Document:

DD-Ex.10.3_2015.6.30_Q2

Exhibit 10.3

PENSION RESTORATION PLAN

Originally Adopted - January 1, 1976

Last Amended - June 29, 2015

PENSION RESTORATION PLAN
I.    PURPOSE
The purpose of this Plan is to provide an employee or pensioner or his survivor or survivors eligible to receive payments pursuant to the Company's Pension and Retirement Plan the portion of his pension or survivor benefit that would have been paid to him or his survivor or survivors under the Pension and Retirement Plan if the limitations established in paragraphs A(2)(b)(iii) relating to deferred Variable Compensation Awards, A(2)(b)(v) and D of Section IX of such Plan had not been applied, or, effective with payments made after January 1, 1996, if the limitations established in paragraphs A(2)(b)(v) and D of Section IX of such Plan not been applied. Notwithstanding the above, an employee or the survivor(s) of an employee who retires in accordance with the Incapability Retirement provision of Section IV of the Pension and Retirement Plan will not be eligible for participation in this Plan.

II.    ADMINISTRATION
The administration of this Plan is vested in the Board of Benefits and Pensions appointed by the Company, except that the Compensation Committee shall determine the discount rate to be used in calculating the lump sum payment described in Section V. The Board may adopt such rules as it may deem necessary for the proper administration of the Plan, and its decision in all matters involving the interpretation and application of this Plan shall be final. The Board shall have the discretionary right to determine eligibility for benefits hereunder and to construe the terms and conditions of this Plan.

III.    ELIGIBILITY
An employee or pensioner who is entitled to pension payments, or a person entitled to survivor benefits, pursuant to the Company's Pension and Retirement Plan, but excluding an employee or the survivor(s) of an employee who retires under the Incapability Retirement provision of Section IV of the Plan, will be eligible for payments under this Plan provided payments that would have been made under the Pension and Retirement Plan have been reduced by the limitations on such payments set forth in paragraphs A(2)(b)(iii) relating to deferred Variable Compensation Awards, A(2)(b)(v) and D of Section IX of such Plan, or, effective with payments made after January 1, 1996, the limitations on such payments set forth in paragraphs A(2)(b)(v) and D of Section IX of such Plan.

For purposes of this Plan, the term "Company" means E. I. du Pont de Nemours and Company, any wholly owned subsidiary or part thereof and any partnership or joint venture in which E. I. du Pont de Nemours and Company is joined which adopts this Plan with the approval of the Company, or such person or persons as the Company may designate provided, however, that an employee of The Chemours Company listed on the attached Appendix, or the survivor of such listed employee entitled to survivor benefits, pursuant to the DuPont Pension Restoration Plan, for whom the responsibility for all benefits payable under this Plan was assumed by The Chemours Company effective July 1, 2015 will not be eligible for benefit payments under this Plan.

IV.     AMOUNT PAYABLE
The amount payable to a person eligible to receive payments under this Plan will be the actuarial equivalent of the  monthly pension or survivor benefit under the Pension and Retirement Plan calculated without application of the limitations on such payment set forth in paragraphs A(2)(b)(iii) relating to deferred Variable Compensation Awards, A(2)(b)(v) and D of Section IX of such Plan, or effective with payments made after January 1, 1996, the limitations on such payments set forth in paragraphs A(2)(b)(v) and D of Section IX of such Plan, less the amount of the actual monthly pension or survivor benefit paid under such Plan determined under the Rules established by the Board of Benefits and Pensions.

V.    PAYMENTS OF BENEFITS
Effective with retirements on or after December 31, 2006, the amount payable under this Plan will be a lump sum payment determined in accordance with the Terms and Conditions adopted by the Board of Benefits and Pensions from time to time and paid at the later of 3 months after termination or the end of the month in which the Earliest Benefit Commencement Date occurs.  For purposes of this Plan, the Earliest Benefit Commencement Date is defined as follows, except for officers of the Company:

	
			
	Age at Termination
	Service at Termination
	Earliest Benefit Commencement Date

	At least 50
	15 or more
	Termination Date + 1 Day *

	Not yet 50
	15 or more
	Age 50

	Any Age
	10 through 14 
	Age 60

	Any Age
	Less than 10 
	Age 65

* Note: For optional eligible retirees less than age 50 at termination the EBCD would also be Termination Date + 1 Day.

For officers of the Company, the Earliest Benefit Commencement Date will be the later of 6 months after termination or the end of the months in which the Earliest Benefit Commencement Date occurs. 
 All payments under this Plan shall be made by, and all expenses of administering this Plan shall be borne by, the Company.

VI.    RIGHT TO MODIFY

 The Company reserves the right to change this Plan in its discretion by action of the Compensation Committee or its delegate, or to discontinue this Plan in its discretion by action of the Board of Directors: provided, however, that following a Change in Control (as defined in the Company’s Equity and Incentive Plan, a “Change in Control”) no such amendment or termination may adversely affect any benefits accrued under the Plan prior to the termination or adoption of the amendment (including without limitation, any terms, conditions or distribution alternatives applicable to such accrued benefits).  In addition, for a period of two years following a Change in Control, the Company shall not terminate the Plan in whole or in part or make any amendment to the Plan which in any way adversely affects or limits the terms and conditions or benefits as available pursuant to the Plan immediately prior to the Change in Control.  

VII.    NONASSIGNMENT
No assignment of the rights and interests under this Plan will be permitted or recognized under any circumstances, nor shall such rights and interests be subject to attachment or other legal processes for debt.DD-Ex.10.4_2015.6.30_Q2

Exhibit 10.4    

RULES FOR LUMP SUM PAYMENTS
Adopted May 15, 2014

		
	I.
	Payment of Benefits

A.    Payments under the Pension Restoration Plan for employees who terminated employment and elect to commence the payment of benefits on or before December 31, 2006 will be determined in accordance with the Rules for Lump Sum Payments in effect at the date payments commenced.  Payments under the Pension Restoration Plan for employees who terminated employment on or before December 30, 2006 but as of January 1, 2007 had not yet elected to commence payment of benefits will be made in accordance with the Rules for Lump Sum Payments in effect on January 1, 2007.  
B.    Effective for employees who terminate employment on or after December 31, 2006 the benefit payable under the Pension Restoration Plan will be one lump sum payment paid at the later of:
(a) The end of the month coincident with or next following the three month anniversary of the employee’s termination date, except for officers of the Company for whom the three month period shall be a six month period; or
(b)  The end of the month in which the Earliest Benefit Commencement Date occurs.  
For purposes of the Plan, the Earliest Benefit Commencement Date is defined as follows:

	
			
	Age at Termination
	Service at Termination
	Earliest Benefit Commencement Date

	At least 50
	15 or more
	Termination Date + 1 Day *

	Not yet 50
	15 or more
	First Day of the Month Following Age 50

	Any Age
	10 through 14 
	First Day of the Month Following Age 60

	Any Age
	Less than 10 
	First Day of the Month Following Age 65

* Note: For those employees who terminate in connection with a Reduction in Force prior to age 50 who are eligible for an Optional Pension at termination, the Earliest Benefit Commencement Date is Termination Date + 1 Day.

II.     Amount Payable 
A.    Payments under the Pension Restoration Plan for employees who terminated employment and elect to commence the payment of benefits on or before December 31, 2006 will be determined in accordance with the Rules for Lump Sum Payments in effect at the date payments commenced.  Payments under the Pension Restoration Plan for employees who terminated employment on or before December 30, 2006 but as of January 1, 2007 had not yet elected to commence payment of benefits will be made in accordance with the Rules for Lump Sum Payments in effect on January 1, 2007.  
B.    Effective for employees who terminate employment on or after December 31, 2006 the benefit payable under the Pension Restoration Plan will be the lump sum present value  of the  monthly pension and company-paid survivor benefit, if applicable,  under the Pension and Retirement Plan calculated without application of the limitations on such payment set forth in paragraphs A(2)(b)(iii) relating to deferred Variable Compensation Awards, A(2)(b)(v) and D of Section IX of such Plan, or effective with payments made after January 1, 1996, the limitations on such payments set forth in paragraphs A(2)(b)(v) and D of Section IX of such Plan, less the amount of the actual monthly pension and company-paid survivor benefit, if applicable, payable  under the Pension and Retirement Plan assuming such benefit commenced as of the Earliest Benefit Commencement Date defined under the Pension Restoration Plan. 

The lump sum present value shall be determined as of the Earliest Benefit Commencement Date using the Applicable Interest Rate and the Applicable Mortality Table.  The term “Applicable Interest Rate” means, for benefit commencement dates during a calendar quarter, the average, rounded to two decimal places, of the rate of interest prescribed by the Secretary of the Treasury as required by Section 417(e)(3) of the Internal Revenue Code for the fourth and fifth month preceding the first day of the calendar quarter.  The term “Applicable Mortality Table” means the table prescribed by the Secretary of the Treasury as required by Section 417(e)(3) of the Internal Revenue Code.  The amount payable will be determined without regard to any optional forms of payment elected under the Pension and Retirement Plan and will include the value of the company-paid survivor benefit, if applicable, converted to a lump sum based on the actual age of the survivor unless the employee is single at the time of termination, in which case the value will be calculated on the assumption that the employee has a spouse of the same age.

If the Earliest Benefit Commencement Date is the first day of a month, the amount payable will be credited with interest each month at the Applicable Interest Rate for such month beginning with the first day of the month following the month of the Earliest Benefit Commencement Date and ending with the end of the month of the payment date.  If the Earliest Benefit Commencement Date is not the first day of a month, the amount payable will be credited with interest each month at the Applicable Interest Rate for such month beginning with the first day of the month following the one month anniversary of the Earliest Benefit Commencement Date and ending with the end of the month of the payment date.  

When a former employee is granted a Variable Compensation Award or variable pay after termination, the amount payable under the Pension Restoration Plan will be recalculated.  If the recalculated amount exceeds the amount previously determined, an incremental lump sum will be determined and paid as soon as practicable after the recalculation, but not earlier than the date specified in Section I above.  Any incremental lump sum amount will be calculated based on the employee’s age and the Applicable Interest Rate in effect on the Earliest Benefit Commencement Date.  All payments from the Pension Restoration Plan will be made at the end of a month.

III.     Future Adjustments
An employee who receives a lump sum under this Plan will not be eligible for future adjustments on the portion of retirement income previously converted to a lump sum. 

IV.    Amount Payable in the Event of the Death of An Active Employee

Following the death on or after December 31, 2006 of an active employee with 15 or more years of service whose survivor(s) is eligible to receive payments under this Plan, the amount payable to the survivor(s) will be the lump sum present value of the benefit determined in paragraph A of Section VI of the Pension and Retirement Plan calculated without application of the limitations on such payment set forth in paragraphs A(2)(b)(iii) relating to deferred Variable Compensation Awards, A(2)(b)(v) and D of Section IX of such Plan, or effective with payments made after January 1, 1996, the limitations on such payments set forth in paragraphs A(2)(b)(v) and D of Section IX of such plan, less the amount payable to the survivor(s) under the Pension and Retirement Plan.  The lump sum present value will be determined as of the first day of the month following the employee’s death using the Applicable Interest Rate and the Applicable Mortality Table described in Section II above. 

Following the death on or after May 15, 2014 active employee age 50 with 15 or more years of service whose survivor(s) is eligible to receive payments under the Pension Restoration Plan, the amount payable to the survivor(s) will be 50% of the amount that would have been paid to the participant under Article II.B. had the participant terminated employment on the date of death.

V.    Beneficiary Designation
    
If a former employee dies after his Earliest Benefit Commencement Date, but before payment is made under this Plan, the calculated lump sum amount to which such former employee would have been entitled shall be paid to the designated beneficiary, or to such former employee’s estate. 

VI.    Right to Modify

The Company reserves the right to change the Rules in its discretion by action of the Board of Directors or its delegate; provided, however, that no amendment may be made to the Rules following a Change in Control (as defined in the Company’s Equity and Incentive Plan, a “Change in Control”) unless necessary to comply with any new legal requirements adopted after the date of the Change in Control.

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