Document:

Form of Kraft Foods Group, Inc. Change in Control Plan

 Exhibit 10.21 
 KRAFT FOODS GROUP, INC. 
 CHANGE IN CONTROL PLAN FOR KEY EXECUTIVES 

ADOPTED
                    , 2012 

 KRAFT FOODS GROUP, INC.

 CHANGE IN CONTROL PLAN FOR KEY
EXECUTIVES 
 1. Definitions 
 For purposes of the Change in Control Plan for Key Executives, the following terms are defined as set forth below (unless the context clearly indicates otherwise): 

 

			
	Affiliate	  	Any entity controlled by, controlling or under common control with the Company.
		
	Annual Base Salary	  	Twelve times the higher of (i) the highest monthly base salary paid or payable to the Participant by the Company and its Affiliates in respect of the twelve-month period immediately
preceding the month in which the Change in Control occurs, or (ii) the highest monthly base salary in effect at any time thereafter, in each case including any base salary that has been earned and deferred.
		
	Board	  	The Board of Directors of the Company.
		
	Annual Incentive Award Target	  	The annual incentive award that the Participant would receive in a fiscal year under the Management Incentive Plan or any comparable annual incentive plan if the target goals are
achieved.
		
	Cause	  	As defined in Section 3.2(b)(i) of this Plan.
		
	Change in Control	  	 “Change in Control” means the occurrence of any of the following events: (A) Acquisition of 20% or more of the
outstanding voting securities of the Company by another entity or group; excluding, however, the following:
  
 (1) any acquisition by the Company or any of its Affiliates;
  
 (2) any acquisition by an employee benefit plan or related trust sponsored or maintained by the Company or any of its Affiliates; or

 
 (3) any acquisition pursuant to a merger or consolidation described in clause (C) of
this definition.
  
 (B) During any consecutive 24 month period, persons who
constitute the Board at the beginning of such period cease to constitute at least 50% of the Board; provided that each new Board member who is approved by a majority of the directors who began such 24 month period shall be deemed to have been a
member of the Board at the beginning of such 24 month period;
  
 (C) The
consummation of a merger or consolidation of the Company with another company, and the Company is not the surviving company; or, if after such transaction, the other entity owns, directly or indirectly, 50% or more of the outstanding voting
securities of the Company; excluding, however, a transaction pursuant to which all or substantially all of the

  
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		    	 individuals or entities who are the beneficial owners of the outstanding voting securities of the Company immediately prior
to such transaction will beneficially own, directly or indirectly, more than 50% of the combined voting power of the outstanding securities entitled to vote generally in the election of directors (or similar persons) of the entity resulting from
such transaction (including, without limitation, an entity which as a result of such transaction owns the Company either directly or indirectly) in substantially the same proportions relative to each other as their ownership, immediately prior to
such transaction, of the outstanding voting securities of the Company; or
  

(D) The consummation of a plan of complete liquidation of the Company or the sale or disposition of all or substantially all of the Company’s assets,
other than a sale or disposition pursuant to which all or substantially all of the individuals or entities who are the beneficial owners of the outstanding voting securities of the Company immediately prior to such transaction will beneficially own,
directly or indirectly, more than 50% of the combined voting power of the outstanding securities entitled to vote generally in the election of directors (or similar persons) of the entity purchasing or acquiring the Company’s assets in
substantially the same proportions relative to each other as their ownership, immediately prior to such transaction, of the outstanding voting securities of the Company.
  

For the avoidance of doubt, the separation of the Company from Kraft Foods Inc. shall not be considered a Change in Control.

		
	Code	    	The Internal Revenue Code of 1986, as amended from time to time.
		
	Committee	    	The Board’s Compensation Committee or a subcommittee thereof, any successor thereto or such other committee or subcommittee as may be designated by the Board to
administer the Plan.
		
	Company	    	Kraft Foods Group, Inc., a corporation organized under the laws of the Commonwealth of Virginia, or any successor thereto.
		
	Date of Termination	    	If the Participant’s employment is terminated by:
			
		    	 (i)
	  	The Employer for Cause or by the Participant for Good Reason, the Date of Termination shall be the date on which the Participant or the Employer, as the case may be, receives the
Notice of Termination (as described in Section 3.2(c)) or any later date specified therein, as the case may be.
			
		    	 (ii)
	  	The Employer other than for Cause, death or Disability, the Date of Termination shall be the date on which the Employer notifies the Participant of such
termination.
			
		    	 (iii)
	  	Reason of death or Disability, the Date of Termination shall be the date of death of the Participant or the Disability Effective Date, as the case may be.
		
		    	Notwithstanding the above, in the event that the Date of Termination as determined above is not the last date on which the Participant is employed by the Employer, the
Participant’s Date of Termination shall be the last date on which the Participant is employed by the Employer.

  
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	Disability	  	As defined in Section 3.2(b) (ii).
		
	 Disability Effective

Date
	  	As defined in Section 3.2(b) (ii).
		
	Effective Date	  	                    , 2012.
		
	Employer	  	The Company or any of its Affiliates.
		
	Excise Tax	  	The excise tax imposed by Section 4999 of the Code, together with any interest or penalties imposed with respect to such excise tax.
		
	Good Reason	  	As defined in Section 3.2(a).
		
	Key Executive	  	An employee who is employed on a regular basis by the Employer and (i) is serving as the Company’s Executive Chairman and/or Chief Executive Officer, (ii) is serving
in a position that reports directly to the Company’s Executive Chairman and/or Chief Executive Officer (“Direct Reports”) or (ii) is otherwise designated by the Committee as eligible to participate in this Plan.
		
	Long-Term Incentive Plan Award Target	  	The long-term award that the Participant would receive during a performance cycle under the Long-Term Incentive Plan or any comparable incentive plan if the target goals specified
under the Long-Term Incentive Plan or such comparable incentive plan are achieved.
		
	Net After-Tax Benefit	  	The present value (as determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Participant’s Payments less any Federal, state, and local income
taxes and any Excise Tax payable on such amount.
		
	Non-Competition Agreement	  	The agreement of a Participant, not to, without the Company’s prior written consent, engage in any activity or provide any services, whether as a director, manager, supervisor,
employee, adviser, consultant or otherwise, for a period of up to one (1) year following the Participant’s Date of Termination, with a company that is substantially competitive with a business conducted by the Company and its
Affiliates.
		
	Non-Solicitation Agreement	  	The agreement of a Participant that he or she will not solicit, directly or indirectly, any employee of the Company or an Affiliate, or a surviving entity following a Change in
Control, to leave the Company or an Affiliate and to work for any other entity, whether as an employee, independent contractor or in any other capacity, for a period of up to one (1) year following the Participant’s Date of
Termination.
		
	Non-U.S. Executive	  	A Key Executive whose designated home country, for purposes of the Employer’s personnel and benefits programs and policies, is other than the United
States.

  
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	Participant	  	A Key Executive who meets the eligibility requirements of Section 2.1; provided, however, that any Non-U.S. Executive who, under the laws of his or her designated home country or
the legally enforceable programs or policies of the Employer in such designated home country, is entitled to receive, in the event of termination of employment (whether or not by reason of a Change in Control), separation benefits at least equal in
aggregate amount to the Separation Pay prescribed under Section 3.3(b), of this Plan shall not be considered a Participant for the purposes of this Plan.
		
	Payment	  	Any payment or distribution in the nature of compensation (within the meaning of Section 280G (b) (2) of the Code) to or for the benefit of the Participant, whether paid or
payable pursuant to this Plan or otherwise.
		
	Plan	  	The Kraft Foods Group, Inc. Change in Control Plan for Key Executives, as set forth herein.
		
	Plan Administrator	  	The third-party accounting, actuarial, consulting or similar firm retained by the Company prior to a Change in Control to administer this Plan following a Change in
Control.
		
	Separation Benefits	  	The amounts and benefits payable or required to be provided in accordance with Section 3.3 of this Plan.
		
	Separation Pay	  	The amount or amounts payable in accordance with Section 3.3(b) of this Plan.
		
	Separation Pay Multiple	  	 For a Participant who served as Executive Chairman and/or Chief Executive Officer immediately prior to the Change in Control, the
Separation Pay Multiple is three (3).
  
 For a Participant who served as a
Direct Report immediately prior to the Change in Control, the Separation Pay Multiple is two (2).
  
 For all other Participants, the Separation Pay Multiple is one and one-half (1.5).

		
	U.S. Executive	  	A Participant whose designated home country, for purposes of the Employer’s personnel and benefits programs and policies, is the United States.

 2. Eligibility 
 2.1. Participation. Except as set forth in the definition of Participant above, each employee who is a Key Executive on the Effective Date shall be a Participant in the Plan effective as of the
Effective Date and each other employee shall become a Participant in the Plan effective as of the date of the employee’s promotion, hire or other designation as a Key Executive. 

  
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 2.2. Duration of Participation. A Participant shall cease to be a Participant in the Plan if
(i) the Participant terminates employment with the Employer under circumstances not entitling him or her to Separation Benefits or (ii) the Participant otherwise ceases to be (or to be designated) a Key Executive, provided that no Key
Executive may be so removed from Plan participation in connection with or in anticipation of a Change in Control that actually occurs. However, a Participant who is entitled, as a result of ceasing to be (or to be designated) a Key Executive of the
Employer, to receive benefits under the Plan shall remain a Participant in the Plan until the amounts and benefits payable under the Plan have been paid or provided to the Participant in full. 

3. Separation Benefits 
 3.1. Right to
Separation Benefits. A Participant shall be entitled to receive from the Employer the Separation Benefits as provided in Section 3.3, if a Change in Control has occurred and the Participant’s employment by the Employer is terminated
under circumstances specified in Section 3.2(a), whether the termination is voluntary or involuntary, and if (i) such termination occurs after such Change in Control and on or before the second anniversary thereof, or (ii) such
termination is reasonably demonstrated by the Participant to have been initiated by a third party that has taken steps reasonably calculated to effect a Change in Control or otherwise to have arisen in connection with or in anticipation of such
Change in Control and such Change in Control occurs within 90 days of the termination. Termination of employment shall have the same meaning as “separation from service” within the meaning of Treasury Regulation § 1.409A-1(h).

 3.2. Termination of Employment. 
  

	(a)	Terminations which give rise to Separation Benefits under this Plan. The circumstances specified in this Section 3.2(a) are any termination of
employment with the Employer by action of the Company or any of its Affiliates or by a Participant for Good Reason, other than as set forth in Section 3.2(b) below. For purposes of this Plan, “Good Reason” shall mean:

  

	 	(i)	the assignment to the Participant of any duties substantially inconsistent with the Participant’s position, authority, duties or responsibilities in effect
immediately prior to the Change in Control, or any other action by the Company or the Employer that results in a marked diminution in the Participant’s position, authority, duties or responsibilities, excluding for this purpose:

  

	 	a.	changes in the Participant’s position, authority, duties or responsibilities which are consistent with the Participant’s education, experience, etc.;

  

	 	b.	an isolated, insubstantial and inadvertent action not taken in bad faith and that is remedied by the Company and/or the Employer promptly after receipt of notice
thereof given by the Participant; 

  

	 	(ii)	any material reduction in the Participant’s base salary, annual incentive or long-term incentive opportunity as in effect immediately prior to the Change in
Control; 

  
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	 	(iii)	the Employer requiring the Participant to be based at any office or location other than any other location which does not extend the Participant’s home to work
commute as of the time of the Change in Control by more than 50 miles; 

  

	 	(iv)	the Employer requiring the Participant to travel on business to a substantially greater extent than required immediately prior to the Change in Control; or

  

	 	(v)	any failure by the Company to require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Company to assume expressly and agree to perform this Plan in the same manner and to the same extent that the Company or the Employer would be required to perform it if no such succession had taken place, as required by
Article 5. 

 The Participant must notify the Company of any event purporting to constitute Good Reason within 45 days following
the Participant’s knowledge of its existence, and the Company or the Employer shall have 20 days in which to correct or remove such Good Reason, or such event shall not constitute Good Reason. 

 

	(b)	Terminations which DO NOT give rise to Separation Benefits under this Plan. Notwithstanding Section 3.2(a), if a Participant’s employment is
terminated for Cause or Disability (as those terms are defined below) or as a result of the Participant’s death, or the Participant terminates his or her own employment other than for Good Reason, the Participant shall not be entitled to
Separation Benefits under the Plan, regardless of the occurrence of a Change in Control. 

  

	 	(i)	A termination for “Cause” shall have occurred where a Participant is terminated because of: 

 

	 	a.	Continued failure to substantially perform the Participant’s job’s duties (other than resulting from incapacity due to disability); 

 

	 	b.	Gross negligence, dishonesty, or violation of any reasonable rule or regulation of the Company or the Employer where the violation results in significant damage to the
Company or the Employer; or 

  

	 	c.	Engaging in other conduct which adversely reflects on the Company or the Employer in any material respect. 

 

	 	(ii)	A termination upon Disability shall have occurred where a Participant is absent from the Participant’s duties with the Employer on a full-time basis for 180
consecutive days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Participant or the Participant’s legal
representative. In such event, the Participant’s employment with the Employer shall terminate effective on the 30th day after receipt of such notice by the Participant (the “Disability Effective Date”), provided that, within the 30
days after such receipt, the Participant shall not have returned to full-time performance of the Participant’s duties. 

  
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	(c)	Notice of termination. Any termination of employment initiated by the Employer for Cause, or by the Participant for Good Reason, shall be communicated by
a Notice of Termination to the other party. For purposes of this Plan, a “Notice of Termination” means a written notice which (i) indicates the specific termination provision in this Plan relied upon, (ii) to the extent
applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Participant’s employment under the provision so indicated, and (iii) specifies the date upon which the
Participant’s termination of employment is expected to occur (which date shall be not more than 30 days after the giving of such notice), provided, however, that such specified date shall not be considered the Date of Termination for any
purpose of this Plan if such date differs from the Participant’s actual Date of Termination. The failure by the Participant or the Employer to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of
Good Reason or Cause shall not waive any right of the Participant or the Employer, respectively, hereunder or preclude the Participant or the Employer, respectively, from asserting such fact or circumstance in enforcing the Participant’s or the
Employer’s rights hereunder. 

 3.3. Separation Benefits. If a Participant’s employment is terminated under the
circumstances set forth in Section 3.2(a) entitling the Participant to Separation Benefits, and if the Participant signs a Non-Competition Agreement and a Non-Solicitation Agreement, the Company shall pay or provide, as the case may be, to the
Participant the amounts and benefits set forth in items (a) through (e) below (the “Separation Benefits”): 
  

	(a)	The Employer shall pay to the Participant, in a lump sum in cash within 30 days after the Date of Termination (or, if later, 30 days after the date of the Change in
Control), or on such later date as required under Section 3.3(g), the sum of (A) the Participant’s Annual Base Salary through the Date of Termination to the extent not theretofore paid, (B) the product of (x) the
Participant’s Annual Incentive Award Target and (y) a fraction, the numerator of which is the number of days in the current fiscal year through the Date of Termination and the denominator of which is 365, (C) the product of
(x) the Participant’s Long-Term Incentive Award Target and (y) a fraction, the numerator of which is the number of days completed in the applicable performance cycle through the Date of Termination and the denominator of which is the
total number of days in the performance cycle, and (D) any accrued vacation pay, in each case to the extent not theretofore paid. The sum of the amounts described in sub clauses (A), (B), (C) and (D), shall be referred to as the
“Accrued Obligations”, and, in the case of the amounts described in sub clauses (B) and (C), shall be reduced by any amount paid or payable under the Kraft Foods Group, Inc. 2012 Performance Incentive Plan on account of the same
fiscal year or performance cycle, as applicable. 

  

	(b)	The Employer also shall pay to the Participant, in a lump sum in cash within 30 days after the Date of Termination (or, if later, 30 days after the date of the Change
in Control), or on such later date as required under Section 3.3(g), an amount (“Separation Pay”) equal to the product of (A) the applicable Separation Pay Multiple and (B) the sum of (x) the Participant’s Annual
Base Salary and (y) the Participant’s Annual Incentive Award Target, reduced (but not below zero) in the case of any Participant who is a Non-U.S. Executive 

  
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by the U.S. dollar equivalent (determined as of the Participant’s Date of Termination) of any payments made to the Participant under the laws of his or her designated home country or any
program or policy of the Employer in such country on account of the Participant’s termination of employment. 

  

	(c)	Solely with respect to U.S. Participants, for a number of years equal to the applicable Separation Pay Multiple after the Participant’s Date of Termination (or, if
later, the date of the Change in Control), or such longer period as may be provided by the terms of the appropriate plan, program, practice or policy, the Employer shall continue welfare benefits to the Participant and/or the Participant’s
family at least equal to those which would have been provided to them in accordance with the plans, programs, practices and policies (including, without limitation, medical, prescription, dental, disability, employee/spouse/child life insurance,
executive life, estate preservation (second-to-die life insurance) and travel accident insurance plans and programs), as if the Participant’s employment had not been terminated, or, if more favorable to the Participant, as in effect generally
at any time thereafter with respect to other peer executives of the Company and its Affiliates and their families; provided, however, that if the Participant becomes reemployed with another employer and is eligible to receive medical or other
welfare benefits under another employer-provided plan, the medical and other welfare benefits described herein shall be secondary to those provided under such other plan during such applicable period of eligibility. The period of continuation of any
group medical plan coverage under Section 4980B of the Code (the “COBRA Period”) shall run concurrently during the period for which medical coverage is provided to the Participant pursuant to this Section 3.3(c). The provision of
medical coverage made during the COBRA Period is intended to qualify for the exception to deferred compensation as a medical benefit provided in accordance with the provisions of Section 409A of the Code and Treasury Regulation
§1.409A-1(b)(9)(v)(B). Any reimbursements required to be made to a Participant under any arrangement pursuant to this Section 3.3(c) that is not described in the preceding sentence or is not excepted from Section 409A of the Code
under Treasury Regulation § 1.409A-1(a)(5) shall be made to the Participant no later than the end of the Participant’s second taxable year following the expense being reimbursed was incurred. The maximum amount of any such welfare benefits
provided to a Participant under this provision in any calendar year shall not be increased or decreased to reflect the amount of such welfare benefits provided to such Participant under this provision in a prior or subsequent calendar year. For
purposes of determining the Participant’s eligibility for retiree benefits pursuant to such welfare plans, practices, programs and policies, the Participant shall be considered to have remained employed for a number of years equal to the
applicable Separation Pay Multiple after the Date of Termination; provided, however, that the Participant’s commencement of such retiree benefits shall not be any sooner than the date on which the Participant attains 55 years of age and
provided, further, that the Participant’s costs under any such retiree benefits plans, practices, programs or policies shall be based upon actual service with the Company and its Affiliates. 

 

	(d)	 The Employer shall, at its sole expense, provide the Participant with outplacement services through the provider of the Company’s choice, the
scope of which shall be chosen by the Participant in his or her sole discretion within the terms and conditions of the Company’s 

  
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outplacement services policy as in effect immediately prior to the Change in Control, but in no event shall such outplacement services continue for more than two years after the calendar year in
which the Participant terminates employment. 

  

	(e)	The Employer shall, for a number of years equal to the applicable Separation Pay Multiple after the Participant’s Date of Termination, or after the Change in
Control, if later, or such longer period as may be provided by the terms of the appropriate perquisite, continue the perquisites at least equal to those which would have been provided to them in accordance with the perquisites in effect immediately
prior to the Change in Control; provided, however, that the maximum value of perquisites provided to a Participant under this provision in any calendar year shall not be increased or decreased to reflect the value of perquisites provided to such
Participant under this provision in a prior or subsequent calendar year. Any reimbursements to a Participant for costs associated with such continued perquisites shall be made no later than the end of the Participant’s second taxable year
following the date the Participant incurred such cost. This clause does not apply to personal use of the Company aircraft to the extent that this perquisite is in effect for any Key Executive immediately prior to the Change in Control.

  

	(f)	To the extent not theretofore paid or provided, the Employer shall pay or provide to the Participant, at the time otherwise payable, any other amounts or benefits
required to be paid or provided or that the Participant is eligible to receive under any plan, program, policy or practice or contract or agreement of the Company and its Affiliates. 

 

	(g)	Notwithstanding the foregoing, if the Participant is a “specified employee” within the meaning of Section 409A of the Code, then (i) any payments
described in Sections 3.3(a) and (b) which the Company determines constitute the payment of nonqualified deferred compensation, within the meaning of Section 409A of the Code, shall be delayed and become payable within five days after the
six-month anniversary of the Participant’s termination of employment and (ii) any benefits provided under Sections 3.3(c) and (e) which the Company determines constitute the payment of nonqualified deferred compensation, within the
meaning of Section 409A of the Code, shall be provided at the Participant’s sole cost during the six-month period after the date of the Participant’s termination of employment, and within five days after the expiration of such period
the Company shall reimburse the Participant for the portion of such costs payable by the Company pursuant to Sections 3.3(c) and (e) hereof. 

  

	(h)	For all purposes under the applicable Company non-qualified defined benefit pension plan, the Company shall credit the Participant with a number of additional years of
service equal to the applicable Separation Pay Multiple and shall add a number of years equal to the applicable Separation Pay Multiple to the Participant’s age. 

 3.4. Certain Additional Payments by the Employer. 
  

	(a)	Anything in this Plan to the contrary notwithstanding, with respect to any Participant who is a citizen or resident of the United States, in the event it shall be
determined that any Payment would be subject to the Excise Tax, then the Payments to the Participant, in the aggregate, shall be the greater of: 

  

	 	(i)	The Net After-Tax Benefit, or 

  
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	 	(ii)	An amount (the “Reduced Amount”) that is one dollar less than the smallest amount that would give rise to any Excise Tax. 

The Company and its Affiliates shall bear no responsibility for any Excise Tax payable on any Reduced Amount pursuant to a subsequent
claim by the Internal Revenue Service or otherwise. For purposes of determining the Reduced Amount under this Section 3.4(a), amounts otherwise payable to the Participant under the Plan shall be reduced, to the extent necessary, in the
following order: first, Separation Pay under Section 3.3(b), then Accrued Obligations payable under Section 3.3(a), other than Annual Base Salary through the Date of Termination, followed by outplacement services payable under
Section 3.3(d), welfare benefits payable under Section 3.3(c), and, finally, perquisites payable under Section 3.3(e). In the event that such reductions are not sufficient to reduce the aggregate Payments to the Participant to the
Reduced Amount, then Payments due the Participant under any other plan shall be reduced in the order determined by the Plan Administrator in its sole discretion. 
  

	(b)	All determinations required to be made under this Section 3.4, including whether a Reduced Amount or a Net After-Tax Benefit is payable, and the assumptions to be
utilized in arriving at such determinations, shall be made by the Company’s independent auditors or such other nationally recognized certified public accounting firm as may be designated by the Company and approved by the Participant (the
“Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Participant within 15 business days of the receipt of notice from the Participant that there has been a Payment, or such earlier time as
is requested by the Company. All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any determination by the Accounting Firm shall be binding upon the Company, its Affiliates and the Participant. 

3.5. Payment Obligations Absolute. Upon a Change in Control and termination of employment under the circumstances described in
Section 3.2(a), the obligations of the Company and its Affiliates to pay or provide the Separation Benefits described in Section 3.3 shall be absolute and unconditional and shall not be affected by any circumstances, including, without
limitation, any set-off, counterclaim, recoupment, defense or other right which the Company or any of the Affiliates may have against any Participant. In no event shall a Participant be obligated to seek other employment or take any other action by
way of mitigation of the amounts payable to a Participant under any of the provisions of this Plan, nor shall the amount of any payment or value of any benefits hereunder be reduced by any compensation or benefits earned by a Participant as a result
of employment by another employer, except as specifically provided under Section 3.3. 
 3.6. Non-Competition and Non-Solicitation.
Upon a Change in Control and termination of employment under the circumstances described in Section 3.2(a), the obligations of the Company and its Affiliates to pay or provide the Separation Benefits described in Section 3.3 are contingent
on the Participant’s adhering to the Non-Competition Agreement and the Non-Solicitation Agreement. Should the Participant violate the Non-Competition Agreement or Non-

  
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Solicitation Agreement, the Participant will be obligated to pay back to the Employer all payments received pursuant to this Plan and the Employer will have no further obligation to pay the
Participant any payments that may be remaining due under this Plan. 
 3.7. Non-Disparagement. Upon a Change in Control and termination
of employment under the circumstances described in Section 3.2(a), the obligations of the Company and its Affiliates to pay or provide the Separation Benefits described in Section 3.3 are contingent on the Participant’s adhering to
certain non-disparagement provisions. The Participant agrees that, in discussing their relationship with the Employer, such Participant will not disparage, discredit or otherwise treat in a detrimental manner the Employer, its affiliated and parent
companies or their officers, directors and employees. The Employer agrees that, in discussing its relationship with the Participant, it will not disparage or discredit such Participant or otherwise treat such Participant in a detrimental way.

 3.8 General Release of Claims. Upon a Change in Control and termination of employment under the circumstances described in
Section 3.2(a), the obligations of the Company and its Affiliates to pay or provide the Separation Benefits described in Section 3.3 are contingent on the Participant’s (for him/herself, his/her heirs, legal representatives and
assigns) agreement to execute a general release in the form and substance to be provided by Employer, releasing the Employer, its affiliated companies and their officers, directors, agents and employees from any claims or causes of action of any
kind that the Participant might have against any one or more of them as of the date of this Release, regarding his/her employment or the termination of that employment. The Participant understands that this Release applies to all claims (s)he might
have under any federal, state or local statute or ordinance, or the common law, for employment discrimination, wrongful discharge, breach of contract, violations of Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Age
Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Employee Retirement Income Security Act, the Americans With Disabilities Act, or the Family and Medical Leave Act, and all other claims related in any way to
Participant’s employment or the termination of that employment. 
 3.9. Non-Exclusivity of Rights. Nothing in this Plan shall
prevent or limit the Participant’s continuing or future participation in any plan, program, policy or practice provided by the Company or any of the Affiliates and for which the Participant may qualify, nor, subject to Section 6.2, shall
anything herein limit or otherwise affect such rights as the Participant may have under any contract or agreement with the Company or any of the Affiliates. Amounts or benefits which the Participant is otherwise entitled to receive under any plan,
policy, practice or program of or any contract or agreement with the Company or any of the Affiliates shall be payable in accordance with such plan, policy, practice or program or contract or agreement, except as explicitly modified by this Plan.

 4. Successor to Company 

This Plan shall bind any successor of the Company, its assets or its businesses (whether direct or indirect, by purchase, merger, consolidation or
otherwise), in the same manner and to the same extent that the Company or its Affiliates would be obligated under this Plan if no succession had taken place. 

  
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 In the case of any transaction in which a successor would not by the foregoing provision or by operation of
law be bound by this Plan, the Company shall require such successor expressly and unconditionally to assume and agree to perform the Company’s or its Affiliates’ obligations under this Plan, in the same manner and to the same extent that
the Company would be required to perform if no such succession had taken place. The term “Company,” as used in this Plan, shall mean the Company as hereinbefore defined and any successor or assignee to the business or assets which by
reason hereof becomes bound by this Plan. 
 5. Duration, Amendment and Termination 

5.1. Duration. This Plan shall remain in effect until terminated as provided in Section 5.2. Notwithstanding the foregoing, if a Change in
Control occurs, this Plan shall continue in full force and effect and shall not terminate or expire until after all Participants who become entitled to any payments or benefits hereunder shall have received such payments or benefits in full.

 5.2. Amendment and Termination. The Plan may be terminated or amended in any respect by resolution adopted by the Committee unless a
Change in Control has previously occurred. However, after the Board has knowledge of a possible transaction or event that if consummated would constitute a Change in Control, this Plan may not be terminated or amended in any manner which would
adversely affect the rights or potential rights of Participants, unless and until the Board has determined that all transactions or events that, if consummated, would constitute a Change in Control have been abandoned and will not be consummated,
and, provided that, the Board does not have knowledge of other transactions or events that, if consummated, would constitute a Change in Control. If a Change in Control occurs, the Plan shall no longer be subject to amendment, change, substitution,
deletion, revocation or termination in any respect that adversely affects the rights of Participants, and no Participant shall be removed from Plan participation. 
 6. Miscellaneous 
 6.1. Legal Fees. The Company agrees to pay, to the full extent
permitted by law, all legal fees and expenses which the Participant may reasonably incur as a result of any contest by the Company or the Affiliates, the Participant or others of the validity or enforceability of, or liability under, any provision
of this Plan or any guarantee of performance thereof (including as a result of any contest by the Participant about the amount of any payment pursuant to this Plan), plus in each case interest on any delayed payment at the applicable Federal rate
provided for in Section 7872(f)(2)(A) of the Code; provided that the Company shall have no obligation under this Section 6.1 to the extent the resolution of any such contest includes a finding denying, in total, the Participant’s
claims in such contest. 
 6.2. Employment Status. This Plan does not constitute a contract of employment or impose on the Participant,
the Company or the Participant’s Employer any obligation to retain the Participant as an employee, to change the status of the Participant’s employment as an “at will” employee, or to change the Company’s or the
Affiliates’ policies regarding termination of employment. 

  
 13 

 6.3. Tax Withholding. The Employer may withhold from any amounts payable under this Plan such
Federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 
 6.4. Validity and
Severability. The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision of the Plan, which shall remain in full force and effect, and any prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 6.5. Governing
Law. The validity, interpretation, construction and performance of the Plan shall in all respects be governed by the laws of the Commonwealth of Virginia, without reference to principles of conflict of law. 

6.6. Section 409A of the Code. The Plan shall be interpreted, construed and operated to reflect the intent of the Company that all aspects of
the Plan shall be interpreted either to be exempt from the provisions of Section 409A of the Code or, to the extent subject to Section 409A of the Code, comply with Section 409A of the Code and any regulations and other guidance
thereunder. Notwithstanding anything to the contrary in Section 5.2, this Plan may be amended at any time, without the consent of any Participant, to avoid the application of Section 409A of the Code in a particular circumstance or to the
extent determined necessary or desirable to satisfy any of the requirements under Section 409A of the Code, but the Employer shall not be under any obligation to make any such amendment. Nothing in the Plan shall provide a basis for any person
to take action against the Employer based on matters covered by Section 409A of the Code, including the tax treatment of any award made under the Plan, and the Employer shall not under any circumstances have any liability to any Participant or
other person for any taxes, penalties or interest due on amounts paid or payable under the Plan, including taxes, penalties or interest imposed under Section 409A of the Code. 
 6.7 Claim Procedure. If a Participant makes a written request alleging a right to receive Separation Benefits under the Plan or alleging a right to receive an adjustment in benefits being paid
under the Plan, the Company shall treat it as a claim for benefits. All claims for Separation Benefits under the Plan shall be sent to the General Counsel of the Company and must be received within 30 days after the Date of Termination. If the
Company determines that any individual who has claimed a right to receive Separation Benefits under the Plan is not entitled to receive all or a part of the benefits claimed, it will inform the claimant in writing of its determination and the
reasons therefore in terms calculated to be understood by the claimant. The notice will be sent within 90 days of the written request, unless the Company determines additional time, not exceeding 90 days, is needed and provides the Participant with
notice, during the initial 90-day period, of the circumstances requiring the extension of time and the length of the extension. The notice shall make specific reference to the pertinent Plan provisions on which the denial is based, and describe any
additional material or information that is necessary. Such notice shall, in addition, inform the claimant what procedure the claimant should follow to take advantage of the review procedures set forth below in the event the claimant desires to
contest the denial of the claim. The claimant may within 90 days thereafter submit in writing to the Plan Administrator a notice that the claimant contests the denial of his or her claim by the Company

  
 14 

 
and desires a further review. The Plan Administrator shall within 60 days thereafter review the claim and authorize the claimant to appear personally and review the pertinent documents and submit
issues and comments relating to the claim to the persons responsible for making the determination on behalf of the Plan Administrator. The Plan Administrator will render its final decision with specific reasons therefor in writing and will transmit
it to the claimant within 60 days of the written request for review, unless the Plan Administrator determines additional time, not exceeding 60 days, is needed, and so notifies the Participant during the initial 60-day period. If the Plan
Administrator fails to respond to a claim filed in accordance with the foregoing within 60 days or any such extended period, the Plan Administrator shall be deemed to have denied the claim. The Committee may revise the foregoing procedures as it
determines necessary to comply with changes in the applicable U.S. Department of Labor regulations. 
 6.8. Unfunded Plan Status. This
Plan is intended to be an unfunded plan and to qualify as a severance pay plan within the meaning of Labor Department Regulations Section 2510.3-2(b). All payments pursuant to the Plan shall be made from the general funds of the Employer and no
special or separate fund shall be established or other segregation of assets made to assure payment. No Participant or other person shall have under any circumstances any interest in any particular property or assets of the Company or its Affiliates
as a result of participating in the Plan. Notwithstanding the foregoing, the Committee may authorize the creation of trusts or other arrangements to assist in accumulating funds to meet the obligations created under the Plan; provided, however,
that, unless the Committee otherwise determines, the existence of such trusts or other arrangements is consistent with the “unfunded” status of the Plan. 
 6.9. Reliance on Adoption of Plan. Subject to Section 5.2, each person who shall become a Key Executive shall be deemed to have served and continue to serve in such capacity in reliance upon
the Change in Control provisions contained in this Plan. 
 6.10. Plan Supersedes prior U.S. Arrangements with one Exception. For the
period of two years following the occurrence of a Change in Control, the provisions of this Program shall supersede, with respect to U.S. Participants, any and all plans, programs, policies and arrangements of the Company or its Affiliates providing
severance benefits, EXCEPT FOR the 2012 Performance Incentive Plan. 
 IN WITNESS WHEREOF, the Company has caused this Plan to be executed by
its duly authorized officer effective as of the Effective Date set forth above. 
  

							
		  	KRAFT FOODS GROUP, INC.	  	
				
		  	By:	  	  
	  	
		  		  		  	

  
 15Form of Kraft Foods Group, Inc. Deferred Compensation Plan

 Exhibit 10.22 
 Kraft Foods Group, Inc. 
 Deferred Compensation Plan for Non-Management
Directors 
  

	SECTION 1.	Purpose; Definitions 

 The purpose of the
Plan is to afford each Non-Management Director the option to elect to defer the receipt of all or part of his or her Compensation until such future date as he or she may elect pursuant to the terms and conditions of the Plan. 

For purposes of the Plan, the following terms are defined as set forth below: 

 

	 	a.	“Allocation Date” means any date on which an amount representing all or part of a Participant’s Compensation is to be credited to his or
her Deferred Fee Account or Deferred Stock Account, as applicable, pursuant to a Deferral Election. The Allocation Date for the Retainer Fee and for Meeting Fees shall be the last day of each calendar quarter. The Allocation Date for Stock Awards
shall be the date the awards would have otherwise been granted. 

  

	 	b.	“Beneficiary” means any person or entity designated as such in an Election Form submitted in the manner specified by the Company. If a
Participant has not made a valid designation of a Beneficiary on an Election Form submitted in the manner specified by the Company, or if no designated Beneficiary survives the Participant, the Beneficiary is the Participant’s estate.

  

	 	c.	“Board” means the Board of Directors of the Company. 

 

	 	d.	“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations thereunder.

  

	 	e.	“Common Stock” means the common stock of the Company. 

 

	 	f.	“Company” means Kraft Foods Group, Inc., a corporation organized under the laws of the Commonwealth of Virginia, or any successor corporation.

  

	 	g.	“Compensation” means the Retainer Fee, Meeting Fees or Stock Awards payable by the Company to each Participant. 

 

	 	h.	“Deferral Election” means the election by a Participant on an Election Form to defer the payment of all or a part of his or her Compensation to
be earned and payable after the applicable effective date set forth in Sections 2.1.1 or 2.1.2. 

  

	 	i.	“Deferred Amount” means the amount of Compensation (determined as a percentage of the Retainer Fee, Meeting Fees or Stock Awards) subject to a
Deferral Election submitted in the manner specified by the Company. 

  

	 	j.	 “Deferred Fee Account” means an unfunded deferred compensation account established by the Company on behalf of each
Non-Management Director who makes a Deferral Election with respect to the Retainer Fee or Meeting Fees. The 

	 	
Company may establish more than one Deferred Fee Account on behalf of any Non-Management Director who submits a Modified Election Form in accordance with Section 2.3.2 to modify his or her
election as to the Distribution Date with respect to the Retainer Fee or Meeting Fees to be paid for services performed thereafter. Each Deferred Fee Account shall consist of one or more Subaccounts established in accordance with Section 2.2.2.

  

	 	k.	“Deferred Stock” means an unfunded obligation of the Company, represented by an entry on the books and records of the Company, to issue one
share of Common Stock on the date of distribution. 

  

	 	l.	“Deferred Stock Account” means an unfunded deferred compensation account established by the Company on behalf of each Non-Management Director
who makes a Deferral Election with respect to Stock Awards. The Company may establish more than one Deferred Stock Account on behalf of any Non-Management Director who submits a Modified Election Form in accordance with Section 2.3.2 to modify
his or her election as to the Distribution Date with respect to Stock Awards to be granted for services performed thereafter. 

  

	 	m.	“Disability” means permanent and total disability as determined under procedures established by the Board for purposes of this Plan.

  

	 	n.	“Distribution Date” means the date designated by a Participant on an Election Form in accordance with Sections 2.3.1 and 2.3.2 for the
distribution or commencement of distribution of amounts credited to a Deferred Fee Account or a Deferred Stock Account. 

  

	 	o.	“Election Date” means the date an Election Form is received by the Company. 

 

	 	p.	“Election Form” means an Initial Election Form or Modified Election Form completed and executed by the Participant. An “Initial Election
Form” means the first Election Form that the Participant submits pursuant to Section 2.1.1. A “Modified Election Form” means an Election Form that the Participant submits pursuant to Section 2.1.2, 2.1.3, 2.1.4, 2.2.4 and
2.3.2 to modify in whole or in part an Initial Election Form or to modify in whole or in part a Modified Election Form previously submitted. 

  

	 	q.	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time and the rules and regulations thereunder.

  

	 	r.	“Extraordinary Distribution Request Date” means the date an Extraordinary Distribution Request Form is received by the Company.

  

	 	s.	“Extraordinary Distribution Request Form” means the Extraordinary Distribution Request Form completed and executed by a Participant and
submitted in the manner specified by the Company or Beneficiary who wishes to request an extraordinary distribution of amounts credited to a Deferred Fee Account or Deferred Stock Account in accordance with Section 2.3.3.

  
 2 

	 	t.	“Fund” means any one of the hypothetical investment vehicles the Company makes available for time to time for purposes of allocating earnings to
a Participant’s Deferred Fee Account. 

  

	 	u.	“Kraft Stock Fund Subaccount” means the Subaccount with its value based on the value of Common Stock. 

 

	 	v.	“Meeting Fees” means the portion of a Participant’s Compensation that is based upon his or her attendance at Board meetings and meetings of
committees of the Board. 

  

	 	w.	“Non-Management Director” means each member of the Board who is not a full-time employee of the Company (or of any Corporation that owns,
directly or indirectly, stock possessing at least fifty percent (50%) of the total combined voting power of all classes of stock entitled to vote in the election of the Board or of any corporation in which the Company owns, directly or
indirectly, stock possessing at least fifty percent (50%) of the total combined voting power of all classes of stock entitled to vote in the election of directors in such corporation). A “Non-Management Director” does not include a
Director Emeritus of the Company. 

  

	 	x.	“Participant” means a Non-Management Director who elects to make a Deferral Election; provided, however, that a Participant shall also include a
person who was, but is no longer, a Non-Management Director as long as a Deferred Fee Account or Deferred Stock Account is being maintained for his or her benefit. 

 

	 	y.	“Plan” means this Kraft Foods Group, Inc. Deferred Compensation Plan for Non-Management Directors, as amended from time to time.

  

	 	z.	“Retainer Fee” means the portion of a Participant’s Compensation that is fixed and paid without regard to his or her attendance at meetings
of the Board or any committee of the Board, including any additional amount paid to a chairman of a committee but shall not include awards of Common Stock, stock options or other noncash compensation paid to a Non-Management Director.

  

	 	aa.	“Stock Award” means Common Stock, Restricted Stock, Deferred Stock or any other stock award granted to a Non-Management Director pursuant to the
Company’s 2012 Performance Incentive Plan or any successor plan or similar plan maintained by the Company. 

  

	 	bb.	“Subaccount” means one of the bookkeeping accounts established within a Deferred Fee Account in accordance with Section 2.2.2.

  

	 	cc.	“Transfer Election Date” means the date set forth on a Transfer Form. 

 

	 	dd.	“Transfer Form” means a Transfer Election Form completed and executed by a Participant or Beneficiary in accordance with
Section 2.2.5. 

  
 3 

	SECTION 2.	Deferred Compensation Program 

  

	2.1	Participation 

 2.1.1
Deferral Elections 
 A Non-Management Director may make a Deferral Election by submitting an Initial Election Form in the manner specified
by the Company. Each Non-Management Director who makes a Deferral Election shall become a Participant in this Plan. 
 Any Deferral Election
relating to Retainer Fees shall be in integral multiples of twenty-five percent (25%) of the Retainer Fee. Any Deferral Election relating to Meeting Fees shall be one hundred percent (100%) of the Meeting Fees for the year for which the
election is effective. Any Deferral Election relating to Stock Awards shall be one hundred percent (100%) of the number of shares of Common Stock subject to the applicable Stock Award that the Participant otherwise would have been granted on
each date of grant. 
 The Participant shall indicate on the Initial Election Form: 

 

	 	a.	the percentage of the Retainer Fee that he or she wishes to defer and whether Meeting Fees and/or Stock Awards are to be deferred; 

 

	 	b.	the Distribution Date; 

  

	 	c.	whether distributions are to be in lump sum, in installments or a combination thereof; 

 

	 	d.	the Participant’s Beneficiary or Beneficiaries; and 

  

	 	e.	with respect to deferred Retainer Fees and Meeting Fees, the Subaccounts to which the Deferred Amount is to be allocated. 

A Deferral Election submitted on an Initial Election Form shall become effective with respect to a Participant’s Retainer Fee, Meeting Fees and
Stock Awards for services performed on and after the first day of the calendar year following the Election Date of such Initial Election Form. In the case of a newly eligible Participant, however, a Deferral Election may be made no later than 30
days after first becoming eligible for this Plan and any other plan required to be aggregated with this Plan under Code section 409A and the regulations and other guidance thereunder and shall not be effective with respect to Compensation to which
the Participant becomes entitled as a result of services performed on or before the Election Date. 
 A Deferral Election shall remain in effect
with respect to all future Compensation until a new Deferral Election made by the Participant on a Modified Election Form in accordance with Section 2.1.2 or Section 2.1.3 becomes effective. 

  
 4 

 2.1.2 Change of Deferral Election 

A Participant may change his or her Deferral Election with respect to Compensation for services performed and payable in a subsequent calendar year by
submitting a Modified Election Form in the manner specified by the Company. 
 A Deferral Election to increase or decrease the amount of future
Compensation to be deferred shall become effective on and after the first day of the calendar year following the Election Date. 

2.1.3 Cessation of Deferrals 
 A Participant may cease to defer future Retainer Fees, Meeting Fees, Stock Awards or a subset thereof by submitting a Modified Election Form in the manner specified by the Company. An election by a
Participant to cease deferrals of Retainer Fees, Meeting Fees, Stock Awards or a subset thereof shall become effective with respect to Compensation for services performed on or after the first day of the calendar year following the Election Date.

 2.1.4 Beneficiary Election Modification 
 A Participant shall be permitted at any time to modify his or her Beneficiary election, effective as of the Election Date, by submitting a Modified Election Form in the manner specified by the Company.

  

	2.2	Investments 

 2.2.1
Deferred Fee Accounts and Deferred Stock Accounts 
 The Company shall establish a Deferred Fee Account or Deferred Stock Account, as
applicable, for each Participant who has made a Deferral Election pursuant to Section 2.1.1. On each Allocation Date, the Company shall allocate the amount of the Deferred Amount to be credited to each Participant’s Deferred Fee Account or
Deferred Stock Account, as applicable. 
 2.2.2 Subaccounts 
 The Company shall establish within each Deferred Fee Account one or more Subaccounts to which the applicable Deferred Amounts are to be allocated pursuant to the Participant’s Election Form or
Election Forms, with each Subaccount corresponding to a Fund made available by the Company under the Plan. The senior Human Resources officer is authorized to limit or prohibit new investments or transfers into any Subaccount. 

Subject to the provisions of Sections 2.2.3 and 2.2.4, on each Allocation Date, each Participant’s Subaccounts shall be credited with an amount
equal to the applicable Deferred Amount designated by the Participant for allocation to such Subaccounts. With respect to Subaccounts related to a Deferred Fee Account, each Subaccount shall be credited with earnings and charged with losses as if
the amounts allocated thereto had been invested in the corresponding Fund, provided that the Kraft Stock Fund Subaccount 

  
 5 

 
shall be credited with additional shares of Common Stock based on the amount of cash dividends that are paid from time to time on the number of shares of Common Stock with respect to which the
Kraft Stock Fund Subaccount is determined. With respect to a Participant’s deferred Stock Awards, on each Allocation Date the Participant’s Deferred Stock Account shall be credited with shares of Deferred Stock equal to the number of
shares of Common Stock subject to the applicable deferred Stock Awards. The Deferred Stock Account shall thereafter be credited with amounts equal to the cash dividends that would have been paid had the Participant held a number of shares of Common
Stock equal to the number of shares of Deferred Stock in the Participant’s Deferred Stock Account, and any such amounts shall be treated as invested in additional shares of Deferred Stock. 

The value of the Deferred Stock Account, the Deferred Fee Account and any Subaccount at any relevant time shall be determined as if all amounts credited
thereto had been invested in the corresponding Fund, in the case of Subaccounts related to a Deferred Fee Account or invested in Deferred Stock, in the case of the Deferred Stock Account, provided, however, that if as a result of adjustments or
substitutions in connection with an event described in Section 4 of the Company’s 2012 Performance Incentive Plan or the corresponding provision of any successor thereto, a participant has received or receives with respect to the Kraft
Stock Fund Subaccount or with respect to Deferred Stock, as applicable, rights or amounts measured by reference to stock other than Common Stock, then any crediting of amounts to reflect dividends with respect to such other stock shall be allocated
among and treated as invested proportionately in the Subaccounts most recently in effect for the investment of Compensation deferred by the Participant. 
 2.2.3. Investment Directions with Respect to Deferred Retainer Fees or Meeting Fees 
 Each
Participant shall make an investment direction on his or her Initial Election Form with respect to the portion of such Participant’s Deferred Amount related to deferred Retainer Fees and/or Meeting Fees that is to be allocated to a Subaccount.
Any apportionment of such Deferred Amounts (and of increases or decreases in such Deferred Amounts) among the Subaccounts shall be in integral multiples of one percent (1%). An investment direction shall become effective with respect to any such
Subaccount on the first day of the calendar month following the Election Date of such Election Form. An investment direction shall remain in effect with respect to all future Deferred Amounts until a new investment direction made by the Participant
in accordance with Section 2.2.4 becomes effective. All deferred Stock Awards will be invested in Deferred Stock. 

  
 6 

 2.2.4 New Investment Directions with Respect to Deferred Retainer Fees or Meeting Fees

 A Participant may make a new investment direction with respect to his or her Deferred Amount related to deferred Retainer Fees and/or
Meeting Fees only by submitting a Modified Election Form in the manner specified by the Company. A new investment direction shall become effective with respect to any Subaccount on the first day of the calendar month following the Election Date of
such Modified Election Form. 
 2.2.5 Investment Transfers with Respect to Deferred Retainer Fees or Meeting Fees

 A Participant (or Beneficiary after the death of the Participant) may transfer to one or more different Subaccounts all or a part (in
integral multiples of one percent (1%)) of the amounts credited to a Subaccount by submitting a Transfer Form in the manner specified by the Company; provided however that no Transfer Form with respect to the Kraft Stock Fund Subaccount may be
submitted by a Participant who is subject to Section 16 of the Exchange Act if a Transfer Form requesting an opposite way transfer has been submitted by such Participant within the preceding six months. In addition, no transfers may be made
from a Participant’s Deferred Stock Account. 
 Any transfer of amounts among Subaccounts shall become effective on the first day of the
calendar month following the Transfer Election Date. 
  

	2.3	Distributions 

 2.3.1
Distribution Elections 
 Each Participant shall designate on his or her Initial Election Form or, if applicable, Modified Election Form, one
of the following dates as a Distribution Date with respect to amounts credited to his or her Deferred Fee Account or Deferred Stock Account thereafter: 
  

	 	a.	the fifteenth day of the calendar month following the Participant’s separation from service, including by reason of Disability or death; 

 

	 	b.	the fifteenth day of the earlier of (i) a calendar month specified by the Participant which is at least six months after the Election Date or (ii) the
calendar month following the Participant’s separation from service, including by reason of Disability or death. 

 A
Distribution Date election shall be effective only with respect to Compensation paid for services performed on and after the Election Date and subsequent earnings credited with respect to such amounts. Any election by a Participant for his or her
Deferred Fee Account or Deferred Stock Account to be paid upon his or her separation from service shall be applied in accordance with Internal Revenue Code section 409A. No separation from service shall be deemed to occur until the Non-Management
Director ceases to serve on any and all of the Board of Directors of the Company and the board of directors of any other company with respect to which his service as a director began while such other company was a subsidiary of the Company.

  
 7 

 A Participant may request on his or her Election Form that distributions from his or her Deferred Fee
Account be made in (i) a lump sum, (ii) no more than one-hundred eighty (180) monthly, sixty (60) quarterly or fifteen (15) annual installments or (iii) a combination of (i) and (ii). Each installment shall be
determined by dividing the Account balance by the number of remaining installments. Distributions from a Participant’s Deferred Stock Account shall be made in lump sum. If a Participant receives a distribution from a Subaccount on an
installment basis, amounts remaining in such Subaccount shall continue to accrue earnings and incur losses in accordance with the terms of Section 2.2.2. Except as stated in the next paragraph, all distributions shall be made to the
Participant. 
 Upon the Participant’s death, the balance remaining in the Participant’s Deferred Fee Account or Deferred Stock
Account shall be payable to his or her Beneficiaries as set forth on the Participant’s then-current Election Form or Forms. Upon the death of a Beneficiary who is receiving distributions in installments, the balance remaining in the Deferred
Fee Account or Deferred Stock of the Beneficiary shall be paid to his or her estate in a lump sum, without interest, except to the extent that the Secretary of the Company permits a Participant to elect otherwise in accordance with the procedures of
this Section 2.3.1, taking into account administrative feasibility and other constraints. 
 All distributions with respect to a
Participant’s Deferred Fee Account(s) shall be paid in cash and, except as provided in Section 2.3.3, shall be deemed to have been made from each Subaccount pro rata. Distributions with respect to a Participant’s Deferred Stock
Account shall be paid in Common Stock. 
 2.3.2 Modified Distribution Elections 

A Participant may modify his or her election as to the Distribution Date but not the distribution form with respect to Compensation attributable to future
service, with such modification to be effective beginning with the next calendar year and continuing thereafter by submitting a Modified Election Form in the manner specified by the Company. 

2.3.3 Extraordinary Distributions 
 Notwithstanding the foregoing, a Participant (or Beneficiary after the participant’s death) may request an extraordinary distribution of all or part of the amount credited to his or her Deferred Fee
Account or Deferred Stock Account because of hardship. A distribution shall be deemed to be “because of hardship” if such distribution is necessary to alleviate or satisfy an immediate and heavy financial need of the Participant and
otherwise satisfies the requirements for the occurrence of an “unforeseeable emergency” within the meaning of Code section 409A(a)(2). 

  
 8 

 A request for an extraordinary distribution shall be made by submitting a valid Extraordinary Distribution
Request Form in the manner specified by the Company. All extraordinary distributions shall be subject to approval by the Board. 
 The
Extraordinary Distribution Request Form shall indicate: 
  

	 	a.	the amount to be distributed from the Deferred Fee Account or Deferred Stock Account; 

 

	 	b.	if applicable, the Subaccount(s) from which the distribution is to be made; and 

 

	 	c.	the “hardship” requiring the distribution. 

 The amount of any extraordinary distribution shall not exceed the amount determined by the Board to be required to meet the immediate financial need of the applicant. 

An extraordinary distribution shall be made with respect to amounts credited to the Deferred Fee Account or Deferred Stock Account (and each Subaccount)
on the first day of the calendar month next following approval of the extraordinary distribution request by the Board; provided, however, that no extraordinary distribution shall be made from the Kraft Stock Fund Subaccount if a Transfer Form
pursuant to Section 2.2.5 requesting an opposite way transfer with respect to the Kraft Stock Fund Subaccount had been submitted by a Participant who is subject to Section 16 of the Exchange Act within the preceding six months. Upon
approval of an extraordinary distribution request, any Deferral Election shall be cancelled prospectively. A Participant may make a new Deferral Election for a future year in accordance with Section 2.1.2. 

Notwithstanding the forgoing, the Board may delegate its authority to approve extraordinary distributions to the Compensation Committee of the Board or
to the Company’s management. 
 2.3.4 Specified Employee 
 Notwithstanding anything in the Plan to the contrary or any election made by a Participant, if a Participant has elected that distribution be made upon the Participant’s separation from service, and
the Participant is a “specified employee” within the meaning of the Code section 409A and the regulations thereunder, distribution in the form of a single sum will be made on, and distribution in the form of installments will commence on,
the fifteenth day of the seventh month following the date of the Participant’s separation from service. 
  

	SECTION 3.	General Provisions 

  

	3.1	Unfunded Plan 

 It is intended that the
Plan constitute an “unfunded” plan for deferred compensation. The Company may authorize the creation of trusts or other arrangements to meet the 

  
 9 

 
obligations created under the Plan; provided, however, that, unless the Company otherwise determines, the existence of such trusts or other arrangements is consistent with the
“unfunded” status of the Plan. Any liability of the Company to any person with respect to any grant under the Plan shall be based solely upon any contractual obligations that may be created pursuant to the Plan. No such obligation of the
Company shall be deemed to be secured by any pledge of, or other encumbrance on, any property of the Company. 
  

	3.2	Rules of Construction 

 The Plan shall be
construed and interpreted in accordance with Virginia law. Headings are given to the sections of the Plan solely as a convenience to facilitate reference. The reference to any statute, regulation, or other provision of law shall be construed to
refer to any amendment to or successor of such provision of law. Notwithstanding anything in this Plan to the contrary, the Plan shall be construed to reflect the intent of the Company that all elections to defer, distributions, and other aspects of
the Plan shall comply with Code section 409A and any regulations and other guidance thereunder to the extent applicable. The Plan is also intended to be construed so that participation in the Plan will be exempt from Section 16(b) of the
Exchange Act pursuant to regulations and interpretations issued from time to time by the Securities and Exchange Commission. 
  

	3.3	Withholding 

 No later than the date as of
which an amount first becomes includible in the gross income of the Participant for Federal income tax purposes with respect to participation under the Plan, the Participant shall pay to the Company, or make arrangements satisfactory to the Company
regarding the payment of, any Federal, state, local or foreign taxes of any kind required by law to be withheld with respect to such amount, if any. 
  

	3.4	Amendment 

 The Plan may be amended by the
Board, but no amendment shall be made that would impair prior rights of a Participant to his or her Deferred Fee Account or Deferred Stock Account without his or her consent. 

 

	3.5	Duration of Plan 

 The Company hopes to
continue the Plan indefinitely, but reserves the right to terminate the Plan by appropriate action of the Board at any time. Upon termination of the Plan, amounts then credited to each Deferred Fee Account and Deferred Stock Account shall be paid in
accordance with the Election Form then governing such Deferred Fee Account or Deferred Stock Account or as otherwise provided in Section 2.3.1. 
  

	3.6	Assignability 

 No Participant or
Beneficiary shall have the right to assign, pledge or otherwise transfer any payments to which such Participant or Beneficiary may be entitled under the Plan, other than by will or by the laws of descent and distribution or pursuant to a domestic
relations order which meets the relevant requirements of a “qualified domestic relations order” (as defined by Section 414(p) of the Code). 

  
 10 

	3.7	Adoption of Procedures 

 The Secretary of
the Company shall have the authority to adopt such procedures as are appropriate to administer the Plan. 

  
 11

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}]]