Document:

exv10wd

 

Exhibit 10-D

FORD MOTOR COMPANY

DEFERRED COMPENSATION PLAN FOR NON-EMPLOYEE
DIRECTORS

(As Amended and Restated as of January 1,
2005)

 

		
	I.	
    Name and Purpose
    

       
The name of this plan is the Ford Motor Company
Deferred Compensation Plan for Non-Employee Directors (the
“Plan”). The Plan supersedes and amends in its
entirety the plan of the same name that was adopted on
January 13, 1983. Its purpose is to provide non-employee
directors of Ford Motor Company (the “Company”) with
an opportunity to defer compensation earned as a director.

 

		
	II.	
    Effective Date
    

       
The Plan shall be effective as of
January 13, 1983.

 

		
	III.	
    Participants
    

       
Any director of the Company who is not an
employee of the Company or of a subsidiary of the Company shall
be eligible to participate in the Plan. Any such person (a
“director”) who elects to participate in the Plan or
whose compensation is or was subject to a mandatory deferral
pursuant to Section XXII of the Plan is hereinafter called
a “Participant”. The Plan shall establish for each
Participant an unfunded deferred compensation account
(“Account”).

 

		
	IV.	
    Election of Deferral
    

			
	 	(A)	
    On or before December 31 of any year, each
    director, or nominee for election as a director, shall be
    entitled to make an irrevocable election to defer receipt of all
    or a specified portion of the compensation (exclusive of expense
    reimbursement) otherwise payable to such director during the
    following year for service on the Board of Directors of the
    Company (the “Board”) and its Committees.
    
	 
	 	(B)	
    All compensation of a Participant deferred
    pursuant to this Section IV shall be deferred in cash
    and/or in Common Stock Units (“Stock Units”), as the
    director may elect. Each Stock Unit shall have the same value as
    a share of Common Stock of the Company (“Common
    Stock”) and shall be entitled to dividend equivalents as
    provided in Section V. Stock Units shall not have any
    voting rights, shall not represent actual shares of Common Stock
    and shall not give any Participant any rights as a stockholder
    in the Company.
    
	 
	 	(C)	
    With respect to the year 1983 only, a director
    may make an election to defer in cash prior to February 13,
    1983, in which case such election shall apply to the
    director’s compensation allocable to the period commencing
    March 1, 1983 and ending December 31, 1983. With
    respect to the year 1991 only, a director may make an election
    to defer in Stock Units prior to August 11, 1991, in which
    case such election shall apply to the director’s
    compensation allocable to the period commencing
    September 1, 1991 and ending December 31, 1991.
    
	 
	 	(D)	
    A newly elected director may elect to participate
    in the Plan, and to defer compensation in cash and/or in Stock
    Units, for the remainder of the calendar year in which such
    director joins the Board. Any such election shall be made within
    thirty (30) days following the date of such director’s
    election to the Board and shall be effective with respect to
    compensation allocable to the period commencing on the first day
    of the month next following the date on which such election by
    such director is made and ending on the next following
    December 31.
    

 

			
	 	(E)	
    A Participant may elect to defer compensation for
    each year while the Plan is in effect by giving written notice
    to the Company in accordance with Section XX setting forth
    the Participant’s irrevocable election as to:
    

			
	 	(a)	
    the percentage of each component of the
    Participant’s compensation for such year (annual retainer,
    committee chair fees and presiding director fees, and if
    applicable, dividend equivalents payable in cash under the
    Company’s Restricted Stock Plan for Non-Employee Directors)
    to be deferred in cash and the percentage to be deferred in
    Stock Units; and
    
	 
	 	(b)	
    the method of distribution desired for the
    portion of such year’s compensation deferred in cash and
    the method of distribution desired for the portion of such
    year’s compensation deferred in Stock Units, i.e., in each
    case, in a lump sum payment or in a number of annual
    installments (not to exceed ten).
    

		
	 	
    Such notice shall be delivered to the Company on
    or before December 31 of the year preceding the first year to
    which such election relates, except that (i) notice of an
    election to defer in cash with respect to the year 1983 may be
    delivered at any time prior to February 13, 1983,
    (ii) notice of an election to defer in Stock Units with
    respect to the year 1991 may be delivered at any time prior to
    August 11, 1991 and (iii) notice of an election to
    defer in cash and/or in Stock Units from any newly-elected
    director may be delivered at any time within thirty
    (30) days following the date of such director’s
    election to the Board. The elections set forth in such notice
    shall be given continuing effect for subsequent years until a
    new notice specifying different elections shall be delivered to
    the company. Any such new notice shall apply only to
    compensation for years subsequent to the year in which such new
    notice is delivered.
    

			
	 	(F)	
    Notwithstanding anything contained in the Plan to
    the contrary, no otherwise permissible election or other action
    is allowed that would trigger taxation of any amount under
    Section 409A of the Internal Revenue Code of 1986, as
    amended.
    

 

		
	V.	
    Deferred Compensation Accounts
    

			
	 	(A)	
    All compensation deferred by a Participant
    pursuant to Section IV shall be held in the general funds of the
    Company and shall be credited to the Participant’s Account
    in cash and/or in Stock Units, as elected by the Participant, in
    accordance with this Section V.
    
	 
	 	(B)	
    With respect to amounts deferred in cash, the
    Participant’s Account shall be credited with the amount so
    deferred, as of the date when the amount so deferred otherwise
    would have been payable if it had not been deferred.
    
	 
	 	(C)	
    With respect to amounts deferred in cash, the
    Participant’s Account shall be credited with “interest
    equivalents” as of each June 30 and December 31 on the
    average daily balance credited to such Account in cash during
    the period of six months ended on such date, at an annual
    rate equal to (i) the rate, on a bond yield equivalency
    basis, on six-month (26-week) Treasury Bills maturing during the
    week in which such date falls, plus (ii) 75 basis points.
    Interest equivalents shall continue to be so credited until such
    time as the entire balance of such Account shall have been
    distributed.
    
	 
	 	(D)	
    With respect to amounts deferred in Stock Units,
    the Participant’s Account shall be credited with the number
    of Stock Units (including fractional interests therein), as of
    the date when the amount so deferred otherwise would have been
    payable if it had not been deferred, determined by dividing such
    amount by the applicable Crediting Price, as determined pursuant
    to this Section V.
    
	 
	 	(E)	
    As of each date of payment of a dividend on the
    Common Stock there shall be credited, with respect to the Stock
    Units credited to the Participant’s Account pursuant to this
    

 

			
	 		
    Section V on the record date for such
    dividend, as “dividend equivalents”, such additional
    Stock Units (including fractional interests therein),
    

			
	 	(a)	
    in the case of cash dividends, as could be
    purchased at the Crediting Price as of such payment date with
    the dividends payable on the number of outstanding shares of
    Common Stock corresponding to the number of Stock Units credited
    to the Participant’s Account on such record date;
    
	 
	 	(b)	
    in the case of dividends payable in property
    other than cash or Common Stock, as could be purchased at the
    Crediting Price as of such payment date with an amount equal to
    the fair market value of such property, determined by the
    Committee as of the date of payment, payable on the number of
    outstanding shares of Common Stock corresponding to the number
    of Stock Units credited to the Participant’s Account on
    such record date; or
    
	 
	 	(c)	
    in the case of dividends payable in Common Stock,
    as would equal the number of shares of Common Stock payable on
    the number of outstanding shares of Common Stock corresponding
    to the number of Stock Units credited to the Participant’s
    Account on such record date.
    

			
	 	(F)	
    The “Crediting Price” with respect to
    any compensation deferred in Stock Units pursuant to
    Section IV shall mean the fair market value of the Common
    Stock on the date on which such compensation otherwise would
    have been payable if it had not been deferred. The Crediting
    Price with respect to any dividend equivalent shall mean the
    fair market value of the Common Stock on the date of payment of
    the related dividend on Common Stock. The Crediting Price with
    respect to any amount converted into Stock Units pursuant to
    Section VI shall be determined as provided in
    Section VI.
    
	 
	 	(G)	
    For all purposes of the Plan, “fair market
    value” of the Common Stock on any date shall mean the
    average of the highest and the lowest prices at which the Common
    Stock shall have been sold regular way on the New York Stock
    Exchange on such date or, if no such sales shall have been made
    on such date, on the next preceding date on which there were
    such sales of the Common Stock on such Exchange.
    

 

		
	VI.	
    Conversion of Deferred Cash into Stock Units
    

			
	 	(A)	
    Any Participant who shall have any amount
    credited in cash to his or her Account at September 30,
    1991 may elect to convert all or a portion of such amount into
    Stock Units on or after July 11, 1991 and on or before
    December 31, 1991 by giving written notice of such election
    to the Company prior to December 31, 1991 in accordance
    with Section XX. The portion of the Account specified in
    such notice shall be converted into Stock Units (including
    fractional interests therein) at the applicable Crediting Price,
    which shall be the daily average of the fair market value of the
    Common Stock on each business day during the first “window
    period” that begins subsequent to the date of such notice.
    The term “window period”, as used in the preceding
    sentence, shall mean the period beginning on the third business
    day following the date of release by the Company of quarterly or
    annual statements of sales and earnings and ending on the
    12th business day following such date. Such conversion
    shall be effective as of the last business day in such first
    window period (such business day being hereinafter called the
    “date of conversion”), except that compensation
    otherwise payable on September 30, 1991 shall be converted,
    at such Crediting Price, as of September 30, 1991. Interest
    equivalents accrued through the date of conversion shall be
    converted at such Crediting Price as of the date of conversion.
    
	 
	 	(B)	
    Interest equivalents on the amount converted
    pursuant to this Section VI shall cease to accrue on the
    date of conversion. The Stock Units credited to a
    Participant’s Account as
    

 

			
	 		
    a result of any such conversion shall be dealt
    with in the same manner as all other Stock Units credited to
    Participants’ Accounts under the Plan.
    

 

		
	VII.	
    Method of Distribution of Deferred Compensation
    

			
	 	(A)	
    No distribution of deferred compensation may be
    made except as provided in this Section VII.
    
	 
	 	(B)	
    The amount of cash, and the value of the Stock
    Units, respectively credited to a Participant’s Account for
    each year shall be payable in cash in a lump sum or in up to ten
    annual installments, as elected by the Participant with respect
    to each such deferment category (cash or Stock Units), in, or
    commencing in, the year following the year in which the
    Participant’s service as a director terminates. If annual
    installments are elected for any year with respect to any such
    category, the amount of the first payment shall be a fraction of
    the value of the portion of the Participant’s Account for
    such year represented by such category as of December 31 of the
    year preceding such first payment, the numerator of which is one
    and the denominator of which is the total number of annual
    installments elected. The amount of each subsequent payment with
    respect to such category shall be a fraction of the value of
    such portion as of December 31 of the year preceding such
    subsequent payment, the numerator of which is one and the
    denominator of which is the number of annual installments
    remaining, including the payment then being made. If the
    Participant shall have elected to defer compensation partly in
    cash and partly in Stock Units for any year, each such category
    shall be distributed separately in accordance with the
    Participant’s distribution election with respect to such
    category for such year and in accordance with the two
    immediately preceding sentences of this paragraph.
    
	 
	 	(C)	
    Each distribution of deferred compensation,
    either in a lump sum or in annual installments, shall be made on
    January 10 of the year of distribution or as soon thereafter as
    practicable.
    
	 
	 	(D)	
    For the purpose of determining the amount of each
    distribution to a Participant with respect to Stock Units, each
    Stock Unit included in the Participant’s Account for any
    year shall be deemed to have a value equal to the fair market
    value of the Common Stock at December 31 of the year prior to
    such distribution.
    
	 
	 	(E)	
    At the written request of a Participant, the
    Committee (as hereinafter defined), in its sole discretion, may
    authorize the cessation of deferrals in cash by such Participant
    under the Plan and distribution of all or a part of the cash
    portion of the Participant’s Account prior to his or her
    termination of service as a director, or accelerate payment of
    any installments payable with respect to amounts deferred in
    cash, upon a showing of unforeseeable emergency by the
    Participant. For purposes of this paragraph, “unforeseeable
    emergency” shall mean severe financial hardship resulting
    from extraordinary and unforeseeable circumstances arising as a
    result of one or more recent events beyond the control of the
    Participant. In any event, payment shall not be made to the
    extent such emergency is or may be relieved (i) through
    reimbursement or compensation by insurance or otherwise,
    (ii) by liquidation of the Participant’s assets, to
    the extent the liquidation of such assets would not itself cause
    severe financial hardship and (iii) by cessation of
    deferrals under the Plan. Withdrawals of amounts because of an
    unforeseeable emergency shall only be permitted to the extent
    reasonably necessary to satisfy the emergency. Examples of what
    are not considered to be unforeseeable emergencies include the
    need to send a Participant’s child to college or the desire
    to purchase a home. The amount distributed shall be credited
    with interest equivalents in accordance with the Plan up to the
    date of distribution. This paragraph shall not apply to amounts
    deferred in Stock Units.
    

 

			
	 	(F)	
    Notwithstanding anything contained in the Plan to
    the contrary, no
    otherwise                     permissible
    distribution or other action is allowed that would trigger
    taxation of any amount under Section 409A of the Internal
    Revenue Code of 1986, as amended.
    

 

		
	VIII.	
    Distribution Upon Death
    

       
If any Participant shall die while a director, or
thereafter, before receiving all funds credited to his or her
Account, the total value of the Participant’s Account shall
be distributed in cash in one lump sum on January 10 of the year
following the year of death to any beneficiary or beneficiaries
designated or deemed designated by the Participant pursuant to
Section XIV or, in the absence of such designation, to such
Participant’s estate. Any Stock Units credited to the
Participant’s Account shall be deemed to have a value, for
purposes of this Section VIII, equal to the fair market
value of the Common Stock on December 31 of the year of the
Participant’s death or on such other date as the Committee
(as hereinafter defined) in its sole discretion may determine.

 

		
	IX.	
    Participant’s Rights in Account
    

       
A Participant shall not have any interest in any
deferred compensation, interest equivalents or Stock Units
credited to his or her Account until it is distributed in
accordance with the Plan. All amounts deferred under the Plan
shall remain the sole property of the Company, subject to the
claims of its general creditors and available for its use for
whatever purposes are desired. With respect to amounts deferred,
a Participant shall be merely a general creditor of the Company;
and the obligation of the Company hereunder shall be purely
contractual and shall not be funded or secured in any way.

 

		
	X.	
    Statements of Account
    

       
Statements shall be sent to Participants during
February of each year as to the balances in their respective
Accounts as of the end of the previous calendar year.

 

		
	XI.	
    Administration
    

       
A committee (the “Committee”)
consisting of at least three persons who shall not be eligible
to participate under the Plan shall be appointed by the Board to
administer, interpret and make determinations under the Plan and
perform such other functions as are assigned to the Committee
under the Plan; provided, however, that if the Board shall not
take action to appoint the members of the Committee, the persons
who from time to time shall be the members of the Committee
under the Company’s Restricted Stock Plan for Non-Employee
Directors shall constitute the members of the Committee under
the Plan. The Committee is authorized, subject to the provisions
of the Plan, from time to time to establish such rules and
regulations as it may deem appropriate for the proper
administration or operation of the Plan.

 

		
	XII.	
    Indemnification and Exculpation
    

			
	 	(A)	
    Each person who is or shall have been a member of
    the Board or of the Committee shall be indemnified and held
    harmless by the Company against and from any and all loss, cost,
    liability or expense that may be imposed upon or reasonably
    incurred by such person in connection with or resulting from any
    claim, action, suit or proceeding to which such person may be or
    become a party or in which such person may be or become involved
    by reason of any action taken or failure to act under the Plan
    and against and from any and all amounts paid by such person in
    settlement thereof (with the Company’s written approval) or
    paid by such person in satisfaction of a judgment in any such
    action, suit or proceeding, except a judgment in favor of the
    Company based upon a finding of such person’s lack of good
    faith; subject, however, to the condition that, upon the
    institution of any claim, action, suit or proceeding against
    such person, such person shall
    

 

			
	 		
    in writing give the Company an opportunity, at
    its own expense, to handle and defend the same before such
    person undertakes to handle and defend it on such person’s
    behalf. The foregoing right of indemnification shall not be
    exclusive of any other right to which such person may be
    entitled as a matter of law or otherwise, or any power that the
    Company may have to indemnify or hold such person harmless.
    
	 
	 	(B)	
    Each member of the Board or of the Committee, and
    each officer and employee of the Company, shall be fully
    justified in relying or acting in good faith upon any
    information furnished in connection with the administration of
    the Plan by any appropriate person or persons other than such
    person. In no event shall any person who is or shall have been a
    member of the Board or of the Committee, or an officer or
    employee of the Company, be held liable for any determination
    made or other action taken or any omission to act in reliance
    upon any such information, or for any action (including the
    furnishing of information) taken or any failure to act, if in
    good faith.
    

 

		
	XIII.	
    Adjustment in Event of Changes in Capitalization
    

       
In the event of a recapitalization, stock split,
stock dividend, combination or exchange of shares, merger,
consolidation, rights offering, separation, reorganization or
liquidation, or any other change in the corporate structure or
shares of the Company, the Committee may make such equitable
adjustments, to prevent dilution or enlargement of rights, as it
may deem appropriate in the number of Stock Units credited or
authorized to be credited under the Plan.

 

		
	XIV.	
    Finality of Determinations
    

       
Each determination, interpretation or other
action made or taken pursuant to the provisions of the Plan by
the Committee shall be final and shall be binding and conclusive
for all purposes and upon all persons.

 

		
	XV.	
    Designation of Beneficiaries and Effect of Death
    

       
A Participant may file with the Company a written
designation of a beneficiary or beneficiaries under the Plan
(subject to such limitations as to the classes and number of
beneficiaries and contingent beneficiaries and such other
limitations as the Committee from time to time may prescribe) to
receive in cash, in the event of the death of such Participant,
the unpaid amount in the Participant’s Account in
accordance with Section VIII. A Participant shall be deemed
to have designated as beneficiary or beneficiaries under the
Plan the person or persons who receive such Participant’s
life insurance proceeds under the Company-paid Directors Life
Insurance Plan unless such Participant shall have assigned such
life insurance or shall have filed with the Company a written
designation of a different beneficiary or beneficiaries under
the Plan. A Participant may from time to time revoke or change
any such designation of beneficiary. Any designation of
beneficiary under the Plan shall be controlling over any
testamentary or other disposition; provided, however, that if
the Committee shall be in doubt as to the right of such
beneficiary to receive any such shares, the same may be
delivered to the legal representatives of the Participant, in
which case the Company, the Committee and the members thereof
shall not be under any further liability to anyone.

 

		
	XVI.	
    No Right to Reelection
    

       
Nothing in the Plan shall be deemed to create any
obligation on the part of the Board to nominate any Participant
for reelection by the Company’s stockholders, nor confer
upon any Participant the right to remain a member of the Board
for any period of time, or at any particular rate of
compensation.

 

 

		
	XVII.	
    Withholding of Taxes
    

       
The Company shall have the right, prior to the
distribution of any amount from a Participant’s Account, to
withhold from such amount an amount sufficient to satisfy any
withholding taxes that the Company may be required by law to pay
with respect to such distribution.

 

		
	XVIII.	
    No Assignment of Benefits
    

       
No rights or benefits under the Plan shall,
except as otherwise specifically provided by law, be subject to
assignment (except for the designation of beneficiaries pursuant
to Section XV), nor shall such rights or benefits be
subject to attachment or legal process for or against a
Participant or his or her beneficiary or beneficiaries, as the
case may be.

 

		
	XIX.	
    Amendment and Termination
    

       
The Plan may at any time be amended, modified or
terminated by the Board or the Executive Committee of the Board.
No amendment, modification or termination shall, without the
consent of a Participant, adversely affect such
Participant’s rights with respect to amounts accrued in his
or her Account.

 

		
	XX.	
    Notices
    

       
All notices to the Company hereunder shall be
delivered to the attention of the Secretary of the Company.

 

		
	XXI.	
    Governing Law
    

       
The Plan shall be governed by and construed in
accordance with the laws of the State of Michigan.

 

		
	XXII.	
    Mandatory Deferrals.
    

       
Notwithstanding anything contained in the Plan to
the contrary, the Board in its sole discretion may mandatorily
defer payment under the Plan of all or a portion of compensation
that is otherwise deferrable by Participants pursuant to
Section IV of the Plan. Any such compensation which is
mandatorily deferred pursuant to this Section XXII shall be
credited to the Participant’s Account in the form of Stock
Units and shall be entitled to dividend equivalents pursuant to
Section V of the Plan. The value of Stock Units
attributable to a mandatory deferral shall be payable in cash in
a lump sum or in up to ten annual installments. as elected by
the Participant pursuant to Section VII of the Plan, on, or
commencing on, January 10 of the year following the year in
which the Participant’s service as a director terminates or
as soon thereafter as practicable. In the event of a mandatory
deferral pursuant to this Section XXII, any election of a
Participant to voluntarily defer compensation pursuant to
Section IV of the Plan shall apply only to compensation
which is not subject to a mandatory deferral pursuant to this
Section XXII.exv10we

 

Exhibit 10-E

FORD MOTOR COMPANY

BENEFIT EQUALIZATION PLAN

(as amended as of January 1, 2005)

Section 1. Purpose.

The purpose of this Plan is to preserve certain
benefits of employees under the Company’s tax qualified
General Retirement Plan and Savings and Stock Investment Plan
for Salaried Employees by providing appropriate Equalization
Benefits under this Plan in place of benefits which cannot be
provided under such tax qualified plans because of limitations
imposed by Section 415 and Section 401(a)(17) of the
Internal Revenue Code.

Section 2. Definitions.

As used in this Plan, the following terms shall
have the following meanings, respectively:

     
2.01 “BEP Salary Reductions”
shall mean that portion of salary at
the basic salary rate which would have been credited to an
employee’s account before January 1, 1985 pursuant to
a salary reduction agreement under paragraph V-2 of the
SSIP but which by reason of Section 415 of the Code,
exceeds salary reduction contributions that can be made by the
Company on an employee’s behalf under the Tax-Efficient
Savings Program of the SSIP.

     
2.02 “Company”
shall mean Ford Motor Company.

     
2.03 “Committee”
shall mean the committee authorized to
administer and interpret the Plan as provided in Section 6.

     
2.04 The term
“Contributory Service” shall have the meaning
given that term in the GRP. “Distribution”,
“account” and “current market
value” as used in Section 3.02 of this Plan shall
have the meanings given those terms as used in the SSIP.

     
2.05 “ERISA “
shall mean the Employee Retirement
Income Security Act of 1974, as amended from time to time.

     
2.06 “General Retirement Plan”
or “GRP” shall mean the Ford
Motor Company General Retirement Plan for Salaried and Certain
Other Employees, as amended from time to time.

     
2.07 “Internal Revenue Code” or
“Code” shall mean the
Internal Revenue Code of 1986, as amended from time to time.

     
2.08 “Limitations”
shall mean the limitations on benefits
and/or contributions imposed on qualified plans by
Section 415 and Section 401(a)(17) of the Code.

     
2.09 “PBGC”
shall mean the Pension Benefit
Guaranty Corporation.

     
2.10 “Savings and Stock Investment
Plan” or “SSIP” shall
mean the Ford Motor Company Savings and Stock Investment Plan
for Salaried Employees, as amended from time to time.

Section 3. Equalization of
Benefits.

     
3.01 GRP Equalization Benefits.

			
	 	(a)	
    A Periodic GRP Equalization Benefit shall be
    provided for and associated with each payment of a GRP benefit
    that is subject to the Limitations.
    
	 
	 	(b)	
    The Periodic GRP Equalization Benefit shall be
    equal in amount to the difference between the GRP benefit and
    the corresponding benefit that would be payable under the GRP
    without regard to the Limitations. In determining the amount of
    the Periodic GRP
    

 

			
	 		
    Equalization Benefit, the member’s salary
    shall be the member’s salary (as that term is defined in
    the GRP) plus BEP Salary Reductions for periods before
    January 1, 1985 which are credited under this Plan pursuant
    to Section 3.02(a)(ii)(C) below, but the member shall not
    make contributions hereunder based on such BEP Salary Reductions.
    

		
	 	
    The Periodic GRP Equalization Benefit shall be
    paid by the Company to the person receiving payment of the
    corresponding GRP benefit and, as nearly as practicable, at the
    same time.
    

			
	 	(c)	
    As an alternative to the GRP Periodic
    Equalization Benefit, the Company and an employee eligible for
    the Periodic GRP Equalization Benefit under this
    Section 3.01 may agree on payment of the actuarial
    equivalent in a lump sum of such Periodic GRP Equalization
    Benefit, subject to the following conditions and such other
    conditions as may be determined by the Group Vice President and
    Chief Financial Officer, the Vice President-General Counsel and
    the Vice President-Human Resources:
    

			
	 	(i)	
    The actuarial equivalent shall be determined on
    the basis of the interest rates and mortality tables, which
    would be used by the PBGC for determining the present value of
    liability for pensioners’ benefits in the case of a
    terminated retirement plan under Title IV of ERISA and
    which are in effect in the month prior to the month when the
    employee’s GRP benefit begins.
    

			
	 	(ii)	
    The agreement must be entered into (A) prior
    to the year in which the employee’s retirement occurs and
    (B) not later than six months before the actual retirement
    date; provided, however, that the requirement contained in
    Subsection (B) immediately above shall not apply to such an
    agreement entered into in 1984 by the Company and an eligible
    employee who retires before July 1, 1985.
    
	 
	 	(iii)	
    The agreement once entered is irrevocable.
    
	 
	 	(iv)	
    Evidence of good health at the time of the
    agreement will be required.
    

		
	 	
    Payment under such lump sum agreement shall be
    made by the Company as soon as practicable after payment of the
    GRP benefit begins.
    

3.02 Savings and Stock Investment Plan
Equalization Benefits.

     
(a)     Pre-1985
Subaccount.

		
	 	
    The provisions of this Subsection 3.02(a) shall
    apply in determining that part of an eligible employee’s
    SSIP Equalization Benefit subaccount based on periods of service
    until December 31, 1984.
    

			
	 	(i)	
    For an employee who made the election regarding
    payroll deductions provided in this Subsection, or who elected
    to have credited under this Plan BEP Salary Reductions, a SSIP
    Equalization Benefit shall be provided with respect to any class
    or classes of the SSIP before January 1, 1985 with respect
    to which Company or employee contributions were subject to the
    Limitations.
    
	 
	 	(ii)	
    If at any time during a plan year ending before
    January 1, 1985 it appeared that contributions by or on
    behalf of an employee (including any related Company matching
    contributions) to the SSIP would be subject to the Limitations,
    such an employee may have elected to have the Company retain in
    its general funds and have credited for purposes of computing a
    member’s subaccount of the SSIP Equalization Benefit under
    this Section 3.02(a):
    

			
	 	(A)	
    by payroll deduction authorization under this
    Plan that portion of the amount the employee had elected to
    contribute as employee regular savings contributions to the SSIP
    for such pay period (by a payroll deduction authorization in
    effect for
    

 

			
	 		
    such pay period under paragraph IV of the
    SSIP) which, when added to all other actual and projected Annual
    Additions as defined under paragraph XXXI of the SSIP
    during such plan year, exceeded the Limitations.
    

			
	 	(B)	
    that portion of regular savings and related
    earnings which have been returned to the employee pursuant to
    the provisions of paragraph XXXI of the SSIP, and
    

               
(C) the employee’s BEP Salary
Reductions.

			
	 	(iii)	
    There has been established for each eligible
    employee a subaccount for periods of participation under this
    Section 3.02(a) under the SSIP Equalization Benefit
    Account. This subaccount shall be equal to the amounts retained
    by the Company pursuant to Section 3.02(a)(ii) of this Plan
    adjusted on the basis of investment performance and the
    member’s election as to investment of funds under
    paragraph VIII and transfer of the value of employee and
    Company contributions under paragraph IX of the SSIP as
    though contributions and credits to the member’s account
    hereunder had been so invested less any withdrawals pursuant to
    Section 3.02(a)(iv) of this Plan; provided, however, that
    an election by a Company officer of investment in Company common
    stock shall not apply under this Plan with respect to
    contributions pursuant to Section 3.02(a)(ii) of this Plan
    (other than related Company matching contributions) which were
    made or credited hereunder by or on behalf of such Company
    officer; and the officer will be required to make any other
    investment election permitted under paragraph VIII of the
    SSIP with respect to such amounts.
    
	 
	 	(iv)	
    An employee may not withdraw any amounts in
    excess of the member’s regular savings contributions under
    this Plan and may not borrow against the subaccount of the
    member’s SSIP Equalization Benefit.
    
	 
	 	(v)	
    The SSIP Equalization Benefit under this Section
    3.02(a) shall be equal to the amount at the time of distribution
    credited to the employee’s subaccount of the SSIP Benefit
    Equalization Account as determined under Section 3.02(a)(iii)
    above.
    

     
(b) Post-1984 Subaccount.

		
	 	
    The provisions of this Subsection 3.02(b) shall
    apply in determining an eligible employee’s SSIP
    Equalization Benefit subaccount based on periods of service
    beginning January 1, 1985.
    

			
	 	(i)	
    If at any time during a plan year beginning on or
    after January 1, 1985 contributions by or on behalf of an
    employee and related Company matching contributions to the SSIP
    are subject to the Limitations there shall be credited for
    purposes of computing the eligible employee’s SSIP
    Equalization Benefit under this Section 3.02(b) an amount
    equal to the Company matching contributions which would have
    been made under the SSIP based upon the employee’s SSIP
    elections except that such Company matching contributions cannot
    be made because of the Limitations. For periods on or after
    October 1, 1995, the Company Matching Contributions shall
    be made in the form of units in the Ford Stock Fund rather than
    shares of Ford common stock.
    
	 
	 	(ii)	
    There shall be established for each eligible
    employee a subaccount for periods of participation under this
    Section 3.02(b) under the SSIP Equalization Benefit
    Account. For periods prior to May 1, 1996, this subaccount
    shall be equal to the amounts credited by the Company pursuant
    to Section 3.02(b)(i) of this Plan adjusted on the basis of
    investment performance and any election by the member to
    transfer the value of matured Company matching contributions
    under paragraph 4.2 of the SSIP, as though credits to the
    member’s account hereunder had been so invested. For
    periods May 1, 1996 and after, this subaccount shall be
    equal to the amounts credited by the Company pursuant to
    Section 3.02(b)(i) of this Plan and adjusted on the basis of
    

 

			
	 		
    investment performance attributable to any
    separate investment election made by an eligible employee (other
    than a Company officer) on or after May 1, 1996. The
    investment options for managing the subaccount shall be
    identical to the investment options specified in
    Article VIII of the SSIP, although they will have separate
    fund codes. Any BEP credits earned prior to May 1, 1996
    will continue to be based on the same SSIP investment elections
    used prior to May 1, 1996 unless the eligible employee
    elects to reallocate or transfer all or part of the subaccount
    balance among other investment options available under
    Article XIII of the SSIP on or after May 1, 1996.
    Fidelity Institutional Retirement Services Company will maintain
    the accounts and process the elections and otherwise be the
    recordkeeper with respect to this subaccount. Company officers
    with this subaccount are not eligible to reallocate or transfer
    credits under the subaccount from the Ford Stock Fund to other
    investment options, or from other investment options to the Ford
    Stock Fund.
    
	 
	 	(iii)	
    An employee may not withdraw any amounts credited
    under this Section 3.02(b) and may not borrow against this
    subaccount of the member’s SSIP Equalization Benefit. This
    subaccount will not accept rollovers from other plans.
    
	 
	 	(iv)	
    The SSIP Equalization Benefit under this Section
    3.02(b) shall be equal to the amount at the time of distribution
    credited to the employee’s subaccount of the SSIP Benefit
    Equalization Account as determined under Section 3.02(b)(ii)
    above.
    

			
	 	(v)	
    In the event of death of an eligible employee
    with an SSIP Benefit Equalization subaccount, the balance of the
    subaccount shall be payable to the same beneficiary as the
    eligible employee has designated under Article XIV of the
    SSIP unless the eligible employee makes a separate designation
    under this Plan pursuant to the rules established by the
    Compensation and Option Committee.
    

     
(c)  Payment of SSIP Equalization
Benefit.

The SSIP Equalization Benefit shall be paid in
cash by the Company to the employee, or if the employee is
deceased, to the employee’s beneficiary under the SSIP, and
shall be made as soon as practicable after death, retirement or
other termination of employment.

Section 4. Equalization Benefits Not
Funded.

The Company’s obligations under this Plan
shall not be funded and Equalization Benefits under this Plan
shall be payable only out of the general funds of the Company.

Section 5. Amendment, Termination,
Etc.

The Board of Directors of the Company shall have
the right at any time to amend, modify, discontinue or terminate
this Plan in whole or in part; provided, however, that no such
action shall deprive any person of an Equalization Benefit under
this Plan in respect of any GRP benefit or any SSIP benefit to
which the member’s rights shall have become vested (under
the vesting provisions of the applicable Plans, without regard
to any provisions limiting benefits or contributions) prior to
the date of such action by the Board of Directors.

Section 6. Administration and
Interpretation of the Plan.

Full authority to administer and interpret this
Plan shall be vested in the Compensation and Option Committee of
the Board of Directors of the Company. The Committee is
authorized from time to time to establish such rules and
regulations as it may deem appropriate for the proper
administration of the Plan, and to make such determinations
under, and such interpretations of, and to take such steps in
connection with, the Plan as it may deem necessary or advisable.
Each determination, interpretation, or other action by the
Committee shall be in its sole discretion and shall be final,
binding and conclusive for all purposes and upon all persons.

 

References to Articles, Sections or paragraphs of
the Code or of the GRP or of the SSIP shall be applicable to any
corresponding provision of the Code or of the applicable plans
containing essentially the same Limitations, in the event that
the applicable Code or plan provisions shall be renumbered.

Section 7. Visteon
Corporation.

The following shall be applicable to employees
of Ford who were transferred to Visteon Corporation on
April 1, 2000 (“U.S. Visteon Employees”) and who
ceased active participation in the Plan as of June 30, 2000
after Visteon Corporation was spun-off from Ford, June 28,
2000.

			
	 	(a)	
    Group I and Group II Employees
    

		
	 	
    For purposes of this paragraph, a “Group I
    Employee” shall mean a U.S. Visteon Employee who as of
    July 1, 2000 was eligible for immediate normal or regular
    early retirement under the provisions of the GRP as in effect on
    July 1, 2000. A “Group II Employee” shall mean a
    U.S. Visteon Employee who (i) was not a Group I Employee;
    (ii) had as of July 1, 2000 a combination of age and
    continuous service that equals or exceeds sixty (60) points
    (partial months disregarded); and (iii) could become
    eligible for normal or regular early retirement under the
    provisions of the GRP as in effect on July 1, 2000 within
    the period after July 1, 2000 equal to the employee’s
    Ford service as of July 1, 2000. A Group I or Group II
    Employee shall retain eligibility to receive a GRP Equalization
    Benefit and/or a SSIP Equalization Benefit and shall receive
    such benefits as are applicable under the terms of the Plan in
    effect on the retirement date, based on meeting eligibility
    criteria as of July 1, 2000 with respect to GRP or SSIP
    participation prior to July 1, 2000.
    

			
	 	(b)	
    Group III Employees.
    

For purposes of this paragraph, a “Group III
Employee” shall mean a U.S. Visteon Employee who
participated in the GRP prior to July 1, 2000 other than a
Group I or Group II Employees. The Plan shall have no liability
for a GRP Equalization Benefit and/or a SSIP Equalization
Benefit payable to Group III Employees who were otherwise
eligible hereunder with respect to GRP or SSIP participation
prior to July 1, 2000 on or after July 1, 2000.

Section 8. Miscellaneous.

Notwithstanding anything contained in the Plan to
the contrary, no otherwise permissible distribution is allowed
that would trigger taxation of any amount under section 409(A)
of the Internal Revenue Code of 1986, as amended.

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