Document:

exv10w10

Exhibit 10.10

SPLIT-DOLLAR AGREEMENT

THIS AGREEMENT, made as of the 18th day of October, 1993, by and between THE SAVINGS
BANK OF ROCKVILLE, a Connecticut corporation (hereinafter referred to as the “Employer”), and
JOSEPH F. JEAMEL, JR. of Vernon, Connecticut (hereinafter referred to as the “Employee”).

WITNESSETH THAT:

WHEREAS, the Employee is employed by the Employer; and

WHEREAS, the Employer is desirous of retaining the services of the Employee and of assisting the
Employee in paying for life insurance on his own life; and

WHEREAS, the Employer has determined that this assistance can be provided under a split dollar life
insurance arrangement; and

WHEREAS, the Employee has applied for, and is the owner of the insurance policy or policies listed
in Schedule A attached hereto, hereinafter referred to as the “Policy”, and

WHEREAS, the Employer and the Employee agree to make the Policy subject to this Agreement; and

WHEREAS, the Employee has assigned the Policy to the Employer as collateral for amounts to be
advanced by the Employer under this Agreement by an instrument of assignment filed with the Insurer
(hereinafter referred to as the “Assignment”);

 

 

NOW, THEREFORE, in consideration of the promises and of the mutual covenants herein contained, the
Parties hereto hereby agree as follows:

	 	1.	 	The Parties hereto agree that the Policy shall be subject to the terms and conditions
of this Agreement and of the Assignment filed with the Insurer relating to the Policy. The
Employee shall be the sole and absolute owner of the Policy and may exercise all ownership
rights granted to the owner thereof by the terms of the Policy, except as may be otherwise
provided herein and in the Assignment.
	 
	 	2.	 	Any dividend declared on the Policy shall be applied to purchase paid-up additional
insurance on the life of the Employee. The Parties hereto agree that the dividend election
provisions of the Policy shall conform to the provisions hereof.
	 
	 	3.	 	The premium for the Policy will be paid by the Employer during the Employee’s
employment by the Employer and will be allocated between the Employee and the Employer.
The Employee’s share of the premium (term insurance allocation) shall be paid by the
Employer as agent for the Employee and shall be charged to the Employee as cash
compensation, and for all purposes, including the Assignment, shall be deemed cash
compensation and not Employer paid premium.
	 
	 	4.	 	The Assignment shall not be terminated, altered or amended by the Employee without the
express written consent of the Employer. The Parties hereto agree to take reasonable
action to cause such Assignment to conform to the provisions of this Agreement.

	 	5.	 	a. Except as otherwise provided herein, the Employee shall not sell, assign, transfer,
borrow against, surrender or cancel the Policy, change the beneficiary designation
provision thereof,

 

 

	 	 	 	or terminate the dividend election thereof without, in any such case, the express
written consent of the Employer.

b. The Employer shall not borrow against the Policy without the express written consent
of the Employee.

c. Upon the Employee’s attainment of age sixty-five (65), the Employee shall have the
right to alter the dividend option and the right to take any action with regard to the
cash value of the policy in excess of the collaterally assigned interest of the
Employer.

	 	6.	 	a. Upon the death of the Employee, the Employer shall promptly take all action
necessary to obtain its share of the death benefit provided under the Policy.

b. The Employer shall have the unqualified right to receive a portion of such Death
Benefit equal to the total amount of its share of the premiums paid by it hereunder
(hereinafter referred to as the “Net Premiums”) without interest. The balance of the
death benefit provided under the Policy, if any, shall be paid directly by the Insurer
to the beneficiary or beneficiaries and in the manner designated by the Employee. No
amount shall be paid from such death benefit to the beneficiary or beneficiaries
designated by the Employee until the Employer or Insurer acknowledges in writing that
the full amount due to the Employer hereunder has been paid. The Parties hereto agree
that the beneficiary designation provision of the Policy shall conform to the provisions
hereof.

	 	7.	 	The Employer shall not merge or consolidate into or with another organization, or
reorganize, or sell substantially all of its assets to another organization, firm or person
unless and until such succeeding or continuing organization, firm or person agrees to
assume and discharge

 

 

	 	 	 	the obligations of the Employer under this Agreement. Upon the occurrence of such
event, the term “Employer” as used in this Agreement shall be deemed to refer to such
successor or survivor organization. The obligations continuing hereunder shall require
future payments of premiums only if (a) Employee’s employment continues with such
organization, firm or person or (b) an agreement or arrangement beyond this Agreement so
requires.

	 	8.	 	This Agreement shall terminate upon the Employee’s death and the payment of proceeds
pursuant to Section 6 of this Agreement.
	 
	 	9.	 	a. If the employee ceases to be employed by the employer for whatever reason, the
Employee has the right to continue to keep the Policy in force either individually or
through a subsequent Employer, subject to the requirement that the Policy cash value not be
reduced through loans, premium payment options, or in any other manner below the amount
needed to repay the Employer the Net Premiums paid by it hereunder.

b. If the Employee continues to keep the Policy in force, termination of this Agreement
shall be pursuant to Section 8 of this Agreement.

c. If the Employee does not continue to keep the Policy in force, this Agreement will
terminate immediately and the Employer will be repaid an amount equal to the lesser of
Net Premiums paid by the Employer or the cash surrender value as of the date of the
Employee’s termination of Employment.

	 	10.	 	The Parties hereto agree that this Agreement shall take precedence over any provisions
of the Assignment. The Employer agrees not to exercise any right possessed by it under the
Assignment except in conformity with this Agreement.

 

 

	 	11.	 	This Agreement may not be amended, altered or modified except by a written instrument
signed by both of the Parties hereto and may not be otherwise terminated except as provided
herein.
	 
	 	12.	 	a. The split-dollar arrangement contemplated herein is an exempt welfare plan under
regulations promulgated under Title I of the Employee Retirement Income Security Act of
1974 (“ERISA”).

b. For purposes of ERISA, the Employer will be the “named fiduciary” and “plan
administrator” of the split-dollar arrangement contemplated herein, and this Agreement
is hereby designated as the written plan instrument.

c. The Employee or any beneficiary of his may file a request for benefits with the plan
administrator. If a claim request is wholly or partially denied, the plan administrator
will furnish to the claimant a notice of its decision within ninety (90) days in
writing, and in a manner to be understood by the claimant, which notice will contain the
following information:

	 	(i)	 	the specific reason or reasons for the denial;
	 
	 	(ii)	 	specific reference to pertinent plan provisions upon 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 as to why
such material or information is necessary.

 

 

	 	(iv)	 	an explanation of the plan’s claim-review procedure describing
the steps to be taken by a claimant who wishes to submit his claim for review.

	 	d.	 	A claimant or his authorized representative may, with respect to any denied claim,

	 	(i)	 	request a review upon written application filed within sixty
(60) days after receipt by the claimant of written notice of the denial of his
claim;
	 
	 	(ii)	 	review pertinent documents; and
	 
	 	(iii)	 	submit issues and comments in writing.

Any request or submission will be in writing and will be directed to the plan
administrator. The plan administrator will have the sole responsibility for the review
of any denied claim and will take all appropriate steps in light of its findings. The
plan administrator will render a decision upon review of a denied claim within sixty
(60) days after receipt of a request for review. If special circumstances warrant
additional time, the decision will be rendered as soon as possible, but not later than
one hundred twenty (120) days after receipt of request for review. Written notice of
any such extension will be furnished to the claimant prior to the commencement of the
extension. The decision on review will be in writing and will include specific reasons
for the decision written in a manner to be understood by the claimant, as well as the
specific references of the pertinent provisions of the plan on which the decision is
based. If the decision on review is not furnished to the claimant within the time
limits described above, the claim will be deemed denied on review.

 

 

	 	13.	 	This Agreement shall be binding upon and inure to the benefit of the Employer and its
successors and assignees and the Employee and his successors, assignees, heirs, executors,
administrators and beneficiaries.
	 
	 	14.	 	Except as may be preempted by ERISA, the Agreement, and the rights of the Parties
hereunder, shall be governed by and construed in accordance with, the laws of the State of
Connecticut.

IN WITNESS WHEREOF, the Employer has caused this Agreement to be executed by its officer thereunto
duly authorized and the Employee has hereunto set his hand and seal, all as of the day and year
first above written.

	 	 	 	 	 
	 	THE SAVINGS BANK OF ROCKVILLE

 	 
	 	By /s/ William J. McGurk
 	 
	 	William J. McGurk 	 
	 	Title:  	President 	 
	 
	 	 	 
	 	                             /s/ Joseph F. Jeamel, Jr.
 	 
	 	Joseph F. Jeamel, Jr. 	 
	 	 	 

 

 

	 	 	 	 	 

SCHEDULE A

	 	 	 	 	 	 	 	 	 
	Insurance Carrier	 	Policy No.	 	 	Face Amount	 
	Guardian Life Insurance Company
	 	 	3745602	 	 	$	123,950Exhibit 4.1

Exhibit 4.1

EXECUTION VERSION

AMENDMENT

dated as of September 15, 2010

 

with respect to the:

TENTH SUPPLEMENTAL INDENTURE

U.S.$1,000,000,000

6.875% Guaranteed Notes due 2039

Dated as of November 10, 2009

among

VALE OVERSEAS LIMITED,

as Issuer

and

VALE S.A.,

as Guarantor

and

THE BANK OF NEW YORK MELLON

as Trustee

 

 

 

Amendment, dated as of September 15, 2010, among VALE OVERSEAS LIMITED, a Cayman Islands
exempted company incorporated with limited liability (herein called the “Company”), having its
principal office at Walker House, 87 Mary Street, George Town, Grand Cayman, KY1-9002, Cayman
Islands, VALE S.A., a company organized under the laws of the Federative Republic of Brazil (herein
called the “Guarantor”), having its principal office at Avenida Graca Aranha, No. 26, 17 Andar,
20030-900 Rio de Janeiro, RJ, Brazil, and THE BANK OF NEW YORK MELLON (as successor to The Bank of
New York), a banking corporation duly organized and existing under the laws of the State of New
York, having its principal corporate trust office at 101 Barclay Street, New York, New York 10286,
as Trustee (herein called the “Trustee”) to the Tenth Supplemental Indenture, dated as of November
10, 2009, among the Company, the Guarantor and the Trustee (the “Tenth Supplemental Indenture”).

W I T N E S S E T H :

Whereas, the Company and the Guarantor have heretofore executed and delivered to the Trustee
the Tenth Supplemental Indenture to the Amended and Restated Indenture dated as of November 21,
2006 (the “Base Indenture”), providing for the issuance of the Company’s 6.875% Guaranteed Notes
due 2039 (the “Notes”);

Whereas, Section 2.1 of the Tenth Supplemental Indenture provides that the Company may, from
time to time and without the consent of the holders of the Notes, issue additional notes (the
“Additional Notes”) on terms and conditions identical to those of the Notes, which Additional Notes
shall increase the aggregate principal amount of, and shall be consolidated and form a single
series with, the Notes;

Whereas, the Company and the Guarantor desire by this Amendment to such Tenth Supplemental
Indenture to issue Additional Notes on terms and conditions identical to those of the Notes, which
Additional Notes shall increase the aggregate principal amount of, and shall be consolidated and
form a single series with, the Notes. The Additional Notes will also be known as the Company’s
6.875% Guaranteed Notes due 2039, the terms and provisions of which are as specified in the Tenth
Supplemental Indenture as further supplemented by this Amendment to the Tenth Supplemental
Indenture; and

Whereas, the Company and the Guarantor have duly authorized the execution and delivery of this
Amendment to the Tenth Supplemental Indenture and all things necessary to make this Amendment to
the Tenth Supplemental Indenture a valid and binding legal obligation of the Company and the
Guarantor according to its terms have been done.

 

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Now, therefore, for and in consideration of the foregoing premises, the Company and the
Guarantor covenant and agree with the Trustee:

1. Capitalized Terms

Capitalized terms used herein without definition shall have the meanings assigned to them in
the Tenth Supplemental Indenture.

2. General Terms And Conditions of the Additional Notes

There is hereby authorized and established Additional Notes designated the “6.875% Guaranteed
Notes due 2039”. The Additional Notes shall increase the aggregate principal amount of, and shall
be consolidated and form a single series with, the Notes. The Additional Notes will initially be
limited to an aggregate principal amount of US$750,000,000. Together, the aggregate principal
amount of the Additional Notes and the Notes will be US$1,750,000,000. The terms and conditions of
the Additional Notes are identical to those of the Notes as specified in the Tenth Supplemental
Indenture as further supplemented by this Amendment to the Tenth Supplemental Indenture.

3. Miscellaneous Provisions

3.1 This Amendment to the Tenth Supplemental Indenture is a supplement to the Tenth
Supplemental Indenture

This Amendment to the Tenth Supplemental Indenture is executed as and shall constitute an
indenture supplemental to the Tenth Supplemental Indenture and shall be construed in connection
with and as part of the Tenth Supplemental Indenture. The Tenth Supplemental Indenture shall be
deemed to be modified as herein provided, but except as modified hereby, the Tenth Supplemental
Indenture shall continue in full force and effect. The Tenth Supplemental Indenture as modified
hereby by the Amendment to the Tenth Supplemental Indenture shall be read, taken, and construed as
one and the same instrument.

3.2 References to this Amendment to the Tenth Supplemental Indenture

Any and all notices, requests, certificates and other instruments executed and delivered after
the execution and delivery of this Amendment to the Tenth Supplemental Indenture may refer to the
Tenth Supplemental Indenture without making specific reference to this Amendment to the Tenth
Supplemental Indenture, but nevertheless all such references shall be deemed to include this
Amendment to the Tenth Supplemental Indenture unless the context otherwise requires.

3.3 Execution in Counterparts

This Amendment to the Tenth Supplemental Indenture may be simultaneously executed and
delivered in any number of counterparts, each of which when so executed and delivered shall be
deemed to be an original, and such counterparts shall together constitute but one and the same
instrument.

3.4. Severability

In the event that any provisions of this Amendment to the Tenth Supplemental
Indenture shall be invalid, illegal, or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

3

 

4. The Trustee

The Trustee shall not be responsible in any manner whatsoever for or in respect of the
validity or sufficiency of this Amendment to the Tenth Supplemental Indenture or for or in respect
of the recitals contained herein, all of which are made solely by the Company and the Guarantor.

5. Governing Law

This Amendment to the Tenth Supplemental Indenture shall be governed by, and construed in
accordance with, the laws of the State of New York.

6. Effectiveness

This Amendment to the Tenth Supplemental Indenture shall become effective upon execution by
the Company, the Guarantor and the Trustee.

 

4

 

EXECUTION VERSION

In Witness Whereof, each of the parties hereto have caused this Amendment to the Tenth
Supplemental Indenture to be duly executed on its behalf, all as of the day and year first written
above.

	 	 	 	 	 
	 	VALE OVERSEAS LIMITED

 	 
	 	By:  	/s/ Marcus Vinicius Dias Severini
 	 
	 	 	Name:  	Marcus Vinicius Dias Severini 	 
	 	 	Title:  	Director 	 
	 	 	 
	 	By:  	                /s/ Wanda Krajnc Alves
 	 
	 	 	Name:  	Wanda Krajnc Alves 	 
	 	 	Title:  	Director 	 
	 
	 	VALE S.A.

 	 
	 	By:  	/s/ Marcelo Campos Habibe
 	 
	 	 	Name:  	Marcelo Campos Habibe 	 
	 	 	Title:  	Attorney-in-Fact 	 
	 	 	 
	 	By:  	                /s/ Sonia Zagury
 	 
	 	 	Name:  	Sonia Zagury 	 
	 	 	Title:  	Treasury and Finance Director 	 
	 
	 	THE BANK OF NEW YORK MELLON, as Trustee

 	 
	 	By:  	/s/ Karen Ferry
 	 
	 	 	Name:  	Karen Ferry 	 
	 	 	Title:  	Vice President

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