Document:

Delphi Corporation Supplemental Executive Retirement Program

 Exhibit 10.13 
 DELPHI CORPORATION 
 Supplemental Executive Retirement Program

 Effective for Separations on or after October 7, 2009 

Updated January 1, 2011 

 

  
 November 19,
2010 

 The Supplemental Executive Retirement Program (the “SERP” or the
“Plan”) is an unfunded, nonqualified benefit program structured to qualify for certain exemptions from the eligibility, funding and other requirements of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”). The Plan Sponsor is Delphi Corporation (“Delphi” or the “Company”). SERP benefits are computed without regard to compensation limits imposed under the Internal Revenue Code of 1986, as amended
(“IRC”). The SERP is a defined benefit supplemental executive retirement plan that provides a benefit (the “SERP Benefit”) to supplement any benefit provided from the Delphi Retirement Program for Salaried Employees
(the “SRP”), a tax-qualified defined benefit pension plan. (The SRP was frozen on September 30, 2008 and terminated by the Pension Benefit Guarantee Corporation on July 31, 2009.) The SERP Benefit was originally frozen on
September 30, 2008 based on prior service while employed by DPH Holdings Corp. f/k/a Delphi Corporation (“DPHH”) and therefore, it is closed to newly hired or appointed executives at Delphi. The accrual for benefit calculation is
determined as of December 31, 2006, so Average Monthly Base Salary, Average Monthly Incentive Compensation and Credited Service are only calculated through December 31, 2006. 
 SECTION I. PURPOSE OF THE SERP 
 The purpose of the SERP is to assure that
eligible separating salaried executive employees of the Company receive an overall level of retirement benefits which are competitive with the peer group of companies selected by the Delphi Corporation Board of Directors (the “Board”). To
achieve this competitive objective, the retirement benefits determined under the SRP and certain other Delphi-provided benefit programs, may be supplemented by benefits, if any, provided under the formulas of this SERP. It is intended that this SERP
qualify as an “excess benefit plan” under Section 3(36) of ERISA and, in relevant part as a plan “providing deferred compensation for a select group of management or highly compensated employees” under Section 201(2) of
ERISA. 
 SECTION II. DEFINITIONS 
 “Accrual Date” means December 31, 2006. 
 “Average Monthly Base
Salary” means the average of monthly base salary for the highest 48 months between January 1, 1999 and the Accrual Date. If an eligible participant has less than 48 months of participation as of the Accrual Date, then for each missing
month the monthly base salary will equal the employee’s first monthly base salary. 
 Example: As of the Accrual Date, the participant only
had 36 months of monthly base salary. The average will be calculated by adding 12 additional months of base salary to the actual 36 months to determine Average Monthly Base Salary; with each of the additional 12 months being equal to the very first
month of the employee’s actual monthly base salary. 
 “Average Monthly Incentive Compensation” means the total of the
highest four years of annual incentive awards earned during the period 1999 through and including 2006, divided by 48. For this purpose, annual incentive awards shall include any semi-annual awards earned during 2006 but paid in 2007. Neither
Performance Achievement Plan awards, Stock Incentive Plan grants, Long Term Incentive Plan awards, nor any other form of payment, are eligible for inclusion in determining an Alternative Formula Benefit amount. Non-consecutive years within the
period 1999 through 2006 may be used for determining the Average Monthly Incentive Compensation. However, if an eligible participant has less than 48 months of participation as of the Accrual Date, then for each missing month the incentive
compensation will be equal to zero. 

  

					
		 	1	 	November 19, 2010

 Example: As of the Accrual Date, the participant only had three years of incentive compensation. The
three years of incentive compensation would be added together and divided by 48 to determine the Average Monthly Incentive Compensation. 

“Cause” means (1) if the executive employee has entered into an employment agreement with Delphi, that Delphi has determined, in
its sole discretion, that the termination met the employment agreement’s definition of “cause”, or (2) if the executive employee has not entered into an employment agreement with Delphi, a determination by Delphi, in its
sole discretion, that any of the following occurred, and that if such circumstance was curable, Delphi has determined in its sole discretion that the circumstance remained uncured after the executive employee was given a ten business day period to
cure: (A) continued failure by the executive employee to satisfactorily perform his duties, (B) willful misconduct or gross negligence by the executive employee in the performance of his duties, including insubordination, (C) the
executive employee’s commission of any felony or his/her commission of any misdemeanor involving moral turpitude (including entry of a guilty or nolo contendere plea), or (D) the executive employee’s commission of any act involving
dishonesty that results in material financial, reputational or other harm, monetary or otherwise, to the Company, or it’s parent or its affiliates and subsidiaries, including but not limited to an act constituting misappropriation or
embezzlement of the property of Delphi or its parent, affiliates or subsidiaries. 
 “Company” means Delphi Corporation.

 “Delphi” means Delphi Corporation. 
 “Effective Date” means the effective date of this plan, October 7, 2009. 

“Eligibility Credited Service” means the total of SRP Part B credited service as of the September 30, 2008 freeze date; plus SRP
Part C credited service (i.e., the “Retirement Accumulation Plan”) as of the September 30, 2008 freeze date; plus the number of months employed between October 1, 2008 and the day immediately preceding the earlier of separation,
death, or on set of disability. Note: An employee election to take an in-service withdrawal of Part B contributions plus interest before September 30, 2008 will reduce the Part B credited service, but an in-service withdrawal that occurs on or
after October 1, 2008 does not impact Part B credited service. Example: As of September 30, 2009, an employee had 0 years of Part B credited service and 4 years of Part C credited service. The employee subsequently separates from Delphi on
December 31, 2012. The employee receives an additional 3 years and 3 months of eligibility credited service for a total of 7 years and 3 months. 
 “Plan Administrator” means the Delphi Corporation Board of Directors (the Board). 

“Plan Year” means the calendar year. 
 “SRP” means the Delphi Retirement Program for Salaried Employees. This plan was sponsored by DPHH, frozen on September 30, 2008, and terminated by the Pension Benefit Guaranty
Corporation on July 31, 2009.  
 SECTION III. ADMINISTRATION OF THE SERP 

 

	 	(a)	The SERP will at all times be maintained, considered, and administered as a nonqualified plan that is wholly separate and distinct from the SRP. Moreover, it will be
maintained as an unfunded plan. 

  

					
		 	2	 	November 19, 2010

	 	(b)	Benefits under this SERP are not guaranteed. 

  

	 	(c)	The Company administers the SERP. The Program Administrator may delegate various aspects of administration as it deems appropriate and to the extent permitted by
applicable law. Additionally, any committee or person delegated various aspects of administration may sub-delegate that authority as appropriate and as permitted by applicable law. Committees or persons delegated various aspects of administration
have discretionary authority to construe, interpret, apply, make factual determinations regarding, and administer the SERP in accordance with its terms. Any interpretation or determination regarding the SERP made by the Program Administrator, or any
committee or person(s) delegated the authority to make such an interpretation or determination, will be given full force and effect, unless it is proven that the interpretation or determination was arbitrary and capricious. Any claims with respect
to determinations made under this SERP may be appealed as described in Section XI hereunder. 

  

	 	(d)	The Employee Benefits Plan Committee (EBPC) has been delegated, among other powers, the discretionary authority to interpret, construe and make final determinations,
including factual findings, of any and all claims under the SERP. Any and all decisions of the EBPC as to interpretation or application of the SERP will be final, conclusive, and binding upon all parties, including the Company, the stockholders, and
the participants and beneficiaries of the SERP. Any interpretation or determination regarding the SERP made by the EBPC will be given full force and effect; unless it is proven that the interpretation or determination was arbitrary and capricious.

  

	 	(e)	The Program Administrator, and any committee or person delegated authority regarding the SERP, has the full power to engage and employ such recordkeeping, legal,
actuarial, auditing, tax, and other such agents, as it will determine, in its sole discretion, to be in the best interest of the Company, the SERP, and its participants and beneficiaries. 

 

	 	(f)	The expenses of administering this SERP will be borne by the Company and may not be charged against its participants and beneficiaries. 

SECTION IV. ELIGIBILITY 
 To be eligible
for a vested SERP Benefit under either the Regular or Alternative Formula, an executive employee must: 
  

	 	(a)	have been be a regular Active U.S. or U.S. Expatriate executive employee of DPHH on or before September 30, 2008, (executive appointments on or after
October 1, 2008 are ineligible for benefits under this Plan) and was continuously an executive employee through the Effective Date and hired by Delphi (the successor employer) on the Effective Date; 

 

	 	(b)	have been a regular Active U.S. or U.S. Expatriate executive employee of DPHH on the Effective Date, hired by Delphi and continuously employed by Delphi until the
earlier of the date of separation, death or onset of disability; 

  

	 	(c)	have at least 10 years of Eligibility Credited Service as of the day immediately preceding the earlier of separation, death or onset of disability; and

  

					
		 	3	 	November 19, 2010

	 	(d)	be at least 55 years of age as of the date of separation, death or onset of disability. 

 Notwithstanding paragraphs (a)-(d) of this Section IV, an executive employee will be eligible for a SERP Benefit under either the Regular or Alternative Formula if he or she is involuntarily
separated from employment, regardless of age, on or after October 7, 2009; provided, that (1) at the time of the separation the executive employee would have satisfied the conditions of Section IV(a) through (d) above if the
minimum credited service requirements in Section IV(c) were reduced to 5 years and (2) the involuntary separation is by the Company other than for Cause or, in the case of an executive employee who has entered into an employment agreement with
the Company, by the executive employee for Good Reason (as defined in such employment agreement). 
 Also notwithstanding the above paragraphs
(a) through (d), those executives age 59 years of age or younger as of the Effective Date, will only be eligible for SERP benefits upon voluntary separation from service following the earlier of (i) attainment of age 60; or
(ii) completion of two years of service after the Effective Date at the time of separation. 
 SERP Benefits will be suspended or forfeited
if an executive or retired executive employee engages in any activity that is competitive with the Company and/or otherwise acts in a manner inimical or contrary to the best interests of the Company, or if an executive or retired executive employee
does not respond to the Company’s request for information relating to this paragraph. 
 Brakes and Suspension business sale – The
Delphi Brakes and Suspension (“B&S”) business was sold on November 1, 2009. Delphi determined, consistent with Treasury Regulation § 1.409A-1(h)(4), that for purposes of providing SERP benefits Delphi will continue to
consider the six executives of the B&S business whose employment will continue with the B&S business under new ownership as participants under this SERP. As such, the service at BeijingWest Industries (“BWI”) by the named six
executives (separately named in confidential Attachment 1) will be recognized as Eligibility Credited Service under this SERP. 

Notwithstanding paragraph (a) above, monthly benefits payable under this Plan shall be payable to executives of the Company and/or its predecessor
company DPH Holdings that separated from service prior to October 7, 2009 and identified on confidential Attachment 2. The named individual would otherwise be eligible for monthly benefits under this Plan but for such separation from
service. 
 SECTION V. CALCULATION OF THE REGULAR FORMULA OF SERP BENEFITS 
 The Regular Formula of this SERP (benefit accrual determined as of December 31, 2006) is a monthly amount equal to two percent (2%) of Average Monthly Base Salary multiplied by the total of the
years of credited service (determined as of December 31, 2006) used to determine the frozen SRP Part B Supplementary Benefit and the years of service under the frozen SRP Part C as of the accrual date; less the sum of: 

 

	 	(a)	the unreduced frozen monthly SRP Part A and B benefits (prior to reduction for the cost of any survivor coverage and any reduction for age required under SRP) and the
unreduced monthly single lifetime annuity attributable to frozen SRP Part C (as if payment was being commenced at age 65) as of the Accrual Date; and 

  

	 	(b)	$42.32 (2% of $2,116.00, which is the monthly maximum Primary Social Security benefit payable for 2007) multiplied by the total of the executive’s years of frozen
SRP Part A credited service and years of service under frozen SRP Part C as of the Accrual Date. 

  

					
		 	4	 	November 19, 2010

 SECTION VI. CALCULATION OF THE ALTERNATIVE FORMULA OF SERP BENEFITS 

The Alternative Formula of this SERP (benefit accrual determined as of December 31, 2006) is a monthly amount equal to 1.5% of average total direct
compensation (Average Monthly Base Salary plus Average Monthly Annual Incentive Compensation) multiplied by the employee’s years of credited service (determined as of December 31, 2006 and not to exceed 35 years) used to determine the SRP
Part B Supplementary Benefit and the years of service under SRP Part C as of the Accrual Date, less the sum of: 
  

	 	(a)	the unreduced monthly SRP Part A and B benefits payable (prior to reduction for the cost of any survivor coverage and any reduction for age required under SRP) and the
unreduced monthly single lifetime annuity attributable to SRP Part C (as if payment was being commenced at age 65) as of the Accrual Date; and 

  

	 	(b)	$2,116.00 (which was the maximum monthly Primary Social Security benefit payable for 2007). 

 SECTION VII. AMOUNT AND DISTRIBUTION FORM OF SERP BENEFIT 
  

	 	(a)	The SERP Benefit is the five year monthly annuity form of payment described in this Section VII. 

 

	 	(b)	Calculation of five year monthly installment payments is as follows: 

  

	 	(i)	The amount calculated using the Regular Formula will be compared to the amount calculated using the Alternate Formula and the higher amount will be used to determine
the SERP Benefit. 

  

	 	(ii)	Once the higher amount is determined, it may be further reduced depending on the participant’s age at SERP Benefit commencement in years and months* based on the
following schedule: 

  

							
	 age 62 or older
	 	100%	 	age 58	 	84%
	 age
61
	 	96%	 	age 57	 	80%
	 age
60
	 	92%	 	age 56	 	75%
	 age
59
	 	88%	 	age 55	 	70%

 

	*	prorated for intermediate ages on the basis of complete calendar months, by which the participant is under the age attained at the participant’s next birthday.

  

	 	(iii)	After the age reduction for early commencement is applied, if any, the ultimate amount will be reduced by 10%. 

 

	 	(iv)	 After the age reduction for early commencement, if any, and the additional 10% reduction is applied, the amount (determined in step (iii) above)
will represent a lifetime monthly benefit. The lifetime monthly benefit will be actuarially converted into 60 equal consecutive monthly 

  

					
		 	5	 	November 19, 2010

	 	 
amounts. The conversion will use the mortality table described in Revenue Ruling 2001-62. and the annual interest rate on 30-year Treasury securities as specified by the Commissioner for the
month of July preceding the Plan Year. This calculation will determine the participant’s monthly benefit, which will be divided in two equal amounts and paid semi-monthly for 60 consecutive months. 

 

	 	(c)	Long Term Disability Benefit Offset Calculation 

 If an executive employee is eligible for benefits under the company paid Long Term Disability (LTD) following his or her retirement date, the SERP Benefit calculated under paragraph
(b) will be reduced by any LTD payable or paid. Since LTD is payable only until age 65, the following methodology will be used: 
  

	 	(i)	First, actuarially convert the LTD amounts that are payable during the same period as the monthly payments determined under paragraph (b) into equal monthly
amounts payable over that same period, using the assumptions described in paragraph (b)(iv) above. 

  

	 	(ii)	Second, offset the monthly payments payable under paragraph (b) through age 65 by the monthly amounts calculated under paragraph (c)(i). Any remaining monthly
payments payable under paragraph (b) after age 65 would not be subject to offset. 

  

	 	(iii)	The amount calculated will not be adjusted for future changes in the LTD amount, regardless of the reason (Social Security Disability Insurance Benefit awards, death of
the participant, etc.). 

  

	 	(d)	Post Retirement Increases 

 Any
post-retirement increase or decrease under the frozen SRP (including any increases attributable to adjustments under the IRC Section 415 or decreases due to PBGC limits) will not reduce any benefit payable under this SERP. 

SECTION VIII. PAYMENT OF BENEFITS 
  

	 	(a)	 Monthly SERP benefits are paid in two equal semi-monthly installments on the 15th and the last day of each month in which a participant is eligible. For separations on or after October 7, 2009,
payment of the monthly SERP Benefit shall commence as of the latest of the month following (i) the participant’s separation from service (last day worked) with the Company (within the meaning of IRC section 409A), (ii) the
participant’s 55th birthday, or (iii) following the Effective Date. 

  

	 	(b)	 Notwithstanding paragraph (a) above, any payment of the monthly SERP Benefit with respect to any individual who is a “specified
employee” (within the meaning of IRC section 409A) shall commence no earlier than the earlier of (i) the first day of the first month commencing at least 6 months following the participant’s separation from service with the Company
(within the meaning of IRC section 409A) or (ii) the participant’s date of death. During the six month waiting period, all amounts payable under this SERP will accumulate without interest and be paid with the first monthly payment to be

  

					
		 	6	 	November 19, 2010

	 	 
paid as described above. Specified employees will be identified on December 31st with an effective date of the following March 1st. The prior years’ determination of specified employees will be used to determine the IRC Section 409A impact
(if any) for employees who separate between January 1 and March 1. 

  

	 	(c)	The payment of benefits under the SERP will be reduced by the amount (no greater than $5,000 in any calendar year) that a participant owes the Company or any
subsidiary, for any reason, including benefit overpayments, wage overpayments, and amounts due under all incentive compensation plans. The participant will be relieved of liability in the amount of the reduction following the payment to the Company.

  

	 	(d)	For purposes of this Section, the individuals listed in confidential Attachment 1 (executive participants who were a part of the sale of the Brakes and Suspension
business sale on November 1, 2009, who became employees of BeijingWest Industries) will be treated as separating from service with the Company upon separation from service with BWI, consistent with Delphi’s determination pursuant to
Treasury Regulation §§ 1.409A-1(h)(4) and 1.409A-1(g) (last sentence). 

 SECTION IX. DEATH BENEFITS 

 

	 	(a)	Should an active executive employee who is eligible for SERP Benefits die after age 55, a death benefit under the SERP will be payable to the surviving spouse of the
participant. If there is no eligible spouse, a SERP death benefit will be payable to the participant’s primary beneficiary under the Delphi Salaried Retirement Savings Program (SRSP). If the primary beneficiary has predeceased the executive,
any contingent beneficiaries designated under the SRSP will receive the death benefit. If more than one person is named as the eligible beneficiary for the SRSP at the date of death, the death benefit will be paid in the percentages designated for
their respective interests as eligible beneficiaries. If their respective interests are not specified, their interests shall be several and equal. If there is no SRSP beneficiary designation, then the Basic Group Life Insurance beneficiary will be
deemed to be the beneficiary of record. If there is no Basic Life Insurance beneficiary the SERP death benefit will be made payable to the participant’s estate. The SERP death benefit will be equal to the present value of the SERP Benefit
payments paid in a lump sum as of the first day of the month following the date of death. 

  

	 	(b)	Should an executive employee die after commencing the SERP benefit during the 60 monthly payment period, any SERP Benefit remaining will be paid in a lump sum to the
surviving spouse or beneficiary determined under (a) above. The SERP death benefit will be equal to the present value of any remaining monthly SERP Benefit payments paid in a lump sum as of the first day of the month following the date of
death. 

  

	 	(c)	 If an eligible executive employee or eligible separated executive employee dies after the Effective Date and prior to the executive’s attaining
age 55, a SERP benefit will be payable provided (1) that at the time of death the executive employee would have satisfied the conditions of Section IV(a) and (b) above and the minimum credited service requirement in Section IV(c) was
reduced to 5 years and (2) the deceased executive employee was married for at least 12 months prior to the date of death and the spouse is still living as of the first day of the month following the date the deceased

  

					
		 	7	 	November 19, 2010

	 	 
employee would have been age 55. A surviving spouse who meets the these requirements will be entitled to a SERP death benefit equal to the present value of the SERP Benefit payments paid in a
lump sum on the first day of the month following the date the deceased employee would have been age 55. If, as of the date of death, there is not an eligible surviving spouse, then no SERP benefit will be payable to any other beneficiary of the
employee. If there is an eligible surviving spouse at the date of death, but the spouse dies before the first day of the month following the date the deceased employee would have been age 55, then no SERP death benefit will be payable to any other
beneficiary of the employee or the spouse. 

 SECTION X. AMENDMENT, MODIFICATION, SUSPENSION, OR TERMINATION

  

	 	(a)	The Company reserves the right to amend, modify, suspend, or terminate this SERP in whole or in part, at any time, by action of the Delphi Corporation Board of
Directors, or other committee(s) or person(s) expressly authorized by the Company to take such action; provided, however, no amendment, modification, suspension or termination shall adversely affect any SERP Benefit without the written
consent of the executive employee. No oral statements can change the terms of this SERP. This SERP can only be amended in writing by the Board of Directors. Absent an express delegation of authority, no one has the authority to commit the Company to
any benefit or benefits provision not provided for under this SERP or to change the eligibility criteria or other provisions of this SERP. 

 SECTION XI. CLAIM DENIAL PROCEDURES; APPEAL RIGHTS; LIMITATIONS PERIOD 
  

	 	(a)	A claim for benefits under the SERP must be made within 180 days of the date purportedly giving rise to the entitlement to benefits. A written determination granting or
denying the claim will be furnished to the person making the claim (“Claimant”) within 90 days of the date on which the claim is filed. If special circumstances require a longer period, the Claimant will be notified in writing,
prior to the expiration of the 90-day period, of the reasons for an extension of time; provided, however, that no extensions will be permitted beyond 90 days after expiration of the initial 90-day period. Any denial or partial denial of a claim will
be dated and signed by a person designated to speak on behalf of the Program Administrator and will clearly set forth: 

  

	 	(i)	the specific reason(s) for the denial; 

  

	 	(ii)	specific reference to pertinent employment agreement or SERP provision(s) on which the denial is based; 

 

	 	(iii)	a description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why such material or information is
necessary; and 

  

	 	(iv)	an explanation of the review procedures set forth below. 

 If no written determination is furnished to the Claimant, then the claim will be deemed denied and the review procedure described below will become available to the Claimant. 

  

					
		 	8	 	November 19, 2010

	 	(b)	A Claimant may obtain review of an adverse benefit determination by filing a written claim for benefits with the Employee Benefit Plans Committee (“EBPC”)
within sixty (60) days after the determination date or, if later, within sixty (60) days after the receipt of a written notice denying the claim. A claim for benefits must be timely delivered to the Delphi Compensation Committee, Mail Code
480-405-328, Delphi World Headquarters, Troy, Michigan 48098. As a part of this review, the participant or beneficiary must submit any written comments that may support their position. The EBPC will conduct a full and fair review, which will provide
for the Claimant’s right to: 

  

	 	(i)	be represented by an individual whom the Company determines has been properly authorized to act on Claimant’s behalf; 

 

	 	(ii)	present written comments, documents, records, and any other information relating to the Claimant’s claim for benefits under the SERP; 

 

	 	(iii)	receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the Claimant’s claim for
benefits; and 

  

	 	(iv)	have all comments, documents, records, and other information submitted by the Claimant relating to the claim reviewed. 

 

	 	(c)	The EBPC’s decision will be rendered no more than sixty (60) days after the claim for benefits is made, except that such period may be extended for an
additional sixty (60) days if the EBPC determines that special circumstances require such extension. 

  

	 	(d)	The EBPC, or its delegate, will promptly provide a Claimant with a written decision in a manner calculated to be understood by the Claimant setting forth:

  

	 	(i)	the findings of fact; 

  

	 	(ii)	the specific reason(s) for the denial; 

  

	 	(iii)	specific reference to pertinent employment agreement or SERP provision(s) on which the denial is based; 

 

	 	(iv)	a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other
information relevant to the Claimant’s claim for benefits; and 

  

	 	(v)	a statement of the Claimant’s right to bring an action under ERISA. 

  

	 	(e)	A Claimant must follow the claims and appeal procedures described in this section before taking action in any other forum regarding a claim for benefits under the SERP.
Any suit or legal action initiated by a Claimant under the SERP must be brought no later than one year following a final decision on the claim by the EBPC. This one-year limitation period on suits for benefits applies in any forum where a Claimant
initiates such suit or legal action. 

  

					
		 	9	 	November 19, 2010

	 	(f)	Any payment made to settle or otherwise resolve a claim, will be paid no later than the last day of the calendar year in which the resolution of the claim becomes
final. 

 SECTION XII. MISCELLANEOUS 
  

	 	(a)	SERP not an employment contract. The SERP does not restrict or limit any existing employment agreement by and between the Company and any participant, the at
will status of any employee, or the right of the Company to discharge a participant with or without cause. Nor will any provision of this SERP be construed as conferring upon any participant the right to continue in the employ of the Company as an
employee or in any other capacity. 

  

	 	(b)	Non-assignment. Notwithstanding the provisions of the Plan to the contrary, under the provisions of Treasury Regulation 1.409A-3(j) benefits may be paid prior to
the applicable payment date in the following events: 

  

	 	(i)	Pursuant to the terms of a Qualified Domestic Relations Order, as defined in Section 414(p) of the IRC; 

 

	 	(ii)	To comply with an ethics agreement with the federal government, or to avoid any domestic or foreign ethics law or conflicts law; 

 

	 	(iii)	To pay a participant an amount required to be included in income due to a failure of the Plan to comply with Section 409A of the IRC; 

 

	 	(iv)	Upon termination of the Plan; 

  

	 	(v)	To pay state, local or foreign taxes arising from participation in the Plan; and 

 

	 	(vi)	To settle a bona fide dispute as to a participant’s right to a Plan distribution. 

 

	 	(c)	Receipt or release. Any payment to a participant or the participant’s beneficiary in accordance with the provisions of the SERP shall, to the extent
thereof, be in full satisfaction of all claims against the Program Administrator or the Company. The Program Administrator may require such participant or beneficiary, as a condition precedent to such payment, to execute a receipt and release to
such effect. 

  

	 	(d)	Payments on behalf of persons under incapacity. Except as otherwise specifically provided herein, in the event that any amount becomes payable under the SERP to
a person who, in the sole judgment of the Program Administrator, is considered by reason of physical or mental condition to be unable to give a valid receipt therefore, the Program Administrator may direct that such payment be made to any person
found by the Program Administrator, in his or her sole judgment, to have assumed the care of such person. Any payment made pursuant to such determination shall constitute a full release and discharge of the Program Administrator and the Company.

  

					
		 	10	 	November 19, 2010

	 	(e)	Effect of SERP. This SERP shall be binding upon and inure to the benefit of the Corporation, its successors and assigns, and the participant and their heirs,
beneficiaries, executors, administrators and legal representatives. 

  

	 	(f)	Intent to comply with IRC Section 409A. This SERP shall be interpreted and administered, to the extent possible, in a manner that does not result in a
“plan failure” within the meaning of IRC Section 409A(a)(1) of this SERP or any other plan or arrangement maintained by the Company. If a determination is made by the Internal Revenue Service that the benefit of any participant
provided herein is subject to current income taxation under Section 409A of the IRC, such benefit will be immediately distributed to the participant (or the participant’s beneficiary) to the extent of such taxable amount. Notwithstanding
any provision of the SERP, no plan elections, modifications or distributions will be allowed or implemented if they would cause a plan participant to be subject to tax (including interest and penalties) under IRC Section 409A.

  

	 	(g)	Severability. If any provision of this SERP shall for any reason be invalid or unenforceable, the remaining provisions shall nevertheless remain in full force
and effect. 

  

	 	(h)	Applicable law. This SERP shall be construed and administered in accordance with ERISA and the IRC, and to the extent that ERISA and the IRC do not apply, by the
laws of the State of Michigan. 

  

	 	(i)	Service of legal process. Service of legal process on the Company may be made at any office of CT Corporation. CT Corporation, which maintains offices in 50
states, is the statutory agent for services of legal process on the Company. The procedure for making such service generally is known to practicing attorneys. Services of legal process also may be made upon Delphi at the Service of Process Office,
Delphi World Headquarters, Mail Code 483-400-126, 5725 Delphi Drive, Troy, Michigan 48098. 

  

					
		 	11	 	November 19, 2010Delphi Corporation Salaried Retirement Equalization Savings Program

 Exhibit 10.14 

 
  
 Salaried Retirement Equalization 
 Savings Program 

 
  

 TABLE OF CONTENTS 

 

					
	 PREAMBLE
	  	1
		
	 ARTICLE 1 – GENERAL
	  	1-1
	1.1	  	Plan	  	1-1
	1.2	  	Effective Dates	  	1-1
	1.3	  	Amounts Not Subject to Code Section 409A	  	1-1
		
	 ARTICLE 2 – DEFINITIONS
	  	2-1
	2.1	  	Account	  	2-1
	2.2	  	Administrator	  	2-1
	2.3	  	Adoption Agreement	  	2-1

  
 i 

					
	2.4	  	Beneficiary	  	2-1
	2.5	  	Board or Board of Directors	  	2-1
	2.6	  	Bonus	  	2-1
	2.7	  	Change in Control	  	2-1
	2.8	  	Code	  	2-1
	2.9	  	Compensation	  	2-1
	2.10	  	Director	  	2-1
	2.11	  	Disabled	  	2-2
	2.12	  	Eligible Employee	  	2-2
	2.13	  	Employer	  	2-2
	2.14	  	ERISA	  	2-2
	2.15	  	Identification Date	  	2-2
	2.16	  	Key Employee	  	2-2
	2.17	  	Participant	  	2-2
	2.18	  	Plan	  	2-2
	2.19	  	Plan Sponsor	  	2-2
	2.20	  	Plan Year	  	2-2
	2.21	  	Related Employer	  	2-2
	2.22	  	Retirement	  	2-3
	2.23	  	Separation from Service	  	2-3
	2.24	  	Unforeseeable Emergency	  	2-3
	2.25	  	Valuation Date	  	2-3
	2.26	  	Years of Service	  	2-3
		
	 ARTICLE 3 – PARTICIPATION
	  	3-1
	3.1	  	Participation	  	3-1
	3.2	  	Termination of Participation	  	3-1

  
 ii 

					
	 ARTICLE 4 – PARTICIPANT ELECTIONS
	  	4-1
	4.1	  	Deferral Agreement	  	4-1
	4.2	  	Amount of Deferral	  	4-1
	4.3	  	Timing of Election to Defer	  	4-1
	4.4	  	Election of Payment Schedule and Form of Payment	  	4-2
		
	 ARTICLE 5 – EMPLOYER CONTRIBUTIONS
	  	5-1
	5.1	  	Matching Contributions	  	5-1
	5.2	  	Other Contributions	  	5-1
		
	 ARTICLE 6 – ACCOUNTS AND CREDITS
	  	6-1
	6.1	  	Establishment of Account	  	6-1
	6.2	  	Credits to Account	  	6-1
		
	 ARTICLE 7 – INVESTMENT OF CONTRIBUTIONS
	  	7-1
	7.1	  	Investment Options	  	7-1
	7.2	  	Adjustment of Accounts	  	7-1
		
	 ARTICLE 8 – RIGHT TO BENEFITS
	  	8-1
	8.1	  	Vesting	  	8-1
	8.2	  	Death	  	8-1
	8.3	  	Disability	  	8-1
		
	 ARTICLE 9 – DISTRIBUTION OF BENEFITS
	  	9-1
	9.1	  	Amount of Benefits	  	9-1
	9.2	  	Method and Timing of Distributions	  	9-1
	9.3	  	Unforeseeable Emergency	  	9-1
	9.4	  	Payment Election Overrides	  	9-2
	9.5	  	Cashouts of Amounts Not Exceeding Stated Limit	  	9-2
	9.6	  	Required Delay in Payment to Key Employees	  	9-2
	9.7	  	Change in Control	  	9-3
	9.8	  	Permissible Delays in Payment	  	9-4

  
 iii

					
	 ARTICLE 10 – AMENDMENT AND TERMINATION
	  	10-1
	10.1	  	Amendment by Plan Sponsor	  	10-1
	10.2	  	Plan Termination Following Change in Control or Corporate Dissolution	  	10-1
	10.3	  	Other Plan Terminations	  	10-1
		
	 ARTICLE 11 – THE TRUST
	  	11-1
	11.1	  	Establishment of Trust	  	11-1
	11.2	  	Grantor Trust	  	11-1
	11.3	  	Investment of Trust Funds	  	11-1
		
	 ARTICLE 12 – PLAN ADMINISTRATION
	  	12-1
	12.1	  	Powers and Responsibilities of the Administrator	  	12-1
	12.2	  	Claims and Review Procedures	  	12-2
	12.3	  	Plan Administrative Costs	  	12-3
		
	 ARTICLE 13 – MISCELLANEOUS
	  	13-1
	13.1	  	Unsecured General Creditor of the Employer	  	13-1
	13.2	  	Employer’s Liability	  	13_-
	13.3	  	Limitation of Rights	  	13-1
	13.4	  	Anti-Assignment	  	13-1
	13.5	  	Facility of Payment	  	13-1
	13.6	  	Notices	  	13-2
	13.7	  	Tax Withholding	  	13-2
	13.8	  	Indemnification	  	
	13.9	  	Permitted Acceleration of Payment	  	13-3
	13.10	  	Governing Law	  	13-3

  
 iv 

 PREAMBLE 
 The Plan is intended to be a “plan which is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly
compensated employees” within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended, or an “excess benefit plan” within the meaning of Section 3(36) of the
ERISA, or a combination of both. The Plan is further intended to conform with the requirements of the Internal Revenue Code Section of 1986, as amended, (“the Code”) 409A and the final regulations issued thereunder and shall be implemented
and administered in a manner consistent therewith. 

 ARTICLE 1 – GENERAL 

 

	1.1	Plan. The Plan will be referred to by the name specified in the Adoption Agreement. 

 

	1.2	Effective Dates. 

  

	 	(a)	Original Effective Date. The Original Effective Date is the date as of which the Plan was initially adopted. 

 

	 	(b)	Amendment Effective Date. The Amendment Effective Date is the date specified in the Adoption Agreement as of which the Plan is amended and restated. Except to
the extent otherwise provided herein or in the Adoption Agreement, the Plan shall apply to amounts deferred and benefit payments made on or after the Amendment Effective Date. 

 

	 	(c)	Special Effective Date. A Special Effective Date may apply to any given provision if so specified in Appendix A of the Adoption Agreement. A Special Effective
Date will control over the Original Effective Date or Amendment Effective Date, whichever is applicable, with respect to such provision of the Plan. 

  

	1.3	Amounts Not Subject to Code Section 409A 

 Except as otherwise indicated by the Plan Sponsor in Section 1.01 of the Adoption Agreement, amounts deferred before January 1, 2005 that are earned and vested on December 31, 2004 will be
separately accounted for and administered in accordance with the terms of the Plan as in effect on December 31, 2004 

  
 1-1

 ARTICLE 2 – DEFINITIONS 
 Pronouns used in the Plan are in the masculine gender but include the feminine gender unless the context clearly indicates otherwise. Wherever used herein, the following terms have the meanings set forth
below, unless a different meaning is clearly required by the context: 
  

	2.1	“Account” means an account established for the purpose of recording amounts credited on behalf of a Participant and any income, expenses, gains, losses
or distributions included thereon. The Account shall be a bookkeeping entry only and shall be utilized solely as a device for the measurement and determination of the amounts to be paid to a Participant or to the Participant’s Beneficiary
pursuant to the Plan. 

  

	2.2	“Administrator” means the person or persons designated by the Plan Sponsor in Section 1.05 of the Adoption Agreement to be responsible for the
administration of the Plan. If no Administrator is designated in the Adoption Agreement, the Administrator is the Plan Sponsor. 

  

	2.3	“Adoption Agreement” means the agreement adopted by the Plan Sponsor that establishes the Plan. 

 

	2.4	“Beneficiary” means the persons, trusts, estates or other entities entitled under Section 8.2 to receive benefits under the Plan upon the death of
a Participant. 

  

	2.5	“Board” or “Board of Directors” means the Board of Directors of the Plan Sponsor. 

 

	2.6	“Bonus” means an amount of incentive remuneration payable by the Employer to a Participant. 

 

	2.7	“Change in Control” means the occurrence of an event involving the Plan Sponsor that is described in Section 9.7. 

 

	2.8	“Code” means the Internal Revenue Code of 1986, as amended. 

 

	2.9	“Compensation” has the meaning specified in Section 3.01 of the Adoption Agreement. 

 

	2.10	“Director” means a non-employee member of the Board who has been designated by the Employer as eligible to participate in the Plan.

  
 2-1

	2.11	“Disabled” means a determination by the Administrator that the Participant is either (a) unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (b) is, by reason of any medically determinable
physical or mental impairment which can be expected to result in death or last for a continuous period of not less than twelve months, receiving income replacement benefits for a period of not less than three months under an accident and health plan
covering employees of the Employer. A Participant will be considered Disabled if he is determined to be totally disabled by the Social Security Administration or the Railroad Retirement Board. 

 

	2.12	“Eligible Employee” means an employee of the Employer who satisfies the requirements in Section 2.01 of the Adoption Agreement.

  

	2.13	“Employer” means the Plan Sponsor and any other entity which is authorized by the Plan Sponsor to participate in and, in fact, does adopt the Plan.

  

	2.14	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

 

	2.15	“Identification Date” means the date as of which Key Employees are determined which is specified in Section 1.06 of the Adoption Agreement.

  

	2.16	“Key Employee” means an employee who satisfies the conditions set forth in Section 9.6. 

 

	2.17	“Participant” means an Eligible Employee or Director who commences participation in the Plan in accordance with Article 3. 

 

	2.18	“Plan” means the unfunded plan of deferred compensation set forth herein, including the Adoption Agreement and any trust agreement, as adopted by the
Plan Sponsor and as amended from time to time. 

  

	2.19	“Plan Sponsor” means the entity identified in Section 1.03 of the Adoption Agreement. 

 

	2.20	“Plan Year” means the period identified in Section 1.02 of the Adoption Agreement. 

 

	2.21	“Related Employer” means the Employer and (a) any corporation that is a member of a controlled group of corporations as defined in Code
Section 414(b) that includes the Employer and (b) any trade or business that is under common control as defined in Code Section 414(c) that includes the Employer. 

  
 2-2

	2.22	“Retirement” has the meaning specified in 6.01(f) of the Adoption Agreement. 

 

	2.23	“Separation from Service” All determinations of whether a Separation from Service has occurred will be made in a manner consistent with Code
Section 409A and the final regulations thereunder. 

  

	2.24	“Unforeseeable Emergency” means a severe financial hardship of the Participant resulting from an illness or accident of the Participant, the
Participant’s spouse, the Participant’s Beneficiary, or the Participant’s dependent (as defined in Code Section 152, without regard to Code section 152(b)(i), (b)(2) and (d)(i)(B); loss of the Participant’s property due to
casualty; or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. 

  

	2.25	“Valuation Date” means each business day of the Plan Year. 

 

	2.26	“Years of Service” means each one year period for which the Participant receives service credit in accordance with the provisions of
Section 7.01(d) of the Adoption Agreement. 

  
 2-3

 ARTICLE 3 – PARTICIPATION 

 

	3.1	Participation. The Participants in the Plan shall be those Directors and employees of the Employer who satisfy the requirements of Section 2.01 of the
Adoption Agreement. 

  

	3.2	Termination of Participation. The Administrator may terminate a Participant’s participation in the Plan in a manner that will not trigger income tax
penalties under Code Section 409A. 

  
 3-1

 ARTICLE 4 – PARTICIPANT ELECTIONS 

 

	4.1	Deferral Agreement. If permitted by the Plan Sponsor in accordance with Section 4.01 of the Adoption Agreement, each Eligible Employee and Director may
elect to defer his Compensation within the meaning of Section 3.01 of the Adoption Agreement by executing in writing or electronically, a deferral agreement in accordance with rules and procedures established by the Administrator and the
provisions of this Article 4. 

 A new deferral agreement must be timely executed for each Plan Year during which
the Eligible Employee or Director desires to defer Compensation An Eligible Employee or Director who does not timely execute a deferral agreement shall be deemed to have elected zero deferrals of Compensation for such Plan Year. 

A deferral agreement may be changed or revoked during the period specified by the Administrator. Except as provided in Section 9.3 or
in Section 4.01(c) of the Adoption Agreement, a deferral agreement becomes irrevocable at the close of the specified period. 
  

	4.2	Amount of Deferral. An Eligible Employee or Director may elect to defer Compensation in any amount permitted by Section 4.01(a) of the Adoption Agreement.

  

	4.3	 Timing of Election to Defer. Each Eligible Employee or Director who desires to defer Compensation otherwise payable during a Plan Year must
execute a deferral agreement within the period preceding the Plan Year specified by the Administrator. Each Eligible Employee who desires to defer Compensation that is a Bonus must execute a deferral agreement within the period preceding the Plan
Year during which the Bonus is earned that is specified by the Administrator, except that if the Bonus can be treated as performance based compensation as described in Code Section 409A(a)(4)(B)(iii), the deferral agreement may be executed
within the period specified by the Administrator, which period, in no event, shall end after the date which is six months prior to the end of the period during which the Bonus is earned or such earlier date as required under reg. sec 1.409A-2(a)(8)
to avoid tax or penalties under code section 409A.. In addition, if the Compensation qualifies as ‘fiscal year compensation’ within the meaning of Reg. Sec. 1.409A -2(a)(6), the deferral agreement may be made not later than the end of the
Employer’s taxable year immediately preceding the first taxable year of the Employer in which any services are performed for which such Compensation is payable. Except as otherwise provided below, an employee who is classified or designated as
an 

  
 4-1

	 	 
Eligible Employee during a Plan Year or a Director who is designated as eligible to participate during a Plan Year may elect to defer Compensation otherwise payable during the remainder of such
Plan Year in accordance with the rules of this Section 4.3 by executing a deferral agreement within the thirty (30) day period beginning on the date the employee is classified or designated as an Eligible Employee or the date the Director
is designated as eligible, whichever is applicable, if permitted by Section 2.01 of the Adoption Agreement. If Compensation is based on a specified performance period that begins before the Eligible Employee or Director executes his deferral
agreement, the election will be deemed to apply to the portion of such Compensation equal to the total amount of Compensation for the performance period multiplied by the ratio of the number of days remaining in the performance period after the
election over the total number of days in the performance period. The rules of this paragraph shall not apply unless the Eligible Employee or Director can be treated as initially eligible in accordance with Reg. Sec. 1.409A-2(a)(7).

  

	4.4	Election of Payment Schedule and Form of Payment. 

 All elections of a payment schedule and a form of payment will be made in accordance with rules and procedures established by the Administrator and the provisions of this Section 4.4. 

(a) If the Plan Sponsor has elected to permit annual distribution elections in accordance with Section 6.01(h) of the Adoption
Agreement the following rules apply. At the time an Eligible Employee of Director completes a deferral agreement, the Eligible Employee or Director must elect a distribution event (which includes a specified time) and a form of payment for the
Compensation subject to the deferral agreement and for any Employer contributions that may be credited to the Participant’s Account during the Plan Year from among the options the Plan Sponsor has made available for this purpose and which are
specified in 6.01(b) of the Adoption Agreement. If an Eligible Employee or Director fails to elect a distribution event, he shall be deemed to have elected Separation from Service as the distribution event. If he fails to elect a form of payment, he
shall be deemed to have elected a lump sum form of payment. 
 (b) If the Plan Sponsor has elected not to permit annual
distribution elections in accordance with Section 6.01(h) of the Adoption Agreement the following rules apply. At the time an Eligible Employee or Director first completes a deferral agreement, the Eligible Employee or Director must elect a
distribution event (which includes a specified time) and a form of payment for amounts credited to his Account from among the options the Plan Sponsor has made available for this purpose and which are specified in Section 6.01(b) of the
Adoption Agreement. If an Eligible Employee or Director fails to elect a distribution event, he shall be deemed to have elected Separation from Service in the distribution event. If the fails to elect a form of payment, he shall be deemed to have
elected a lump sum form of payment. 

  
 4-2

 ARTICLE 5 – EMPLOYER CONTRIBUTIONS 

 

	5.1	Matching Contributions. If elected by the Plan Sponsor in Section 5.01(a) of the Adoption Agreement, the Employer will credit the Participant’s Account
with a matching contribution determined in accordance with the formula specified in Section 5.01(a) of the Adoption Agreement. The matching contribution will be treated as allocated to the Participant’s Account at the time specified in
Section 5.01(a)(iii) of the Adoption Agreement. 

  

	5.2	Other Contributions. If elected by the Plan Sponsor in Section 5.01(b) of the Adoption Agreement, the Employer will credit the Participant’s Account
with a contribution determined in accordance with the formula or method specified in Section 5.01(b) of the Adoption Agreement. The contribution will be treated as allocated to the Participant’s Account at the time specified in
Section 5.01(b)(iii) of the Adoption Agreement. 

  
 5-1

 ARTICLE 6 – ACCOUNTS AND CREDITS 

 

	6.1	Establishment of Account. For accounting and computational purposes only, the Administrator will establish and maintain an Account on behalf of each Participant
which will reflect the credits made pursuant to Section 6.2, distributions or withdrawals, along with the earnings, expenses, gains and losses allocated thereto, attributable to the hypothetical investments made with the amounts in the Account
as provided in Article 7. The Administrator will establish and maintain such other records and accounts, as it decides in its discretion to be reasonably required or appropriate to discharge its duties under the Plan. 

 

	6.2	Credits to Account. A Participant’s Account will be credited for each Plan Year with the amount of his elective deferrals under Section 4.1 at the time
the amount subject to the deferral election would otherwise have been payable to the Participant and the amount of Employer contributions treated as allocated on his behalf under Article 5. 

  
 6-1

 ARTICLE 7 – INVESTMENT OF CONTRIBUTIONS 

 

	7.1	Investment Options. The amount credited to each Account shall be treated as invested in the investment options designated for this purpose by the Administrator.

  

	7.2	Adjustment of Accounts. The amount credited to each Account shall be adjusted for hypothetical investment earnings, expenses, gains or losses in an amount equal
to the earnings, expenses, gains or losses attributable to the investment options selected by the party designated in Section 9.01 of the Adoption Agreement from among the investment options provided in Section 7.1. If permitted by
Section 9.01 of the Adoption Agreement, a Participant (or the Participant’s Beneficiary after the death of the Participant) may, in accordance with rules and procedures established by the Administrator, select the investments from among
the options provided in Section 7.1 to be used for the purpose of calculating future hypothetical investment adjustments to the Account or to future credits to the Account under Section 6.2 effective as the Valuation Date coincident with
or next following notice to the Administrator. Each Account shall be adjusted as of each Valuation Date to reflect: (a) the hypothetical earnings, expenses, gains and losses described above; (b) amounts credited pursuant to
Section 6.2; and (c) distributions or withdrawals. In addition, each Account may be adjusted for its allocable share of the hypothetical costs and expenses associated with the maintenance of the hypothetical investments provided in
Section 7.1. 

  
 7-1

 ARTICLE 8 – RIGHT TO BENEFITS 

 

	8.1	Vesting. A Participant, at all times, has the 100% nonforfeitable interest in the amounts credited to his Account attributable to his elective deferrals made in
accordance with Section 4.1. 

 A Participant’s right to the amounts credited to his Account attributable
to Employer contributions made in accordance with Article 5 shall be determined in accordance with the relevant schedule and provisions in Section 7.01 of the Adoption Agreement. 

 

	8.2	Death. A Participant may designate a Beneficiary or Beneficiaries, or change any prior designation of Beneficiary or Beneficiaries in accordance with rules and
procedures established by the Administrator. 

 A copy of the death notice or other sufficient documentation must
be filed with and approved by the Administrator. If upon the death of the Participant there is, in the opinion of the Administrator, no designated Beneficiary for part or all of the Participant’s vested Account, such amount will be paid to his
estate (such estate shall be deemed to be the Beneficiary for purposes of the Plan) in accordance with the provisions of Article 9. 
  

	8.3	Disability. The Administrator, in its sole discretion, shall determine whether a Participant has experienced a Disability for purposes of this Section 8.3.
If the payment of all or any portion of the Participant’s vested Account is being delayed in accordance with Section 9.6 at the time he incurs a Disability, the amount being delayed shall not be subject to the provisions of this
Section 8.3 until the expiration of the six month period of delay required by Section 9.6. 

  
 8-1

 ARTICLE 9 – DISTRIBUTION OF BENEFITS 

 

	9.1	Amount of Benefits. The vested amount credited to a Participant’s Account as determined under Articles 6, 7 and 8 shall determine and constitute the basis
for the value of benefits payable to the Participant under the Plan. 

  

	9.2	Method and Timing of Distributions. Except as otherwise provided in this Article 9, distributions under the Plan shall be made in accordance with the elections
made or deemed made by the Participant under Article 4. Subject to the provisions of Section 9.6 requiring a six month delay for certain distributions to Key Employees, distributions following a payment event shall commence at the time
specified in Section 6.01(a) of the Adoption Agreement. If permitted by Section 6.01(g) of the Adoption Agreement, a Participant may elect, at least twelve months before a scheduled distribution event, to delay the payment date for a
minimum period of sixty months from the originally scheduled date of payment. The distribution election change must be made in accordance with procedures and rules established by the Administrator. The Participant may, at the same time the date of
payment is deferred, change the form of payment but such change in the form of payment may not effect an acceleration of payment that would trigger tax or penalties under Code Section 409A or the provisions of Reg. Sec. 1.409A-2(b). For
purposes of this Section 9.2, a series of installment payments is always treated as a single payment and not as a series of separate payments. 

  

	9.3	 Unforeseeable Emergency. A Participant may request a distribution due to an Unforeseeable Emergency if the Plan Sponsor has elected to permit
Unforeseeable Emergency withdrawals under Section 8.01(a) of the Adoption Agreement. The request must be in writing and must be submitted to the Administrator along with evidence that the circumstances constitute an Unforeseeable Emergency. The
Administrator has the discretion to require whatever evidence it deems necessary to determine whether a distribution is warranted. Whether a Participant has incurred an Unforeseeable Emergency will be determined by the Administrator on the basis of
the relevant facts and circumstances in its sole discretion, but, in no event, will an Unforeseeable Emergency be deemed to exist if the hardship can be relieved: (a) through reimbursement or compensation by insurance or otherwise, (b) by
liquidation of the Participant’s assets to the extent such liquidation would not itself cause severe financial hardship, or (c) by cessation of deferrals under the Plan. A distribution due to an Unforeseeable Emergency must be limited to
the amount reasonably necessary to satisfy the emergency need and may include any amounts necessary to pay any federal, state or local income tax penalties 

  
 9-1

	 	 
reasonably anticipated to result from the distribution. The distribution will be made in the form of a single lump sum cash payment. If permitted by Section 8.01(b) of the Adoption
Agreement, a Participant’s deferral elections for the remainder of the Plan Year will be cancelled upon a withdrawal due to Unforeseeable Emergency. If the payment of all or any portion of the Participant’s vested Account is being delayed
in accordance with Section 9.6 at the time he experiences an Unforeseeable Emergency, the amount being delayed shall not be subject to the provisions of this Section 9.3 until the expiration of the six month period of delay required by
section 9.6. 

  

	9.4	Payment Election Overrides. If the Plan Sponsor has elected one or more payment election overrides in accordance with Section 6.01(d) of the Adoption
Agreement, the following provisions apply. Upon the occurrence of the first event selected by the Plan Sponsor, the remaining vested amount credited to the Participant’s Account shall be paid in the form designated to the Participant or his
Beneficiary regardless of whether the Participant had made different elections of time and /or form of payment or whether the Participant was receiving installment payments at the time of the event. 

 

	9.5	Cashouts of Amounts Not Exceeding Stated Limit. If the vested amount credited to the Participant’s Account does not exceed the limit established for this
purpose by the Plan Sponsor in Section 6.01(e) of the Adoption Agreement at the time he separates from service with the Related Employer for any reason, the Employer shall distribute such amount to the Participant at the time specified in
Section 6.01(a) of the Adoption Agreement in a single lump sum cash payment following such termination regardless of whether the Participant had made different elections of time or form of payment as to the vested amount credited to his Account
or whether the Participant was receiving installments at the time of such termination. A Participant’s Account, for purposes of this Section 9.5, shall include any amounts described in Section 1.3. 

 

	9.6	Required Delay in Payment to Key Employees. Except as otherwise provided in this Section 9.6, a distribution made because of Separation from Service
(or Retirement, if applicable) to a Participant who is a Key Employee as of the date of his Separation from Service (or Retirement, if applicable) shall not occur before the date which is six months after the Separation from Service (or Retirement,
if applicable). 

 (a) A Participant is treated as a Key Employee if (i) he is employed by a Related Employer
any of whose stock is publicly traded on an established securities market, and (ii) he satisfies the requirements of Code Section 416(i)(1)(A)(i), (ii) or (iii), determined without regard to Code Section 416(i)(5), at any time
during the twelve month period ending on the Identification Date. 

  
 9-2

 (b) A Participant who is a Key Employee on an Identification Date shall be treated as a Key
Employee for purposes of the six month delay in distributions for the twelve month period beginning on the first day of a month no later than the fourth month following the Identification Date. The Identification Date and the effective date of the
delay in distributions shall be determined in accordance with Section 1.06 of the Adoption Agreement. 
 (c) The Plan
Sponsor may elect to apply an alternative method to identify Participants who will be treated as Key Employees for purposes of the six month delay in distributions if the method satisfies each of the following requirements. The alternative method is
reasonably designed to include all Key Employees, is an objectively determinable standard providing no direct or indirect election to any Participant regarding its application, and results in either all Key Employees or no more than 200 Key
Employees being identified in the class as of any date. Use of an alternative method that satisfies the requirements of this Section 9.6(c ) will not be treated as a change in the time and form of payment for purposes of Reg. Sec. 1.409A-2(b).

 (d) The six month delay does not apply to payments described in Section 13.9 or to payments that occur after the death of
the Participant. 
  

	9.7	 Change in Control. If the Plan Sponsor has elected to permit distributions upon a Change in Control, the following provisions shall apply. A
distribution made upon a Change in Control will be made at the time specified in Section 6.01(a) of the Adoption Agreement in the form elected by the Participant in accordance with the procedures described in Article 4. Alternatively, if the
Plan Sponsor has elected in accordance with Section 11.02 of the Adoption Agreement to require distributions upon a Change in Control, the Participant’s remaining vested Account shall be paid to the Participant or the Participant’s
Beneficiary at the time specified in Section 6.01(a) of the Adoption Agreement as a single lump sum payment. A Change in Control, for purposes of the Plan, will occur upon a change in the ownership of the Plan Sponsor, a change in the effective
control of the Plan Sponsor or a change in the ownership of a substantial portion of the assets of the Plan Sponsor, but only if elected by the Plan Sponsor in Section 11.03 of the Adoption Agreement. The Plan Sponsor, for this purpose,
includes any corporation identified in this Section 9.7. All distributions made in accordance with this Section 9.7 are subject to the provisions of Section 9.6.

  
 9-3

	 	 
If a Participant continues to make deferrals in accordance with Article 4 after he has received a distribution due to a Change in Control, the residual amount payable to the Participant shall be
paid at the time and in the form specified in the elections he makes in accordance with Article 4 or upon his death or Disability as provided in Article 8. 

 Whether a Change in Control has occurred will be determined by the Administrator in accordance with the rules and definitions set forth in this Section 9.7. A distribution to the Participant will be
treated as occurring upon a Change in Control if the Plan Sponsor terminates the Plan in accordance with Section 10.2 and distributes the Participant’s benefits within twelve months of a Change in Control as provided in Section 10.3.

  

	 	(a)	Relevant Corporations. To constitute a Change in Control for purposes of the Plan, the event must relate to (i) the corporation for whom the Participant is
performing services at the time of the Change in Control, (ii) the corporation that is liable for the payment of the Participant’s benefits under the Plan (or all corporations liable if more than one corporation is liable) but only if
either the deferred compensation is attributable to the performance of services by the Participant for such corporation (or corporations) or there is a bona fide business purpose for such corporation (or corporations) to be liable for such payment
and, in either case, no significant purpose of making such corporation (or corporations) liable for such payment is the avoidance of federal income tax, or (iii) a corporation that is a majority shareholder of a corporation identified in
(i) or (ii), or any corporation in a chain of corporations in which each corporation is a majority shareholder of another corporation in the chain, ending in a corporation identified in (i) or (ii). A majority shareholder is defined as a
shareholder owning more than fifty percent (50%) of the total fair market value and voting power of such corporation. 

  

	 	(b)	Stock Ownership. Code Section 318(a) applies for purposes of determining stock ownership. Stock underlying a vested option is considered owned by the
individual who owns the vested option (and the stock underlying an unvested option is not considered owned by the individual who holds the unvested option). If, however, a vested option is exercisable for stock that is not substantially vested (as
defined by Treasury Regulation Section 1.83-3(b) and (j)) the stock underlying the option is not treated as owned by the individual who holds the option. 

 

	 	(c)	 Change in the Ownership of a Corporation. A change in the ownership of a corporation occurs on the date that any one person or more than one
person acting as a group, acquires ownership of stock of the corporation that, together with stock held by such person 

  
 9-4

	 	 
or group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of such corporation. If any one person or more than one person acting as
a proxy is considered to own more than fifty percent (50%) of the total fair market value or total voting power of the stock of a corporation, the acquisition of additional stock by the same person or persons is not considered to cause a change
in the ownership of the corporation (or to cause a change in the effective control of the corporation as discussed below in Section 9.7(d)). An increase in the percentage of stock owned by any one person, or persons acting as a group, as a
result of a transaction in which the corporation acquires its stock in exchange for property will be treated as an acquisition of stock. Section 9.7(c) applies only when there is a transfer of stock of a corporation (or issuance of stock of a
corporation) and stock in such corporation remains outstanding after the transaction. For purposes of this Section 9.7(c), persons will not be considered to be acting as a group solely because they purchase or own stock of the same corporation
at the same time or as a result of a public offering. Persons will, however, be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business
transaction with the corporation. If a person, including an entity, owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of stock, or similar transaction, such shareholder is considered to be acting as a
group with other shareholders in a corporation prior to the transaction giving rise to the change and not with respect to the ownership interest in the other corporation. 

 

	 	(d)	 Change in the effective control of a corporation. A change in the effective control of a corporation occurs on the date that either (i) any
one person, or more than one person acting as a group, acquires (or has acquired during the twelve month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of the corporation possessing thirty
(30%) or more of the total voting power of the stock of such corporation, or (ii) a majority of members of the corporation’s board of directors is replaced during any twelve month period by directors whose appointment or election is
not endorsed by a majority of the members of the corporation’s board of directors prior to the date of the appointment or election, provided that for purposes of this paragraph (ii), the term corporation refers solely to the relevant
corporation identified in Section 9.7(a) for which no other corporation is a majority shareholder for purposes of Section 9.7(a). In the absence of an event described in Section 9.7(d)(i) or (ii), a change in the effective control of
a corporation will not have occurred. A change in effective control may also occur in any transaction in which either of the two corporations involved in the 

  
 9-5

	 	 
transaction has a change in the ownership of such corporation as described in Section 9.7(c) or a change in the ownership of a substantial portion of the assets of such corporation as
described in Section 9.7(e). If any one person, or more than one person acting as a group, is considered to effectively control a corporation within the meaning of this Section 9.7(d), the acquisition of additional control of the
corporation by the same person or persons is not considered to cause a change in the effective control of the corporation or to cause a change in the ownership of the corporation within the meaning of Section 9.7(c). For purposes of this
Section 9.7(d), persons will or will not be considered to be acting as a group in accordance with rules similar to those set forth in Section 9.7(c) with the following exception. If a person, including an entity, owns stock in both
corporations that enter into a merger, consolidation, purchase or acquisition of stock, or similar transaction, such shareholder is considered to be acting as a group with other shareholders in a corporation only with respect to the ownership in
that corporation prior to the transaction giving rise to the change and not with respect to the ownership interest in the other corporation. 

  

	 	(e)	Change in the ownership of a substantial portion of a corporation’s assets. A change in the ownership of a substantial portion of a corporation’s
assets occurs on the date that any one person, or more than one person acting as a group (as determined in accordance with rules similar to those set forth in Section 9.7(d)), acquires (or has acquired during the twelve month period ending on
the date of the most recent acquisition by such person or persons) assets from the corporation that have a total gross fair market value equal to or more than forty percent (40%) of the total gross fair market value of all of the assets of the
corporation immediately prior to such acquisition or acquisitions. For this purpose, gross fair market value means the value of the assets of the corporation of the value of the assets being disposed of determined without regard to any liabilities
associated with such assets. There is no Change in Control event under this Section 9.7(e) when there is a transfer to an entity that is controlled by the shareholders of the transferring corporation immediately after the transfer. A transfer
of assets by a corporation is not treated as a change in ownership of such assets if the assets are transferred to (i) a shareholder of the corporation (immediately before the asset transfer) in exchange for or with respect to its stock,
(ii) an entity, fifty percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the corporation, (iii) a person, or more than one person acting as a group, that owns, directly or
indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the corporation, or (iv) an entity, at least fifty (50%) of the total value or voting power of which is owned, directly or
indirectly, by a person described in Section 9.7(e)(iii). For purposes of the foregoing, and except as otherwise provided, a person’s status is determined immediately after the transfer of assets. 

  
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	9.8	Permissible Delays in Payment. Distributions may be delayed beyond the date payment would otherwise occur in accordance with the provisions of Articles 8 and 9
in any of the following circumstances as long as the Employer treats all payments to similarly situated Participants on a reasonably consistent basis. 

  

	 	(a)	The Employer may delay payment if it reasonably anticipates that its deduction with respect to such payment would be limited or eliminated by the application of Code
Section 162(m). Payment must be made during the Participant’s first taxable year in which the Employer reasonably anticipates, or should reasonably anticipate, that if the payment is made during such year the deduction of such payment will
not be barred by the application of Code Section 162(m) or during the period beginning with the Participant’s Separation from Service and ending on the later of the last day of the Employer’s taxable year in which the Participant
separates from service or the 15th day of the third month following the Participant’s Separation from Service. If a scheduled payment to a Participant is delayed in accordance with this Section 9.8(a), all scheduled payments to the
Participant that could be delayed in accordance with this Section 9.8(a) will also be delayed. 

  

	 	(b)	The Employer may also delay payment if it reasonably anticipates that the making of the payment will violate federal securities laws or other applicable laws provided
payment is made at the earliest date on which the Employer reasonably anticipates that the making of the payment will not cause such violation. 

  

	 	(c)	The Employer reserves the right to amend the Plan to provide for a delay in payment upon such other events and conditions as the Secretary of the Treasury may prescribe
in generally applicable guidance published in the Internal Revenue Bulletin. 

  
 9-7

 ARTICLE 10 – AMENDMENT AND TERMINATION 

 

	10.1	Amendment by Plan Sponsor. The Plan Sponsor reserves the right to amend the Plan (for itself and each Employer) through action of its Board of Directors
or such other person or entity to whom the Board delegates the authority. No amendment can directly or indirectly deprive any current Participant or Beneficiary of all or any portion of his Account which had accrued prior to the amendment.

  

	10.2	Plan Termination Following Change in Control or Corporate Dissolution. If so elected by the Plan Sponsor in 11.01 of the Adoption Agreement, the
Plan Sponsor reserves the right to terminate the Plan and distribute all amounts credited to all Participant Accounts within the 30 days preceding or the twelve months following a Change in Control as determined in accordance with the rules set
forth in Section 9.7. For this purpose, the Plan will be treated as terminated only if all agreements, methods, programs and other arrangements sponsored by the Related Employer immediately after the Change in Control which are treated as a
single plan under Reg. Sec. 1.409A-1(c)(2) are also terminated so that all participants under the Plan and all similar arrangements are required to receive all amounts deferred under the terminated arrangements within twelve months of the date the
Plan Sponsor irrevocably takes all necessary action to terminate the arrangements. In addition, the Plan Sponsor reserves the right to terminate the Plan within twelve months of a corporate dissolution taxed under Code Section 331 or with the
approval of a bankruptcy court pursuant to 11 U. S. C. Section 503(b)(1)(A) provided that amounts deferred under the Plan are included in the gross incomes of Participants in the latest of (a) the calendar year in which the termination
occurs, (b) the first calendar year in which the amount is no longer subject to a substantial risk of forfeiture, or (c) the first calendar year in which payment is administratively practicable. 

 

	10.3	 Other Plan Terminations. The Plan Sponsor retains the discretion to terminate the Plan if (a) all arrangements sponsored by the Plan
Sponsor that would be aggregated with any terminated arrangement under Code Section 409A and Reg. Sec. 1.409A-1(c)(2) are terminated, (b) no payments other than payments that would be payable under the terms of the arrangements if the
termination had not occurred are made within twelve months of the termination of the arrangements, (c) all payments are made within twenty-four months of the termination of the arrangements, (d) the Plan Sponsor does not adopt a new
arrangement that would be aggregated with any terminated arrangement under Code Section 409A and the regulations thereunder at any time within the three year period following the date of termination of the arrangement, and (e) the
termination does not occur proximate to a downturn in the financial health 

  
 10-1

	 	 
of the Plan sponsor. The Plan Sponsor also reserves the right to amend the Plan to provide that termination of the Plan will occur under such conditions and events as may be prescribed by the
Secretary of the Treasury in generally applicable guidance published in the Internal Revenue Bulletin. 

  
 10-2

 ARTICLE 11 – THE TRUST 

 

	11.1	Establishment of Trust. The Plan Sponsor may but is not required to establish a trust to hold amounts which the Plan Sponsor may contribute from time to time to
correspond to some or all amounts credited to Participants under Section 6.2. If the Plan Sponsor elects to establish a trust in accordance with Section 10.01 of the Adoption Agreement, the provisions of Sections 11.2 and 11.3 shall become
operative. 

  

	11.2	Grantor Trust. Any trust established by the Plan Sponsor shall be between the Plan Sponsor and a trustee pursuant to a separate written agreement under which
assets are held, administered and managed, subject to the claims of the Plan Sponsor’s creditors in the event of the Plan Sponsor’s insolvency.. The trust is intended to be treated as a grantor trust under the Code, and the establishment
of the trust shall not cause the Participant to realize current income on amounts contributed thereto. The Plan Sponsor must notify the trustee in the event of a bankruptcy or insolvency. 

 

	11.3	Investment of Trust Funds. Any amounts contributed to the trust by the Plan Sponsor shall be invested by the trustee in accordance with the provisions of the
trust and the instructions of the Administrator. Trust investments need not reflect the hypothetical investments selected by Participants under Section 7.1 for the purpose of adjusting Accounts and the earnings or investment results of the
trust need not affect the hypothetical investment adjustments to Participant Accounts under the Plan. 

  
 11-1

 ARTICLE 12 – PLAN ADMINISTRATION 

 

	12.1	Powers and Responsibilities of the Administrator. The Administrator has the full power and the full responsibility to administer the Plan in all of its details,
subject, however, to the applicable requirements of ERISA. The Administrator’s powers and responsibilities include, but are not limited to, the following: 

 

	 	(a)	To make and enforce such rules and procedures as it deems necessary or proper for the efficient administration of the Plan; 

 

	 	(b)	To interpret the Plan, its interpretation thereof to be final, except as provided in Section 12.2, on all persons claiming benefits under the Plan;

  

	 	(c)	To decide all questions concerning the Plan and the eligibility of any person to participate in the Plan; 

 

	 	(d)	To administer the claims and review procedures specified in Section 12.2; 

 

	 	(e)	To compute the amount of benefits which will be payable to any Participant, former Participant or Beneficiary in accordance with the provisions of the Plan;

  

	 	(f)	To determine the person or persons to whom such benefits will be paid; 

  

	 	(g)	To authorize the payment of benefits; 

  

	 	(h)	To comply with the reporting and disclosure requirements of Part 1 of Subtitle B of Title I of ERISA; 

 

	 	(i)	To appoint such agents, counsel, accountants, and consultants as may be required to assist in administering the Plan; 

 

	 	(j)	By written instrument, to allocate and delegate its responsibilities, including the formation of an Administrative Committee to administer the Plan.

  
 12-1

	12.2	Claims and Review Procedures. 

  

	 	(a)	Claims Procedure. 

 If any person
believes he is being denied any rights or benefits under the Plan, such person may file a claim in writing with the Administrator. If any such claim is wholly or partially denied, the Administrator will notify such person of its decision in writing.
Such notification will contain (i) specific reasons for the denial, (ii) specific reference to pertinent Plan provisions, (iii) a description of any additional material or information necessary for such person to perfect such claim
and an explanation of why such material or information is necessary, and (iv) a description of the Plan’s review procedures and the time limits applicable to such procedures, including a statement of the person’s right to bring a
civil action following an adverse decision on review. Such notification will be given within 90 days (45 days in the case of a claim regarding Disability) after the claim is received by the Administrator. The Administrator may extend the period for
providing the notification by 90 days (30 days in the case of a claim regarding Disability) if special circumstances require an extension of time for processing the claim and if written notice of such extension and circumstance is given to such
person within the initial 90 day period (45 day period in the case of a claim regarding Disability). If such notification is not given within such period, the claim will be considered denied as of the last day of such period and such person may
request a review of his claim. 
  

	 	(b)	Review Procedure. 

 Within 60
days (180 days in the case of a claim regarding Disability) after the date on which a person receives a written notification of denial of claim (or, if written notification is not provided, within 60 days (180 days in the case of a claim regarding
Disability) of the date denial is considered to have occurred), such person (or his duly authorized representative) may (i) file a written request with the Administrator for a review of his denied claim and of pertinent documents and
(ii) submit written issues and comments to the Administrator. The Administrator will notify such person of its decision in writing. Such notification will be written in a manner calculated to be understood by such person and will contain
specific reasons for the decision as well as specific references to pertinent Plan provisions. The notification will explain that the person is entitled to receive, upon request and free of charge,

  
 12-2

 
reasonable access to and copies of all pertinent documents and has the right to bring a civil action following an adverse decision on review. The decision on review will be made within 60 days
(45 days in the case of a claim regarding Disability). The Administrator may extend the period for making the decision on review by 60 days (45 days in the case of a claim regarding Disability) if special circumstances require an extension of time
for processing the request such as an election by the Administrator to hold a hearing, and if written notice of such extension and circumstances is given to such person within the initial 60-day period (45 days in the case of a claim regarding
Disability). If the decision on review is not made within such period, the claim will be considered denied. 
  

	12.3	Plan Administrative Costs. All reasonable costs and expenses (including legal, accounting, and employee communication fees) incurred by the Administrator
in administering the Plan shall be paid by Plan to the extent not paid by the Employer. 

  
 12-3

 ARTICLE 13 – MISCELLANEOUS 

 

	13.1	Unsecured General Creditor of the Employer. Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights,
interests or claims in any property or assets of the Employer. For purposes of the payment of benefits under the Plan, any and all of the Employer’s assets shall be, and shall remain, the general, unpledged, unrestricted assets of the Employer.
Each Employer’s obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future. 

  

	13.2	Employer’s Liability. Each Employer’s liability for the payment of benefits under the Plan shall be defined only by
the Plan and by the deferral agreements entered into between a Participant and the Employer. An Employer shall have no obligation or liability to a Participant under the Plan except as provided by the Plan and a deferral agreement or agreements. An
Employer shall have no liability to Participants employed by other Employers. 

  

	13.3	Limitation of Rights. Neither the establishment of the Plan, nor any amendment thereof, nor the creation of any fund or account, nor the payment of any
benefits, will be construed as giving to the Participant or any other person any legal or equitable right against the Employer, the Plan or the Administrator, except as provided herein; and in no event will the terms of employment or service of the
Participant be modified or in any way affected hereby. 

  

	13.4	Anti-Assignment. Except as may be necessary to fulfill a domestic relations order within the meaning of Code Section 414(p),
none of the benefits or rights of a Participant or any Beneficiary of a Participant shall be subject to the claim of any creditor. In particular, to the fullest extent permitted by law, all such benefits and rights shall be free from attachment,
garnishment, or any other legal or equitable process available to any creditor of the Participant and his or her Beneficiary. Neither the Participant nor his or her Beneficiary shall have the right to alienate, anticipate, commute, pledge, encumber,
or assign any of the payments which he or she may expect to receive, contingently or otherwise, under the Plan, except the right to designate a Beneficiary to receive death benefits provided hereunder. Notwithstanding the preceding, the benefit
payable from a Participant’s Account may be reduced, at the discretion of the administrator, to satisfy any debt or liability to the Employer. 

  

	13.5	 Facility of Payment. If the Administrator determines, on the basis of medical reports or other evidence satisfactory
to the Administrator, that the recipient of any benefit payments under the Plan is incapable of handling his affairs by reason of minority, illness, infirmity or other incapacity, the Administrator may

  
 13-1

	 	 
direct the Employer to disburse such payments to a person or institution designated by a court which has jurisdiction over such recipient or a person or institution otherwise having the legal
authority under State law for the care and control of such recipient. The receipt by such person or institution of any such payments therefore, and any such payment to the extent thereof, shall discharge the liability of the Employer, the Plan and
the Administrator for the payment of benefits hereunder to such recipient. 

  

	13.6	Notices. Any notice or other communication to the Employer or Administrator in connection with the Plan shall be deemed delivered in writing if addressed
to the Plan Sponsor at the address specified in Section 1.03 of the Adoption Agreement and if either actually delivered at said address or, in the case or a letter, 5 business days shall have elapsed after the same shall have been deposited in
the United States mails, first-class postage prepaid and registered or certified. 

  

	13.7	Tax Withholding. If the Employer concludes that tax is owing with respect to any deferral or payment hereunder, the Employer shall
withhold such amounts from any payments due the Participant, as permitted by law, or otherwise make appropriate arrangements with the Participant or his Beneficiary for satisfaction of such obligation. Tax, for purposes of this Section 13.7
means any federal, state, local or any other governmental income tax, employment or payroll tax, excise tax, or any other tax or assessment owing with respect to amounts deferred, any earnings thereon, and any payments made to Participants under the
Plan. 

  
 13-2

	13.8	Permitted Acceleration of Payment. The Plan may permit acceleration of the time or schedule of any payment or amount scheduled to be
paid pursuant to a payment under the Plan provided such acceleration would be permitted by the provisions of Reg. Sec. 1.409A-3(j)(4). 

  

	13.9	Governing Law. The Plan will be construed, administered in accordance with ERISA and the Code and, to the extent ERISA or the
Code do not apply, enforced according to the laws of the State of Michigan specified by the Plan Sponsor in Section 12.01 of the Adoption Agreement. 

  
 13-3

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