Document:

ex10_l.htm

    
      

    

    Exhibit
10-L

    

    SELECT
RETIREMENT PLAN

    Amended
and Restated Effective as of December 31, 2008

    

    Section
1.  Introduction.  On June 9, 1994, the Company
established this Plan for the purpose of providing voluntary retirement
incentives to selected U.S. Company employees who are assigned to Leadership
Levels 1 through 5 of the Company, or their equivalent, constituting a select
group of management or highly compensated employees.

    

    Section
2.  Definitions.  As used in the Plan, the following
terms shall have the following meanings, respectively:

    

    
      	
               
      

            	
              2.01

            	
              "Affiliate" shall mean,
      as applied with respect to any person or legal entity specified, a person
      or legal entity that directly or indirectly, through one or more
      intermediaries, controls or is controlled by, or is under common control
      with, the person or legal entity
specified.

            

    

    

    
      	
               
      

            	
              2.02

            	
              "Benefit Equalization
      Plan" or
      "BEP" means the Ford Motor Company Benefit Equalization Plan, as it
      may be amended.

            

    

    

    
      	
               
      

            	
              2.03

            	
              "Code" means the
      Internal Revenue Code of 1986, as amended from time to
    time.

            

    

    

    
      	
               
      

            	
              2.04

            	
              "Company" shall mean
      Ford Motor Company and such of the subsidiaries of Ford Motor Company as,
      with the consent of Ford Motor Company, shall have adopted this
      Plan.

            

    

    

    
      	
               
      

            	
              2.05

            	
              "Contributory Service"
      means, without duplication, the years and any fractional year of
      contributory service at retirement, not exceeding one year for any
      calendar year, of the Eligible Executive under the General Retirement
      Plan.

            

    

    

    
      	
               
      

            	
              2.06

            	
              "Credited Service"
      means, without duplication, the years and any fractional year of credited
      service at retirement, not exceeding one year for any calendar year, of
      the Eligible Executive under the General Retirement
  Plan.

            

    

    

    
      	
               
      

            	
              2.07

            	
              "Deferred Equalization
      Plan" or
      "DEP" means the Ford Motor Credit Company Deferred Equalization
      Plan, as it may be amended.

            

    

    

    
      	
               
      

            	
              2.08

            	
              "DEP Select Benefits"
      means the benefits described in Section
4.04.

            

    

    

    
      	
               
      

            	
              2.09

            	
              "Eligible Executive"
      means a full time Company employee
who:

            

    

    

    
      	
               
      

            	
              (i)

            	
              was
      hired or rehired prior to January 1,
2004,

            

    

    

    
      	
               
      

            	
              (i)

            	
              is
      at least age 55 as of the Retirement Effective Date, except as otherwise
      provided in Section 6, and who has at least ten years of service
      recognized for eligibility to receive a benefit under the General
      Retirement Plan as of the Retirement Effective
  Date,

            

    

    

    
      	
               
      

            	
              (ii)

            	
              is
      assigned to Leadership Levels 1 through 5 of the Company, or their
      equivalents,

            

    

    

    
      	
               
      

            	
              (iii)

            	
              is
      selected by the Company to participate in the Select Retirement Plan,
      and

            

    

    

    
      	
               
      

            	
              (iv)

            	
              is
      in good standing as of the last day of
  employment.

            

    

    

    In
addition to the eligibility requirements above, to be eligible to receive a SERP
Select Benefit, an Eligible Executive must, immediately preceding such Eligible
Executive's Retirement Effective Date, have at least five continuous years of
service as the Executive Chairman, Chief Executive Officer, an Executive Vice
President, a Group Vice President or a Vice President of the Company (excluding
any such person who is an employee of a foreign affiliate of the Company) or a
Company employee assigned to Leadership Level Four or above, or its
equivalent.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    In
addition to the eligibility requirements above, to be eligible to receive an
ESAP Select Benefit, an Eligible Executive must, immediately preceding such
Eligible Executive's Retirement Effective Date, have at least five continuous
years of service as a Company employee assigned to Leadership Level One or Two,
or its equivalent.

    

    
      	
               
      

            	
              2.10

            	
              "Eligible Surviving
      Spouse" means a spouse, as defined by the Federal Defense of
      Marriage Act of 1996, to whom a Retired Employee has been married for at
      least one year at the date of the Retired Employee's
  death.

            

    

    

    
      	
               
      

            	
              2.11

            	
              "ESAP Select Benefits"
      means the benefits described in Section
4.03.

            

    

    

    
      	
               
      

            	
              2.12

            	
              "Executive Separation Allowance
      Plan" or
      "ESAP" means the Ford Motor Company Executive Separation Allowance
      Plan, as it may be amended.

            

    

    

    
      	
               
      

            	
              2.13

            	
              "General Retirement
      Plan" or
      "GRP" means the Ford Motor Company General Retirement Plan, as it
      may be amended.

            

    

    

    
      	
               
      

            	
              2.14

            	
              "GRP Select Benefits"
      means the benefits described in Section
4.01.

            

    

    

    
      	
               
      

            	
              2.15

            	
              "Plan" means the Select
      Retirement Plan of Ford Motor Company, as it may be
    amended.

            

    

    

    
      	
               
      

            	
              2.16

            	
              "Retired Executive"
      means an Eligible Executive who retires from the Company under the terms
      and conditions of this Plan on the Retirement Effective
    Date.

            

    

    

    
      	
               
      

            	
              2.17

            	
              "Retirement Effective
      Date" means the date designated by the Company.  Such
      Retirement Effective Date shall be only on the first of a
      month.  For purposes of determining the minimum 15% improvement
      described in Section 4.01, if a Retired Executive commences receiving a
      GRP benefit on or after the date on which the Retired Executive attains
      age 65, Retirement Effective Date means the date the Retired Executive
      commences receipt of the GRP
benefit.

            

    

    

    
      	
               
      

            	
              2.18

            	
              "Retirement Plans" means
      the General Retirement Plan, the Benefit Equalization Plan, the
      Supplemental Executive Retirement Plan, the Executive Separation Allowance
      Plan and the Deferred Equalization
Plan.

            

    

    

    
      	
               
      

            	
              2.19

            	
              "Select Benefits" means
      the retirement benefits described in Section
4.

            

    

    

    
      	
               
      

            	
              2.20

            	
              "Separation From
      Service" shall occur upon an Eligible Executive's death, retirement
      or other termination from employment with the
  Company.

            

    

    

    
      	
               
      

            	
              2.21

            	
              "SERP Select Benefits"
      means the benefits described in Section
4.02.

            

    

    

    

    
      	
               
      

            	
              2.22

            	
              "Specified Employee "
      means an employee of the Company who is a "Key Employee" as defined in
      Code Section 416(i)(1)(A)(i), (ii) or (iii), applied in accordance with
      the regulations thereunder and disregarding Subsection
      416(i)(5).  A Specified Employee shall be identified as of
      December 31st of each calendar year and such identification shall apply to
      any Specified Employee who shall incur a Separation From Service in the
      12-month period commencing April 1st of the immediately succeeding
      calendar year.  An employee who is determined to be a Specified
      Employee shall remain a Specified Employee throughout such 12-month period
      regardless of whether the employee meets the definition of "Specified
      Employee" on the date the employee incurs a Separation From
      Service.  This provision is effective for Specified Employees
      who incur a Separation From Service on or after January 1,
      2005.  For purposes of determining Specified Employees, the
      definition of compensation under Treasury Regulation Section
      1.415(c)-2(d)(3) shall be used, applied without the use of any of the
      special timing rules provided in Treasury Regulation Section 1.415(c)-2(e)
      or the special rule in Treasury Regulation Section 1.415(c)-2(g)(5)(i),
      but applied with the use of the special rule in Treasury Regulation
      Section 1.415(c)-2(g)(5)(ii).

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              2.23

            	
              "Subsidiary" shall mean,
      as applied with respect to any person or legal entity specified, (i) a
      person or legal entity with a majority of the voting stock of which is
      owned or controlled, directly or indirectly, by the person or legal entity
      specified or (ii) any other type of business organization in which the
      person or legal entity specified owns or controls, directly or indirectly,
      a majority interest.

            

    

    

    
      	
               
      

            	
              2.24

            	
              "Supplemental Executive
      Retirement Plan" or "SERP" means the Ford
      Motor Company Supplemental Executive Retirement Plan, as it may be
      amended.

            

    

    

    Section
3.  Agreement to Participate

    

    
      	
               
      

            	
              3.01

            	
              Effective
      Agreement.  To participate in the Plan, an Eligible
      Employee must submit to the Company a completed and signed agreement prior
      to receiving such Select Benefits.  The Company shall provide
      the applicable form agreement for this purpose and no other agreement form
      shall be used for this purpose.

            

    

    

    
      	
               
      

            	
              3.02

            	
              Revocation of
      Agreements.  An Eligible Executive may revoke an
      agreement provided in accordance with Section 3.01 by giving written
      notice to the Company no later than seven (7) days after the date on which
      the Eligible Executive submitted a signed agreement to the Company in
      accordance with Section 3.01.  The Company shall provide a
      revocation form for this purpose and no other revocation or form shall be
      used for this purpose.

            

    

    

    
      Section
4.  Calculation of Select Benefits.

    

    

    
      	
               
      

            	
              4.01

            	
              GRP Select
      Benefits.  The GRP Select Benefit payable to a Retired
      Executive shall be an amount equal to the difference between (X) and (Y)
      where (X) is the GRP benefit determined under the terms of the GRP after
      giving effect to the following
adjustments:

            

    

    

    Add three
years to the Retired Executive's attained age as of the Retirement Effective
Date only for the purpose of determining the applicable  early
retirement reduction factors set forth in Appendix G to the GRP and three years
to the Retired Executive's years of Contributory Service as of the Retirement
Effective Date, without the requirement of employee contributions;
and

    

    Final
Average Monthly Salary for a Retired  Executive under the terms of
this Plan shall be determined as if the Retired Executive had been a
Contributing member and received Contributory Service for three additional years
after the Retirement Effective Date at the Retired Executive's Salary in effect
as of the date immediately preceding the Retirement Effective Date;

    

    and (Y)
is the GRP benefit determined under the terms of the GRP in effect as of the
Retirement Effective Date, regardless of whether an application for GRP benefits
has been submitted or GRP benefit payments have begun.

    

    The GRP
Select Benefit determined as of the Retirement Effective Date shall be an amount
equal to at least a fifteen percent (15%) improvement to the GRP benefit
determined under the terms of the GRP in effect as of the Retirement Effective
Date.  If the Retired Executive's benefit under the GRP is
redetermined at Age 62 and One Month, the GRP Select Benefit shall be
redetermined and adjusted such that the GRP Select Benefit shall be an amount
equal to at least a fifteen percent (15%) improvement to the GRP benefit
redetermined under the terms of the GRP then in effect as of the redetermination
date.

    

    For
purposes of determining the amount of a Retired Executive's GRP Select Benefit,
the Retired Executive shall be treated as if he or she elected to receive his or
her GRP benefit in the form of the qualified joint and survivor annuity benefit
under the GRP if married, or the single life annuity form of benefit under the
GRP if unmarried (including, a divorced or widowed Retired
Executive).  The amount of any GRP Select Benefit payable to a Retired
Executive whose benefit under the ESAP is not offset or reduced by the amount of
any GRP benefit payable to such Retired Executive prior to age 65 shall be
increased upon the Retired Executive's attainment of age 65 to reflect an
unreduced normal retirement benefit under the GRP.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              4.02

            	
              SERP Select
      Benefits.  The SERP Select Benefit applicable to a
      Retired Executive who is otherwise eligible, or who becomes eligible, for
      a SERP benefit under the terms of the SERP in effect as of the Retirement
      Effective Date shall be an amount equal to the difference between (X) and
      (Y) where (X) is the SERP benefit determined under the terms of the SERP
      after giving effect to the following
  adjustments:

            

    

    

    Add three
years to the Retired Executive's attained age as of the Retirement Effective
Date and three years of Credited Service to the Retired Executive's years of
Credited Service as of the Retirement Effective Date; and

    

    The Final
Five Year Average Base Salary for a Retired Executive receiving Credited Service
immediately preceding his or her Retirement Effective Date under the terms of
this Plan shall be determined as if the Retired Executive had continued to
receive Credited Service for three additional years after the Retirement
Effective Date at the Retired Executive's Monthly Base Salary;

    

    and (Y)
is the SERP benefit determined under the terms of the SERP in effect as of the
Retirement Effective Date.

    

    The SERP
Select Benefit determined as of the Retirement Effective Date shall be an amount
equal to at least a fifteen percent (15%) improvement to the SERP benefit
determined under the terms of the SERP in effect as of the Retirement Effective
Date.

    

    
      	
               
      

            	
              4.03

            	
              ESAP Select
      Benefits.  The ESAP Select Benefit applicable to a
      Retired Executive who is otherwise eligible, or who becomes eligible, for
      an ESAP benefit under the terms of the ESAP in effect as of the Retirement
      Effective Date shall be an amount equal to the difference between (X) and
      (Y) where (X) is the ESAP benefit determined under the terms of the ESAP
      in effect as of the Retirement Effective Date after giving effect to the
      following adjustments:

            

    

    

    Add three
years to the Retired Executive's attained age as of the Retirement Effective
Date; and

    

    Add three
years of service to the Retired Executive's years of service as of the
Retirement Effective Date;

    

    and (Y)
is the ESAP benefit calculated under the terms of the ESAP in effect as of the
Retirement Effective Date.

    

    The ESAP
Select Benefit determined as of the Retirement Effective Date shall be an amount
equal to at least a fifteen percent (15%) improvement to the ESAP benefit
determined under the terms of the ESAP in effect as of the Retirement Effective
Date.

    

    The
amount of any ESAP Select Benefit determined for any Leadership Level 1 or 2
employee (or such employee's Eligible Surviving Spouse) shall be reduced by any
GRP Select Benefit determined for such Leadership Level 1 or 2 employee (or such
employee's Eligible Surviving Spouse).

    

    
      	
               
      

            	
              4.04

            	
              DEP Select
      Benefits.  The DEP Select Benefit applicable to a Retired
      Executive who is otherwise eligible for a DEP benefit under the terms of
      the DEP in effect as of the Retirement Effective Date, shall be an amount
      equal to the difference between (X) and (Y) where (X) is the DEP benefit
      determined under the terms of the DEP after adjusting Final Average
      Monthly Salary as if the Retired Executive had been a Contributing member
      and received Contributory Service for three additional years after the
      Retirement Effective Date at the Retired Executive's Salary and (Y) is the
      DEP benefit determined under the terms of the DEP in effect as of the
      Retirement Effective Date.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section 5.  Payment of
Select Benefits.

    

    
      	
               
      

            	
              5.01

            	
              Except
      as otherwise provided herein, payment of Select Benefits determined under
      Section 4 shall commence on the first day of the month following the date
      on which the Eligible Executive has a Separation From
    Service.

            

    

    

    5.02        Select
Benefits shall be payable monthly from the Company's general funds.

    

    
      	
               
      

            	
              5.03

            	
              Notwithstanding
      any other provision of the Plan to the contrary, if a Specified Employee
      incurs a Separation From Service, other than as a result of such Specified
      Employee's death, payment of any Select Benefit shall commence no earlier
      than the first day of the seventh month following such Specified
      Employee's Separation From Service, other than as a result of the
      Specified Employee's death.  Any Select Benefits to which a
      Specified Employee otherwise would have been entitled during the first six
      months following such Specified Employee's Separation From Service shall
      be accumulated and paid in a lump sum payment on or after the first day of
      the seventh month following such Separation From Service.  Any
      payment delayed under this Section shall not bear
  interest.

            

    

    

    
      	
               
      

            	
              5.04

            	
              Payments
      to a Retired Executive shall cease at the end of the month in which the
      Retired Executive dies.  Except as otherwise provided herein,
      survivor benefits, if any, payable with respect to any Select Benefits
      provided under this Plan shall be paid as
  follows:

            

    

    

    
      	
               
      

            	
              (a)

            	
              GRP Select
      Benefits.  Survivor
      benefits payable with respect to GRP Select Benefits shall be paid monthly
      to an Eligible Surviving Spouse as determined in accordance with Section
      4.01.  GRP Select Benefits payable to a Retired Executive's
      Eligible Surviving Spouse shall commence as soon as administratively
      practicable following such Retired Executive' s death, but in no event
      after the later of: 1) December 31st
      immediately following such Retired Executive's death, or 2) the 15th
      day of the third month immediately following such Retired Executive's
      death, and continuing until the death of the Eligible Surviving
      Spouse.

            

    

    
      	
               
      

            	
              (b)

            	
              SERP Select
      Benefits.  No survivor benefits are payable with respect
      to SERP Select Benefits.

            

    

    
      	
               
      

            	
              (c)

            	
              ESAP Select
      Benefits.  In the event of death of a Retired Executive
      prior to attaining age 65, or in the event of death on or after January 1,
      1981 of an Eligible Executive who (i) has not has a Separation From
      Service, (ii) has at least five years of service at the Leadership Level
      One or Two, or its equivalent, has at least ten years of contributory
      membership in the GRP, and is at least age 55, ESAP Select Benefit
      payments shall be made to such Retired Executive's or Eligible
      Executive's, as applicable, Eligible Surviving Spouse, if any, commencing
      as soon as administratively practicable following such executive' s death,
      but in no event after the later of: 1) December 31st
      immediately following such executive's death, or 2) the 15th
      day of the third month immediately following such executive's death, and
      continuing until the earlier of the death of such Eligible Surviving
      Spouse, or the end of the month in which such Retired Executive or
      Eligible Executive, as applicable, would have attained age
    65.

            

    

    
      	
               
      

            	
              (d)

            	
              DEP Select
      Benefits.  Survivor
      benefits payable with respect to DEP Select Benefits shall be paid monthly
      to an Eligible Surviving Spouse as determined in accordance with Section
      4.04.  DEP Select Benefits payable to a Retired Executive's
      Eligible Surviving Spouse shall commence as soon as administratively
      practicable following such Retired Executive's death, but in no event
      after the later of: 1) December 31st
      immediately following such Retired Executive's death, or 2) the 15th
      day of the third month immediately following such Retired Executive's
      death, and continuing until the death of the Eligible Surviving
      Spouse.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Section
6.  Reduction of Minimum Age Eligibility Requirement.

    

    
      	
               
      

            	
              6.01

            	
              Authority to Reduce Minimum Age
      Eligibility.  The Executive Chairman of the Company shall
      have the authority, from time to time in his or her sole and absolute
      discretion, to reduce the minimum age eligibility requirement specified in
      Section 2.09(i) of the Plan from age 55 to age
  52.

            

    

    

    
      	
               
      

            	
              6.02

            	
              Under Age 55 Select
      Benefits.  If an Eligible Executive becomes eligible to
      receive a Select Benefit under this Plan pursuant to Section 6.01, the
      Select Benefits payable to such Eligible Executive shall be determined as
      provided in Section 5 above as if the Eligible Executive were three years
      older and had met the age 55 minimum age eligibility requirement under
      Section 2.09(i).  For an Eligible Executive who becomes eligible
      to receive a GRP Select Benefit at age 52 in accordance with this Section,
      the GRP Select Benefit shall be payable exclusively under this Plan until
      such Eligible Executive reaches age 55.  When a benefit becomes
      payable to the Eligible Executive under the GRP, the amount of the GRP
      Select Benefits shall be reduced by the benefit amount payable from the
      GRP.  For an Eligible Executive who becomes eligible to receive
      a SERP Select Benefit and/or an ESAP Select Benefit at age 52 in
      accordance with this Section, the SERP Select Benefit and/or ESAP Select
      Benefit shall be payable exclusively under this Plan.  Select
      Benefits payable as a result of an Eligible Executive being selected to
      receive Select Benefits at age 52 in accordance with this Section are not
      an acceleration of benefits under this Plan in violation of Code Section
      409A.

            

    

    

    
      	
               
      

            	
              6.03

            	
              Subsidiary Retirement
      Plans.  If an Eligible Executive under age 55 would have
      become eligible for a regular early retirement benefit from a Subsidiary's
      retirement plan if he or she had remained in Subsidiary employment until
      the minimum age or service eligibility requirements under such
      Subsidiary's plan were met, this Plan shall pay an additional benefit in
      an amount equal to the Subsidiary early retirement benefit that would have
      been paid if the minimum eligibility requirements had been met on the
      Retirement Effective Date.  The payment shall cease at such time
      as the regular early retirement benefit from the Subsidiary's plan becomes
      payable.  If the Subsidiary's plan shall pay only a deferred
      vested benefit at age 55, payment of any Select Benefit provided under
      this Plan to an Eligible Executive shall be reduced by the amount of the
      deferred vested or survivor's benefit payable under such Subsidiary
      plan.  Select Benefits provided under this Plan to an Eligible
      Executive shall cease upon the Eligible Executive's
      death.  Survivor benefits, if any, shall cease upon the Eligible
      Surviving Spouse's death.  The amounts payable pursuant to this
      paragraph shall be in addition to any other Select Benefits that otherwise
      may be payable under this Plan.

            

    

    

    Section 7.  Application of
ESAP and SERP Earning Out Provisions.  The earning out
provisions of the ESAP and SERP, respectively, are hereby incorporated in full
with respect to any ESAP Select Benefits and/or SERP Select Benefits payable
under this Plan.

    

    

    Section
8.  General Provisions.

    

    
      	
               
      

            	
              8.01

            	
              Plan
      Administration and Interpretation.

            

    

    

    
      	
               
      

            	
              (a)

            	
              Notwithstanding
      any other provisions of the Plan to the contrary, the terms of the Plan
      shall determine the benefits payable to an Eligible Executive and no
      Eligible Executive shall be permitted to receive a benefit under the Plan
      that would be inconsistent with such
terms.

            

    

    

    
      	
               
      

            	
              (b)

            	
              The
      Group Vice President –Human Resources and Corporate Services and the
      Executive Vice President and Chief Financial Officer (or, in the event of
      a change in title, their functional equivalent) shall have full power and
      authority on behalf of the Company to administer and interpret the
      Plan.  In the event of a change in a designated officer's title,
      the officer or officers with functional responsibility for the Retirement
      Plans shall have the power and authority to administer and interpret the
      Plan.  All decisions with respect to the administration and
      interpretation of the Plan shall be final and binding upon all
      persons.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              (c)

            	
              In
      the event that an Article, Section or paragraph of the Code, Treasury
      Regulations, GRP, ESAP or SERP is renumbered, such renumbered Article,
      Section or paragraph shall apply to applicable references in this
      Plan.

            

    

    

    
      	
               
      

            	
              8.02

            	
              Local Payment
      Authorities.  The Vice President and Treasurer and the
      Assistant Treasurer (or, in the event of a change in title, their
      functional equivalent) may act individually to delegate authority to
      administrative personnel to make benefit payments to employees in
      accordance with plan provisions.

            

    

    

    
      	
               
      

            	
              8.03

            	
              Deductions.  The
      Company may deduct from any payment of Select Benefits to a Retired
      Executive all amounts owing to it by such Retired Executive for any
      reason, and all taxes required by law or government regulation to be
      deducted or withheld.

            

    

    

    
      	
               
      

            	
              8.04

            	
              No Contract of
      Employment.  The Plan is an expression of the Company's
      present policy with respect to Eligible Executives.  It is not a
      part of any contract of employment. No Eligible Executive, Retired
      Executive or any other person shall have any legal or other right to any
      Select Benefit.

            

    

    

    
      	
               
      

            	
              8.05

            	
              No Company
      Reemployment.  A Retired Executive shall not be eligible
      for reemployment by the Company either directly or indirectly through an
      agency or otherwise.  This includes, but is not limited to,
      employment of a Retired Executive by the Company as a supplemental
      employee, independent contractor, consultant, advisor, or agency employee,
      regardless of the length of employment.  It also includes
      employment of a Retired Executive by a sole or single source supplier to
      the Company, or employment by any supplier of the Company if the
      responsibilities of the Retired Executive relate primarily to the
      Company's business with the supplier, and are not merely incidental to the
      performance of the Retired Executive's other job
  duties.

            

    

    

    This
re-employment prohibition may be waived if the proposed employment advances the
strategic interests of the Company or is otherwise determined to be in the best
interests of the Company provided that, under the waiver, the employment
arrangement does not permit the Retired Executive to perform 50% or more of a
full-time position and he/she receives less than 50% of any compensation earned
during the final three full calendar years of employment (or if less, such
lesser period).  Requests for reemployment of a Retired Executive may
be reviewed by (i) for a Retired Executive employed at a Leadership Level of LL5
through LL3 prior to Separation From Service, the Director of Personnel
Relations and Employee Policies (or, in the event of a change in title, his or
her functional equivalent), or (ii) for a Retired Executive employed at a
Leadership Level of LL2 or above prior to Separation From Service, the Director
of Personnel Relations and Employee Policies, the Group Vice President, Human
Resources & Corporate Services, and the Executive Personnel Committee (EPC)
(or, in the event of a change in title or name, their functional
equivalent).  The Retired Executive shall furnish such information
about the proposed reemployment as is reasonably requested to evaluate the
request.  Said individuals and/or the EPC who are authorized to review
requests for re-employment shall have sole and absolute discretion to determine
whether the request for reemployment violates this provision and any such
determination is final and binding on all parties and is not subject to further
review.

    

    In the
event a Retired Executive becomes reemployed in violation of this Section
without obtaining a waiver, the Company may take such action, other than
suspending payment of Select Benefits, as is reasonably necessary, in the
Company's sole discretion, to enforce the provisions of this
Section.  Such action may include forfeiting a Retired Executive's
Select Benefits, other than GRP Select Benefits, if the Retired Executive
becomes employed by a sole or single source supplier to the Company, or employed
by any supplier of the Company if the responsibilities of the Retired Executive
relate primarily to the Company's business with the supplier, and are not merely
incidental to the performance of the Retired Executive's other job duties, and
the Retired Executive did not obtain a determination that such employment does
not violate this Section or a wavier of the reemployment condition prior to
commencing such employment.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Notwithstanding
anything in this Section to the contrary, no determination or waiver shall
permit reemployment if such reemployment would result in adverse tax
consequences to the Retired Executive under Code Section 409A.

    

    
      	
               
      

            	
              8.06

            	
              Select Benefits Not
      Funded.  The Company's obligations under this Plan are
      not funded.  Select Benefits under this Plan shall be payable
      only out of the general funds of the
Company.

            

    

    

    
      	
               
      

            	
              8.07

            	
              No Contract of
      Employment.  The
      Plan is an expression of the Company's present policy with respect to
      Eligible Executives; it is not a part of any contract of employment. No
      Eligible Executive, Eligible Surviving Spouse, or any other person shall
      have any legal or other right to any benefit under this
    Plan.

            

    

    

    
      	
               
      

            	
              8.08

            	
              Continuing
      Plan.  The Plan shall be an ongoing Plan and shall be
      made available at the discretion of the Company.  The Company
      may designate certain periods within a calendar year in which offers of
      Select Benefits may be made and may provide that no offers of Select
      Benefits may be accepted before or after designated dates within a
      calendar year.  The Company also may limit the offer of Select
      Benefits to those within a designated salary roll or
      band.  Select Benefits may be combined with additional types of
      termination incentives or separation programs upon the direction of the
      Company.  Provisions of such other termination incentives or
      separation programs are not governed by the terms of this
      Plan.

            

    

    

    
      	
               
      

            	
              8.09

            	
              Governing
      Law.  Except as otherwise provided under federal law, the
      Plan and all rights thereunder shall be governed, construed and
      administered in accordance with the laws of the State of
      Michigan.

            

    

    

    
      	
               
      

            	
              8.10

            	
              Amendment or
      Termination.  The Company reserves the right to modify or
      amend, in whole or in part, or to terminate this Plan, at any time without
      notice; provided, however, that no distribution of benefits shall occur
      upon termination of this Plan unless applicable requirements of Code
      Section 409A have been met.

            

    

    

    
      	
               
      

            	
              8.11

            	
              Terms Not Otherwise
      Defined.  Capitalized terms not otherwise defined in this
      Plan shall have the same meanings ascribed to such terms under the
      applicable Retirement Plans.

            

    

    

    Section 9.  Code Section
409A.

    

    The
Company reserves the right to take such action, on a uniform and consistent
basis, as the Company deems necessary or desirable to ensure compliance with
Code Section 409A, and applicable additional regulatory guidance thereunder, or
to achieve the goals of the Plan without having adverse tax consequences under
this Plan for any employee or beneficiary.

    

    In no
event shall any transfer of liabilities to or from this Plan result in an
impermissible acceleration or deferral of Select Benefits under Code Section
409A. In the event such a transfer would cause an impermissible acceleration or
deferral under Code Section 409A, such transfer shall not occur.

    

    In no
event will application of any eligibility requirements under this Plan cause an
impermissible acceleration or deferral between any Plan benefits under Code
Section 409A.

    

    In the
event a Retired Executive is reemployed following a Separation From Service,
distribution of any Select Benefit shall not cease upon such Retired Executive's
reemployment. 

      

    After
receipt of Plan benefits, the obligations of the Company with respect to such
benefits shall be satisfied and no Eligible Executive, Eligible Surviving
Spouse, or beneficiary shall have any further claims against the Plan or the
Company with respect to Plan benefits.

      

    Section
10. Claim for Benefits

    

    
      	
            	
              10.01

            	
              Denial of a
      Claim.  A claim for benefits under the Plan shall be
      submitted in writing to the plan administrator.  If a claim for
      benefits or participation is denied in whole or in part by the plan
      administrator, the Eligible Executive will receive written notification
      within a reasonable period from the date the claim for benefits or
      participation is received.  Such notice shall be deemed given
      upon mailing, full postage prepaid in the United States mail or on date
      sent electronically to the claimant.  If the plan administrator
      determines that an extension of time for processing is required, written
      notice of the extension shall be furnished to the Eligible Executive as
      soon as practical.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

       

    
      
        	
              	
                10.02

              	
                Review of denial of
      claim. In the event that the plan administrator denies a claim
      for benefits or participation, an eligible executive may request a review
      by filing a written appeal to the group vice president –human resources
      and corporate services and the executive vice president and chief
      financial officer (or, in the event of a change in title, their functional
      equivalent), or their designee(s), within sixty (60) days of receipt of
      the written notification of denial.  The appeal will be
      considered and a decision shall be rendered as soon as
      practical.  In the event a time extension is needed to consider
      the appeal and render the decision, written notice shall be provided to
      the eligible executive notifying them of such time
    extension.

              

      

        

      
        	
              	
                10.03

              	
                Decision on appeal. The decision on
      review of the appeal shall be in writing. Such notice shall be deemed
      given upon mailing, full postage prepaid in the united states mail or on
      the date sent electronically to the eligible
      executive.  Decisions rendered on the appeal are final and
      conclusive and are only subject to the arbitrary and capricious standard
      of judicial review.

              

      

        

      
        	
              	
                10.04

              	
                Limitations
      period.  No legal action for
      benefits under the plan may be brought against the plan until after the
      claims and appeal procedures have been exhausted.  Legal actions
      under the plan for benefits must be brought no later than two (2) years
      after the claim arises.  No other action may be brought against
      the plan more than six (6) months after the claim
      arises.ex10_m.htm

    
      

    

    Exhibit
10-M

    

    FORD
MOTOR COMPANY DEFERRED COMPENSATION PLAN

    (Amended
and Restated as of December 31, 2008)

    

    1.
Purpose. This Plan, which shall be known as the “Ford Motor Company Deferred
Compensation Plan” and is hereinafter referred to as the “Plan”, is intended to
provide for the deferment of payment of (i) awards of incentive compensation
under the Ford Motor Company Annual Incentive Compensation Plan and similar
plans, (ii) base salary, and (iii) new hire signing bonus.

    

    2.
Definitions. As used in the Plan, the following terms shall have the following
meanings, respectively:

    

    (a) The
term “AIC Plan” shall mean the Ford Motor Company Annual Incentive Compensation
Pan, as amended.

    

    (b) The
term “Code” shall mean the Internal Revenue Code of 1986, as
amended.

    

    (c) The
term “Committee” shall mean, unless the context otherwise requires, the
following as they from time to time may be constituted:

    

    (i) The
Compensation Committee with respect to all matters affecting any Section 16
Person.

    

    (ii) The
Deferred Compensation Committee with respect to all matters affecting employees
other than Section 16 Persons.

    

    (d) The
term “Company” means Ford Motor Company and, when used in the Plan with
reference to employment, shall include subsidiaries of the Company.

    

    (e) The
term “Compensation Committee” shall mean the Compensation Committee of the Board
of Directors of the Company.

    

    (f) The
term “Deferred Compensation” shall mean compensation deferred pursuant to
paragraph (b), (c), (d) or (e) of Section 4 hereto, and any interest
equivalents, dividend equivalents or other earnings or return on such amounts
determined in accordance with the Plan.

    

    (g) The
term “Deferred Compensation Account” with respect to a participant shall mean
the book entry account established by the Company for such participant with
respect to his or her Deferred Compensation.

    

    (h) The
term “Deferred Compensation Committee” shall mean the committee comprised of the
Group Vice President, Human Resources and Corporate Services, the Executive Vice
President and Chief Financial Officer and the Senior Vice President and General
Counsel (or, in the event of a change in title, their functional equivalent), or
such other persons as may be designated members of such Committee by the
Compensation Committee.

    

    (i) The
term “employee” shall mean any person who is regularly employed by the Company
or a subsidiary at a salary (as distinguished from a pension, retirement
allowance, severance pay, retainer, commission, fee under a contract or other
arrangement, or hourly, piecework or other wage) and is enrolled on the active
employment rolls of the Company or a subsidiary, including, but without
limitation, any employee who also is an officer or director of the Company or a
subsidiary.

    

    (j) The
term “Ford Stock” shall mean Ford Common Stock.

    

    (k) The
term “Ford Stock Unit” shall mean a unit having a value based upon Ford
Stock.

    

    (l)  The
term "IPOC" shall mean the Investment Process Oversight Committee comprised of
the Vice President – Treasurer, the Associate General Counsel and Secretary, and
the Director – Employee Benefits (or, in the event of a change in title, their
functional equivalent).

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (m)  The
term "Investment Process Committee" shall mean the committee comprised of the
Director – Global Trading and Automotive Risk Management, the Director – Asset
Management, and the Director – Global Retirement and Income Security (or, in the
event of a change in title, their functional equivalent),.

    

    (o) The
term “SC Plan” shall mean the Ford Motor Company Supplemental Compensation Plan,
as amended.

    

    (p) The
term “Section 16 Person” shall mean any employee who is subject to the reporting
requirements of Section 16(a) or the liability provisions of Section 16(b) of
the Securities Exchange Act of 1934, as amended.

    

    (q) The
term “Separation From Service” shall occur upon an employee's retirement or
other termination from employment with the Company.

    

    (r) The
term “Specified Employee” shall mean an employee of the Company who is a "Key
Employee" as defined in Code Section 416(i)(1)(A)(i), (ii) or (iii), applied in
accordance with the regulations thereunder and disregarding Subsection
416(i)(5).  A Specified Employee shall be identified as of December
31st
of each calendar year and such identification shall apply to any Specified
Employee who shall incur a Separation From Service in the 12-month period
commencing April 1st of the
immediately succeeding calendar year.  An employee who is determined
to be a Specified Employee shall remain a Specified Employee throughout such
12-month period regardless of whether the employee meets the definition of
"Specified Employee" on the date the employee incurs a Separation From
Service.  This provision is effective for Specified Employees who
incur a Separation From Service on or after January 1, 2005.  For
purposes of determining Specified Employees, the definition of compensation
under Treasury Regulation Section 1.415(c)-2(d)(3) shall be used, applied
without the use of any of the special timing rules provided in Treasury
Regulation Section 1.415(c)-2(e) or the special rule in Treasury Regulation
Section 1.415(c)-2(g)(5)(i), but applied with the use of the special rule in
Treasury Regulation Section 1.415(c)-2(g)(5)(ii).

    

    (s) The
term “SSIP” shall mean the Company’s Savings and Stock Investment Plan for
Salaried Employees, as amended.

    

    (t) The
term “subsidiary” shall mean (i) any corporation a majority of the voting stock
of which is owned directly or indirectly by the Company or (ii) any limited
liability company a majority of the membership interest of which is owned
directly or indirectly by the Company.

    

    (u) The
term “VIP Plan” shall mean Ford Motor Credit Company Variable Incentive Plan, as
amended.

    

    3.
Administration. Except as otherwise herein expressly provided, the Compensation
Committee shall have full power and authority to construe, interpret and
administer the Plan. The Compensation Committee shall make all decisions
relating to matters affecting any Section 16 Person, but may otherwise delegate
any of its authority under the Plan. The Compensation Committee and the Deferred
Compensation Committee each may at any time adopt or terminate, and may from
time to time amend, modify or suspend such rules, regulations, policies and
practices as they in their sole discretion may determine in connection with the
administration of, or the performance of their respective responsibilities
under, the Plan.  In the event that an Article, Section or paragraph
of the Code, Treasury Regulations, AIC Plan, SC Plan, SSIP, or VIP Plan is
renumbered, such renumbered Article, Section or paragraph shall apply to
applicable references herein.

    

    4.
Eligibility of Participants; Amounts Deferrable.

    

    (a)
Participating Subsidiaries and Foreign Location Participants. The Deferred
Compensation Committee shall determine the extent to which subsidiaries and
employees at foreign locations may participate in the Plan or similar plans and
the type and amount of compensation that may be deferred under, or the type and
amount of account balances that may be transferred to, the Plan pursuant to this
paragraph (a).

    

    (b)
Annual Incentive Compensation Deferrals under the AIC Plan and Other Similar
Plans. Subject to any limitations determined under paragraph (a) or paragraph
(g) of this Section 4 or paragraph (a) of Section 5, U.S. employees who receive
an annual incentive compensation award or an installment of such an award
payable in cash under the AIC Plan or the VIP Plan are eligible to defer payment
under the Plan from 1% to 100%, in 1% increments, of such amount, net of
applicable taxes, but not less than $1,000, provided that such employees are
actively employed by the Company in Leadership Level 1-5 or the equivalent at
the time of the election to defer. Notwithstanding the foregoing, the
Compensation Committee may in its sole discretion allow deferrals under this
paragraph (b) by persons that do not meet the eligibility requirements described
above.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (c) Base
Salary Deferrals. Subject to any limitations determined under paragraph (a) or
paragraph (g) of this Section 4, U.S. employees who are eligible to participate
in the AIC Plan or the VIP Plan, and who are actively employed by the Company in
Leadership Level 1-5 or the equivalent at the time a salary deferral election is
made, are eligible to defer payment from 1% to 50%, in 1% increments, of base
salary, net of applicable taxes, provided that the Compensation Committee has
determined that base salary deferrals may be made for the employment period
covered by such deferral. Notwithstanding the foregoing, the Compensation
Committee may impose such additional limitations on eligibility as it deems
appropriate in its sole discretion.

    

    (d)
Deferral of Awards under SC Plan. Notwithstanding anything in the Plan to the
contrary, deferrals of awards of supplemental compensation made under the SC
Plan for years 1995-1997 shall be governed by the same provisions of the Plan
that apply to awards of incentive compensation under the AIC Plan. Any
references to the AIC Plan shall be deemed to cover awards under the SC
Plan.

    

    (e)
Deferral of New Hire Signing Bonus. Notwithstanding anything contained in the
Plan to the contrary, subject to any limitations determined under paragraph (a)
or paragraph (e) of this Section 4, newly hired U.S. employees who are eligible
to participate in the AIC Plan or the VIP Plan, and who received an employment
offer from the Company that included a new hire signing bonus in cash, are
eligible to defer payment from 1% to 100%, in 1% increments, of such new hire
signing bonus, net of applicable taxes, but not less than $1,000, provided that
such employees are actively employed by the Company in Leadership Level 1-5 or
the equivalent at the time the new hire signing bonus would otherwise be payable
in the absence of such deferral.

    

    (f)
Eligibility of Compensation Committee Members. No person while a member of the
Compensation Committee shall be eligible to participate under the
Plan.

    

    (g)
Transfer of Deferral Accounts from SC Plan. Effective as of the close of
business on October 16, 1998, all outstanding book entry accounts maintained
under the SC Plan in the form of contingent credits for cash and/or Ford Common
Stock shall be transferred to the Plan and governed by the provisions of the
Plan. Upon such transfer, contingent credits for cash shall be valued based on
the Fidelity Retirement Money Market Portfolio and contingent credits for Ford
Common Stock shall be valued based on the Ford Stock Fund until such time, if
any, as all or any part of such amounts are transferred by the applicable
participants to other investment options available under the Plan. Ultimate
payout of a transferred deferral account shall be in cash, except that, to the
extent that the transferred account is valued based on the Ford Stock Fund, the
participant may make an election prior to the transfer of the account to receive
the ultimate payout in whole shares of Common Stock.

    

    (h)
Transfer of Deferral Accounts to Visteon Plan. Anything in the Plan to the
contrary notwithstanding, all outstanding book entry deferral accounts
maintained under the Plan for participants who become employees of Visteon
Corporation ("Visteon") or any of its consolidated subsidiaries immediately
following employment with the Company shall be transferred to a new Visteon
Deferred Compensation Plan ("Visteon DCP") to be adopted by Visteon and governed
by the provisions of that plan, effective as of 5:00 p.m. Eastern Time on June
30, 2000 (the "Transfer Date"). The transferred account balances may not be
immediately available for redesignations under the Plan until account balances
have been properly verified by the recordkeepers for both plans.  On
and after the Transfer Date, any deferrals by such employees shall be made under
the Visteon DCP, even if the election to defer was made prior to the Transfer
Date.  Unless the participant changes his or her investment options
for any such deferral, the Visteon DCP shall honor the investment elections that
were in effect under this Plan for such class year and type of compensation to
the extent the Visteon DCP has the same investment choices.  The
Visteon DCP shall have a Ford Stock Fund investment option for those transferred
accounts that had deferrals based on the Ford Stock Fund under this Plan as of
the Transfer Date, but the Ford Stock Fund under the Visteon DCP shall be a
"sell only" fund, and would not be available for any new deferrals or
redesignations into such fund from other funds or for credits based on dividend
equivalents.  Distributions relating to the transferred accounts shall
be made under the Visteon DCP in the form specified by the participant while
employed by the Company.

    

    
      5.
Deferral Elections.

    

    

    (a)
Annual Incentive Compensation Deferrals. For performance years beginning prior
to January 1, 2005, a participant’s decision to defer payment of annual
incentive compensation under paragraph (b) of Section 4 under the Plan must be
made prior to October 31 of the performance year for which the compensation is
determined. For performance years beginning on or after January 1, 2005, a
participant’s decision to defer payment of annual incentive compensation under
paragraph (b) of Section 4 under the Plan must be made on or before June 30 of
the performance year for which the compensation is determined; provided,
however, that, at the time of such deferral election, the amount of any annual
incentive compensation subject to such deferral election is substantially
uncertain; provided, further, that newly hired employees who are hired on or
after June 1st may not
make such an election to defer payment of annual incentive compensation in the
year of hire.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b) Base
Salary Deferrals. A participant’s decision to defer payment of base salary under
the Plan must be made prior to the calendar year during which the base salary
will be earned; provided, however, that such decision may be made with respect
to base salary earned during the first calendar year that base salary deferrals
are permitted under the Plan within thirty days of implementation of the base
salary component of the Plan but prior to earning any such
salary.  Employees hired or rehired on or after June 1st may not
make such elections to defer payment of base salary until the next election
period following the year of hire or rehire.

    

    (c) New
Hire Signing Bonus Deferrals. A participant’s decision to defer payment of a new
hire signing bonus must be made before the earlier of:  (i) the
payment date of such signing bonus, or (ii) 30 days after the date of hire or
rehire.

    

    (d)
Mandatory Deferrals. The Compensation Committee may mandatorily defer payment
under the Plan of all or a portion of certain annual incentive compensation
awards pursuant to the AIC Plan.  In no event may any mandatory
deferral pursuant to this Section be made later than June 30th of the
performance year for which such annual incentive compensation award is
determined.  Additionally, no mandatory deferral may be made pursuant
to this Section if, at the time of such mandatory deferral, the amount of any
annual incentive compensation award subject to such mandatory deferral is
substantially certain.  Any such mandatory deferral must designate the
time and form of payment of any annual incentive compensation award subject to
such mandatory deferral.

    

    (e)
Deferred Compensation Accounts. Amounts deferred pursuant to paragraphs (a),
(b), (c), or (d) of Section 5, and deferral amounts relating to any transfer to
the Plan pursuant to paragraph (g) of Section 4, will be credited by book entry
to the participant’s Deferred Compensation Account. All such amounts shall be
held in the general funds of the Company. Each participant shall have the status
of an unsecured general creditor of the Company with respect to his or her
Deferred Compensation Account. The participant shall designate the percentage of
the amount elected for deferral to be allocated to each investment option
available under the Plan for purposes of accounting only and not for actual
investment. In
addition, with respect to any particular deferral under the Plan, at the time of
a participant's initial deferral election, the participant shall elect one of
the following: (i) lump sum in-service distribution for a specified year, (ii)
lump sum distribution after Separation From Service, or (iii) up to 10 annual
installment payments after Separation From Service.

    

    (f)
Prohibited Elections or Other Actions. 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 Code Section
409A.

    

    
      6.
Investment Options; Methodology; No Ownership Rights.

    

    

    (a)
General. The IPOC has the sole discretion to determine the investment options
available as the measurement mechanism for deferrals and redesignations under
the Plan and shall perform the same functions under the Plan that it performs
under the SSIP.  The manner and extent to which elections may be made,
the method of valuing the various investment options and the Deferred
Compensation Accounts and the method of crediting the Deferred Compensation
Accounts with, or making other adjustments as a result of, dividend equivalents,
interest equivalents or other earnings or return on such Accounts shall be the
same as under SSIP.  .

    

    (b)
Methodology. Unless otherwise determined by the Compensation Committee, the
methodology for valuing the various investment options and the Deferred
Compensation Accounts and for calculating amounts to be credited or debited or
other adjustments to any Deferred Compensation Account with respect to any
investment options shall be the same as that used under the SSIP.

    

    (c) No
Ownership Rights. Investment options available under the Plan shall be used
solely for measuring the value of Deferred Compensation Accounts and accounting,
on a book entry basis, as if the deferred amounts had been invested in actual
investments, but no such investments shall be made on behalf of participants.
Participants shall not have any voting rights or any other ownership rights with
respect to the investment options selected as the measuring mechanism for their
Deferred Compensation Accounts.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      7.
Redesignation within a Deferred Compensation Account.

    

    

    (a)
General. Except as otherwise provided in paragraph (f) of this Section 7, a
participant or the beneficiary or legal representative of a deceased
participant, may redesignate amounts credited to a Deferred Compensation Account
among the investments available under the Plan. No redesignations relating to a
particular deferral may occur on or after the scheduled distribution date for
the deferral under the Plan.

    

    (b)
Eligible Participants. Active employees and retired participants are eligible to
redesignate.

    

    (c)
Permitted Frequency. Redesignations may be made at the same frequency as
transfers may be made under the SSIP.

    

    (d)
Amount of Redesignation. Any redesignation relating to a particular deferral
shall be in a specified percentage or dollar amount of the investment option
from which the redesignation is being made.

    

    (e)
Timing. Redesignation shall occur on the day the participant’s written
redesignation election form or telephonic election is received by the Company or
its agent designated for this purpose; provided, however, that if such
redesignation request is received after 4 p.m. Eastern Time, or on a day that is
not a business day (i.e., a day that either the Company’s World Headquarters
offices in Dearborn, Michigan or the principal offices of its designated agent
are not open to the public for business), then such redesignation shall be
effective on the next business day.

    

    (f)
Limitations on Redesignations Involving Ford Stock Units. The Committee in its
sole discretion at any time may rescind a redesignation in or out of Ford Stock
Units if such redesignation was made by a participant who (i) at the time of the
redesignation the Committee believes was in the possession of material,
nonpublic information with respect to the Company and (ii) in the Committee’s
estimation benefited from such information by the timing of his or her
redesignation. In the event of a rescission, the participant’s Deferred
Compensation Account shall be restored to a status as though such redesignation
had not occurred.

    

    8.
Adjustments. In the event of a reorganization, recapitalization, stock split,
stock dividend, combination of shares, merger, consolidation, rights offering or
any other change in the corporate structure of the Company or shares of Ford
Stock or units of any other investment option provided under the Plan, the
Compensation Committee shall make such adjustments, if any, as it may deem
appropriate in the number of Ford Stock Units, shares of Ford Stock, including
shares represented by Ford Stock Units, or shares or units of other investment
options credited to participants’ Deferred Compensation Accounts.

    

    
      9.
Distribution of Deferred Compensation; Financial Hardship.

    

    

    (a)
General.  Except as otherwise provided in paragraph (b) of this
Section 9 or in Section 11, or as otherwise determined by the Committee,
distribution of all or any part of a participant's Deferred Compensation Account
shall be made upon the earliest of the following:

    

    (i) If
the participant elected to receive the distribution in a lump sum payment in a
specified year when the participant is an active employee, such payment shall be
made as soon as practicable after the March 15th of the
specified year, but in no event later than December 31st of the
specified year.  If a participant elected to receive a lump sum
payment in a specified year, after Separation From Service prior to such
specified year, the participant shall receive a lump sum payment as soon as
practicable after the March 15th
following the participant's Separation From Service, but in no event later than
the December 31st
immediately following such March 15th.

    

    (ii)
After Separation From Service with the Company, distribution will occur in
either a lump sum payment or in no more than ten annual installment payments, as
elected by the participant, with such lump sum payment being made, or such
annual installments beginning, as soon as practicable after the March 15th
following the participant's Separation From Service, but in no event later than
the December 31st
immediately following such March 15th.  If
the participant elected annual installments, each installment paid after the
initial installment payment shall be paid annually as soon practicable after
each successive March 15th, but in
no event later than the December 31st
following such March 15th.

    

    (iii)
Notwithstanding any prior election by a participant, upon a participant's death,
the participant's Deferred Compensation Account shall be distributed in its
entirety as soon as practicable after the March 15th
following the participant's death, but in no event later than December 31st
following such March 15th.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Unless
otherwise determined by the Committee, a Deferred Compensation Account, or part
thereof, relating to a particular distribution shall be valued for purposes of
the distribution as of the March 15th of the
year of distribution, or the next preceding day for which valuation information
is available.  Notwithstanding anything contained in the Plan to the
contrary, no distribution of any or all of a Deferred Compensation Account held
by a Specified Employee shall occur earlier than the first day of the seventh
month following the Specified Employee's Separation From Service, other than as
a result of such Specified Employee's death.  Any payments to which a
Specified Employee otherwise would have been entitled under the Plan during the
first 6 months following such Specified Employee's Separation From Service shall
be accumulated and paid in a lump sum payment on or after the first day of the
seventh month following such Separation From Service.

    

    (b)
Financial Hardship. At the written request of a participant, the Committee, in
its sole discretion, may authorize the cessation of deferrals under the Plan by
such participant and distribution of all or any part of the participant's
Deferred Compensation Account prior to his or her scheduled distribution date or
dates, or accelerate payment of any installment payable with respect to Deferred
Compensation, 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 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 Committee shall determine the
applicable distribution date and the date as of which the amount to be
distributed shall be valued with respect to any financial hardship withdrawal or
distribution made pursuant to this paragraph (b) of this Section
9.  Any participant whose deferrals have ceased under the Plan
pursuant to this paragraph may not elect to recommence deferrals until such time
as is determined by the Committee, but in no event earlier than permitted under
Code Section 409A.  In the event of a participant's financial hardship
withdrawal under the Plan or any employer-sponsored savings plan, deferrals by
such participant under the Plan shall be suspended for twelve months following
the date of such withdrawal.  Notwithstanding anything contained in
the Plan to the contrary, no hardship distribution shall be allowed that would
result in taxation under Code Section 409A.

    

    (c)
Prohibited Distributions or Other Actions. 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 Code Section
409A.

    

    (d) One
Time Election to Change Method and/or Timing of
Distributions.  Notwithstanding anything contained in the Plan to the
contrary, elections by active participants to change the method and/or timing of
distributions may be allowed in accordance with Internal Revenue Service Notice
2005-1, Q&A-19, such that such elections shall not be treated as a change in
the form and timing of a payment under Code Section 409A(a)(4) or an
acceleration of a payment under Code Section 409A(a)(3); provided, that such
elections are made on or before December 31, 2006 and that no such election
results in (i) an acceleration of a distribution into the year of the election,
or (ii) the deferral of a distribution otherwise payable in the year of the
election into a subsequent year.  Such elections are irrevocable as of
December 31, 2006.

    

    
      10.
Designation of Beneficiaries and Effect of Death.

    

    

    (a)
Designation of Beneficiaries. A participant may file with the Company a written
designation of a beneficiary or beneficiaries (subject to such limitations as to
the classes and number of beneficiaries and contingent beneficiaries and such
other limitations as the Compensation Committee from time to time may prescribe)
to receive, in the event of the death of the participant, undistributed amounts
of Deferred Compensation that would have been payable to such participant had he
or she been living. 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 basic 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 and 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 any such beneficiary to receive any such payment, or if applicable
law requires the Company to do so, the same may be paid 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.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)
Distribution Upon Death. Subject to the provisions of Section 9 hereof, in the
event of the death of any participant prior to distribution of all or part of
such participant’s Deferred Compensation Account, the total value of such
participant’s entire Deferred Compensation Account shall be distributed in cash,
except as otherwise provided in paragraph (h) or (j) of Section 4, in one lump
sum in accordance with paragraph (a) of Section 9 to any beneficiary or
beneficiaries designated or deemed designated by the participant pursuant to
paragraph (a) of this Section 10 who shall survive such participant (to the
extent such designation is effective and enforceable at the time of such
participant’s death) or, in the absence of such designation or such surviving
beneficiary, or if applicable law requires the Company to do so, to the legal
representative of such person, at such time (or as soon thereafter as
practicable) and otherwise as if such person were living and had fulfilled all
applicable conditions as to earning out set forth in, or established pursuant to
the Plan, provided such conditions shall have been fulfilled by such person
until the time of his or her death.

    

    11.
Effect of Inimical Conduct. Anything contained in the Plan notwithstanding, all
rights of a participant under the Plan to receive distribution of all or any
part of his or her Deferred Compensation Account shall cease on and as of the
date on which it has been determined by the Committee that such participant at
any time (whether before or subsequent to termination of such participant’s
employment) acted in a manner inimical to the best interests of the
Company.

    

    12.
Limitations. A participant shall not have any interest in any Deferred
Compensation credited to his or her Deferred Compensation 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 use for whatever purposes are desired. With
respect to Deferred Compensation, 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. The Plan shall
not constitute part of any participant’s or employee’s employment contract with
the Company or any participating subsidiary. Participation in the Plan shall not
create or imply a right to continued employment.

    

    13.
Annual Statements of Account. Account statements shall be sent to participants
as soon as practicable following the end of each year as to the balances of
their respective Deferred Compensation Accounts as of the end of the previous
calendar year.

    

    14.
Withholding of Taxes. The Company shall have the right to withhold an amount
sufficient to satisfy any federal, state or local income taxes or FICA or
medicare taxes that the Company may be required by law to pay with respect to
any Deferred Compensation Account, including withholding payment from a
participant’s current compensation.

    

    15. 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 paragraph (a) of Section 10), 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.

    

    16.
Administration Expense. The entire expense of offering and administering the
Plan shall be borne by the Company and its participating
subsidiaries.

    

    17.
Amendment, Modification, Suspension and Termination of the Plan; Rescissions and
Corrections. The Compensation Committee, at any time may terminate, and at any
time and from time to time, and in any respect, may amend or modify the Plan or
suspend any of its provisions; provided, however, that no such amendment,
modification, suspension or termination shall, without the consent of a
participant, adversely affect such participant’s rights with respect to amounts
credited to or accrued in his or her Deferred Compensation Account; provided,
further, however, that no distribution of benefits shall occur upon termination
of this Plan unless applicable requirements of Code Section 409A have been met.
The Committee at any time may rescind or correct any deferrals or credits to any
Deferred Compensation Account made in error or that jeopardize the intended tax
status or legal compliance of the Plan.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      18.
Section 10.  Code Section 409A.

    

    

    (a) The
Company reserves the right to take such action, on a uniform and consistent
basis, as the Company deems necessary or desirable to ensure compliance with
Code Section 409A, and applicable additional regulatory guidance thereunder, or
to achieve the goals of the Plan without having adverse tax consequences under
this Plan for any employee or beneficiary.

    

    (b) In no
event shall any transfer of liabilities to or from this Plan result in an
impermissible acceleration or deferral under Code Section 409A. In the event
such a transfer would cause an impermissible acceleration or deferral under Code
Section 409A, such transfer shall not occur.

    

    (c) In
the event an employee is reemployed following a Separation From Service,
distribution of any deferrals shall not cease upon such employee's
reemployment.

    

    (d) After
receipt of any deferrals, the obligations of the Company with respect to such
amounts shall be satisfied and no employee, surviving spouse, or beneficiary
shall have any further claims against the Plan or the Company with respect to
any deferrals under the Plan.

    

    
      19.
Indemnification and Exculpation.

    

    

    (a)
Indemnification. Each person who is or shall have been a member of the
Compensation Committee or a member of the Deferred Compensation 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)
Exculpation. Each member of the Compensation Committee, each member of the
Deferred Compensation Committee, each member of the IPOC and each member of the
Investment Process Committee shall be fully justified in relying or acting in
good faith upon any information furnished in connection with the administration
of the Plan or 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 Compensation
Committee,  a member of the Deferred Compensation Committee, a member
of the IPOC or a member of the Investment Process Committee 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.

    

    20.
Finality of Determinations; Request for Review. Each determination,
interpretation or other action made or taken pursuant to the provisions of the
Plan by the Compensation Committee or the Deferred Compensation Committee shall
be final and shall be binding and conclusive for all purposes and upon all
persons, including, but without limitation thereto, the Company, its
stockholders, the Compensation Committee and each of the members thereof, the
Deferred Compensation Committee and each of the members thereof, and the
directors, officers, and employees of the Company, the Plan participants, and
their respective successors in interest.  In the event a participant
wishes to appeal a decision relating to the Plan, a request in writing may be
submitted to the Committee.

    

    21.
Governing Law. The Plan shall be governed by and construed in accordance with
the laws of the State of Michigan.

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