Document:

exv10w13

 

Exhibit 10.13

FANNIE MAE

SUPPLEMENTAL PENSION PLAN OF 2003

Code Section 409A Amendment

     Pursuant to Section 5.5 of the Fannie Mae Supplemental Pension Plan of 2003 (the “Plan”),
Fannie Mae hereby amends the Plan, effective January 1, 2009, as follows:

     1. A new Section 2.1A is hereby added to read in its entirety as follows:

     “2.1A. “Actuarial Equivalent” means a benefit which is of equal value to a benefit otherwise
payable in a different form or commencing at a different time under the Plan, based on the
applicable mortality tables and interest factors (or other reduction factors) set forth in the
Retirement Plan and in effect on the date of the Participant’s Separation from Service with the
Corporation.”

     2. A new Section 2.12A is hereby added to read in its entirety as follows:

     “2.12A. “Separation from Service” means and correlative terms mean a “separation from
service” (as that term is defined at Section 1.409A-1(h) of the Treasury Regulations) from the
Corporation and from all other corporations and trades or businesses, if any, that would be treated
as a single “service recipient” with the Corporation under Section 1.409A-1(h)(3) of the Treasury
Regulations). The Administrator may, but need not, elect in writing, subject to the applicable
limitations under Section 409A of the Code (“Section 409A”), any of the special elective rules
prescribed in Section 1.409A-1(h) of the Treasury Regulations for purposes of determining whether a
“separation from service” has occurred. Any such written election shall be deemed part of the
Plan.”

     3. A new Section 2.12B is hereby added to read in its entirety as follows:

     “2.12B. “Specified Employee” means an individual determined by the Administrator or its
delegate to be a specified employee as defined in subsection (a)(2)(B)(i) of Section 409A. The
Administrator may, but need not, elect in writing, subject to the applicable limitations under
Section 409A, any of the special elective rules prescribed in Section 1.409A-1(i) of the Treasury
Regulations for purposes of determining “specified employee” status. Any such written election
shall be deemed part of the Plan.”

     4. Section 3.2 is hereby amended in its entirety to read as follows:

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     “A Participant shall receive a benefit under this Plan calculated as of the date of his or her
Separation from Service equal to the Actuarial Equivalent of the Participant’s Unrestricted Benefit
reduced (but not below zero) by the sum of the Actuarial Equivalents of each of the following
amounts: (i) the Participant’s Qualified Plan Benefit; (ii) the Participant’s Supplemental Pension
Plan Benefit; and (iii) the Participant’s vested benefits, if any, accrued under the Executive
Pension Plan of the Federal National Mortgage Association.”

     5. Section 3.4 is hereby amended in its entirety to read as follows:

     “3.4. Commencement of Benefit Payments. Except for a Participant whose benefit is
payable pursuant to an effective “transition-period payment election” or a “Window Program payment
election” (both as hereinafter defined), payment of benefits under the Plan shall commence within
thirty (30) days of the date the Participant attains age 55 or, if later, the date of his or her
Separation from Service. Payment of benefits to a Participant who, consistent with Section 409A and
the transition rules thereunder, (i) was permitted during 2007 or 2008 to elect to have his or her
benefit hereunder payable commence at an alternative time and who made such election in writing and
in a form and manner acceptable to the Committee on or before December 31, 2008 (a
“transition-period payment election”) or (ii) was permitted to elect to have his or her benefit
hereunder payable commence at an alternative time under the 2007 Retirement Window Program and who
made such election in writing and consistent with all the terms and conditions of the 2007
Retirement Window Program (a “Window Program payment election”) shall commence to receive payment
of benefits under the Plan consistent with the terms of such transition-period or Window Program
payment election. For the avoidance of doubt, no Participant who is or may be eligible to receive a
benefit under the Fannie Mae Executive Pension Plan shall be eligible to make a transition-period
payment election under this Section 3.4. Notwithstanding the foregoing, a Participant may
subsequently elect to change his or her transition-period payment election if and only if such
change (i) shall not take effect for at least twelve (12) months after the date on which the
subsequent election is made; (ii) is made at least twelve (12) months prior to the date on which
the first payment was scheduled to be paid (“transition election payment date”) and (iii) results
in a new payment date that is delayed by at least five years, as measured from the transition
election payment date; provided that no such change of election shall be effective if such change
would result in a form of benefit payment under the Plan that varies from, as of the date the first
annuity payment is made, the form of benefit payment that applies to amounts payable to a
Participant pursuant to another “nonaccount balance plan” (as defined in Section
1.409A-1(c)(2)(i)(C) of the Treasury Regulations) with which the Plan is required to be aggregated
under Section 1.409A-1(c)(2) of the Treasury Regulations). Notwithstanding the foregoing or any
provision of the Plan to the contrary, in the case of a Participant who is a Specified Employee,
payment of such Participant’s benefit owing to a Separation from Service with the

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Corporation on or after January 1, 2009 shall not commence before the date which is six (6)
months and one (1) day after the date of such Separation from Service or, if earlier than the end
of such period, the date of death of such Participant (“delayed payment date”). A Participant
whose benefit is subject to the six-month delay described in the immediately preceding sentence
shall receive, on the delayed payment date, a lump sum equal to all amounts that would have been
paid during the period of the delay if the delay were not required.”

     6. A new Section 3.5 is hereby added to read in its entirety as follows:

     “3.5. Form of Benefit Payments.

     (a) Available Forms of Payment. The benefit payable under the Plan shall be the
Actuarial Equivalent of the benefit determined under Sections 3.2 and 3.3 and shall be paid in one
of the following forms:

     (i) Single Life Annuity (i.e., an annuity which provides an amount of monthly income
for the life of the Participant, with the last payment to be made on the first day of the
month in which the Participant’s death occurs);

     (ii) 50% Joint and Survivor Annuity (i.e., an annuity which is the Actuarial
Equivalent of the single life annuity, which provides an amount of monthly income for the
life of the Participant with a survivor annuity for the life of the person designated by
the Participant to receive an annuity upon the Participant’s death (“co-annuitant”) which
is equal to fifty percent (50%) of the monthly amount of benefit payable during the joint
lives of the Participant and his or her co-annuitant);

     (iii) 75% Joint and Survivor Annuity (i.e., an annuity which is the Actuarial
Equivalent of the single life annuity, which provides an amount of monthly income for the
life of the Participant and in the event the Participant predeceases his or her
co-annuitant, a monthly benefit for the life of the co-annuitant that is 75% of the monthly
amount of benefit payable during the Participant’s life);

     (iv) 100% Contingent Annuity (i.e., an annuity which is the Actuarial Equivalent of
the single life annuity, which provides an amount of monthly income for the life of the
Participant and in the event the Participant predeceases his or her co-annuitant, a monthly
benefit for the life of the co-annuitant that is 100% of the monthly amount of benefit
payable during the Participant’s life); or

     (v) 10 Year Certain and Continuous Annuity (i.e., an annuity which is the Actuarial
Equivalent of the single life annuity, which provides

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an amount of monthly income for the life of the Participant with the provision that
not less than one hundred twenty (120) monthly payments shall be made in any event to the
Participant and the person properly designated by the Participant to receive a benefit from
the Plan upon the Participant’s death (“beneficiary”)). If the Participant’s designated
beneficiary predeceases the Participant and the Participant dies before having received the
entire benefit to which the Participant is entitled, the beneficiary of the lump sum
Actuarial Equivalent of the remainder of such benefit shall be the estate of the
Participant. If the beneficiary survives the Participant but dies before having received
the entire benefit to which such beneficiary is entitled, the beneficiary of the lump sum
Actuarial Equivalent of the remainder of such benefit shall be the estate of the
beneficiary.

     (b) Election Provisions. The form in which a Participant’s benefit under the Plan is
paid shall be determined as follows:

     (i) Except as otherwise elected in accordance with this Section 3.5(b), each
Participant’s benefit hereunder shall be paid in the form of a single life annuity as
described in Section 3.5(a)(i) above.

     (ii) A Participant may, to the extent consistent with Section 409A, elect in writing,
in a form and manner acceptable to the Committee or its delegate, to have his or her
benefit hereunder payable in another such annuity form that is available under Section
3.5(a), provided that no such change of election shall be effective if made on or after the
date on which the first annuity payment is made (or would have been made in the absence of
a delay occasioned by the Participant’s status as a Specified Employee) and further
provided that no such change of election shall be effective if such change would result in
a form of benefit payment under the Plan that varies from, as of the date the first annuity
payment is made, the form of benefit payment that applies to amounts payable to a
Participant pursuant to another “nonaccount balance plan” (as defined in Section
1.409A-1(c)(2)(i)(C) of the Treasury Regulations) with which the Plan is required to be
aggregated under Section 1.409A-1(c)(2) of the Treasury Regulations).”

     7. A new Section 3.6 is hereby added to read in its entirety as follows:

     “3.6. Pre-Retirement Death Benefit. In the case of a Participant who dies prior to the
commencement of his or her benefits under Section 3.4 above, his or her designated surviving spouse
or domestic partner who is eligible to commence receiving a benefit under the Retirement Plan will
be entitled to receive a single life annuity based on the life of such surviving spouse or domestic
partner, with annual payments equal to 50% of the annual payments that would have been payable to
the Participant pursuant to Section 3.2 above had the Participant survived until, and commenced
receiving a 50% Joint and

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Survivor Annuity with his or her surviving spouse or domestic partner as co-annuitant on, the
spouse or domestic partner’s benefit commencement date (as determined in the following sentence).
The pre-retirement death benefit payable under this Section 3.6 shall commence within thirty (30)
days of the date the Participant dies or, if later, the date the Participant would have attained
age 55.”

     8. A new Section 3.7 is hereby added to read in its entirety as follows:

     “3.7 Cashout of Small Amounts. If, at the time a Participant’s benefits are scheduled
to commence under Section 3.4 or a spouse’s or domestic partner’s benefits are scheduled to
commence under Section 3.6, the present value of his or her benefit hereunder payable (including
any other amounts payable to a Participant pursuant to another “nonaccount balance plan” (as
defined in Section 1.409A-1(c)(2)(i)(C) of the Treasury Regulations) with which the Plan is
required to be aggregated under Section 1.409A-1(c)(2) of the Treasury Regulations) is less than
the applicable dollar amount under Section 402(g)(1)(B) of the Code, the Participant, spouse or
domestic partner shall receive such present value in the form of a single lump-sum payment as soon
as administratively practicable, but in no event later than ninety (90) days after the date
benefits would have otherwise been scheduled to commence under Section 3.4 or Section 3.6.”

     9. Section 5.5 is hereby amended in its entirety to read as follows:

     “5.5. Amendment or Termination. The Compensation Committee of the Board, with
prospective or retroactive effect, may amend, suspend or terminate this Plan or any portion thereof
at any time. The Compensation Committee of the Board delegates to the Committee the authority to
adopt amendments that may be necessary or appropriate to facilitate the administration, management
and interpretation of this Plan or to conform this Plan thereto, provided (i) any such amendment
does not significantly affect the cost to the Corporation of maintaining the Plan and would not be
inconsistent with the applicable provisions of Section 409A, and (ii) upon termination of the Plan
as a whole or with respect to any Participant or group of Participants, payments will be
accelerated only to the extent permitted by Section 409A. However, no amendment, suspension or
termination of the Plan shall, without the consent of a Participant, impair or adversely affect the
Participant’s vested benefits accrued under the Plan as of the date of such action (determined as
if that Participant then employed had Separated from Service as of the date of such amendment,
suspension or termination).

     10. A new paragraph is hereby added to Section 5.7 to read in its entirety as follows:

     “If at any time the Plan fails to meet the requirements of Section 409A and the regulations
thereunder, the Committee or its delegate may accelerate the

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payment of benefits under the Plan, in an amount not to exceed the amount required to be
included in the Participants’ income as a result of such failure. For the avoidance of doubt, no
Participant will have any discretion, nor have any direct or indirect election, as to whether a
payment will be accelerated under this Section 5.7.”

     11. A new Section 5.10 is hereby added to read in its entirety as follows:

     “5.10. Compliance with Section 409A.

     (a) Notwithstanding any provision of the Plan to the contrary, a Participant whose benefits
under the Plan were fully earned and vested prior to January 1, 2005 and not materially modified
after October 3, 2004 (“grandfathered benefits”) and who has no benefits other than grandfathered
benefits under the Plan shall have his or her benefits administered and distributed pursuant to the
terms of the Plan that were in effect on December 31, 2004 and applicable to such benefits, subject
only to such amendments, if any, as do not constitute a “material modification” for purposes of
Section 1.409A-6(a)(4) of the Treasury Regulations and that are identified as applying to the
grandfathered benefits. In the case of any Participant described in this Section 5.10(a), such
Participant’s grandfathered benefits are intended to be grandfathered for purposes of Section 409A
and therefore exempt from Section 409A. In determining what amounts were earned and vested as of
December 31, 2004, the rules of Section 1.409A-6(a)(3) of the Treasury Regulations will apply.

     (b) In the case of a Participant who has any benefit earned or vested on or after January 1,
2005, no portion of such Participant’s benefits under the Plan shall be treated as a grandfathered
benefit for purposes of Section 409A and the entirety of such Participant’s benefits shall be
administered and distributed pursuant to the Plan as it may be amended from time to time.

     (c) To the extent that benefits are not grandfathered, the Plan is intended to comply with
Section 409A and shall be construed and interpreted in accordance with such intent. For purposes of
administering the payment timing and form provisions in respect of benefits that are not
grandfathered, the Plan shall be construed as a “nonaccount balance plan” as defined in Section
1.409A-1(c)(2)(i)(C) of the Treasury Regulations and aggregated with such other nonaccount balance
plans as are required to be aggregated under Section 1.409A-1(c)(2) of the Treasury Regulations.”

6exv10w16

 

Exhibit 10.16

FANNIE MAE

EXECUTIVE PENSION PLAN

     Pursuant to Section 20 of the Fannie Mae Executive Pension Plan (the “Plan”), Fannie Mae
hereby amends the Plan, effective November 20, 2007, to provide that, notwithstanding any provision
of the Plan to the contrary, no individual shall become a Participant after November 20, 2007.

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