Document:

exv10w1

Exhibit 10.1

FANNIE MAE

SUPPLEMENTAL PENSION PLAN OF 2003

Amendment for LTI and Deferred Pay

     Pursuant to Section 5.5 of the Fannie Mae Supplemental Pension Plan of 2003 (the “Plan”), and
as recommended by the Compensation Committee of Fannie Mae on May 13, 2010 and approved by the
Board of Directors of Fannie Mae on May 14, 2010, the Plan is hereby amended as follows as follows:

1. Section 2.14 is amended, effective January 1, 2009 for years commencing on or after January 1,
2009, to read in its entirety as follows:

““Unrestricted Benefit” means the monthly normal, early, deferred, vested, disability or
preretirement survivor annuity benefit, as the case may be, that would be payable to a Participant
under the Retirement Plan if: (a) the terms of the Retirement Plan included solely to comply with
Sections 401(a)(17) and 415 of the Code were disregarded; (b) Earnings (determined without regard
to the terms of the Retirement Plan included solely to comply with Section 401(a)(17) of the Code)
were increased by the amount of any bonus under the Annual Incentive Plan earned by the Participant
while such Participant was an Executive, even if prior to the Effective Date, and (for the
avoidance of doubt) even if such bonus is paid after the Participant’s Separation from Service; (c)
Earnings (determined without regard to the terms of the Retirement Plan included solely to comply
with Section 401(a)(17) of the Code) were increased by the amount of any retention bonus awards
paid under the program established in October 2008 and approved by the Conservator of Fannie Mae
(each, a “Retention Bonus Award”) while such Participant was an Executive; and (d) Earnings
(determined without regard to the terms of the Retirement Plan included solely to comply with
Section 401(a)(17) of the Code) were increased by any amount earned for such year under the Fannie
Mae Deferred Pay Plan and, for an Executive who is not an SEC Executive Officer, earned for such
year under the Fannie Mae Long-Term Incentive Plan for Senior Vice Presidents and Above or the
Fannie Mae Long-Term Incentive Plan for Vice Presidents and Below (collectively, the “Long-Term
Incentive Plans”), in each case only if earned while the Participant is an Executive, subject,
however to the following rules:

     (i) The amount of the Retention Bonus Awards and Annual Incentive Plan bonus taken into
account for purposes of calculating a Participant’s Unrestricted Benefit shall not exceed
50% of the Participant’s Earnings for the calendar year for which such bonus was earned.
For any calendar year beginning on or after January 1, 2009, amounts, if any, earned for
such year under the Fannie Mae Deferred Pay Plan, amounts of any Retention Bonus Award or
Annual Incentive Plan bonus earned for such year, and amounts, if any, earned for such year
under the Long-Term Incentive Plans (any amount paid under the Fannie Mae Deferred Pay Plan
or Long-Term Incentive Plans to be treated as earned for the calendar year immediately
preceding the year in which such amount is paid) that are taken into account for purposes of
calculating a Participant’s Unrestricted Benefit shall not exceed 50% of the Participant’s
Earnings for the calendar year in which such amounts are taken into account.

 

 

     (ii) The amount of the Annual Incentive Plan bonus taken into account for any calendar
year (as limited pursuant to clause (i) above) shall be treated as having been earned in
equal monthly installments over the course of such year (taking into account all months of
employment for the Corporation, whether or not as an Executive, but disregarding periods
prior to commencement of employment or following termination of employment) for purposes of
determining, under Section 2.14(b) above, (A) the portion of such bonus added to Earnings
for any month, and (B) whether such bonus was earned by the Participant while an Executive.

     (iii) The amount of the Retention Bonus Awards taken into account for the calendar year
ending on December 31, 2008 shall include any Retention Bonus Awards paid in December 2008,
April 2009, and November 2009, which amounts (as limited pursuant to clause (i) above) shall
be treated as having been earned in equal monthly installments over the course of such year
(taking into account all months of employment for the Corporation, whether or not as an
Executive, but disregarding periods following termination of employment) for purposes of
determining, under Section 2.14(c) above, (A) the portion of such Retention Bonus Awards
added to Earnings for any month, and (B) whether such Retention Bonus Awards were earned by
the Participant while an Executive.

     (iv) The amount of the Retention Bonus Awards taken into account for the calendar year
ending on December 31, 2009 shall include the Retention Bonus Award paid in February 2010,
which amount (as limited pursuant to clause (i) above) shall be treated as having been
earned in equal monthly installments over the course of such year (taking into account all
months of employment for the Corporation, whether or not as an Executive, but disregarding
periods following termination of employment) for purposes of determining, under Section
2.14(c) above, (A) the portion of such Retention Bonus Awards added to Earnings for any
month, and (B) whether such Retention Bonus Awards were earned by the Participant while an
Executive.

     (v) Amounts paid as severance in lieu of Retention Bonus Awards are not Retention Bonus
Awards and therefore are not included in calculating the Participant’s Earnings for purposes
of the Plan.

     (vi) Amounts paid under the Fannie Mae Deferred Pay Plan or the Long-Term Incentive
Plans shall be taken into account for the calendar year immediately preceding the year in
which such amount is paid. The amounts under the Fannie Mae Deferred Pay Plan and the
Long-Term Incentive Plans that are taken into account for any calendar year (as limited
pursuant to clause (i) above) shall be treated as having been earned in equal monthly
installments over the course of such year (taking into account all months of employment for
the Corporation, whether or not as an Executive, but disregarding periods prior to
commencement of employment or following termination of employment) for purposes of
determining, under Section 2.14(d) above, (A) the portion of such amounts added to Earnings
for any month, and (B) whether such amount was paid to the Participant while an Executive.
No amount paid under the Fannie Mae Deferred Pay Plan or the Long-Term Incentive Plans prior
to May 14, 2010 shall be taken into account

 

 

if the Participant has Separated from Service prior to May 14, 2010. In addition,
notwithstanding any contrary provision hereof, an amount paid under the Fannie Mae Deferred
Pay Plan or the Long-Term Incentive Plans following termination of employment shall not be
taken into account under the Plan.

     (vii) If a Participant is not an Executive for a full calendar year, the Earnings taken
into account in applying the 50% limitation under clause (i) above shall be the
Participant’s Earnings for those full months during which he or she was an Executive.

     (viii) For the purpose of the Plan, “SEC Executive Officer” means an “executive
officer” under Rule 3b-7 promulgated pursuant to the Securities Exchange Act of 1934, as
amended.”

2. The following sentence is added after the first sentence of Section 3.2, effective January 1,
2010:

“Notwithstanding the foregoing, the benefit earned for 2010 and 2011 for the individual who
was the Company’s Chief Executive Officer as of May 14, 2010 (the “Specified Participant”)
shall be determined under the provisions of Schedule A hereto.”

 

 

Schedule A

Solely for the benefit earned for the calendar years beginning on January 1, 2010 and January 1,
2011, in determining the benefit under Section 3.2 for the Specified Participant, Section 3.2 shall
be applied by determining the benefit, if any, that would have been payable under this Plan had the
Specified Participant retired or otherwise terminated employment at the close of business on
December 31, 2009 (which benefit is zero because of the offset for the Executive Pension Plan
benefit set forth in clause (iii) of Section 3.2), and adding thereto the excess of (a) over (b),
where

	 	-	 	(a) is the benefit that would be payable under Section 3.2 upon the earlier of (1) the
Specified Participant’s Separation from Service, or (2) December 31, 2011, if Section 3.2
were applied without regard to clause (iii) thereof, and
	 
	 	-	 	(b) is the benefit that would have been payable had the Specified Participant retired or
otherwise terminated employment at the close of business on December 31, 2009 with a
monthly benefit determined under Section 3.2 without regard to clause (iii) thereof.exv10w2

Exhibit 10.2

FANNIE MAE

SUPPLEMENTAL RETIREMENT SAVINGS PLAN

Amendment for LTI and Deferred Pay

     Pursuant to Section 9.2 of the Fannie Mae Supplemental Retirement Savings Plan (the “Plan”),
and as approved by the Fannie Mae Board of Directors on May 14, 2010, the Plan is hereby amended as
follows:

	1.	 	Section 2.6 is hereby amended and restated in its entirety, effective January 1, 2009 for
Plan Years commencing on or after January 1, 2009, to read as follows:

“ “Compensation” for any period shall have the meaning given to the term “Earnings” under
applicable provisions of the Retirement Savings Plan, as in effect from time to time, but shall
be determined for all purposes of the Plan without regard to the IRS Limit; provided, however,
that:

	 	-	 	 “Compensation” for a Plan Year shall include in the case of any of: (i) AIP bonuses,
(ii) retention bonus awards paid under the program established in October 2008 and
approved by the Conservator of Fannie Mae (“Retention Bonus Awards”), (iii) non-management
group annual bonuses, (iv) variable compensation (“VCP”), (v) for Participants who are not
SEC Executive Officers, long-term incentive awards under the Fannie Mae Long-Term
Incentive Plan for Senior Vice Presidents and Above and under the Fannie Mae Long-Term
Incentive Plan for Vice Presidents and Below (collectively the “Long-Term Incentive
Plans”), and (vi) deferred pay under the Fannie Mae Deferred Pay Plan, only such amounts
as are earned in, rather than received or paid in, the Plan Year; and
	 
	 	-	 	amounts earned under the Fannie Mae Deferred Pay Plan or under either of the
Long-Term Incentive Plans, and AIP bonuses, Retention Bonus Awards, non-management group
annual bonuses and VCP earned, shall be taken into account in determining “Compensation”
(when paid or when earned, as the case may be, in accordance with the rules set forth in
this Section 2.6) only if paid while the Participant is employed by the Company.

For the avoidance of doubt, “Compensation” for the Plan Year ending on December 31, 2008 shall
include amounts in the preceding sentence earned for services performed in 2008, regardless of
whether the related services were performed before or after the Effective Date.

For the further avoidance of doubt, (i) “Compensation” for the Plan Year ended on December 31,
2008 shall include Retention Bonus Awards paid in December 2008, April 2009 and November 2009
and “Compensation” for the Plan Year ended on December 31, 2009 shall include Retention Bonus
Awards paid in February 2010; provided that amounts paid as severance in lieu of a Retention
Bonus Awards are not Retention Bonus Awards and are therefore not “Compensation” for purposes
of the Plan, and (ii) amounts paid under either of the Long-Term Incentive Plans or the Fannie
Mae Deferred Pay Plan shall be treated as earned in the Plan Year immediately preceding the
Plan Year in which they are paid for the purpose of determining “Compensation.”

 

 

In the case of any Participant who terminated employment prior to May 14, 2010, amounts paid
under the Fannie Mae Long-Term Incentive Plans or under the Fannie Mae Deferred Pay Plan prior
to May 14, 2010 shall not be taken into account in determining Compensation.

For the purpose of the Plan, “SEC Executive Officer” means an “executive officer” under Rule
3b-7 promulgated pursuant to the Securities Exchange Act of 1934, as amended.”

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