Document:

EXHIBIT 10(iii)(c.1)

 

EXXONMOBIL
SUPPLEMENTAL SAVINGS PLAN

(including
Key Employee Supplemental Savings Plan)

Effective
January 1, 2015

 

 

1. Purpose 

 

The purpose of this Plan is to
provide a payment of approximately equivalent value from the general assets of
Exxon Mobil Corporation (“Corporation”) to a person participating in the
ExxonMobil Savings Plan (“Savings Plan”) who, because of the application of
United States Internal Revenue Code (“Code”) sections 415 and 401(a)(17) is
precluded from receiving employer contributions to the person's Savings Plan
account to which the person would otherwise be entitled.

 

 

2. Benefits 

 

2.1          Eligibility 

A person is eligible to receive benefits under this Plan only if
the person satisfies any of the following requirements:

(A)          The person becomes a
retiree pursuant to section 4.1(A) (relating to age, service and
LTD-eligibility requirements) or section 4.1(D) (relating to retiree grow-ins
in connection with certain divestments) of the ExxonMobil Common Provisions; or

(B)          The person becomes a
qualified plans retiree within the meaning of the ExxonMobil Pension Plan.

2.2          Benefit
Formula

(A)          In General

As to any specific Savings Plan participant the
total amount of payment under this Plan is an amount that is in general
determined by notionally crediting on a monthly basis the amount of employer
contributions that cannot be made to the Savings Plan for that person as a
result of application to that person of Code sections 415 and 401(a)(17);
except that, for those persons who, as of December 31, 1993, are classified at
level 36 and are age 50 and above, only notional employer contributions made
after such date are taken into account. This amount is enhanced in each
instance by 120 percent of the long-term Applicable Federal Rate, compounded
monthly, as of the last month of each calendar quarter as published by the
Internal Revenue Service, and is then reduced, but not below zero, by the
amount, if any, of the actuarial lump-sum value of the amount payable to the
participant under the ExxonMobil Key Employee Additional Payments Plan that is
not applied as an offset against the participant's benefit under the ExxonMobil
Additional Payments Plan or the ExxonMobil Supplemental Pension Plan. For this
purpose, the actuarial lump-sum value shall be determined using the mortality
and interest rate assumptions set out in the ExxonMobil Pension Accounts
Instrument.

(B)          Notional
Interest Rate for Key Employees after Termination or Retirement

As to a participant who, immediately prior to
his or her termination or retirement, has a Classification Level of 36 or above
(“Key Employee”), "120 percent of the long-term Applicable Federal Rate,
compounded monthly, as of the last month of each calendar quarter as published
by the Internal Revenue Service" in paragraph (A) above shall be replaced
with "Citibank Prime Lending Rate as of the last business day of each
calendar quarter" for the period between date of termination or retirement
and date of payment. 

 

2.3          Calculation
Methodology

The exact methodology used in determining such
monthly credits and interest thereon will be established from time to time by
the Plan Administrator. General guidelines to be followed are: 

(A)          Required Participant
Contributions

To the extent determined by those administering
this Plan, a person is required to make regular employee contributions to the
person's Savings Plan account up to the maximum permitted by the Code to
receive credits under this Plan.

(B)          Discretionary Employee Contributions

Prior to July 1, 2002, a person may not enhance
the amounts credited under this Plan by making discretionary employee
contributions to the person's Savings Plan account.

 

 

1 

 

3. Payment of Benefits

 

Payment of the benefit
determined under article 2 above shall be made in a lump sum as soon as
practicable following the latest of the following times:

(A)          the participant’s
retirement from ExxonMobil;

(B)          In the case of a
Key Employee, the six-month anniversary of the participant's termination of
employment or retirement; 

(C)          In the case of a
participant whose Savings Plan account is transferred to a savings plan
sponsored by Infineum USA Inc. or any of its affiliates ("Infineum"),
the participant’s termination of employment from Infineum; or

(D)          In the case of a
participant whose Savings Plan account is transferred to a savings plan
sponsored by Tenneco, Inc. or any of its affiliates ("Tenneco"), the
participant’s termination of employment from Tenneco.

 

4. Payment
Upon Death

 

4.1          In General

If a person dies as an employee with eligibility for a pension
death benefit under the ExxonMobil Pension Plan or as a retiree but before his
benefit under this Plan is distributed to him, then such benefit shall be
distributed as soon as practicable after death to the person’s beneficiary
determined under section 4.2 below.

 

4.2          Designation of
Beneficiaries

(A)          In General

A person entitled to receive a payment under
this Plan may name one or more designated beneficiaries to receive such payment
in the event of the person's death. Beneficiary designations shall be made
in accordance with such procedures as the Plan Administrator may establish. Spousal
consent to any designation is not required.

(B)          Default Beneficiaries

(1)           In General

If no specific designation is in effect, the
deceased’s beneficiary is the person or persons in the first of the following
classes of successive beneficiaries living at the time of death of the
deceased:

(a)           spouse;

(b)           children who
survive the participant or who die before the participant leaving children of
their own who survive the participant;

(c)           parents;

(d)           brothers and
sisters who survive the participant or who die before the participant leaving
children of their own who survive the participant.

If there are no members of any class of such
beneficiaries, payment is made to the deceased’s executors or administrators.

(2)           Allocation among Default
Beneficiaries

If the same class of beneficiaries under
paragraph (1) above contains two or more persons, they share equally, with
further subdivision of such equal shares as next provided. In class (b), where
a child dies before the participant leaving children who survive the
participant, such child's share is subdivided equally among those children. In
class (d), where a brother or sister dies before the participant leaving
children who survive the participant, such brother or sister's share is
subdivided equally among those children.

(3)           Definitions 

For purposes of this Section 4.2,
"child" means a person's son or daughter by legitimate blood
relationship or legal adoption; "parent" means a person's father or
mother by legitimate blood relationship or legal adoption; "brother"
or "sister" means another child of either or both of one's parents.

 

5. Miscellaneous 

 

5.1          Administration
of Plan

The Plan Administrator shall be the Manager,
Compensation, Benefit Plans and Policies, Human Resources Department, Exxon
Mobil Corporation. The Plan Administrator shall have the right and
authority to conclusively interpret this Plan for all purposes, including the
determination of any person’s eligibility for benefits hereunder and the
resolution of any and all appeals relating to claims by participants or
beneficiaries, with any such interpretation being conclusive for all
participants and beneficiaries.

2 

 

 

5.2          Nature of
Payments

Payments provided under this Plan are
considered general obligations of the Corporation.

 

5.3          Assignment or
Alienation

Except as provided in section 5.5 below,
payments provided under this Plan may not be assigned or otherwise alienated or
pledged.

 

5.4          Amendment or
Termination

The Corporation reserves the right to amend or
terminate this plan, in whole or in part, including the right at any time to
reduce or eliminate any accrued benefits hereunder and to alter or amend the
benefit formula set out herein.

 

5.5          Forfeiture of
Benefits

No person shall be entitled to receive payments
under this Plan and any payments received under this Plan shall be forfeited
and returned if it is determined by the Corporation in its sole discretion,
acting through its chief executive or such person or committee as the chief
executive may designate, that a person otherwise entitled to a payment under
this Plan or who has commenced receiving payments under this Plan:

(A)          engaged in gross
misconduct harmful to the Corporation, 

(B)          committed a
criminal violation harmful to the Corporation,

(C)          had concealed
actions described in paragraph (A) or (B) above which would have brought about
termination from employment thereby making the person ineligible for benefits
under this Plan, 

(D)          separated from
service prior to attaining age 65 without having received from the Corporation
or its delegatee prior written approval for such termination, given in the sole
discretion of the Corporation or its delegatee 

and in the context of recognition that benefits
under this Plan would not be forfeited upon such termination, or

(E)           had been
terminated for cause.

 

 

3 

 

EXXONMOBIL KEY EMPLOYEE SUPPLEMENTAL SAVINGS PLAN

 

K1. Purpose 

 

This Plan provides a payment
from the general assets of Exxon Mobil Corporation (“Corporation”) to a person
who, as of December 31, 1993,

(A)          was classified at level 36 or
above, 

(B)          was age 50 or above,

(C)          was a participant
in the Thrift Plan of Exxon Corporation (“Thrift Plan”), and

(D)          had been
precluded from receiving employer contributions to the person's account within
the Thrift Plan to which the person would otherwise be entitled, because of the
application of United States Internal Revenue Code (“Code”) sections 415 and
401(a)(17).

This plan expresses the
Corporation's commitment to make such a payment at the time payment is made to
the participant under the ExxonMobil Supplemental Savings Plan, and sets forth
the method for doing so.

 

 

K2. Benefits 

 

K2.1       Benefit Formula

(A)          In General

As to a participant, the total amount of
payment under this Plan shall be an amount that has been in general determined
by notionally crediting on a monthly basis the amount of employer contributions
that could not have been made to the Thrift Plan account of that person as a
result of application to that person of Code sections 415 and 401(a)(17) from
the date the person otherwise would have been an eligible participant in the
Exxon Supplemental Thrift Plan until December 30, 1993. This amount shall be
enhanced in each instance by 120 percent of the long-term Applicable Federal
Rate, compounded monthly, as of the last month of each calendar quarter as
published by the Internal Revenue Service. A participant in this Plan shall
have a non-forfeitable right to this amount credited as of December 31, 1993
plus all enhancements.

(B)          Notional Interest Rate for Key
Employees after Termination or Retirement

As to a participant who, immediately prior to
his or her termination or retirement, has a Classification Level of 36 or
above, "120 percent of the long-term Applicable Federal Rate, compounded
monthly, as of the last month of each calendar quarter as published by the
Internal Revenue Service" in paragraph (A) above shall be replaced with
"Citibank Prime Lending Rate as of the last business day of each calendar
quarter" for the period between date of termination or retirement and date
of payment.

 

K2.2       Calculation
Methodology

The exact methodology for such notional credits
and interest thereon shall be determined by the Plan Administrator. 

 

 

K3. Payment
of Benefits

 

K3.1       Form of Payment

Payments under this Plan are made in the form
of a lump sum single payment.

 

K3.2       Timing of
Payment

Payment shall be made under this Plan at the
same time as payment is made to the participant under the ExxonMobil
Supplemental Savings Plan.

 

 

 

4 

 

 

K4. Beneficiaries 

 

K4.1       Designation of
Beneficiaries

A person entitled to receive a payment under
this Plan may name one or more designees to receive such payment in the event
of the person's death. Beneficiary designations shall be made in
accordance with such procedures as the Plan Administrator may establish. Spousal
consent to any designation is not required. 

 

K4.2       Default
Beneficiaries

(A)          In General

If no specific designation is in effect, the
deceased’s beneficiary is the person or persons in the first of the following
classes of successive beneficiaries living at the time of death of the
deceased:

(1)           spouse;

(2)           children who
survive the participant or who die before the participant leaving children of
their own who survive the participant;

(3)           parents;

(4)           brothers and
sisters who survive the participant or who die before the participant leaving
children of their own who survive the participant.

If there are no members of any class of such
beneficiaries, payment is made to the deceased's executors or administrators.

(B)          Allocation among Default
Beneficiaries

If the same class of beneficiaries under
paragraph (A) above contains two or more persons, they share equally, with
further subdivision of such equal shares as next provided. In class (2), where
a child dies before the participant leaving children who survive the
participant, such child's share shall be subdivided equally among those
children. In class (4), where a brother or sister dies before the participant
leaving children who survive the participant, such brother or sister's share
shall be subdivided equally among those children.

(C)          Definitions 

For purposes of this Section K4.2,
"child" means a person's son or daughter by legitimate blood
relationship or legal adoption; "parent" means a person's father or
mother by legitimate blood relationship or legal adoption; "brother"
or "sister" means another child of either or both of one's parents.

 

 

K5. Miscellaneous 

 

K5.1       Administration
of Plan

The Plan Administrator shall be the Manager,
Compensation, Benefit Plans and Policies, Human Resources Department,
ExxonMobil Corporation. The Plan Administrator shall have the right and
authority to conclusively interpret this Plan for all purposes, including the
determination of any person’s eligibility for benefits hereunder and the
resolution of any and all appeals relating to claims by participants or
beneficiaries, with any such interpretation being conclusive for all
participants and beneficiaries.

 

K5.2       Nature of
Payments

Payments provided under this Plan shall be
considered general obligations of the Corporation.

 

K5.3       Assignment or
Alienation

Payments provided under this Plan may not be
assigned or otherwise alienated or pledged.

 

K5.4       Amendment or
Termination

The Corporation may at any time amend or
terminate this Plan, in whole or in part, so long as the amendment does not
deprive any person of the non-forfeitable right to benefits specifically
granted in this Plan.

 

5EXHIBIT 10(iii)(c.2)

 

EXXONMOBIL SUPPLEMENTAL
PENSION PLAN

(Including Key Employee
Supplemental Pension Plan)

Effective January 1, 2015

 

 

1. Purpose 

 

The purpose of
this Plan is to provide payments of equivalent value from the general assets of
Exxon Mobil Corporation (“Corporation”) to those participants in the ExxonMobil
Pension Plan (“Pension Plan”) who, because of the application of United States
Internal Revenue Code (“Code”) sections 415 and 401(a)(17), are precluded from
receiving from Pension Plan funded assets all the payments to which they would
otherwise be entitled under the Pension Plan's formula. 

 

 

2. Benefits 

 

2.1          Eligibility 

A person is eligible to receive benefits under this Plan only if
the person satisfies any of the following requirements:

(A)          The person becomes a retiree pursuant to section
4.1(A) (relating to age, service and LTD-eligibility requirements) or section
4.1(D) (relating to retiree grow-ins in connection with certain divestments) of
the ExxonMobil Common Provisions; or

(B)          The person becomes a qualified plans retiree within
the meaning of the ExxonMobil Pension Plan.

2.2          Benefit
Formula

(A)          In General

Except as provided in paragraph (B) below with respect
to former Mobil employees, as defined in the ExxonMobil Common Provisions,
(“Former Mobil Employees”), as to any Pension Plan participant eligible for
payment under this Plan, the value of the payments under this Plan is an amount
that when added to the normal form amount that can be paid to the participant
from the Pension Plan's qualified funded assets, produces a sum equal to the
total normal form amount to which the participant would be entitled computed
under the Pension Plan formula applicable to that participant disregarding any
reductions, restrictions, or limitations brought about by the application of
Code sections 415 and 401(a)(17), reduced, but not below zero, by the following
amounts:

(1)           the amount, if any, payable to the
participant under the ExxonMobil Key Employee Supplemental Pension Plan, and

(2)           the amount, if any, payable to the
participant under the ExxonMobil Key Employee Additional Payments Plan that is
not applied as an offset against the participant's benefit under the ExxonMobil
Additional Payments Plan.

Where relevant, this computation is performed after
taking into account any entitlement the participant may have under the Overseas
Contributory Annuity Plan. The resulting benefit is expressed in the form of a
monthly five-year-certain and life annuity for the life of the participant
commencing at the participant’s age 65 (“Normal Retirement Age”).

(B)          Benefit Formula for Former Mobil
Employee

The payments under this Plan for Former Mobil
Employees who retire with eligibility for Incentive Pension Benefits under the
ExxonMobil Additional Payments Plan shall be the amounts determined under
paragraph (1) below and, if applicable, paragraph (2) below.

(1)           In General

The amount benefit determined under this paragraph (1)
shall be the lesser of:

(a)           the amount of the person’s benefit
otherwise determined under paragraph (A) above, or

(b)           the excess if any of the person’s
Overall Benefit Objective as described in section 2.3(B) of the ExxonMobil
Additional Payments Plan, over the sum of the person’s benefit under the
ExxonMobil Pension Plan (including any Pre-Social Security Benefit) and the
person’s Incentive Pension Benefit and Nonqualified PSSP Benefit, if any, as
determined under the ExxonMobil Additional Payments Plan,

expressed in the form of a monthly five-year-certain
and life annuity for the life of the participant commencing at the
participant’s Normal Retirement Age. 

(2)           Nonqualified PSSP Benefits

1 

 

The amount of a person’s
benefit determined under this paragraph (2) shall be the amount, if any, of any
Nonqualified PSSP Benefit determined for such person under the terms of the
ExxonMobil Additional Payments Plan.

 

2.3          Offsets
for Other Pension Benefits

A person’s benefit determined under section 2.2 shall
be offset, but not below zero, by any benefit payable to the person under (A)
an offsetting pension that is not qualified under the terms of the U.S.
Internal Revenue Code, (B) a separation payment offset, or (C) a non-U.S.
governmental pension offset, as such terms are defined under the ExxonMobil
Pension Plan.

 

2.4          Plan
Administrator Discretion

The procedure for calculating the benefit for former
Mobil employees under section 2.2 above, and for determining the application of
the offsets for other pension benefits under section 2.3 above, shall be
determined in the sole and exclusive discretion of the Plan Administrator.

 

 

3. Payment of
Benefits

 

3.1          Timing
of Payment

(A)          In General

Except as provided in paragraph (B) or (C) below,
payment of the benefit described in article 2 above shall occur as soon as
practicable following the later to occur of the following:

(1)           the person’s retirement from ExxonMobil;

(2)           in the case of a person who, immediately
prior to his or her retirement, has a Classification Level of 36 or above (“Key
Employee”), the six-month anniversary of the person’s retirement;

(B)          Retirement Prior to Age 55

In the case of a person who retires from ExxonMobil on
account of long-term disability prior to the first of the month in which the
person attains age 55, payment of the benefit described in article 2 above
shall occur on the first of the month in which the person attains age 55, or as
soon as practicable thereafter.

 

3.2          Reduction
for Early Commencement

If payments under this Plan commence prior to the
month in which the person reaches Normal Retirement Age, they are reduced by
applying the early commencement factors specified under the Pension Plan for a
benefit commencing at the person’s then age. 

 

3.3          Form
of Payment

Payment of the benefit described in article 2 above
shall be made in a lump sum that is the actuarial equivalent of the
five-year-certain and life annuity calculated under section 2.2(A) or 2.2(B)(1)
or the actuarial equivalent of the PSSP benefit calculated under 2.2(B)(2). For
this purpose, actuarial equivalence shall be determined by the Plan
Administrator using the factors and procedures that are used for the
calculation of the lump-sum payment option under the Pension Plan.

 

3.4          Adjustment
for Key Employees

If payment of a Key Employee’s benefit is delayed for
six months following termination or retirement because of the requirement set
out in section 3.1(A)(2) above, then instead of the lump-sum benefit calculated
under section 3.3 above, the person shall receive a lump-sum benefit equal to
the greater of the following:

(A)          The lump-sum payment that would otherwise
have been calculated for the person under section 3.3 above as if he were not a
Key Employee, based on the payment date that would have applied to the
individual if he were not a Key employee and on the actuarial factors
applicable as of such date under the ExxonMobil Pension Plan, plus interest for
the period of delayed payment; or

(B)          A lump-sum that is the actuarial
equivalent of the person’s five-year-certain and life annuity calculated as of
the delayed payment date and using the actuarial factors applicable as of the
six-month anniversary of the person’s retirement date.

Interest shall be credited under paragraph (A) above,
at a rate equal to the Citibank prime lending rate in effect on the date the
person separates from employment.

 

 

2 

 

4. Death Benefit

 

4.1          Benefits Payable On Account of Death

(A)          In General

In the event a portion of a pension death benefit or a
“career annuity subject to deferred commencement that commences by reason of
death” that becomes payable under the terms of the Pension Plan on account of
the death of a participant cannot be paid from the Pension Plan because of the
application of Code sections 415 and 401(a)(17), a lump-sum death benefit of
equivalent value shall be paid to the participant’s beneficiary (as determined
under section 4.2 below) under this Plan. For this purpose, equivalent value
shall be determined by the Plan Administrator using the factors and procedures
that are used for the calculation of similar benefits under the Pension Plan.

(B)          Excluded Benefits

Neither the Qualified Joint and Survivor Annuity
payment option, nor the Surviving Spouse Annuity benefit, as such are provided
for under the Pension Plan, are provided as benefits under this Plan.

 

4.2          Designation
of Beneficiaries

(A)          In General

A person may name one or more designated beneficiaries
to receive the benefits payable under this Plan under section 4.1 above in the
event of the person's death. Beneficiary designations shall be made in
accordance with such procedures as the Plan Administrator may establish. Spousal
consent to any designation is not required.

(B)          Default
Beneficiaries

(1)           In General

If no specific designation is in effect, the
deceased’s beneficiary is the person or persons in the first of the following
classes of successive beneficiaries living at the time of death of the
deceased:

(a)           spouse;

(b)           children who survive the participant or
who die before the participant leaving children of their own who survive the
participant;

(c)           parents;

(d)           brothers and sisters who survive the
participant or who die before the participant leaving children of their own who
survive the participant.

If there are no members of any class of such
beneficiaries, payment is made to the deceased's executors or administrators.

(2)           Allocation among Default
Beneficiaries

If the same class of beneficiaries under paragraph (1)
above contains two or more persons, they share equally, with further
subdivision of such equal shares as next provided. In class (b), where a child
dies before the participant leaving children who survive the participant, such
child's share is subdivided equally among those children. In class (d), where a
brother or sister dies before the participant leaving children who survive the
participant, such brother or sister's share is subdivided equally among those
children.

(3)           Definitions 

For purposes of this section 4.2, "child"
means a person's son or daughter by legitimate blood relationship or legal
adoption; "parent" means a person's father or mother by legitimate
blood relationship or legal adoption; "brother" or "sister"
means another child of either or both of one's parents.

 

 

5. Miscellaneous 

 

5.1          Administration of Plan

The Plan Administrator shall be the Manager,
Compensation, Benefit Plans and Policies, Human Resources Department, Exxon
Mobil Corporation. The Plan Administrator shall have the right and authority to
conclusively interpret this Plan for all purposes, including the determination
of any person’s eligibility for benefits hereunder and the resolution of any
and all appeals relating to claims by participants or beneficiaries, with any such
interpretation being conclusive for all participants and beneficiaries.

 

5.2          Nature
of Payments

Payments provided under this Plan are considered
general obligations of the Corporation.

 

5.3          Assignment
or Alienation

3 

 

Except as provided in
section 5.5 below, payments provided under this Plan may not be assigned or
otherwise alienated or pledged.

 

5.4          Amendment
or Termination

The Corporation reserves the right to amend or
terminate this Plan, in whole or in part, including the right at any time to
reduce or eliminate any accrued benefits hereunder and to alter or amend the
benefit formula set out herein.

 

5.5          Forfeiture
of Benefits

No person shall be entitled to receive payments under
this Plan and any payments received under this Plan shall be forfeited and
returned if it is determined by the Corporation in its sole discretion, acting
through its chief executive or such person or committee as the chief executive
may designate, that a person otherwise entitled to a payment under this Plan or
who has commenced receiving payments under this Plan:

(A)          engaged in gross misconduct harmful to
the Corporation, 

(B)          committed a criminal violation harmful to
the Corporation, 

(C)          had concealed actions described in
paragraph (A) or (B) above which would have brought about termination from
employment thereby making the person ineligible for benefits under this Plan, 

(D)          separated from service prior to attaining
Normal Retirement Age without having received from the Corporation or its
delegatee prior written approval for such termination, given in the sole
discretion of the Corporation or its delegatee and in the context of
recognition that benefits under this Plan would not be forfeited upon such
termination, or

(E)           had been terminated for cause.

 

 

 

 

4 

 

KEY EMPLOYEE SUPPLEMENTAL PENSION PLAN

 

 

K1. Purpose 

 

This Plan
provides payments from the general assets of Exxon Mobil Corporation
(“Corporation”) to those persons who, as of December 31, 1993,

(A)          were classified at level 36 or above,

(B)          were age 50 and above, and 

(C)          were participants in the Annuity Plan of
Exxon Corporation (“Annuity Plan”) and who, because of the application of
United States Internal Revenue Code (“Code”) sections 415 and 401(a)(17), would
have been precluded from receiving from Annuity Plan funded assets all the
payments to which they would otherwise be entitled under the Annuity Plan's
formula. 

This Plan
expresses the Corporation's commitment to provide such equivalent payments and
sets forth the method for doing so.

 

 

K2. Benefits 

 

K2.1       Benefit
Formula

As to any participant eligible for payment under this
Plan, the value of such payments shall be an amount that when added to the
normal form amount that could have been paid to the participant from the
Annuity Plan's qualified funded assets, produces a sum equal to the total
normal form amount to which the participant would have been entitled computed
under the Annuity Plan formula applicable to that participant as of December
31, 1993, disregarding any reductions, restrictions, or limitations brought
about by Code sections 415 and 401(a)(17). Where relevant, all computations
will take into account any entitlement the participant may have under the Overseas
Contributory Annuity Plan. A participant in this Plan shall have a
non-forfeitable right to this amount.

 

K2.2       Benefit
Payable On Account of Death

(A)          Death Benefit

In the event a pension death benefit is payable under
the terms of the ExxonMobil Pension Plan (“Pension Plan”) on account of the
death of a participant, a death benefit shall be payable under this Plan equal
to the lump-sum value of the benefit that would have been payable under section
K2.1 above to the participant if the participant had not died but had
terminated employment and had elected to commence his or her benefit as of the
date of death. 

(B)          Deferred Annuity Death Benefit

In the event a “Career Annuity subject to deferred
commencement that commences by reason of death” is payable under the terms of
the Pension Plan on account of the death of a participant, a similar benefit
shall be payable under this Plan based on the benefit that would have been
payable under section K2.1 above to the participant if the participant had not
died.

(C)          Calculation Methodology

The exact nature and amounts of any benefit payable
under paragraph (A) or (B) shall be determined under a methodology established
from time to time by the Plan Administrator.

(D)          Excluded Benefits

Specifically excluded from coverage and entitlement
under this Plan are:

(1)           the legally mandated Qualified Joint and
Survivor Annuity, and 

(2)           the right to elect a Surviving Spouse
Annuity

as such are established for married participants in
the Pension Plan.

 

 

K3. Beneficiaries 

 

K3.1       Designation
of Beneficiaries

A person entitled to receive benefits under this Plan
may name one or more designated beneficiaries to receive the benefits payable
under this Plan under section K2.2 above in the event of the person's death in
accordance with such procedures as the Plan Administrator may establish. Spousal
consent to any designation is not required.

 

K3.2       Default
Beneficiaries

(A)          In General

If no specific designation is in effect, the
deceased’s beneficiary is the person or persons in the first of the following
classes of successive beneficiaries living at the time of death of the
deceased:

5 

 

(1)           spouse;

(2)           children who survive the participant or
who die before the participant leaving children of their own who survive the
participant;

(3)           parents;

(4)           brothers and sisters who survive the
participant or who die before the participant leaving children of their own who
survive the participant.

If there are no members of any class of such
beneficiaries, payment is made to the deceased's executors or administrators.

(B)          Allocation among Default Beneficiaries

If the same class of beneficiaries under paragraph (A)
above contains two or more persons, they share equally, with further
subdivision of such equal shares as next provided. In class (2), where a child
dies before the participant leaving children who survive the participant, such
child's share shall be subdivided equally among those children. In class (4),
where a brother or sister dies before the participant leaving children who
survive the participant, such brother or sister's share shall be subdivided
equally among those children.

(C)          Definitions 

For purposes of this section K3.2, "child"
means a person's son or daughter by legitimate blood relationship or legal
adoption; "parent" means a person's father or mother by legitimate
blood relationship or legal adoption; "brother" or "sister"
means another child of either or both of one's parents.

 

 

K4. Payment
of Benefits

 

K4.1       Commencement
of Benefits

(A)          In General

Payments under this Plan occur at the same time as
payments under the ExxonMobil Supplemental Pension Plan commence. 

(B)          Reduction for Early Commencement

If payments under this Plan commence prior to the
month in which the person reaches age 65, they are reduced by applying the
early commencement factors for retirees set forth in the Pension Plan for a
normal maturity age of 65. For all actuarial purposes, this monthly amount paid
as a five-year certain life annuity is deemed the normal form amount. 

 

K4.2       Form
of Payment

Payments under this Plan shall be made in the form of
a lump sum that is the actuarial equivalent of the five-year-certain and life
annuity in which the normal form of benefit is expressed. For this purpose,
actuarial equivalency shall be determined by the Plan Administrator using the
factors used for comparable determinations under the Pension Plan.

 

 

K5. Miscellaneous 

 

K5.1       Administration
of Plan

The Plan Administrator shall be the Manager,
Compensation, Benefit Plans and Policies, Human Resources Department,
ExxonMobil Corporation. The Plan Administrator shall have the right and
authority to conclusively interpret this Plan for all purposes, including the
determination of any person’s eligibility for benefits hereunder and the
resolution of any and all appeals relating to claims by participants or
beneficiaries, with any such interpretation being conclusive for all
participants and beneficiaries.

 

K5.2       Nature
of Payments

Payments provided under this Plan shall be considered
general obligations of the Corporation.

 

K5.3       Assignment
or Alienation

Payments provided under this Plan may not be assigned
or otherwise alienated or pledged.

 

K5.4       Amendment
or Termination

The Corporation reserves the right to amend or
terminate this Plan, in whole or in part, so long as the amendment does not
deprive any person of the non-forfeitable right to benefits specifically
granted in this Plan.

 

6

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