Document:

exv10w1

 

Exhibit 10.1

E. I. DU PONT DE NEMOURS AND COMPANY

STOCK ACCUMULATION AND DEFERRED

COMPENSATION PLAN FOR DIRECTORS

(As last amended, April 25, 2007)

	1.	 	PURPOSE OF THE PLAN
	 
	 	 	The purpose of the DuPont Stock Accumulation and Deferred Compensation
Plan for Directors (the “Plan”) is to permit Directors to defer the
payment of all or a specified part of their compensation for services
performed as Directors.
	 
	2.	 	ELIGIBILITY
	 
	 	 	Members of the Board of Directors of the Company who are not employees
of the Company or any of its subsidiaries or affiliates shall be
eligible under this Plan to defer compensation for services performed
as Directors.
	 
	3.	 	ADMINISTRATIONS AND AMENDMENT
	 
	 	 	The Plan shall be administered by the Compensation Committee of the
Board of Directors (the “Committee”). The decision of the Committee
with respect to any questions arising as to the interpretation of this
Plan, including the severability of any and all of the provisions
thereof, shall be final, conclusive and binding. The Board of
Directors of the Company reserves the right to modify the Plan from
time to time, or to repeal the Plan entirely, provided, however, that
(1) no modification of the Plan shall operate to annul an election
already in effect for the current calendar year or any preceding
calendar year; and (2) that the foregoing shall not preclude any
amendment necessary or desirable to conform to changes in applicable
law, including, but not limited to, changes in the Internal Revenue
Code.
	 
	 	 	The Committee is authorized, subject to the provisions of the Plan,
from time to time to establish such rules and regulations as it deems
appropriate for the proper administration of the Plan, and to make
such determinations and take such steps in connection therewith as it
deems necessary or advisable.
	 
	4.	 	COMPLIANCE WITH SECTION 16 OF THE EXCHANGE ACT / CHANGE IN LAW
	 
	 	 	It is the Company’s intent that the Plan comply in all respects with
Rule 16b-3 of the Exchange Act, or its successor, and any regulations
promulgated thereunder. If any provision of this Plan is found not to
be in compliance with such rule and regulations, the provision shall
be deemed null and void, and the remaining provisions of the Plan
shall continue in full force and effect. All transactions under this
Plan shall be executed in accordance with the requirements of Section
16 of the Exchange Act and the regulations promulgated thereunder.
	 
	 	 	The Board of Directors may, in its sole discretion, modify the terms
and conditions of this Plan in response to and consistent with any
changes in applicable law, rule or regulation.
	 
	5.	 	ELECTION TO DEFER AND FORM OF PAYMENT
	 
	 	 	On or before December 31 of any year, a Director may elect to defer,
until a specified year or retirement as a Director of the Company, the
payment of all or a specified part of all fees payable to the Director
for services as a Director during the calendar year following the
election in the form of cash or stock units. Restricted stock units
payable in cash may be deferred only in the form of cash. In
addition, as part of such election, a Director shall elect the form of
payment (lump sum or annual installments). Any person who shall
become a Director during any calendar year, and who was not a Director
of the Company

 

 

	 	 	on the preceding December 31, may elect, within thirty
days after election to the Board, to defer in the same manner the
receipt of the payment of all or a specified part of fees not yet
earned for the remainder of that calendar year in the form of cash or
stock units. Elections shall be made by written notice delivered to
the Secretary of the Committee. All such elections as to deferral and
form of payment are irrevocable.
	 
	6.	 	DIRECTORS’ ACCOUNTS
	 
	 	 	Fees deferred in the form of cash shall be held in the general funds
of the Company and shall be credited to an account in the name of the
Director. Deferred cash will bear interest at a rate corresponding to
the average yield on the Prime Rate of Morgan Guarantee Trust Company
of New York for the fourth and fifth months preceding the beginning
of the quarter (or at such other rate as may be specified by the
Committee from time to time). Interest will be compounded quarterly
and will also be deferred. If the rate changes, the new rate will
apply to all deferred cash amounts beginning with the following
quarter. Fees deferred in the form of stock units shall be allocated
to each Director’s account based on the closing price of the Company’s
common stock as reported on the Composite Tape of the New York Stock
Exchange (“Stock Price”) on the date the fees would otherwise have
been paid. The Company shall not be required to reserve or otherwise
set aside shares of common stock for the payment of its obligations
hereunder, but shall make available as and when required a sufficient
number of shares of common stock to meet the needs of the Plan. An
amount equal to any cash dividends (or the fair market value of
dividends paid in property other than dividends payable in common
stock of the Company) payable on the number of shares represented by
the number of stock units in each Director’s account will be allocated
to each Director’s account in the form of stock units based upon the
Stock Price on the dividend payment date. Any stock dividends payable
on such number of shares will be allocated in the form of stock units.
If adjustments are made to outstanding shares of common stock as a
result of split-ups, recapitalizations, mergers, consolidations and
the like, an appropriate adjustment shall also be made in the number
of stock units in a Director’s account. Stock units shall not entitle
any person to rights of a stockholder unless and until shares of
Company common stock have been issued to that person with respect to
stock units as provided in Article 7.
	 
	7.	 	PAYMENT FROM DIRECTORS’ ACCOUNTS
	 
	 	 	The aggregate amount of deferred fees, together with interest and
dividend equivalents accrued thereon, shall be paid in accordance with
the deferral and form of payment election made by the Director under
paragraph 5. Amounts deferred to a specified year shall only be paid
in a lump sum and shall be paid promptly at the beginning of that
specified year. Amounts deferred to retirement payable in a lump sum
shall be paid, promptly at the beginning of the calendar year
following a Director’s retirement. Installment payments with respect
to amounts deferred to retirement shall be paid promptly at the
beginning of the calendar year after a Director’s retirement and
promptly after the beginning of each succeeding calendar year until
the entire amount credited to the Director’s account shall have been
paid. With respect to directors fees, amounts credited to a Director’s
account in cash shall be paid in cash and amounts credited in stock
units shall be paid in one share of common stock of the Company for
each stock unit, except that a cash payment will be made with any
final installment for any fraction of a stock unit remaining in the
Director’s account. Such fractional share shall be valued at the
closing Stock Price on the date of settlement. Restricted stock units
payable in cash, and the dividend equivalents associated with such
deferred units, shall be paid in cash, each unit to equal the value of
one share of DuPont common stock based on the average of the high and
low prices of DuPont common stock as reported on the Composite Tape of
the New York Stock Exchange as of the effective date of payment.

 

 

	8.	 	PAYMENT IN EVENT OF DEATH
	 
	 	 	A Director may file with the Secretary of the Committee a written
designation of a beneficiary for his or her account under the Plan on
such form as may be prescribed by the Committee, and may, from time to
time, amend or revoke such designation. If a Director should die
before all deferred amounts credited to the Director’s account have
been distributed, the balance of any deferred fees and interest and
dividend equivalents then in the Director’s account shall be paid
promptly to the Director’s designated beneficiary. If the Director did
not designate a beneficiary, or in the event that the beneficiary
designated by the Director shall have predeceased the Director, the
balance in the Director’s account shall be paid promptly to the
Director’s estate.
	 
	9.	 	NONASSIGNABILITY
	 
	 	 	During a Director’s lifetime, the right to any deferred fees,
including interest and dividend equivalents thereon, shall not be
transferable or assignable, except as may otherwise be provided in
rules established by the Committee.
	 
	10.	 	GOVERNING LAW
	 
	 	 	The validity and construction of the Plan shall be governed by the
laws of the State of Delaware.
	 
	11.	 	EFFECTIVE DATE
	 
	 	 	This Plan, as amended, shall become effective as of April 25, 2007,
and shall continue in full force and effect until amended or
terminated by the Board of Directors.exv10w15

 

Exhibit 10.15

DUPONT VARIABLE COMPENSATION PLAN

	I.	 	PURPOSES
	 
	 	 	The purposes of this Variable Compensation Plan (the “Plan”) are: (a) to provide greater
incentive for employees continually to exert their best efforts on behalf of E. I. du Pont de
Nemours and Company (the “Company”) by granting them compensation that, combined with their
regular salaries, results in total compensation that is competitive based on performance; and
(b) to further the identity of interests of such employees with those of the Company’s
stockholders generally.
	 
	II.	 	FORM OF GRANTS

	 	1.	 	Variable compensation under this Plan may be granted in acquired common stock of this
Company, or in new common stock to be issued directly to the beneficiaries, or in cash, or
in two or more of said forms.
	 
	 	2.	 	The Compensation Committee shall determine the portion of each award under this Plan
to be paid in cash and the portion to be delivered to the beneficiary in the form of
common stock.

	III.	 	LIMITATIONS ON GRANTS

	 	1.	 	Grants under this Plan shall be made from the Variable Compensation Fund which the
Company shall establish and to which shall be credited annually an amount to be determined
by the Compensation Committee. This amount shall not exceed 20% of the “variable net
income.” For any year, the maximum amount of the individual grant under this Plan to the
Chief Executive Officer or any of the four other highest compensated executive officers of
the Company at year-end shown in the Company’s Proxy Statement, or such other individuals
as may be prescribed in rules under Section 162(m) of the Internal Revenue Code, shall not
exceed 2% of the maximum amount which may be credited to the Fund for such year; however,
the Compensation Committee, or the Board of Directors if the grant is made to an employee
director, may in its discretion make individual grants which are less than such individual
maximum amount. This Plan shall be interpreted consistent with the requirements of
performance-based compensation plans under Section 162(m) of the Internal Revenue Code.
	 
	 	2.	 	The term “variable net income” for any year, as used in this Plan, shall mean the
amount of net income or loss as shown in the Consolidated Income Statement of this Company
and its consolidated subsidiaries set forth in the Annual Report to the Stockholders for
such year; provided, however, that such net income or loss shall be adjusted to omit the
effects of:

	 	(i)	 	charges and/or credits resulting from extraordinary items, accounting changes
(including charges and/or credits to current year operations therefrom), and similarly
disclosed amounts in the Company’s Consolidated Income Statement, and
	 
	 	(ii)	 	any charges/credits disclosed in the footnotes to Segment Information for such year;

	 	 	 	 and shall be further adjusted by:

	 	(a)	 	adding any amount which has been deducted in computing said net income with
respect to any provision for the Variable Compensation Fund, and

 

 

	 	(b)	 	deducting an amount equal to 6% of the “variable net capital employed,” as
defined in paragraph 3 of this Article.

	 	3.	 	The term “variable net capital employed” for any year, as used in this Plan, shall
mean the average of the amounts of Stockholders’ Equity as of December 3lst of such year
and December 3lst of the preceding year, as shown in the Consolidated Balance Sheets of
this Company and its subsidiaries set forth in the Annual Reports to the Stockholders,
after adjusting said amounts, however, by adding to Stockholders’ Equity as stated in the
later of such Balance Sheets any amount which has been deducted in computing net income
with respect to any provision for the Variable Compensation Fund, as described in
paragraph 2(a) of this Article.
	 
	 	4.	 	Grants for each year need not have an aggregate value equal to the entire amount
available in the Variable Compensation Fund. Any ungranted portion of the Fund shall be
carried forward and be available for grants in a succeeding year or years, and while
grants in the aggregate for any year may exceed the amount credited for that year to the
Variable Compensation Fund, they shall not exceed the total amount in the Fund.

	IV.	 	ADMINISTRATION

	 	1.	 	Except as otherwise specifically provided, the Plan shall be administered by the
Compensation Committee of the Company’s Board of Directors. The Compensation Committee
shall be elected pursuant to the Bylaws of the Company, and the members thereof shall be
ineligible for grants for services performed while serving on said Committee.
	 
	 	2.	 	The decision of the Compensation Committee with respect to any questions arising as
to interpretation of this Plan, including the severability of any and all of the
provisions thereof, shall be final, conclusive and binding.

	V.	 	ELIGIBILITY FOR GRANTS

	 	1.	 	Grants under the Plan may be made to those employees who have contributed the most in
a general way to the Company’s success by their ability, efficiency, and loyalty,
consideration being given to ability to succeed in more important managerial
responsibility in the Company. Grants may also be made to:

	 	(a)	 	a person performing services on a consultant basis,
	 
	 	(b)	 	an employee who retired or plans to retire pursuant to the provisions of the
pension and retirement plan or policy of a plan company,
	 
	 	(c)	 	a former employee, and
	 
	 	(d)	 	the surviving spouse or estate of a deceased employee.

	 	 	 	No grant may be made to a director except for services performed as an employee of a plan
company.

	 	2.	 	Except as set forth in subparagraphs (a) to (d) of the preceding paragraph, to be
eligible for a grant an employee shall be employed by a plan company as of the date final
action is taken on a grant under this Plan and shall be expected to continue in the employ
of such a company.

 

 

	 	3.	 	For purposes of this Plan, the term “employee” shall include an employee of a
corporation or other business entity in which the Company shall directly or indirectly own
fifty percent or more of the outstanding voting stock or other ownership interest. The
term “plan company” as used in this Plan shall mean a business entity whose employees are
eligible for grants under this Plan.

	VI.	 	GRANTS

	 	1.	 	The Compensation Committee shall determine each year the total amount of the Variable
Compensation Fund to be distributed. Grants for any calendar year shall be made as soon as
practicable after the close of such calendar year.
	 
	 	2.	 	Employees in countries other than the United States may be granted variable
compensation through plans or programs other than this Plan.

	VII.	 	STOCK FOR GRANTS

	 	1.	 	With respect to the portion of grants under this Plan to be delivered in common
stock, the Compensation Committee of the Company’s Board of Directors shall determine
whether, and to what extent, such portion of the grants shall be in new common stock to be
issued directly to beneficiaries, or in common stock acquired by the Company.
	 
	 	2.	 	The value per share at which common stock is to be granted to beneficiaries under
this Plan shall be fixed and determined by the Board of Directors. Common stock to be
delivered in payment of grants under this Plan shall be issued or registered in the names
of beneficiaries at the time of delivery provided under Article IX hereof.

	VIII.	 	RECOMMENDATIONS AND GRANTS

	 	1.	 	Recommendations for grants to members of the Board of Directors shall be made by the
Compensation Committee. Recommendations for grants to employees who are not members of the
Board of Directors shall be made to the Compensation Committee by the Office of the Chief
Executive.
	 
	 	2.	 	Any grant to a director shall be made in the sole discretion of the Board of
Directors, a majority of whose members taking final action on any such grant shall be
ineligible for grants under Article V. Any grant to an employee who is not a member of the
Board of Directors shall be made in the sole discretion of the Compensation Committee
which shall take final action on any such grant. No person shall have a right to a grant
under this Plan until final action has been taken to make such grant. At the discretion of
the Compensation Committee, grants to employees of a plan company may be made subject to
approval by the Board of Directors or other management group of such company.
	 
	 	3.	 	Action to establish a minimum liability for variable compensation grants under this
Plan, if deemed appropriate, shall be taken by the Compensation Committee prior to
year-end of the calendar year for which grants are to be made.

	IX.	 	DELIVERY OF GRANTS
	 
	 	 	When any stock or cash is granted under this Plan, certificates of stock, or cash, as the case
may be, representing such grant, shall be delivered to the beneficiary promptly, or at such
future times and under such terms and conditions as the Compensation Committee may determine.
If it is determined that the grant be delivered promptly to the beneficiary, that beneficiary
may be given the option to defer delivery of the grant to the extent provided in terms and
conditions established by the Compensation Committee.

 

 

	X.	 	AMENDMENTS
	 
	 	 	While it is the present intention of the Company to make grants annually,
the Board of Directors reserves the right to modify this Plan from time to time
or to repeal the Plan entirely, or to direct the discontinuance of making grants
either temporarily or permanently; provided, however, that no modification of
this Plan shall operate to annul, without the consent of the beneficiary, a
grant already made hereunder; provided, also, that no modification without
approval of the stockholders shall increase the maximum amount which may be
credited to the Variable Compensation Fund as hereinabove provided.
	 
	XI.	 	MISCELLANEOUS
	 
	 	 	All expenses and costs in connection with the operation of this Plan shall
be borne by the Company and no part thereof shall be charged against the
Variable Compensation Fund.

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