Document:

EX-10.2

Exhibit 10.2

AMENDMENT

to the

OMNIBUS BENEFIT RESTORATION PLAN OF SONOCO PRODUCTS COMPANY

WHEREAS, pursuant to the authority delegated by the Compensation Committee of the Board of
Directors of Sonoco Products Company (the “Company”) at its meeting on April 14, 2009, the Omnibus
Benefit Restoration Plan of Sonoco Products Company is hereby amended as follows:

Effective June 1, 2009, Section 5.2(a) shall be deleted and replaced with the following:

“(a)
401(k) Plan Restoration Benefit

	 	(1)	 	General Rule. Subject to subsection (a)(2) below, for each Plan Year, the Company
shall credit to the 401(k) Plan Restoration Account of each Participant an amount equal
to:

	 	(A)	 	the portion of the Participant’s Eligible Compensation for the Plan
Year that exceeds the limit in effect for such Plan Year under Code section
401(a)(17); multiplied by
	 
	 	(B)	 	the matching contribution percentage that would have applied to the
Participant under the 401(k) Plan for such Plan Year assuming that he or she had
been contributing at a rate to qualify for the maximum matching contribution
percentage under the 401(k) Plan.

	 	(2)	 	Suspension of Company Allocations. For the Plan Year beginning January 1, 2009,
the Company shall credit to the 401(k) Plan Restoration Account of each Participant an
amount equal to:

	 	(A)	 	the amount by which the Participant’s Eligible Compensation for the
period beginning January 1, 2009 and ending May 31, 2009 1, 2009 exceeds the limit
in effect for under Code section 401(a)(17) for the entire 2009 Plan Year;
multiplied by
	 
	 	(B)	 	the matching contribution percentage that would have applied to the
Participant under the 401(k) Plan for the same five-month period assuming that he
or she had been contributing at a rate to qualify for the maximum matching
contribution percentage under the 401(k) Plan.

	 	 	 	The Company shall not credit any additional contribution under this section 5.2(a) for
Eligible Compensation earned on or after June 1, 2009.”

1

 

      IN WITNESS WHEREOF, the Company has caused this amendment to the Omnibus Benefit Restoration
Plan or Sonoco Products Company to be executed by its duly authorized officer of the Company this
23rd day of April, 2009, to be effective as of the dates stated within each provision.

	 	 	 	 	 
	 	SONOCO PRODUCTS COMPANY

 	 
	 	By:  	/s/ Cynthia A. Hartley
 	 
	 	 	Title:      Senior Vice-President 	 
	 	 	Human Resources 	 
	 

	 	 	 	 	 
	ATTEST:

 	 	 
	/s/ Ritchie L. Bond
 	 	 

Corporate Seal:

2EX-10.37

EXHIBIT 10.37

THIRD AMENDMENT

OF

SUPERVALU INC.

EXCESS BENEFITS PLAN

(1989 Restatement)

          Effective February 24, 1985, SUPERVALU INC. established an unfunded nonqualified plan for the
purpose of providing benefits to employees which are in excess of the limitations under section 415
of the Internal Revenue Code and for purposes of providing deferred compensation for a select group
of management or highly compensated employees which plan, in its most recent form, is embodied in a
document entitled “SUPERVALU INC. Excess Benefits Plan (1989 Restatement)” as amended through a
Second Amendment adopted on June 2, 2003 (the “Plan Statement”). SUPERVALU INC. has reserved to
itself the power to amend said Plan Statement and it now desires to amend the Plan Statement in the
following respects:

1.       INTRODUCTION. Effective January 1, 2008, the Plan Statement is amended by revising Section 1 to
read as follows:

1.       Introduction.

          1.1.       Plan Name. This plan shall be referred to as the SUPERVALU INC. Excess Benefits Plan
(hereinafter “Plan”).

          1.2.       Rules That Apply To Pre-2005 Accruals. The portion of a Participant’s benefit that
accrued under the Plan as of December 31, 2004, shall be governed by the terms of the Plan
Statement disregarding requirements under section 409A of the Code and the rules set forth in
Appendix A.

          1.3.       Rules That Apply to Post-2004 Accruals. The portion of a Participant’s benefit that
accrued after December 31, 2004, shall be governed by the terms of the Plan Statement subject to
the modifications specified in Appendix A, which are intended to comply with section 409A of the
Code and final regulations thereunder.

2.       PARTICIPATION. Effective December 31, 2007, the Plan Statement is amended by adding to
Section 2.1 the following sentence:

Notwithstanding the foregoing, no employees shall become Participants in this Plan after
December 31, 2007.

3.       CONFIRMATION OF EFFECT OF ACCRUAL FREEZE IN SUPERVALU INC. RETIREMENT PLAN. Effective
December 31, 2007, the Plan Statement is amended by adding at the ends of Sections 3.1 and 5.1 the
following sentence:

 

 

The amount determined under paragraph (i) above that would have been payable under the Retirement
Plan without regard to the limitations under section 415 and 401(a)(17) of the Code shall be
determined without counting any service after December 31, 2007, as Credited Service in the
Retirement Plan and without counting any compensation after December 31, 2012, as Final Average
Compensation in the Retirement Plan.

4.       DETERMINATION OF INSTALLMENT PAYMENTS. Effective November 1, 2008, the Plan Statement is
clarified by adding after the second sentence in Section 3.2 and after the second sentence in
Section 5.2 the following sentence:

Installment payments shall be determined by reference to the rules in Section 4 of Appendix A of
the SUPERVALU INC. Nonqualified Supplemental Executive Retirement Plan.

5.       BENEFICIARIES. Effective January 1, 2009, the Plan Statement is amended by adding a new
Section 5.6 to read in full as follows:

          5.6.       Determination of Beneficiary. If the Participant was married for at least one (1) year
ending on the date of the Participant’s death, the survivor benefit shall be payable to the
surviving spouse unless the Participant has elected otherwise pursuant to rules established by the
Administrative Committee. If the Participant was not married to the surviving spouse for at least
one (1) year ending on the date of death, the survivor benefit shall be payable to the
Participant’s designated beneficiary or, in the absence of such designation, to the Participant’s
estate. No spouse, former spouse, designated joint annuity or beneficiary shall have any right to
participate in the Participant’s selection of time or form of distribution or any change of the
same.

6.       GENERAL MATTERS. Effective August 1, 2007, the Plan Statement is amended by revising Section 8
to read in full as follows:

8.       General Matters.

          8.1.       Employer. Except as hereinafter provided, functions generally assigned to the Employer
shall be discharged by its officers or delegated and allocated as provided herein.

          8.2.       Committee. Each Committee established pursuant to the document entitled “Committee
Bylaws for SUPERVALU Benefit Plans” adopted effective August 1, 2007, by action of the Chief
Executive Officer of SUPERVALU, as amended from time to time (“Bylaws”) shall have authority and
responsibility under the Plan as set forth in such Bylaws and shall perform all duties assigned to
such Committee by the express terms of this Plan Statement.

          8.3.       Termination. The Compensation Committee of the Board of Directors of SUPERVALU shall
have the exclusive authority to terminate or curtail the benefits of this Plan both with regard to
persons expecting to receive benefits hereunder in the future and persons already receiving
benefits at the time of such action.

-2-

 

          8.4.       Plan Administrator. SUPERVALU INC. shall be the administrator for purposes of
section 3(16)(A) of the Employee Retirement Income Security Action of 1974.

          8.5.       Disclaimer. This Plan shall not alter, enlarge or diminish any person’s employment
rights or obligations or rights or obligations under a Retirement Plan or a Profit Sharing Plan.

7.       AMENDMENT AND TERMINATION. Effective January 1, 2009, the Plan Statement is amended by adding a
new Section 8.6 to read in full as follows:

          8.6.       Amendment. SUPERVALU INC. reserves the power to amend this Plan Statement either
prospectively or retroactively or both, at any time and for any reason deemed sufficient by it
without notice to any person affected by the Plan:

	 	 (i)	 	in any respect by action of its Board of Directors (or any duly authorized
committee of the Directors), and

	 
	 	 (ii)	 	in any respect that increases or decreases the cost of the Plan by more
than Five Million Dollars ($5,000,000), by action of the Executive Plans Committee,
and

	 
	 	 (ii)	 	in any respect that increases or decreases the cost of the Plan by Five
Million Dollars ($5,000,000) or less, by action of the Benefit Plans Committee.

8.       CLAIMS PROCEDURE. Effective January 1, 2008, the Plan Statement is amended by revising
Section 10 to read in full as follows:

10.     Claims Procedure.

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

          10.2.     Method of Executing Instruments. Information to be supplied or written notices to be
made or consents to be given by the Principal Sponsor, the Employer, the Committee, or any other
person pursuant to any provision of the Plan Statement may be signed in the name of the Principal
Sponsor or Employer by any officer or other person who has been authorized to make such
certification or to give such notices or consents.

          10.3.     Claims Procedure. The claim and review procedures set forth in this Section shall be
the mandatory claim and review procedures for the resolution of disputes and

-3-

 

disposition of claims filed under the Plan. An application for a distribution shall be
considered as a claim for the purposes of this Section.

	 	(a)	 	Initial Claim and Decision. An individual may, subject to any applicable
deadline, file with the Administrative Committee a written claim for benefits under
the Plan in a form and manner prescribed by the Administrative Committee. If the
claim is denied in whole or in part, the Administrative Committee shall notify the
claimant of the adverse benefit determination within 90 days after receipt of the
claim. The 90 day period for making the claim determination may be extended for 90
days if the Administrative Committee determines that special circumstances require an
extension of time for determination of the claim, provided that the Administrative
Committee notifies the claimant, prior to the expiration of the initial 90 day
period, of the special circumstances requiring an extension and the date by which a
claim determination is expected to be made. The notice of adverse determination shall
provide: (i) the specific reasons for the adverse determination; (ii) references to
the specific provisions of the Plan Statement (or other applicable Plan document) on
which the adverse determination is based; (iii) a description of any additional
material or information necessary to perfect the claim and an explanation of why such
material or information is necessary; and (iv) a description of the claim and review
procedures, including the time limits applicable to such procedure, and (v) a
statement of the claimant’s right to bring a civil action under ERISA section 502(a)
following an adverse determination on review.

	 
	 	(b)	 	Request for Review and Final Decision. Within 60 days after receipt of an
initial adverse benefit determination notice, the claimant may file with the
Administrative Committee a written request for a review of the adverse determination
and may, in connection therewith submit written comments, documents, records and
other information relating to the claim benefits. Any request for review of the
initial adverse determination not filed within 60 days after receipt of the initial
adverse determination notice shall be untimely. If the claim, upon review, is denied
in whole or in part, the Administrative Committee shall notify the claimant within 60
days after receipt of the request for a review. Such 60-day period may be extended
for 60 days if the Administrative Committee determines that special circumstances
require an extension and notifies the claimant what special circumstances require the
extension and the date by which the decision is expected. If the extension is due to
the claimant’s failure to submit information necessary to decide the claim, the
claimant shall have 60 days to provide the necessary information and the period for
making the decision shall be tolled from the date on which the extension notice is
sent until the date the claimant responds to the information request or, if earlier,
the expiration of 60 days. The Administrative Committee’s review

-4-

 

	 	 	 	of a denied claim shall take into account all documents and other
information submitted by the claimant, whether or not the information was
submitted before the claim was initially decided. The notice of denial upon
review shall set forth in a manner calculated to be understood by the
claimant: (i) the specific reasons for the denial; (ii) references to the
specific provisions of the Plan document on which the denial is based;
(iii) a statement that the claimant is entitled to receive, upon request and
free of charge, reasonable access to and copies of all documents, records,
and other information relevant to the claim; and (iv) a statement of the
claimant’s right to bring a civil action under ERISA section 502(a).

	 
	 	10.4.	 	Rules and Regulations.

                           10.4.1.  Adoption of Rules. Any rule not in conflict or at variance with the provisions
hereof may be adopted by the Administrative Committee.

                           10.4.2. Specific Rules.

	 	(a)	 	Any decision or determination to be made by the Principal Sponsor or
Employer shall be made by the Administrative Committee unless delegated, in which
case references in this Section 8 to the Administrative Committee shall be treated as
references to the Administrative Committee’s delegate. No inquiry or question shall
be deemed to be a claim or a request for a review of a denied claim unless made in
accordance with the established claim procedures. The Administrative Committee may
require that any claim for benefits and any request for a review of a denied claim be
filed on forms to be furnished by the Administrative Committee upon request.

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

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

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

-5-

 

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

	 
	 	(f)	 	For the purpose of this Section, a document, record, or other information
shall be considered “relevant” as defined in Labor Reg. §2560.503-1(m)(8).

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

                           10.4.3. Limitations and Exhaustion.

	 	(a)	 	No claim shall be considered under these administrative procedures unless
it is filed with the Administrative Committee within one (1) year after the
Participant knew (or reasonably should have known) of the general nature of the
dispute giving rise to the claim. Every untimely claim shall be denied by the
Administrative Committee without regard to the merits of the claim. No suit may be
brought by or on behalf of any Participant or Beneficiary on any matter pertaining to
this Plan unless the action is commenced in the proper forum before the earlier of:
(i) three (3) years after the Participant knew (or reasonably should have known) of
the general nature of the dispute giving rise to the action, or (ii) sixty (60) days
after the Participant has exhausted these administrative procedures.

	 
	 	(b)	 	These administrative procedures are the exclusive means for resolving any
dispute arising under this Plan. No Participant or Beneficiary shall be permitted to
litigate any such matter unless a timely claim has been filed under these
administrative procedures and these administrative procedures have been exhausted,
and determinations under these administrative procedures (including determinations as
to whether the claim was timely filed) shall be afforded the maximum deference
permitted by law.

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

	 
	 	(d)	 	Except to the extent that federal law is controlling, this Plan Statement
shall be construed and enforced in accordance with the laws of the State of

-6-

 

	 	 	 	Minnesota. All controversies, disputes, claims, or causes of action arising
under or related to the Plan or any other party with a relationship to the
Plan (including any claims for benefits or any other claims brought under
ERISA section 502) must be brought in the United States District Court For
the District of Minnesota.

9.       COMMITTEE FUNCTIONS. Effective August 1, 2007, all references in this Plan Statement to
Retirement Committee are replaced by Benefit Plans Committee except as specifically provided
herein.

10.     CONSTRUCTION. Effective January 1, 2008, the Plan Statement is amended by adding a paragraph
after the first paragraph in Section 11 to read as follows:

The rules of section 409A of the Code shall apply to this Plan to the extent applicable and this
Plan Statement shall be construed and administered accordingly. The Principal Sponsor has
affirmatively determined that all amounts accrued under the Plan that were earned and vested before
January 1, 2005 (i.e., amounts specified in Section 1.2) shall not be subject to 409A of the Code,
and this Plan Statement shall be construed accordingly. Notwithstanding the foregoing, neither the
Principal Sponsor, nor the Employer nor any of its officers, directors, agents or affiliates shall
be obligated, directly or indirectly to any Participant or any other person for any taxes,
penalties, interest or like amounts that may be imposed on the Participant or other person on
account of any amounts under this Plan or on account of any failure to comply with any Code
section.

11.       APPENDIX A. Effective January 1, 2008, the Plan Statement is amended by adding the Appendix A
attached to this amendment.

12.       SAVINGS CLAUSE. Save and except as herein expressly amended the Plan Statement shall continue
in full force and effect.

-7-

 

APPENDIX A

RULES FOR POST-2004 ACCRUALS

The portion of a Participant’s benefit that accrued after December 31, 2004, shall be governed by
the terms of the Plan Statement subject to modifications specified in this Appendix A which are
intended to comply with section 409A of the Code.

Pursuant to Section 2.1 of the Plan Statement (as amended herein), all Participants in this Plan
were determined on or before December 31, 2007, and no employees shall become Participants in this
Plan after December 31, 2007. Distribution elections with respect to accruals after December 31,
2004, were made by Participants either before December 31, 2004, or in accordance with the
transition relief described in IRS Notice 2005-1; Q&A–19(c) and the preambles to the proposed
regulations under section 409A of the Code.

1.       Separation from Service. The term Termination of Employment is replaced throughout the Plan
Statement by the term Separation from Service, and Separation from Service is defined as follows:

Separation from Service — a severance of an employee’s employment relationship with the Employers
and all Affiliates for any reason other than the employee’s death.

	 	 (a)	 	A transfer from employment with an Employer to employment with an
Affiliate, or vice versa, shall not constitute a Separation from Service.

	 
	 	 (b)	 	Whether a Separation from Service has occurred is determined based on
whether the facts and circumstances indicate that the Employer and employee
reasonably anticipated that no further services would be performed after a certain
date or that the level of bona fide services the employee would perform after such
date (whether as an employee or as an independent contractor) would permanently
decrease to no more than twenty percent (20%) of the average level of bona fide
services performed (whether as an employee or an independent contractor) over the
immediately preceding thirty-six (36) month period (or the full period of services to
the employer if the employee has been providing services to the employer for less
than thirty-six months).

	 
	 	 (c)	 	Separation from Service shall not be deemed to occur while the employee is
on military leave, sick leave or other bona fide leave of absence if the period does
not exceed six (6) months or, if longer, so long as the employee retains a right to
reemployment with the Employer or an Affiliate under an applicable statute or by
contract. For this purpose, a leave is bona fide only if, and so long as, there is a
reasonable expectation

A-1

 

	 	  	 	that the employee will return to perform services for the Employer or an
Affiliate. Notwithstanding the foregoing, a 29-month period of absence will
be substituted for such 6-month period if the leave is due to any medically
determinable physical or mental impairment that can be expected to result in
death or can be expected to last for a continuous period of no less than 6
months and that causes the employee to be unable to perform the duties of
his or her position of employment.

	 
	 	 (d)	 	Where as part of a sale or other disposition of assets by the Employer to
an employer that is not an Affiliate, an employee providing services to the Employer
immediately before the transaction and to the buyer immediately after the transaction
(“Affected Employee”) would otherwise experience a Separation from Service from the
Employer as a result of the transaction, the Employer and the buyer shall have the
discretion to specify that the Affected Employee has not experienced a Separation
from Service if (i) the transaction results from bona fide, arm’s length
negotiations, (ii) all Affected Employees are treated consistently, and (iii) such
treatment is specified in writing no later than the closing date of the transaction.

2.       Specified Employee. For purposes of application of the six (6) month delay rule in Section 3.3
(as modified in this Appendix A), Specified Employee is defined as follows:

Specified Employee — a Participant who is a key employee as defined in section 416(i) of the Code.
A Participant’s status as a Specified Employee shall be determined each December 31st based on the
facts existing during the year ending on that date. If a Participant is determined to be a
Specified Employee on that date, the Participant shall be treated as a Specified Employee for
purposes of the six (6) month delay under Section 3.3 (as modified in this Appendix A) if
Separation from Service occurs during the twelve (12) month period beginning the following April 1.

3.       Affiliate. For purposes of the application of the definition of Separation from Service,
Affiliate is defined as follows:

Affiliate — a business entity that is treated as a single employer with SUPERVALU INC. under the
rules of section 414(b) and (c) of the Code, including the eighty percent (80%) standard therein.

4.       Form of Distribution to Participant. Section 3.2 of the Plan Statement is revised to read in
full as follows:

          3.2.       Form of Distribution to Participant. Distribution of the Participant’s benefit shall be
made to the Participant in whichever of the following Actuarially Equivalent forms the Participant
shall have timely elected in writing delivered to the Plan Sponsor. If for any reason a
Participant shall have failed to make a timely election of form of distribution

A-2

 

(including reasons entirely beyond the control of the Participant), distribution shall be made
in the form of a single lump sum.

	 	 (i)	 	a single lump sum;

	 
	 	 (ii)	 	a series of five (5) equal annual installments;

	 
	 	 (iii)	 	a series of ten (10) equal annual installments;

	 
	 	 (iv)	 	a single life annuity;

	 
	 	 (v)	 	a joint and 50% to surviving spouse annuity;

	 
	 	 (vi)	 	a joint and 67% to surviving spouse annuity; or

	 
	 	 (vii)	 	a joint and 100% to surviving spouse annuity.

Actuarially Equivalent value shall be determined by reference to the rules and factors in effect
under the Retirement Plan at the time the benefit is first payable.

5.       Time of Distribution to Participant. Section 3.3 of the Plan Statement is revised to read in
full as follows:

          3.3.       Time of Distribution to Participant. Distribution of a Participant’s benefit shall be
made or commenced at whichever of the following dates as the Participant shall have timely elected
in writing delivered to the Plan Sponsor:

	 	 (i)	 	within thirty (30) days after the Participant’s Separation from Service;

	 
	 	 (ii)	 	during the month of March following the Participant’s Separation from
Service;

	 
	 	 (iii)	 	during the month of March following the later of (A) the Participant’s
sixty-second (62nd) birthday or (B) the Participant’s Separation from
Service; or

	 
	 	 (v)	 	during the month of March following the later of (A) the Participant’s
sixty-fifth (65th) birthday or (B) the Participant’s Separation from
Service;

provided, however, that if distribution is made or commenced in the event of the Participant’s
Separation from Service and if the Participant is a Specified Employee, distribution shall be
delayed until the six (6) month anniversary of the date following the date of the Participant’s
Separation from Service (or if earlier, until the death of the Participant) and distribution shall
be made or commenced on the first payroll date of the Plan Sponsor thereafter.

A-3

 

Notwithstanding the foregoing, the time of any distribution shall be delayed in accordance with the
rules in Section 3.5 related to subsequent election changes.

No spouse or former spouse shall have any right to participate in the Participant’s election of
time of distribution.

6.       Default Election. Section 3.4 of the Plan Statement is revised to read in full as follows:

          3.4. Default.       If for any reason a Participant shall have failed to make a timely election of
time for distribution (including reasons entirely beyond the control of the Participant), the
Participant shall be deemed to have elected to receive distribution during the March following the
Participant’s Separation from Service.

7.       Subsequent Changes in Elections for Distribution to Participant. Section 3.5 of the Plan
Statement is revised to read in full as follows:

          3.5.       Subsequent Changes in Elections for Distribution to Participant. A Participant shall be
permitted to change prior elections of time of distribution and form of distribution if such
election change is made in the form and manner prescribed by the Administrative Committee and only
if the following conditions are satisfied:

	 	 (a)	 	the election change shall not take effect until the date that is twelve
(12) months after the date on which the Participant submits the election change;

	 
	 	 (b)	 	if the Participant changes the form of distribution elected under
Section 3.2 (as modified in this Appendix A), distribution shall be delayed until the
date that is five (5) years after the date the distribution would have been made or
commenced but for the election change; provided, however, that for this purpose, a
change from one life annuity form of distribution to another actuarially equivalent
life annuity form before distribution has commenced shall not be considered a change
in form of distribution; and

	 
	 	 (c)	 	if the Participant changes the time of distribution elected under
Section 3.3 (as modified in this Appendix A) or by default under Section 3.4 (as
modified in this Appendix A), the election change (i) must be submitted at least 12
months before the distribution date previously elected by the Participant, and
(ii) distribution shall be delayed at least five (5) years after the date
distribution would have been made or commenced but for the election change.

8.       Benefit to Beneficiaries. The lead-in to Section 5.1 of the Plan Statement is revised to read
as follows:

A-4

 

          5.1.       Amount. There shall be paid under this Plan to the Participant’s Beneficiary as
determined in Section 5.6, the excess, if any, of:

9.       Form of Distribution to a Beneficiary. Section 5.2 of the Plan Statement is revised to read in
full as follows:

          5.2.       Form of Distribution to a Beneficiary. Distribution to the Participant’s Beneficiary
shall be made in whichever of the following Actuarially Equivalent forms the Participant shall have
timely elected in writing delivered to the Plan Sponsor. If for any reason a Participant shall
have failed to make a timely election of form of distribution (including reasons entirely beyond
the control of the Participant), distribution shall be made to such person in the form of a single
lump sum.

	 	 (i)	 	a single lump sum;

	 
	 	 (ii)	 	a series of five (5) equal annual installments;

	 
	 	 (iii)	 	a series of ten (10) equal annual installments; or

	 
	 	 (iv)	 	a single life annuity.

Actuarially Equivalent value shall be determined by reference to the rules and factors in effect
under the Retirement Plan at the time the benefit is first payable. Amounts paid to the
Beneficiary in a lump sum or installment form which are not paid at the Beneficiary’s death, shall
be paid to the Beneficiary’s estate.

10.     Time of Distribution to Beneficiary. Section 5.3 of the Plan Statement is revised to read in
full as follows:

          5.3.       Time of Distribution to Participant. Distribution to a Participant’s Beneficiary shall
be made or commenced at whichever of the following dates the Participant shall have timely elected
in writing delivered to the Plan Sponsor:

	 	 (i)	 	within thirty (30) days after the date of the Participant’s death;

	 
	 	 (ii)	 	during the month of March following the date of the Participant’s death;

	 
	 	 (iii)	 	during the month of March following the later of: (A) the date the
Participant would have attached age sixty-two (62) or (B) the date of the
Participant’s death; or

	 
	 	 (v)	 	during the month of March following the later of: (A) the date the
Participant would have attached age sixty-five (65) or (B) the date of the
Participant’s death.

A-5

 

11.     Default Election. Section 5.4 of the Plan Statement is revised to read in full as follows:

          5.4.       Default. If for any reason a Participant shall have failed to make a timely election of
time for distribution to the Beneficiary (including reasons entirely beyond the control of the
Participant), the Participant shall be deemed to have elected distribution to the Beneficiary
during the March following the date of the Participant’s death.

12.     Subsequent Changes in Elections for Distribution to Beneficiary. Section 5.5 of the Plan
Statement is revised to read in full as follows:

          5.5.       Subsequent Changes in Elections for Distribution to Beneficiary. A Participant shall be
permitted to change prior elections of time of distribution and form of distribution to a
Beneficiary if such election change is made in the form and manner prescribed by the Administrative
Committee and only if the following conditions are satisfied:

	 	 (a)	 	the election change shall not take effect until the date that is twelve
(12) months after the date on which the Participant submits the election change;

	 
	 	 (b)	 	if the Participant changes the form of distribution elected under
Section 5.2 (as modified in this Appendix A), distribution shall be delayed until the
date that is five (5) years after the date the distribution would have been made or
commenced but for the election change; provided, however, that for this purpose, a
change from one life annuity form of distribution to another actuarially equivalent
life annuity form before distribution has commenced shall not be considered a change
in form of distribution; and

	 
	 	 (c)	 	if the Participant changes the time of distribution elected under
Section 5.3 (as modified in this Appendix A) or by default under Section 5.4 (as
modified in this Appendix A), the election change (i) must be submitted at least 12
months before the distribution date previously elected by the Participant, and
(ii) distribution shall be delayed at least five (5) years after the date
distribution would have been made or commenced but for the election change.

13.     Section Disregarded. Section 6 of the Plan Statement (and all cross-references thereto) are
deleted and have no further effect.

A-6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]