required hereunder (which accounting firm
shall then be referred to as the Accounting Firm hereunder). All fees and expenses of the
Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment, determined pursuant to
this Section 4, shall be paid by the Company to the Employee within five days of the receipt of the
Accounting Firm’s determination, but in no event later than the latest date consistent with the
requirements of Treas. Reg. § 1.409A-3(i)(1)(v) (or any successor provision). Any determination by
the Accounting Firm shall be binding upon the Company and the Employee. As a result of the
potential uncertainty in the application of Section 4999 of the Code (or any successor provision)
at the time of the initial determination by the Accounting Firm hereunder, it is possible that
Gross-Up Payments which will not have been made by the Company should have been made
(“Underpayment”), consistent with the calculations required to be made hereunder. In the event
that the Company exhausts its remedies pursuant to Section 4(d) and the Employee thereafter is
required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the
Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to
or for the benefit of the Employee.

          (d) The Employee shall notify the Company in writing of any claim by the IRS that, if
successful, would require the payment by the Company of the Gross-Up Payment. Such notification
shall be given as soon as practicable but no later than 20 business days after the Employee is
informed in writing of such claim and shall apprise the Company of the nature of such claim and the
date on which such claim is requested to be paid. The Employee shall not pay such claim prior to
the expiration of the 30-day period following the date on which he gives such notice to the Company
(or such shorter period ending on the date that any payment of taxes

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with respect to such claim is due). If the Company notifies the Employee in writing prior to
the expiration of such period that it desires to contest such claim, the Employee shall:

(i) give the Company any information reasonably requested by the Company
relating to such claim,

(ii) take such action in connection with contesting such claim as the
Company shall reasonably request in writing from time to time, including,
without limitation, accepting legal representation with respect to such
claim by an attorney reasonably selected by the Company,

(iii) cooperate with the Company in good faith in order effectively to
contest such claim, and

(iv) permit the Company to participate in any proceedings relating to
such claim;

provided, however, that the Company shall bear and pay directly all costs and expenses (including
additional interest and penalties) incurred in connection with such contest and shall indemnify and
hold the Employee harmless, on an after-tax basis, for any Excise Tax or income tax (including
interest and penalties with respect thereto) imposed as a result of such representation and payment
of costs and expenses. Without limiting the foregoing provisions of this Section 4(d), the Company
shall control all proceedings taken in connection with such contest and, at its sole option, may
pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the
taxing authority in respect of such claim and may, at its sole option, either direct the Employee
to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and the
Employee agrees to prosecute such contest to a determination before any administrative tribunal, in
a court of initial jurisdiction and in one or more appellate courts, as the Company shall
determine; provided, however, that if the Company directs the Employee to pay such claim and sue
for a refund, the Company shall advance the amount of such payment to the Employee, on an
interest-free basis, and shall indemnify and hold the Employee harmless, on an after-tax basis,
from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed
with respect to such advance or with respect to any imputed income with respect to such advance;
and further provided that any extension of the statute of limitations relating to payment of taxes
for the taxable year of the Employee with respect to which such contested amount is claimed to be
due is limited solely to such contested amount. Furthermore, the Company’s control of the contest
shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and
the Employee shall be entitled to settle or contest, as the case may be, any other issue raised by
the IRS or any other taxing authority.

          (e) If, after the receipt by the Employee of an amount advanced by the Company pursuant to
Section 4(d), the Employee becomes entitled to receive any refund with respect to such claim, the
Employee shall (subject to the Company’s complying with the requirements of Section 4(d)) promptly
pay to the
Company the amount of such refund (together with any interest paid or credited thereon after
taxes applicable thereto). If, after the receipt by

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the Employee of an amount advanced by the Company pursuant to Section 4(d), a determination is made
that the Employee shall not be entitled to any refund with respect to such claim and the Company
does not notify the Employee in writing of its intent to contest such denial of refund prior to the
expiration of 30 days after such determination, then such advance shall be forgiven and shall not
be required to be repaid and the amount of such advance shall offset, to the extent thereof, the
amount of Gross-Up Payment required to be paid.

          5.
Other Compensation and Benefits. The amounts payable under this Agreement in
accordance with Sections 3(a), (b), (d), (e) and (f) shall not be reduced on account of any compensation received by the
Employee from other employment. From and after the date the Employee is employed by a third party
which provides any of the benefits described in Section 3(c), the Company shall not be obligated to
provide the benefits to the extent provided by such third party.

          6. Legal Fees and Expenses. The Company shall promptly pay all reasonable legal fees
and expenses incurred by the Employee in connection with enforcing any right of the Employee
pursuant to and afforded by this Agreement upon submission by the Employee to the Company of an
invoice (or other similar document) that reasonably describes the fee or expense to be paid;
provided, however, that the Employee shall reimburse to the Company the amount of any such legal
fees and expenses paid by the Company if, in connection with enforcing any right of the Employee
pursuant to and afforded by this Agreement, a duly authorized court of law determines that the
Employee’s claim was frivolous.

          7. Confidential Information. The Employee shall not, during the three-year period
following the termination of his employment, disclose any material secret or confidential
information, knowledge or data relating to the Company or any of its affiliated companies, and
their respective businesses, obtained by the Employee during his employment by the Company or any
of its affiliated companies and which is not otherwise public knowledge. In no event shall an
asserted violation of the provisions of this Section 7 constitute a basis for deferring or
withholding any amounts or benefits otherwise payable to the Employee under this Agreement.

          8. Release from Other Severance Benefits; COBRA. This Agreement represents the
Employee’s exclusive right to severance benefits in the event of his termination of employment with
the Company on or after a Change of Control. The Employee hereby waives and releases the Company
from the obligation to pay any severance benefits to the Employee on account of a termination of
employment on or after a Change of Control, under any termination or severance policy of the
Company other than this Agreement. To the extent that the obligation of the Company to provide
medical benefits pursuant to Section 3(c) is fulfilled, the period in which such medical benefits
are provided shall be credited towards the continued health care coverage required to be offered to
the Employee by COBRA, to the extent allowable under COBRA and the regulations promulgated
thereunder. In the event that no payment or benefits are required pursuant to Sections 3(a) and
(c), the Employee rescinds any such waiver and release. Except for payments provided pursuant to
the Company’s formal severance policy, if any, the benefits and payments to be provided by this
Agreement will not reduce or eliminate any benefits or payments of any kind whatsoever that are to
be provided to the Employee,

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including but not limited to, under any vacation policy, defined benefit retirement plan, defined
contribution retirement plan, and the Company’s Supplemental Excess Retirement Plan.

          9. Section 409A.

          (a) Notwithstanding any other provision of this Agreement to the contrary, any payment or
benefit described in Section 3 that represents a “deferral of compensation” within the meaning of
Section 409A of the Internal Revenue Code of 1986, as amended from time to time (“Code”), and its
implementing regulations and guidance (“Section 409A”), shall only be paid or provided to the
Employee upon his termination of employment if such termination of employment is a “separation from
service” (as that term is defined in Treas. Reg. § 1.409A-1(h)). To the extent that the Employee’s
termination of employment is not such a “separation from service,” such payments will commence as
soon as a “separation from service” occurs.

          (b) To the extent compliance with the requirements of Treas. Reg. § 1.409A-3(i)(2) (or any
successor provision) is necessary to avoid the application of an additional tax under Section 409A
to payments due the Employee upon or following his separation from service, then notwithstanding
any other provision of this Agreement (or any otherwise applicable plan, policy, agreement or
arrangement), any such payments that are otherwise due within six months following the Employee’s
termination of employment will be deferred (without interest) and paid to the Employee in a lump
sum immediately following that six month period. This provision shall not be construed as
preventing payments pursuant to Section 3 hereof provided such payments do not give rise to an
excise tax under Section 409A, in which case payment shall be made as otherwise contemplated by
Section 3.

          (c) Notwithstanding anything herein to the contrary or otherwise, except to the extent any
expense, reimbursement or in-kind benefit provided pursuant to this Agreement does not constitute a
“deferral of compensation” within the meaning of Section 409A, (i) the amount of expenses eligible
for reimbursement or in-kind benefits provided to the Employee during any calendar year will not
affect the amount of expenses eligible for reimbursement or in-kind benefits provided to the
Employee in any other calendar year, (ii) the reimbursements for expenses for which the Employee is
entitled to be reimbursed shall be made on or before the last day of the calendar year following
the calendar year in which the applicable expense is incurred and (iii) the right to payment or
reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other
benefit.

          (d) Anything to the contrary herein notwithstanding, all benefits or payments provided by the
Company to the Employee that would be deemed to constitute “nonqualified deferred compensation”
within the meaning of Section 409A are intended to comply with Section 409A. If, however, any such
benefit or payment is deemed to not comply with Section 409A, the Company and the Employee agree to
renegotiate in good faith any such benefit or payment (including, without limitation, as to the
timing of any severance payments payable hereof) so that either (i) Section 409A will not apply or
(ii) compliance with Section 409A will be achieved.

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          10. Successors.

          (a) This Agreement is personal to the Employee and, without the prior written consent of the
Company, shall not be assignable by the Employee otherwise than by will or the laws of descent and
distribution. This Agreement shall inure to the benefit of and be enforceable by the Employee’s
legal representatives. Notwithstanding anything herein to the contrary, the Employee may designate
a beneficiary to receive the benefits payable under this Agreement. Such beneficiary designation
must be made in writing and received by the Corporation’s Corporate Secretary prior to the
commencement of any payments under this Agreement.

          (b) This Agreement shall inure to the benefit of and be binding upon the Company and its
successors. The Company shall cause any successor to its business, in any transaction in which
this Agreement would not be assumed by such successor by operation of law, to assume this Agreement
by contract.

          11. Miscellaneous.

          (a) Applicable Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of North Carolina, applied without reference to principles of conflict
of laws.

          (b) Notices. All notices and other communications hereunder shall be in writing and
shall be given by hand delivery to the other party or by registered or certified mail, return
receipt requested, postage prepaid, or overnight delivery service requiring acknowledgement of
receipt, addressed as follows:

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	If to the Employee:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	If to the Company:
	 	Martin Marietta Materials, Inc.	 	 
	 

	 	 	 	2710 Wycliff Road	 	 
	 

	 	 	 	Raleigh, North Carolina 27607	 	 
	 

	 	 	 	Attention:
Senior Vice President, General Counsel and Corporate Secretary	 	 

or to such other address as either party shall have furnished to the other in writing in accordance
herewith. Notices and communications shall be effective when actually received by the addressee.

     (c) Tax Withholding. The Company may withhold from any amounts payable under this
Agreement such Federal, state or local taxes as shall be required to be withheld pursuant to any
applicable law or regulation.

[SIGNATURES ON FOLLOWING PAGE]

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     IN WITNESS WHEREOF, the Employee has hereunto set his hand and the Company has caused this
Agreement to be executed in its name on its behalf, as of the day and year first above written.

	 	 	 	 	 
	 	MARTIN MARIETTA MATERIALS, INC.

 	 
	 	By:  	 	 
	 	 	Stephen P. Zelnak, Jr. 	 
	 	 	Chairman and Chief Executive Officer 	 
	 

	 	 	 	 	 
	[SEAL]
	 	 	 	 
	 

	 	EMPLOYEE	 	 
	 
	 	 	 	 
	 

	 	 

                    
  [Name]
	 	 

Page 12 of 13 

 

EXHIBIT A

TARGET ANNUAL BONUS

	 	 	 
	RESPONSIBILITY LEVEL
	 	TARGET INCENTIVE AWARD

(% OF ANNUAL SALARY)

Page 13 of 13Exhibit 10.2

MARTIN MARIETTA MATERIALS, INC.

AMENDED AND RESTATED

SUPPLEMENTAL EXCESS RETIREMENT PLAN

SECTION 1. ESTABLISHMENT AND PURPOSE OF PLAN

     The Martin Marietta Materials, Inc. Supplemental Excess Retirement Plan (“Plan”) is hereby
established by Martin Marietta Materials, Inc., a North Carolina corporation (the “Corporation”).
The purpose of this Plan is to provide additional, supplemental benefits to employees of Martin
Marietta Materials, Inc. and certain of its subsidiaries or affiliates to replace vested retirement
and death benefits that would otherwise be payable under certain other retirement plans of the
Corporation and such subsidiaries or affiliates but for:

     (1) the limitations of Sections 401(a)(17) and 415 of the Internal Revenue Code of 1986, as
amended (“Code”); and

     (2) the incidental death benefit rule of Treas. Reg. § 1.401-1(b)(1)(i).

     Lockheed Martin Corporation, as successor to Martin Marietta Corporation, maintained the
Martin Marietta Corporation Supplemental Excess Retirement Plan (the “Martin Marietta Corporation
Plan”) effective September 28, 1978. This Plan is intended to supersede and replace the Martin
Marietta Corporation Plan with respect to Employees covered by this Plan.

     This Plan is intended to be unfunded and is maintained primarily for the purpose of providing
deferred compensation for a select group of management or highly compensated employees.

SECTION 2. DEFINITIONS

     The following terms as used in this Plan shall have the following meanings:

     “Administrator” (within the meaning of Section 3(16)(A) of ERISA) means Martin
Marietta Materials, Inc. Martin Marietta Materials, Inc.’s responsibilities as Administrator,
under this Plan and under law, shall, except as otherwise provided in this Plan, be carried out by
or under the supervision of a Benefit Plan Committee appointed by and serving at the pleasure of
Martin Marietta Materials, Inc.

     “Base Salary” means the highest annual rate of base salary that the Employee receives
from the Corporation or its affiliates in any pay period within the twelve-month period ending on
the date of a Change of Control.

     “Board” means the Board of Directors of the Corporation.

     “Cause” means the Employee’s having been convicted in a court of competent
jurisdiction of a felony or has been adjudged by a court of competent jurisdiction to be liable for

 

 

fraudulent or dishonest conduct, or gross abuse of authority or discretion, with respect to
the Company, and such conviction or adjudication has become final and non-appealable. The Employee
shall not be deemed to have been terminated for Cause, unless the Corporation shall have given the
Employee (A) notice setting forth, in reasonable detail, the facts and circumstances claimed to
provide a basis for termination for Cause, (B) a reasonable opportunity for the Employee, together
with his counsel, to be heard before the Board and (C) a notice of termination stating that, in the
reasonable judgment of the Board, the Employee was guilty of conduct set forth in the preceding
sentence, and specifying the particulars thereof in reasonable detail.

     “Change of Control” means:

          (i) The acquisition on or after October 18, 1996 by any individual, entity or group (within
the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) (an “Acquiring Person”) of beneficial ownership (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of 40% or more of either (A) the fully diluted shares of common
stock of the Corporation, as reflected on the Corporation’s financial statements (the “Outstanding
Corporation Common Stock”), or (B) the combined voting power of the then outstanding voting
securities of the Corporation entitled to vote generally in the election of directors (the
“Outstanding Corporation Voting Securities”); provided, however, that for purposes of this
subsection (i), the following acquisitions shall not constitute a Change of Control: (X) any
acquisition by the Corporation or any “affiliate” of the Corporation, within the meaning of 17
C.F.R. § 230.405 (an “Affiliate”), (Y) any acquisition by any employee benefit plan (or related
trust) sponsored or maintained by the Corporation or any Affiliate of the Corporation or (Z) any
acquisition by any entity pursuant to a transaction which complies with clauses (A), (B) and (C) of
subsection (iii) of this definition; or

          (ii) Individuals who constitute the Incumbent Board cease for any reason to constitute at
least a majority of the Board; or

          (iii) Consummation of a reorganization, merger or consolidation or sale or other disposition
of all or substantially all of the assets of the Corporation (a “Business Combination”), in each
case, unless, following such Business Combination, (A) all or substantially all of the individuals
and entities who were the beneficial owners, respectively, of the Outstanding Corporation Common
Stock and Outstanding Corporation Voting Securities immediately prior to such Business Combination
beneficially own, directly or indirectly, more than 50% of, respectively, the then outstanding
shares of common stock and the combined voting power of the then outstanding voting securities
entitled to vote generally in the election of directors, as the case may be, of the corporation
resulting from such Business Combination (including, without limitation, a corporation which as a
result of such transaction owns the Corporation or all or substantially all of the Corporation’s
assets either directly or through one or more subsidiaries) in substantially the same proportions
as their ownership, immediately prior to such Business Combination, of the Outstanding Corporation
Common Stock and Outstanding Corporation Voting Securities, as the case may be, and (B) no Person
(excluding any employee benefit plan (or related trust) sponsored or maintained by the Corporation
or any Affiliate of the Corporation, or such corporation resulting from such Business Combination
or any Affiliate of

 

 

such corporation) beneficially owns, directly or indirectly, 40% or more of, respectively, the
fully diluted shares of common stock of the corporation resulting from such Business Combination,
as reflected on such corporation’s financial statements, or the combined voting power of the then
outstanding voting securities of such corporation except to the extent that such ownership existed
prior to the Business Combination and (C) at least a majority of the members of the board of
directors of the corporation resulting from such Business Combination were members of the Incumbent
Board at the time of the execution of the initial agreement, or of the action of the Board,
providing for such Business Combination; or

          (iv) Approval by the shareholders of the Corporation of a complete liquidation or dissolution
of the Corporation.

     “Corporation” means Martin Marietta Materials, Inc.

     “Death” means a death that occurs other than by reason of suicide.

     “Disability” means a medically determined physical or mental impairment that qualifies
the Employee for benefits under the Company’s long-term disability program, provided that the
Employee would be considered “disabled” under Treas. Reg. § 1.409A-3(i)(4). An Employee shall not
be deemed to have incurred a Disability until such benefits actually become payable (i.e., after
any applicable waiting period). If the Corporation does not maintain a long-term disability
program, or if the Employee does not elect coverage under such program, Disability shall have the
meaning ascribed to it by Treas. Reg. § 1.409A-3(i)(4).

     “Employee” means a person employed by the Corporation or a subsidiary or affiliate and
who is a participant of a Retirement Plan of the Corporation.

     “Good Reason” means (i) a good faith determination by the Employee that the
Corporation or any of its officers has (A) taken any action which materially and adversely changes
the Employee’s position (including titles), authority or responsibilities with the Corporation or
reduces the Employee’s ability to carry out his duties and responsibilities with the Corporation or
(B) has failed to take any action where such failure results in material and adverse changes in the
Employee’s position, (including titles), authority or responsibilities with the Corporation or
reduces the Employee’s ability to carry out his duties and responsibilities with the Corporation;
(ii) a reduction in the Employee’s Base Salary or other forms of compensation (including, without
limitation, any equity compensation); or (iii) requiring the Employee to be employed at any
location more than 35 miles further from his principal residence than the location at which the
Employee was employed immediately preceding the Change of Control, in any case of (i), (ii) or
(iii) without the Employee’s prior written consent.

     “Incumbent Board” means a member of the Board of Directors of the Corporation who is
not an Acquiring Person, or an affiliate (as defined in Rule 12b-2 of the Exchange Act) or an
associate (as defined in Rule 12b-2 of the Exchange Act) of an Acquiring Person, or a
representative or nominee of an Acquiring Person.

 

 

     “Lump Sum Value” means the actuarial present value of a Participant’s benefits based
upon the assumptions used to determine lump sum value under the applicable provisions of the
Retirement Plan for the purpose of determining whether the Retirement Plan benefit shall be paid in
a lump-sum settlement, provided that for the purposes of this Plan the applicable look-back month
shall be second calendar month immediately preceding the calendar month that contains the annuity
starting date for the distribution. Notwithstanding anything in this Plan to the contrary, the
Corporation cannot amend this Plan to revise the definition of “Lump Sum Value” or to revise any of
the assumptions, components or inputs used to calculate Lump Sum Value.

     “Participant” means an Employee to whom this Plan applies as provided in Section 3 or,
(except as otherwise prohibited by the context) upon and following such Participant’s death, his
surviving spouse or beneficiary(ies), if any, with respect to any death benefit payable to them
under this Plan.

     “Retirement Plan” means the Martin Marietta Materials, Inc. Pension Plan for Salaried
Employees as in effect from time to time (including such plan as it may be renamed and including
any successor plan thereto for salaried employees or the portion of a plan which portion is a
separate benefit structure for salaried employees and is a successor thereto).

     “Termination of Employment” means any cessation of a Participant’s employment by the
Corporation that constitutes a “separation from service” within the meaning of Treas. Reg.
1.409A-1(h), including any such cessation by reason of death, which shall be deemed to occur
immediately following the date on which the Participant separates from service.

     “Tier One Participants” means the Participants listed on Exhibit A to this Plan.

SECTION 3. ELIGIBILITY

     This Plan shall apply to any Employee who is a participant in the Retirement Plan and whose
benefits under the Retirement Plan are limited or reduced by the limitations of Section 401(a)(17)
or 415 of the Code, and, in the case of death, whose death benefits under the Retirement Plan are
limited or reduced by the incidental death benefit rule of Treas. Reg. § 1.401-1(b)(1)(i).

SECTION 4. AMOUNT OF BENEFITS

     4.1 A Participant shall receive a retirement from this Plan equal to the excess, if any, of
(1) the benefit (adjusted by Section 11 if applicable) that would have been paid under the
Retirement Plan (as the same may be in effect from time to time) if the Retirement Plan did not
include the limitations imposed by Sections 401(a)(17) and 415 of the Code over (2) the benefit
actually payable under the Retirement Plan.

     4.2 The designated Retirement Plan beneficiary of a Participant who is entitled to receive a
death benefit under Article VIII, Pre-Retirement Death Benefit, of the Retirement Plan shall
receive a lump sum pre-retirement death benefit from this Plan equal to the excess, if any, of (1)
the lump sum pre-retirement death benefit which would have been paid to such designated

 

 

beneficiary pursuant to the Retirement Plan if such payment were not limited by (i) Section
401(a)(17) of the Code and (ii) the incidental death benefit rule of Treas. Reg. § 1.401-1(b)(1)(i)
(as interpreted in Revenue Ruling 85-15) over (2) the lump sum death benefit actually payable under
Article VIII of the Retirement Plan.

     4.3 The surviving spouse of a Participant who is entitled to receive a death benefit under
Article VII, Pre-Retirement Surviving Spouse Benefit, of the Retirement Plan shall receive a lump
sum pre-retirement death benefit actuarially equivalent to the pre-retirement surviving spouse
annuity from this Plan equal to the excess, if any, of (1) the pre-retirement surviving spouse
annuity benefit which would have been paid to such surviving spouse pursuant to the Retirement Plan
if such payment were not limited by (i) Sections 401(a)(17) and 415 of the Code and (ii) the
incidental death benefit rule of Treas. Reg. § 1.401-1(b)(1)(i) (as interpreted in Revenue Ruling
85-15) over (2) the pre-retirement surviving spouse annuity benefit actually payable under Article
VII of the Retirement Plan.

     4.4 In no event shall the computation of benefits under this Plan take into account any
service performed by a Participant after separation from employment with the Corporation or its
subsidiaries and affiliates. (This limitation is not intended to prevent the addition of years of
credited service as provided in Section 11.) 

     4.5 Benefits shall be payable under this Plan only to Participants who retire or otherwise
terminate employment from the Corporation or any designated subsidiary or affiliate after the
effective date of this Plan or, with respect to death benefits under Sections 4.2 and 4.3, who die
after the effective date of this Plan. (Any former Employee who was covered under the Martin
Marietta Corporation Plan and whose benefits commenced prior to such effective date under the
Martin Marietta Corporation Plan shall continue to receive from this Plan the same benefits such
former Employee was receiving under the Martin Marietta Corporation Plan.) The benefit payable to
or with respect to a Participant under this Plan shall be determined based on the Participant’s
entire Retirement Plan benefit without distinction as to what part of such benefit, if any, may
have accrued before and what part after the effective date of this Plan.

     4.6
Except as otherwise provided in Section 11.3, a Participant shall be entitled to receive vested retirement and death benefits under
this Plan if and only if the Participant’s retirement benefit under the Retirement Plan is
vested. 

SECTION 5. PAYMENTS OF BENEFITS

     5.1 Any benefit payable under the Plan shall be paid upon the lapse of six months following
the Participant’s Termination of Employment in the form of a cash lump sum payment equal to the
Lump Sum Value of the benefits as of the date of such Termination of Employment.

     5.2 If the Lump Sum Value of the benefit under this Plan and any other deferred amounts under
agreements, methods, programs, or other arrangements treated with the Plan as a single nonqualified
deferred compensation plan under Treas. Reg. 1.409A-1(c)(2) is not greater than the applicable
dollar amount under Section 402(g)(1)(B) of the Code as of the Participant’s Termination of
Employment (or at such other time determined by the Administrator in its discretion), the
Participant’s benefit under this Plan shall be paid out in a cash lump sum as soon

 

 

as practicable following the Participant’s Termination of Employment (or such other time determined
by the Plan Administrator).

     5.3 Any amount required to be withheld under applicable Federal, state and local income tax
laws shall be withheld from any payments under this Plan and the amount of the payments shall be
reduced by the amount so withheld.

     5.4 All payments under this Plan shall be made from the general funds of the Corporation. The
Corporation may, at its discretion, establish a trust to hold assets from which benefits payments
may be made. This Plan is intended in all events to be unfunded within the meaning of ERISA and
for all purposes under the Code. 

SECTION 6. BENEFICIARY DESIGNATION

     The Participant may designate a beneficiary to receive after the Participant’s death any
benefit payment to be made after the Participant’s death, which beneficiary is different from the
person who is receiving the Retirement Plan. Such beneficiary designation must be made and received
by the Administrator prior to the Participant’s death. In the absence of such a designation, the
benefits shall be paid to same person who is receiving the Retirement Plan benefits.

SECTION 7. AMENDMENT AND TERMINATION

     The Corporation may:

     (1) terminate this Plan with respect to future Participants or future benefit accruals for
current Participants; and

     (2) amend this Plan in any respect, at any time (except that the definition of “Lump Sum
Value” and any of the assumptions, components or inputs used to calculate Lump Sum Value may not be
amended).

However, without the agreement of the Participant, no such termination or amendment may reduce the
amount of any then accrued benefit of any Participant or otherwise diminish the rights of any
Participant with respect to such accrued benefit and any such purported termination or amendment
shall be void. The prohibition against reduction in the accrued benefit shall not be interpreted in
any manner that would result in a Participant, beneficiary or surviving spouse actually receiving
from the Retirement Plan and this Plan, combined, a benefit greater than such person would be
entitled to receive under the Retirement Plan alone (except as a result of Section 13) if the
limitations of Sections 401(a)(17) and 415 of the Code and the incidental death benefit rule of
Treas. Reg. § 1.401-1(b)(1)(i) (as interpreted in Revenue Ruling 85-15) did not apply.

SECTION 8. ADMINISTRATION

     8.1 The Corporation is the plan sponsor under Section 3(16)(B) of ERISA.

 

 

     8.2 The Administrator is the named fiduciary of this Plan and as such shall have the
authority to control and manage the operation and administration of this Plan except as otherwise
expressly provided in this plan document. The named fiduciary may designate persons other than the
named fiduciary to carry out fiduciary responsibilities under this Plan.

     8.3 The Administrator has the authority (without limitation as to other authority) to
delegate its duties to agents and to make rules and regulations that it believes are necessary or
appropriate to carry out this Plan.

     8.4 The Administrator has the discretion as a Plan fiduciary (i) to interpret and construe
the terms and provisions of this Plan (including any rules or regulations adopted under this Plan),
(ii) to determine eligibility to participate in this Plan and (iii) to make factual determinations
in connection with any of the foregoing. A decision of the Administrator with respect to any
matter pertaining to this Plan including without limitation the Employees determined to be
Participants, the benefits payable, and the construction or interpretation of any provision
thereof, shall be conclusive and binding upon all interested persons.

SECTION 9. CLAIMS PROCEDURE

     9.1 A Participant with an interest in this Plan shall have the right to file a claim for
benefits under this Plan and to appeal any denial of a claim for benefits. Any request for a Plan
benefit or to clarify the Participant’s rights to future benefits under the terms of this Plan
shall be considered to be a claim.

     9.2 A claim for benefits will be considered as having been made when submitted by the
Participant (or by such claimant’s authorized representative) to the Administrator. No particular
form is required for the claim, but the written claim must identify the name of the claimant and
describe generally the benefit to which the claimant believes he is entitled. The claim may be
delivered personally during normal business hours or mailed to the Administrator.

     9.3 The Administrator will determine whether, or to what extent, the claim may be allowed or
denied under the terms of this Plan. If the claim is wholly or partially denied, the claimant
shall be so informed by written notice within 90 days after the day the claim is submitted unless
special circumstances require an extension of time for processing the claim. If such an extension
of time for processing is required, written notice of the extension shall be furnished to the
claimant prior to the termination of the initial 90-day period. Such extension may not exceed an
additional 90 days from the end of the initial 90-day period. The extension notice shall indicate
the special circumstances requiring an extension of time and the date by which the Administrator
expects to render the final decision. If written notice of denial of a claim (in whole or in part)
is not furnished within the initial 90-day period after the claim is sent to the Administrator (or,
if applicable, the extended 90-day period), the claimant shall consider that his claim has been
denied just as if he had received actual notice of denial.

     9.4 The notice informing the claimant that his claim has been wholly or partially denied
shall be written in a manner calculated to be understood by the claimant and shall include:

 

 

          (1) The specific reason(s) for the denial.

          (2) Specific reference to pertinent Plan provisions on which the denial is based.

          (3) A description of any additional material or information necessary for the claimant to
perfect the claim and an explanation of why such material or information is necessary.

          (4) Appropriate information as to the steps to be taken if the Participant or beneficiary
wishes to submit his claim for review.

     9.5 If the claim is wholly or partially denied, the claimant (or his authorized
representative) may file an appeal of the denied claim with the Administrator requesting that the
claim be reviewed. The Administrator shall conduct a full and fair review of each appealed claim
and its denial. Unless the Administrator notifies the claimant that due to the nature of the
benefit and other attendant circumstances he is entitled to a greater period of time within which
to submit his request for review of a denied claim, the claimant shall have 60 days after he (or
his authorized representative) receives written notice of denial of his claim within which such
request must be submitted to the Administrator.

     9.6. The request for review of a denied claim must be made in writing. In connection with
making such request, the claimant or his authorized representative may:

          (1) Review pertinent documents.

          (2) Submit issues and comments in writing.

     9.7 The decision of the Administrator regarding the appeal shall be promptly given to the
claimant in writing and shall normally be given no later than 60 days following the receipt of the
request for review. However, if special circumstances (for example, if the Administrator decides
to hold a hearing on the appeal) require a further extension of time for processing, the decision
shall be rendered as soon as possible, but no later than 120 days after receipt of the request for
review. However, if the Administrator holds regularly scheduled meetings at least quarterly, a
decision on review shall be made by no later than the date of the meeting which immediately follows
the Administrator’s receipt of a request for review, unless the request is filed within 30 days
preceding the date of such meeting. In such case, a decision may be made by no later than the date
of the second meeting following the Administrator’s receipt of the request for review. If special
circumstances (for example, if the Administrator decides to hold a hearing on the appeal) require a
further extension of time for processing, the decision shall be rendered as soon as possible, but
no later than the third meeting following the Administrator’s receipt of the request for review.
If special circumstances require that the decision will be made beyond the initial time for
furnishing the decision, written notice of the extension shall be furnished to the claimant (or his
authorized representative) prior to the commencement of the extension. The decision on review
shall be in writing and shall be furnished to the claimant or to his authorized representative
within the appropriate time for the decision. If a written decision on review is not furnished
within the appropriate time, the claim shall be deemed to have been denied on appeal.

 

 

     9.8 The Administrator may, in its sole discretion, decide to hold a hearing if it determines
that a hearing is necessary or appropriate in order to make a full and fair review of the appealed
claim.

     9.9 The decision on review shall include specific reasons for the decision, written in a
manner calculated to be understood by the claimant, as well as specific references to the pertinent
Plan provisions on which the decision is based.

     9.10 A Participant must exhaust his rights to file a claim and to request a review of the
denial of his claim before bringing any civil action to recover benefits due to him under the terms
of this Plan, to enforce his rights under the terms of this Plan, or to clarify his rights to
future benefits under the terms of this Plan.

     9.11 The Administrator shall exercise its responsibility and authority under this claims
procedure as a fiduciary and, in such capacity, shall have the discretionary authority and
responsibility (1) to interpret and construe this Plan and any rules or regulations under this
Plan, (2) to determine the eligibility of Employees to participate in this Plan, and the rights of
Participants to receive benefits under this Plan, and (3) to make factual determinations in
connection with any of the foregoing.

SECTION 10. GENERAL PROVISIONS

     10.1 Nothing in this Plan shall be deemed to give any person the right to remain in the
employ of the Corporation, its subsidiaries or affiliates or affect the right of the Corporation to
terminate any Participant’s employment with or without cause.

     10.2 No right or interest of any person entitled to a benefit under this Plan shall be
subject to voluntary or involuntary alienation, assignment, or transfer of any kind.

     10.3 This Plan shall be construed and administered in accordance with the laws of the State of
North Carolina to the extent that such laws are not preempted by Federal law.

SECTION 11. CHANGE OF CONTROL

     11.1 In the event of a Change of Control, the Participant’s benefits under this Plan shall be
determined by taking into account the rules of Section 11.2 through 11.5 (including Appendix I).

     11.2 If, during the two year period following the effective date of a Change in Control, the
Corporation terminates the Participant’s employment other than for Cause or Disability, or the
Participant terminates his employment for Good Reason, or in the event of the Employee’s Death
while in active employment with the Company, or for Tier One Participants, if during the thirty
day period following the two year anniversary of the effective date of a Change of Control the
Participant terminates his employment for any reason, then the Participant’s benefits under this
Plan shall be determined and paid (i) as provided in Sections 11.3 through 11.5 if the Participant
is a party to an Employment Protection Agreement with the Corporation, and (ii) as

 

 

provided in Section 11.5 if the Participant does not have an Employment Protection Agreement
with the Corporation. The application of the provisions of Sections 11.3, 11.4 and 11.5 are
illustrated by the examples in Appendix I, which shall be deemed to be a part of this Plan. If for
any reason benefits are not payable under this Section 11, this Section 11 shall in no way apply to
or restrict the payment of benefits otherwise provided for under this Plan. For example, if
following a Change in Control the Corporation terminates the Participant’s employment for Cause,
then notwithstanding that the Participant shall not have his benefits determined and paid under
this Section 11, the Participant shall continue to be entitled to his benefits as otherwise
provided under this Plan.

     11.3 For the purpose of determining the benefit under Section 4.1, the benefit that would have
been paid under the Retirement Plan (but for the limitations of Sections 401(a)(17) and 415 of the
Code) shall be determined by taking into account (i) the amount of the Employee’s lump sum payment
under Section 3(a) of the Employee’s Employment Protection Agreement with the Corporation, as
provided in Section 11.4, and (ii) additional years of credited service equal to the number
(“multiplier”) that is multiplied by the Employee’s annual base salary and annual bonus (both as
defined in the Employee’s Employment Protection Agreement) to determine the amount of the payment
under Section 3(a) of such Employment Protection Agreement. Such
additional years of credited service shall be taken into account for
vesting purposes under the Plan. In addition, for a
Participant who is a party to an Employment Protection Agreement, there shall be no reduction for
benefit commencement prior to age 65 and as early as age 55 on the net benefit (after reduction for
the payment under the Retirement Plan) payable under this Plan.

     11.4 The lump sum payment shall be taken into account by dividing the amount of the lump sum
payment by the multiplier and by treating the Employee as having additional pensionable earnings,
for the purpose of determining the Participant’s final-average pensionable earnings, equal to such
amount for a number of additional calendar years equal to the multiplier. Moreover, such
additional calendar years shall extend the number of calendar years taken into account in
determining final-average pensionable earnings. 

     11.5 The Participant shall receive a cash lump sum payment equal to the Lump Sum Value of the
benefits determined as of the Participant’s earliest retirement date (age 55 or current age if
older) under this Plan. The actuarial present value shall be based on the mortality table
applicable under the Retirement Plan determined as of the date of the Participant’s termination of
employment and based on an interest rate of 0.0 percent. Such lump sum payment shall be paid to
the Participant upon the lapse of six months following the Participant’s Termination of Employment.

     11.6 In the event of a Change of Control, then with respect to any matter involving or
relating to a disputed benefit under this Plan, all administrative decisions, determinations, and
interpretations, administrative rules, claims decisions and the like shall be made on behalf of the
Administrator only by a majority of the Incumbent Board, provided that the Incumbent Board then
constitutes a majority of the Board. If the Incumbent Board does not then constitute a majority of
the Board, then the Incumbent Board shall appoint an administrator who cannot be removed by the
Corporation and such administrator shall make any such

 

 

decisions, determinations, interpretations and rules. The decisions made by the administrator
shall be final and binding on the parties. The Corporation shall promptly pay all reasonable legal
fees and expenses incurred by the Participant with respect to any matter involving or relating to a
disputed benefit under this Plan upon submission by the Participant to the Corporation of an
invoice (or other similar document) that reasonably describes the fee or expense to be paid;
provided, however, that the Participant shall reimburse to the Corporation the amount of any such
legal fees and expenses paid by the Corporation if, with respect to any matter involving or
relating to a disputed benefit under this Plan, a duly authorized court of law determines that the
Participant’s claim was frivolous.

SECTION 12. COMMUTATION OF BENEFITS

     If, as a result of a failure of this Plan to meet the requirements of Section 409A of the Code
and the Treasury Regulations promulgated thereunder, any benefit payment (or the value thereof)
hereunder becomes taxable to a person prior to the time the benefit payment is actually received by
such person, the Corporation shall accelerate the payment of an amount of such benefits to such
person equal to the amount that is required to be included in the income of such person as a result
of such failure. This Section 12 is intended to comply with, and shall at all times be construed
as complying with, Treas. Reg. 1.409A-3(j)(4)(vii).

     This Plan was originally effective as of October 18, 1996, which date shall be referred to as
the effective date of this Plan. This amended and restated plan document has been adopted this
13th day of August, 2008.

 

 

MARTIN MARIETTA MATERIALS, INC.

AMENDED AND RESTATED

SUPPLEMENTAL EXCESS RETIREMENT PLAN

APPENDIX I

Example One. The application of Sections 11.3 and 11.4 is illustrated by the following
example. Assume that the Employee’s lump sum payment under Section 3(a) of the Employee’s
Employment Protection Agreement is three times the Employee’s annual base salary and annual bonus.
The multiplier, therefore, is three (3). Assume that the Employee’s lump sum payment under Section
3(a) of the Employment Protection Agreement is $500,000. The Employee shall be entitled to three
(3) additional calendar years of pensionable earnings of $250,000 each. Assume that the Retirement
Plan provides that the Employee’s final-average pensionable earnings thereunder is the average of
the annual pensionable earnings for the five (5) consecutive calendar years selected from the most
recent ten (10) consecutive calendar years that would provide the highest average. Assume that
without regard to this Plan the Participant’s pensionable earnings under the Retirement Plan for
the ten (10) most recent consecutive calendar years are:

	 	 	 	 	 	 	 
	Year 1

	 	=
	 	$	190,000	 
	Year 2

	 	=
	 	$	195,000	 
	Year 3

	 	=
	 	$	200,000	 
	Year 4

	 	=
	 	$	195,000	 
	Year 5

	 	=
	 	$	210,000	 
	Year 6

	 	=
	 	$	220,000	 
	Year 7

	 	=
	 	$	220,000	 
	Year 8

	 	=
	 	$	250,000	 
	Year 9

	 	=
	 	$	250,000	 
	Year 10

	 	=
	 	$	240,000	 

Under the Retirement Plan, the Participant’s final-average pensionable earnings would be the
average of his pensionable earnings for years 6 through 10, or $236,000. For the purpose of
determining the benefit under Section 4.1 of this Plan, the benefit that would have been paid under
the Retirement Plan (but for the limitations of Sections 401(a)(17) and 415 of the Code) shall be
determined by taking into account pensionable earnings of $250,000 for each of three additional
years, Year 11, Year 12 and Year 13, without dropping Year 1, Year 2 and Year 3, with the result
that Participant’s final-average pensionable earnings would be the average of his pensionable
earnings for Years 9 through 13, or $248,000 (the highest 5 consecutive calendar years out of the
most recent 12 years). Assume that without regard to this Plan the Participant would have 19 years
of credited service under the Retirement Plan. For the purpose of determining the benefit under
Section 4.1 of this Plan, the benefit that would have been paid under the Retirement Plan (but for
the limitations of Sections 401(a)(17) and 415 of the Code) shall be determined by treating the
Participant as having 22 years of credited service (19 years plus 3 years (from the multiplier)).
Assume that the annual retirement benefit provided under the Retirement Plan is 0.0175 multiplied
by the Participant’s final-average pensionable earnings multiplied by the Participant’s years of
credited service. Under the Retirement Plan the

 

 

Participant’s annual benefit disregarding Sections 401(a)(17) and 415 of the Code would be:
$236,000 X 19 X 0.0175 = $78,470. Assume that the Participant’s annual benefit under the
Retirement Plan taking into account the limitations of Sections 401(a)(17) and 415 of the Code
would be: $195,000 X 19 X 0.0175 = $64,837.50. Then, the Participant’s annual benefit under this
Plan would be: ($248,000 X 21 X 0.0175) or $95,480 minus $64,837.50 = $30,642.50 commencing as of
the Participant’s earliest retirement date (age 55); note that no reduction is applied on the net
benefit ($30,642.50) for commencement as early as age 55.

Example Two. The application of Section 11.5 is illustrated by the following example.
Assume that the Participant in Example One terminated
employment at age 49. Assume that under
the mortality table then in effect under the Retirement Plan, the actuarial present value factor at
age 49 of annual benefits commencing at age 55 is 26.5. The amount of the Participant’s lump sum
payment at age 49 under this Plan would be 26.5 X $30,642.50 = $812,026.25.

Example Three. The application of Section 11.5 is further illustrated by the following
example. Assume the same facts as in Example One and Example Two, except that the
Participant did not have an Employment Protection Agreement. Under the Retirement Plan the
Participant’s annual benefit commencing at age 65 and disregarding Sections 401(a)(17) and 415 of
the Code would be $236,000 x 19 x 0.0175 = $78,470.00. The annual benefit commencing at age 65
under the Retirement Plan taking into account the limitations of Sections 401(a)(17) and 415 of the
Code would be $195,000 x 19 x 0.0175 = $64,837.50. Assume that the reduction factor for benefits
commencing at age 55 is 0.64. Then the annual benefit commencing at age 55 under this Plan would
be ($78,470.00 — $64,837.50) x 0.64 = $8,724.80 and the amount of the Participant’s lump sum
payment at age 49 under this Plan would be 26.5 x $8,724.80 = $231,207.20.

 

 

MARTIN MARIETTA MATERIALS, INC.

AMENDED AND RESTATED

SUPPLEMENTAL EXCESS RETIREMENT PLAN

EXHIBIT A

TIER
ONE PARTICIPANTS

ZELNAK, STEPHEN P.

NYE, C. HOWARD

SHEPHARD, DANIEL G.

SIPLING, PHILIP J.

VAIO, BRUCE A.

BAR, ROSELYN R.

LLOYD, ANNE H.

STEWART, JONATHAN T.

SEAMAN, GEORGE S., JR.

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