Document:

EX-10(A)(XV)

Exhibit 10(a)(xv)

H. J. Heinz Company Annual Incentive Plan

(as amended and restated effective January 1, 2008)

Article 1. Establishment and Purpose

1.1 Establishment of the Plan. H.J. Heinz Company (the “Company”), hereby establishes an annual
incentive compensation plan to be known as the “H. J. Heinz Company Annual Incentive Plan” (the
“Plan”). The Plan permits the awarding of annual cash incentive awards to certain salaried
employees of the Company, its subsidiaries, and affiliates based on the achievement of
preestablished performance goals.

     An award period under the Plan shall be the fiscal year of the Company; provided, however,
that the Committee (as defined in Section 2.1) may establish any shorter or longer period as it
deems appropriate under the circumstances (hereinafter, an “Award Period”).

     The effective date of the Plan was April 28 1994 (the “Effective Date”). The effective date
of this amended and restated version of the Plan is January 1, 2008. The Plan shall remain in
effect until terminated by the Board of Directors of the Company (the “Board”).

1.2 Purpose. The primary purposes of the Plan are to motivate Participants toward achieving annual
goals that are within business unit and/or individual control; encourage teamwork in various
segments of the Company; and reward performance with pay that varies in relation to the achievement
of preestablished goals. The Plan is intended to apply to salaried employees of the Company, its
subsidiaries, and affiliates in the United States and throughout the world, as determined and
selected by the Committee.

Article 2. Administration

2.1 The Committee. The Plan shall be administered by the Management Development and Compensation
Committee of the Board or another successor Committee appointed by the Board (the “Committee”). The
members of the Committee shall be appointed by, and shall serve at the discretion of, the Board.

2.2 Authority of the Committee. Except as limited by law or by the Company’s Articles of
Incorporation or Bylaws, and subject to the provisions herein, the Committee shall have authority
to select Participants (as defined in Section 3.2) in the Plan; determine the size and types of
awards; determine the terms and conditions of earning awards; interpret the Plan; establish, amend,
or waive rules and regulations for the Plan’s administration; and, subject to Articles 7 and 10,
amend the terms and conditions of the Plan, including outstanding Award Opportunities (as defined
in Section 4.1). Further, the

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Committee shall make all other determinations which may be necessary or advisable for the
administration of the Plan. As permitted by law, the Committee may delegate any of its authority
granted under the Plan to such other person or entity it deems appropriate, including, but not
limited to, senior management of the Company.

2.3 Guidelines. Subject to the provisions herein, the Committee may adopt written guidelines for
the implementation and administration of the Plan.

2.4 Decisions Binding. All determinations and decisions of the Committee arising under the Plan
shall be final, binding, and conclusive upon all parties.

Article 3. Eligibility and Participation

3.1 Eligibility. Full-time salaried employees of the Company, its subsidiaries, and affiliates
shall be eligible to be selected to participate in the Plan in any Award Period. In addition, the
Chief Executive Officer of the Company may select part-time employees, except for the Named
Executive Officers (as defined in Article 7), to be eligible to participate in the Plan

3.2 Participation. No later than the earlier of ninety (90) days after the commencement of the
applicable Award Period or the completion of twenty-five percent (25%) of such Award Period, the
Committee shall, in its discretion, determine the eligible employees who shall participate in the
Plan (collectively, the “Participants”) during such Award Period.

3.3 Partial Award Period Participation. Except as provided in Article 7 herein, an employee who
becomes eligible after the beginning of an Award Period may participate in the Plan for that Award
Period. Such situations may include, but are not limited to: (a) new hires; (b) promotions from a
position which did not previously meet the eligibility criteria; or (c) transfers from an affiliate
which does not participate in the Plan. Notwithstanding the foregoing, an employee must have been
eligible to participate in the Plan for at least three (3) months during the applicable Award
Period to receive an award under the Plan.

     The Committee, in its sole discretion, retains the right to prohibit or allow participation in
the Initial Award Period of eligibility for any of the aforementioned employees.

3.4 No Right to Participate. No Participant or other employee shall, at any time, have a right to
be selected for participation in the Plan for any Award Period, despite having previously
participated in the Plan.

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Article 4. Award Determination

4.1 Performance Measures and Performance Goals. Subject to Article 7 herein, prior to the
beginning of each Award Period, or as soon as practicable thereafter the Committee shall select
performance measures and shall establish performance goals for that Award Period. Such performance
measures need not be the same for all Participants.

     Participants shall be grouped into categories (“Participant Categories”), as determined by the
Committee based on level of responsibility. With respect to each Participant Category, the
Committee shall establish ranges of performance goals which correspond to various levels of
incentive award payment amounts (Award Opportunities”) for the Award Period. Each range of
performance goals shall include a level of performance at which one hundred percent (100%) of the
targeted incentive award (“Target Incentive Award”) may be earned. In addition, each range of
performance goals shall include levels of performance above and below the one hundred percent
(100%) performance level.

     After the performance goals are established, the Committee will align the achievement of the
performance goals with Award Opportunities (as described in Section 4.2 herein), such that the
level of achievement of the preestablished performance goals at the end of the Award Period will
determine the actual annual award amount (“Final Awards”). Except as provided in Article 7 herein,
the Committee shall have the authority to exercise subjective discretion in the determination of
Final Awards with respect to any or all Participants, as well as the authority to delegate the
ability to exercise subjective discretion in this respect.

4.2 Award Opportunities. Prior to the beginning of each Award Period or as soon as practicable
thereafter, the Committee shall establish, in writing, Award Opportunities which correspond to
various levels of achievement of the preestablished performance goals. The established Award
Opportunities shall vary in relation to the Participant Categories and may vary among affiliates
and business units of the Company. Except as provided in Article 7 herein, in the event a
Participant changes Participant Categories during an Award Period, the Participant’s Award
Opportunity may be adjusted to reflect the amount of time in each Participant Category during the
Award Period.

4.3 Adjustment of Performance Goals and Award Opportunities. Once established, performance goals
normally may not be changed during the Award Period. However, except as provided in Article 7
herein, if the Committee determines that external changes or other unanticipated business
conditions have materially affected the fairness of the goals, then the Committee may approve
appropriate adjustments to the performance goals (either upward or downward) during the Award
Period as such goals apply to the Award Opportunities of specified Participants.

     Notwithstanding any other provision of the Plan, in the event of any change in corporate
capitalization, such as a stock split, or a corporate transaction, such as any merger,
consolidation, separation, including a spin-off, or other distribution of stock or

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property of the Company, any reorganization (whether or not such reorganization comes within
the definition of such term in Code Section 368), or any partial or complete liquidation of the
Company, such adjustment shall be made in the Award Opportunities and/or the performance measures
or performance goals related to the then-current Award Period as may be determined to be
appropriate and equitable by the Committee, in its sole discretion, to prevent dilution or
enlargement of rights; provided, however, that subject to Article 7 herein, any such adjustment
shall not be made with respect to Named Executive Officers (as defined in Article 7) if it would
eliminate the ability of Award Opportunities held by Named Executive Officers to qualify for the
“performance-based” exemption under Section 162(m) of the Internal Revenue Code (the “Code”).

4.4 Final Award Determinations. At the end of each Award Period, Final Awards shall be computed
for each Participant as determined by the Committee. Subject to Article 7 herein, Final Awards may
vary above or below the Target Incentive Award, based on the level of achievement of the
preestablished Company-wide, business unit or affiliate, and/or individual performance goals, as
applicable. In addition, except as provided in Article 7 herein, the Committee shall have the
authority to reduce or eliminate Final Award determinations of any or all Participants, based upon
any objective or subjective criteria it deems appropriate.

4.5 Final Award Limit. The Committee may establish guidelines governing the maximum Final Awards
that may be earned by Participants (either in the aggregate, by Participant Category, or among
individual Participants) in each Award Period. The guidelines may be expressed as a percentage of
Company-wide, business unit, or affiliate goals or financial measures, or such other measures as
the Committee shall determine; provided, however, that the maximum payout with respect to a Final
Award payable to any one Participant in connection with performance in any one (1) Award Period
shall be four million dollars ($4,000,000).

     Notwithstanding the foregoing, the aggregate of all payments of Final Awards under the Plan
for any Award Period shall not exceed, for each such Award Period, the sum of: (a) three percent
(3%) of the net income of the Company and its consolidated subsidiaries, before taxes and before
giving effects to extraordinary items, before taxes on income, and before deductions for minority
interests and the amounts of payments of Final Awards under the Plan (“Consolidated Pre-tax Net
Income”), and (b) five percent (5%) of Consolidated Pre-tax Net Income in excess of a twelve
percent (12%) return on “Shareholders” Equity” in the Company. For purposes of this Plan,
“Shareholders’ Equity” is the consolidated capital and surplus of the Company and its consolidated
subsidiaries at the beginning of the Award Period to which the Final Award payments relate.

4.6 Threshold Levels of Performance. The Committee may establish minimum levels of performance
goal achievement, below which no payouts of Final Awards shall be made to any Participant.

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Article 5. Payment of Final Awards

5.1 Form and Timing of Payment. Subject to the terms and conditions as established by the
Committee prior to the payment of Final Awards, Participants shall have the election to choose from
among the following three (3) methods of payment of Final Awards under the Plan:

(a) Receive payment in cash as soon as practicable following the determination of the Final Award;

(b) Consistent with the provisions of Section 12 and the rules of Code Section 409A, defer receipt
of payment into the H. J. Heinz Company Executive Deferred Compensation Plan, as amended and
restated effective January 1, 2005, and as further amended from time to time, or such other
deferred compensation plan of the Company as designated by the Committee under which deferrals of
Award Opportunities under this Plan are permitted (the “Deferred Compensation Plan”), provided that
the Participant is eligible and selected to participate in the Deferred Compensation Plan during
the applicable Award Period; or

(c) Consistent with the provisions of Section 12 and the rules of Code Section 409A, if applicable,
defer receipt of payment into a tax-qualified retirement savings plan sponsored by the Company (as
applicable, the “Savings Plan”); provided, however, that the Participant must be eligible to make
deferrals under the Savings Plan, and provided further that the administrator of the Savings Plan
may place such terms, conditions, or restrictions on any election made under this Section 5.1(c) as
it deems appropriate, including, but not limited to, additional restrictions on or requirements for
eligibility to make such deferrals.

     In its discretion, the Committee may establish terms and conditions which permit each
Participant to divide the total amount of his/her Final Award in any Award Period among two (2) or
more of the methods of payment described in this Section 5.1.

5.2 Unsecured Interest. No Participant or any other party claiming an interest in amounts earned
under the Plan shall have any interest whatsoever in any specific asset of the Company. To the
extent that any party acquires a right to receive payments under the Plan, such right shall be
equivalent to that of an unsecured general creditor of the Company.

Article 6. Termination of Employment

6.1 Termination of Employment Due to Death, Disability, or Retirement. In the event a
Participant’s employment is terminated by reason of death, disability (as determined in each case
by the Committee or such other person designated pursuant to Section 2.2), or retirement (as
defined in the Company’s Employees Retirement and Savings Plan or under any other retirement plan
of the Company or of a subsidiary of the Company), the Final Award determined in accordance with
Article 4 herein shall be

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reduced to reflect participation prior to employment termination only. The reduced award shall be
determined by multiplying said Final Award by a fraction; the numerator of which is the number of
full months of employment in the-Award Period through the date of employment termination, and the
denominator of which is twelve (12). In the case of a Participant’s disability, the employment
termination shall be deemed to have occurred on the date all of the conditions of disability have
been satisfied, as determined by the Committee.

     Notwithstanding any election made by a Participant pursuant to Section 5.1 herein, the Final
Award thus determined shall be paid in cash at the same time as awards for active Participants are
paid after the completion of the Award Period.

6.2 Termination of Employment for Other Reasons. Except as provided in Article 9 herein, in the
event that a Participant’s employment is terminated prior to completion of an Award Period for any
reason other than death, disability, or retirement, all of the Participant’s rights to a Final
Award for such Award Period shall be forfeited. However, except in the event of an involuntary
employment termination for “Cause,” the Committee (or such other person designated pursuant to
Section 2.2), in its sole discretion, may pay a prorated award for the portion of the Award Period
that the Participant was employed by the Company, computed as determined by the Committee. Any
such prorated award shall be paid at the same time as awards for active Participants are paid after
the completion of the Award Period.

     For purposes of this Plan, “Cause” means (a) willful misconduct by a Participant that is
materially detrimental to the Company; or (b) the conviction of a Participant for the commission of
a felony or crime involving moral turpitude; provided, however, that if the Participant has entered
into an employment agreement that defines “Cause,” and is binding as of the date of employment
termination, such definition shall apply. “Cause” under either (a) or (b) shall be determined in
good faith by the Committee.

Article 7. Named Executive Officers

7.1 Applicability of Article 7. The provisions of this Article 7 shall apply only to those
executive officers whose compensation is required to be reported in the Company’s proxy statement
pursuant to Item 402(a)(3)(i) and (ii) of Regulation S-K under the general rules and regulations
under the Securities Exchange Act of 1934, as amended (“Named Executive Officers”). In the event
of any inconsistencies between this Article 7 and the other Plan provisions as they pertain to
Named Executive Officers, the provisions of this Article 7 shall control.

7.2 Establishment of Award Opportunities. Except as provided in Sections 7.8 or 7.9 herein, Award
Opportunities for Named Executive Officers shall be established as a function of each Named
Executive Officer’s “Base Salary.” No later than the earlier of ninety (90) days after the
commencement of the applicable Award Period or the completion of twenty-five percent (25%) of such
Award Period, the Committee shall establish, in writing, various levels of Final Awards which will be paid with respect to specified
levels of attainment of the preestablished performance goals.

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     For purposes of this Article 7, “Base Salary” shall mean, as to any specific Award Period, a
Participant’s regular annual salary rate as of the first day of the Award Period. Regular salary
shall not be reduced by any salary reduction contributions made to any qualified retirement plan or
other deferred compensation plans of the Company, but shall not include any payments under this
Plan or any other bonuses, incentive pay, or special awards.

7.3 No Partial Award Period Participation. A Named Executive Officer who becomes eligible after
Award Opportunities have been established in an Award Period pursuant to Section 7.2 may first
participate in the Plan in the succeeding Award Period.

7.4 Components of Award Opportunities. Each Named Executive Officer’s Award Opportunity shall be
based on: (a) the Named Executive Officer’s Target Incentive Award; (b) the potential Final Awards
corresponding to various levels of achievement of the preestablished performance goals as
established by the Committee; and (c) World Headquarters, business unit or affiliate performance,
as applicable, in relation to the preestablished performance goals.

     Except as provided in Sections 7.8 or 7.9 herein, performance measures which may serve as
determinants of Named Executive Officers’ Award Opportunities shall be limited to the following
measures:

(a) Earnings per share;

(b) Return on assets;

(c) Return on equity;

(d) Return on capital;

(e) Net profit after taxes;

(f) Net profit before taxes; and

(g) Economic value added.

7.5 No Mid-Year Change in Award Opportunities. Except as provided in Sections 7.8 or 7.9 herein,
each Named Executive Officer’s Final Award shall be based exclusively on the Award Opportunity
levels established by the Committee pursuant to Section 7.2.

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7.6 Performance Goals. Except as provided in Sections 7.8 or 7.9 herein, performance goals shall
not be changed following their establishment, and Named Executive Officers shall not receive any
payout when the minimum performance goals are not met or exceeded.

7.7 Individual Performance and Discretionary Adjustments. Except as provided in Sections 7.8 or
7.9 herein, subjective evaluations of individual performance of Named Executive Officers shall not
be reflected in their Final Awards. However, the Committee shall have the discretion to decrease
or eliminate the amount of the Final Award otherwise payable to a Named Executive Officer.

7.8 Amendments. Except as provided in Section 7.9 herein, unless the Company’s shareholders have
first approved thereof, no amendment of the Plan with respect to any Named Executive Officer may be
made which would increase the maximum amount that can be paid to any one Participant under the
Plan, change the specified performance goal for payment of Final Awards, or modify the requirements
as to eligibility for participation in the Plan.

7.9 Possible Modifications. If, on the advice of the Company’s tax counsel, the Committee
determines that Section 162(m) of the Code and the Regulations thereunder will not adversely affect
the deductibility for federal income tax purposes of any amount paid under the Plan by permitting
greater discretion and/or flexibility with respect to Award Opportunities granted to Named
Executive Officers pursuant to this Article 7, then the Committee may, in its sole discretion,
apply such greater discretion and/or flexibility to such Award Opportunities as is consistent with
the terms of this Plan, and without regard to the restrictive provisions of this Article 7.

     In the event the Committee determines that compliance with Code Section 162(m) is not desired,
then compliance with Code Section 162(m) will not be required (for example, if such a determination
is made, the performance measures specified in Section 7.4 herein, need not be the only
determinants of Final Awards and subjective discretion may be applied to increase the Final Awards
of Named Executive Officers). Such determination may be made with respect to any or all Award
Periods. In addition, in the event that changes are made to Code Section 162(m) to permit greater
flexibility under the Plan, the Committee may make any adjustments it deems appropriate.

Article 8. Rights of Participants

8.1 Employment. Nothing in the Plan shall interfere with or limit in any way the right of the
Company to terminate any Participant’s employment at any time, nor confer upon any Participant any
right to continue in the employ of the Company.

8.2 Nontransferability. No right or interest of any Participant in the Plan shall be assignable or
transferable, or subject to any lien, directly, by operation of law, or otherwise, including, but
not limited to, execution, levy, garnishment, attachment, pledge, and bankruptcy.

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Article 9. Change in Control

In the event of a Change in Control, defined in Section 3 of the H.J. Heinz Company Fiscal Year
2003 Stock Incentive Plan, as amended from time to time (“Change in Control”), each Participant
shall be entitled to a pro rata payment of his or her Target Incentive Award for the Award Period
during which such Change in Control occurs. Such proration shall be determined as a function of
the number of days within the Award Period prior to the effective date of the Change in Control, in
relation to three hundred sixty-five (365). Such amount shall be paid in cash to each Participant
within 30 days after the effective date of the Change in Control; provided, however, that if such
accelerated payment would constitute “deferred compensation” (within the meaning of Code section
409A), such accelerated payment shall occur only if the Change in Control is also a “change in
control” as defined in Treasury Regulation section 1.409A-3(i)(5), and, if such Change in Control
is not also a “change in control” as defined in Treasury Regulation section 1.409A-3(i)(5), such
payment shall occur at the same time as awards for active Participants are paid after the
completion of the Award Period.

Article 10. Amendments

     Subject to Articles 4, 5, 7, and 12 herein, the Committee may amend any or all of the
provisions of the Plan, or suspend or terminate it entirely; provided, however, that no such action
may adversely affect any rights or obligations with respect to any awards theretofore made under
the Plan without the prior consent of the Participants affected.

Article 11. Miscellaneous

11.1 Governing Law. The Plan shall be governed by and construed in accordance with the laws of the
Commonwealth of Pennsylvania.

11.2 Withholding Taxes. The Company shall have the right to require Participants to remit to the
Company an amount sufficient to satisfy any withholding tax requirements or to deduct from all
payments made pursuant to the Plan amounts sufficient to satisfy withholding tax requirements.

11.3 Severability. In the event any provision of the Plan shall be held illegal or invalid for any
reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan
shall be construed and enforced as if the illegal or invalid provision had not been included.

11.4 Costs of the Plan. All costs of implementing and administering the Plan shall be borne by the
Company.

11.5 Successors. All obligations of the Company under the Plan shall be binding upon and inure to
the benefit of any successor to the Company, whether the existence of such successor is the result
of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all
of the business and/or assets of the Company.

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Article 12. Compliance with Code Section 409A

To the extent that a separate deferral election under the Deferred Compensation Plan pursuant
to Section 5.1(b) or Section 5.1(c) is not offered to a Participant with respect to Awards
under the Plan, it is intended that the Awards granted to Participants pursuant to this Plan
shall not constitute “deferrals of compensation” within the meaning of Code Section 409A and,
as a result, shall not be subject to the requirements of Code Section 409A. The Plan is to be
interpreted in a manner consistent with this intention.

Notwithstanding any other provision in this Plan, if a separate deferral election is made by a
Participant pursuant to Section 5.1(b), the deferral of those Awards shall be governed by and
subject to the rules of Code section 409A and the “Deferred Compensation Plan.”

It is intended that amounts deferred pursuant to the provisions of this Plan will not be
taxable under Code section 409A. This Plan shall be interpreted and administered, to the
extent possible, in a manner that does not result in a “plan failure” (within the meaning of
Code section 409A(a)(1)) of this Plan or any other plan or arrangement maintained by the
Company. The Plan is designed to comply with Code section 409A (without incurring penalties).
In the event of an inconsistency between the terms of the Plan and Code section 409A, the
terms of Code section 409A shall control.

- 10 -EX-10(A)(XVI)

Exhibit 10 (a) (xvi)

H. J. HEINZ COMPANY

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

(as amended and restated effective May 1, 2004)

 

 

H. J. HEINZ COMPANY

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

(as amended and restated effective May 1, 2004)

Table of Contents

	 	 	 	 	 
	 	 	Page
	ARTICLE 1 
	 	 	1	 
	Definitions 
	 	 	1	 
	Section 1.1. Account 
	 	 	1	 
	Section 1.2. Actuarial Equivalent Value 
	 	 	1	 
	Section 1.3. Affiliate
	 	 	1	 
	Section 1.4. AIP 
	 	 	1	 
	Section 1.5. Board 
	 	 	1	 
	Section 1.6. Code
	 	 	1	 
	Section 1.7. Company 
	 	 	1	 
	Section 1.8. Compensation 
	 	 	1	 
	Section 1.9. Continuous Service 
	 	 	2	 
	Section 1.10. Deferred Compensation Program
	 	 	2	 
	Section 1.11. EBAB 
	 	 	2	 
	Section 1.12. Employee 
	 	 	2	 
	Section 1.13. Employer 
	 	 	2	 
	Section 1.14. Excess Plan 
	 	 	2	 
	Section 1.15. Final Average Compensation 
	 	 	2	 
	Section 1.16. Interest Credit 
	 	 	2	 
	Section 1.17. Key Employee 
	 	 	3	 
	Section 1.18. MIP 
	 	 	3	 
	Section 1.19. Member 
	 	 	3	 
	Section 1.20. Office of the Chairman 
	 	 	3	 
	Section 1.21. Pay Credit 
	 	 	3	 
	Section 1.22. Plan 
	 	 	3	 
	Section 1.23. Plan A 
	 	 	3	 
	Section 1.24. Plan A Benefit 
	 	 	3	 
	Section 1.25. Plan Year 
	 	 	4	 
	Section 1.26. Release 
	 	 	4	 
	Section 1.27. RSP 
	 	 	4	 
	Section 1.28. RSP Company Account Benefit 
	 	 	4	 
	Section 1.29. Restricted Stock Unit 
	 	 	4	 
	Section 1.30. Separation from Service 
	 	 	5	 
	Section 1.31. Spouse 
	 	 	5	 
	Section 1.32. Stock Incentive Plan 
	 	 	5	 
	ARTICLE 2 
	 	 	6	 
	Participation and Eligibility for Benefits 
	 	 	6	 
	Section 2.1. Participation 
	 	 	6	 

 

 

	 	 	 	 	 
	 	 	Page
	Section 2.2. Eligibility for Benefits 
	 	 	6	 
	Section 2.3. Death 
	 	 	7	 
	ARTICLE 3 
	 	 	8	 
	Benefits 
	 	 	8	 
	Section 3.1. Amount of Benefits 
	 	 	8	 
	Section 3.2. Payment of Benefits 
	 	 	10	 
	Section 3.3. Benefits in Cases of Reemployment 
	 	 	11	 
	ARTICLE 4 
	 	 	12	 
	Administration 
	 	 	12	 
	Section 4.1. EBAB 
	 	 	12	 
	Section 4.2. Powers 
	 	 	12	 
	Section 4.3. Quorum and EBAB Actions 
	 	 	13	 
	Section 4.4. Liability Insurance and Indemnification 
	 	 	13	 
	Section 4.5. Facility of Payment 
	 	 	13	 
	Section 4.6. Expenses 
	 	 	13	 
	ARTICLE 5 
	 	 	14	 
	Amendment and Termination 
	 	 	14	 
	Section 5.1. Right to Amend or Terminate 
	 	 	14	 
	Section 5.2. Termination Procedures 
	 	 	14	 
	ARTICLE 6 
	 	 	15	 
	Miscellaneous 
	 	 	15	 
	Section 6.1. Headings 
	 	 	15	 
	Section 6.2. Source of Payment 
	 	 	15	 
	Section 6.3. Authorization for Trust 
	 	 	15	 
	Section 6.4. No Employment Rights 
	 	 	15	 
	Section 6.5. Benefits Not Assignable 
	 	 	15	 
	Section 6.6. Laws Applicable 
	 	 	15	 
	Section 6.7. Number and Gender 
	 	 	16	 
	Section 6.8. Compliance with Code Section 409A 
	 	 	16	 
	ARTICLE 7 
	 	 	17	 
	Claims Procedure 
	 	 	17	 
	Section 7.1. Disposition of Claim 
	 	 	17	 
	Section 7.2. Appeals 
	 	 	17	 
	Section 7.3. EBAB Decision Final 
	 	 	17	 
	EXHIBIT A 
	 	 	18	 
	PAST SERVICE BENEFIT BASED ON SERVICE AND 
	 	 	18	 
	FINAL AVERAGE COMPENSATION (FAC) 
	 	 	18	 
	APPENDIX I 
	 	 	19	 
	CEO ADDITIONAL BENEFIT 
	 	 	19	 
	APPENDIX II 
	 	 	21	 
	HUBINGER BENEFIT 
	 	 	21	 
	APPENDIX III 
	 	 	22	 
	SPECIAL ENHANCEMENTS 
	 	 	22	 

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H. J. HEINZ COMPANY

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

(as amended and restated effective May 1, 2004)

     H. J. HEINZ COMPANY, a Pennsylvania corporation with its principal offices at Pittsburgh,
Pennsylvania, in order to compensate executive employees for retirement benefits which cannot be
paid under the Company’s qualified plans because of statutory limitations and to aid in the
recruitment and retention of such employees, adopted this Supplemental Executive Retirement Plan
effective May 1, 1989. The Plan has been amended from time to time thereafter and is hereby amended
and restated, with all changes to be effective May 1, 2004 except the changes in Section 2.1(a) and
(b), which are effective August 1, 2003, and certain changes having specified effective dates later
than May 1, 2004. This restatement applies to Members who terminate employment on or after the
applicable effective date. Benefits with respect to any Member who terminated employment before the
applicable effective date shall be governed by the prior provisions of the Plan as in effect at the
relevant time, except as otherwise specifically stated elsewhere herein. Benefits accruing or
vesting under the Plan after December 31, 2004 are subject to the provisions of Code section 409A
on and after January 1, 2005. Benefits that accrued and vested before January 1, 2005 are not
subject to Code section 409A unless the provisions of the Plan relating to such amounts are
materially modified after October 3, 2004.

 

 

ARTICLE 1

Definitions

     Unless otherwise required by the context, capitalized terms used herein shall have the
meanings set forth in this Article 1. Any capitalized term not specifically defined herein shall
have the meaning set forth in Plan A.

     Section 1.1. Account shall mean the unfunded bookkeeping account maintained
under the Plan for each Member to record the amount of the Member’s cash balance accrual for
periods after April 30, 2004.

     Section 1.2. Actuarial Equivalent Value shall mean the “Lump Sum Value” as
defined in Plan A.

     Section 1.3. Affiliate shall mean H. J. Heinz Finance Company and any
corporation, partnership, trust, or sole proprietorship, whether domestic or foreign, which is
affiliated with the Company through direct or indirect ownership of greater than fifty percent
(50%) of the voting and equity interests therein.

     Section 1.4. AIP shall mean the “H. J. Heinz Company Annual Incentive Plan”
and/or the “H. J. Heinz Company Senior Executive Incentive Compensation Plan,” as such plans are
amended from time to time, including a predecessor plan of either such plan.

     Section 1.5. Board shall mean the Board of Directors of the Company.

     Section 1.6. Code shall mean the Internal Revenue Code of 1986, as amended
from time to time.

     Section 1.7. Company shall mean H. J. Heinz Company, a Pennsylvania
corporation, or any successor thereto.

     Section 1.8. Compensation shall mean “Eligible Earnings” as defined in the RSP
modified as follows:

     (a) Compensation shall include amounts excluded from “Eligible Earnings” under the terms of
the RSP implementing the limitation of Code section 401(a)(17).

 

 

     (b) Amounts excluded from “Eligible Earnings” under the terms of the RSP by reason of an
Employee election to defer such amounts under a Deferred Compensation Program shall be included as
Compensation for the period in which such amounts would have been received but for the deferral,
but shall not be included when actually paid to the Member.

     (c) Compensation shall include the fair market value, as determined pursuant to the Stock
Incentive Plan as of the date of the award, of one share of common stock for each Restricted Stock
Unit granted under the Stock Incentive Plan in lieu of a current bonus award.

     Section 1.9. Continuous Service shall mean “Service” as calculated under the
rules of Plan A, rounded to the nearest whole year.

     Section 1.10. Deferred Compensation Program shall mean any compensation
deferred at any time or from time to time under an elective deferred compensation plan or program
maintained by the Company for Employees of the Company and its Affiliates.

     Section 1.11. EBAB shall mean the “Employee Benefits Administration Board” as
described in Plan A.

     Section 1.12. Employee shall mean any person who is employed by an Employer.

     Section 1.13. Employer shall mean the Company and its Affiliates.

     Section 1.14. Excess Plan shall mean the H. J. Heinz Company Employees
Retirement and Savings Excess Plan, as amended from time to time.

     Section 1.15. Final Average Compensation shall mean the average annual
Compensation of a Member during the five highest compensated years of the Member’s last 10 years of
Continuous Service.

     Section 1.16. Interest Credit shall mean the monthly credit that is made to
the Account of each Member as of the end of each month representing notional investment earnings.

- 2 -

 

     Section 1.17. Key Employee shall mean, for each 12-month period beginning on
May 1, a person who met the requirements of Code section 416(i)(1)(A)(i), (ii), or (iii) (applied
in accordance with the regulations thereunder and disregarding Code section 416(i)(5)) as of the
applicable identification date for such 12-month period, which shall be the first day of the
calendar year in which such 12-month period begins. For purposes of this determination a person is
a key employee on the applicable identification date if he or she is a key employee under the
requirements of Code section 416(i)(1)(A)(i), (ii), or (iii), applied as indicated above, at any
time during the 12 month period ending on the applicable identification date. In other words, the
identification of key employees is determined for the 12 month period ending on each January 1st,
and such identified Key Employees are Key Employees for purposes of this Plan effective for the 12
month period beginning on the immediately following May 1st of that same calendar year
in which the applicable identification date occurred.

     Section 1.18. MIP shall mean the “H. J. Heinz Company Management Incentive
Plan” as in effect for periods before May 1, 1994.

     Section 1.19. Member shall mean any Employee meeting the eligibility
requirements of Article 2.

     Section 1.20. Office of the Chairman shall mean the corporate management group
(previously referred to as the Management Committee) so designated by the Board of Directors.

     Section 1.21. Pay Credit shall mean the monthly credit to a Member’s Account
based on a percentage of the Member’s monthly Compensation.

     Section 1.22. Plan shall mean the “H. J. Heinz Company Supplemental Executive
Retirement Plan” as set forth herein and as from time to time amended.

     Section 1.23. Plan A shall mean the “Employees’ Retirement System of H. J.
Heinz Company (Plan “A”) for Salaried Employees”, as amended from time to time.

     Section 1.24. Plan A Benefit shall mean the Actuarial Equivalent Value of the
benefit provided under Plan A determined as of the date of the Member’s Separation from Service.

- 3 -

 

     Section 1.25. Plan Year shall mean a calendar year.

     Section 1.26. Release shall mean a signed general release of all claims
against the Employer arising prior to execution thereof which is designed to ensure that both the
Employee and the Employer have their rights and obligations established with certainty and
finality, including a release of age discrimination claims under the federal Age Discrimination in
Employment Act in compliance with the Older Workers Benefit Protection Act.

     Section 1.27. RSP shall mean the H. J. Heinz Company Employees Retirement and
Savings Plan, as amended from time to time.

     Section 1.28. RSP Company Account Benefit shall mean, as of any specified
date, the sum of (a) and (b) below:

     (a) the contributions pursuant to Section 4.01 of the RSP allocated to the Member’s “Company
Contribution Account” under the RSP increased from the date of such allocation to such specified
date by interest compounded monthly at the rate specified below:

          (i) for each month beginning before June 1, 1996, the applicable rate for the first day of
such month determined by reference to the active Buck Forward Interest Rate Index;

          (ii) for each month beginning on or after June 1, 1996 and before May 1, 2004, the applicable
rate for the first day of such month determined by reference to the active Buck Forward Interest
Rate Index increased by one percentage point; and

          (iii) for each month beginning on or after May 1, 2004, a rate equal to the yield on the
Moody’s Aa Long Term Corporate Bond Index determined as of the last day of the last preceding
month.

     (b) the amounts credited as of such specified date to the Member’s account under the Excess
Plan pursuant to Sections 4.02, 4.03, and 4.04 thereof.

     Section 1.29. Restricted Stock Unit shall have the meaning set forth in the
Stock Incentive Plan.

- 4 -

 

     Section 1.30. Separation from Service of a Member shall mean the death of the
Member or the retirement or other termination of employment of the Member such that he ceases to be
an Employee of any Employer, provided that no change in a Member’s employment status shall be
considered a Separation from Service unless it would be treated as such pursuant to regulations
under Code section 409A. For purposes of determining whether or not a termination of employment has
occurred if an employee is expected to work less than 50% of the time that he/she worked in the
preceding 36 month period a termination of employment is presumed to have occurred, and if an
employee is expected to work greater than or equal to 50% of the time that he/she worked in the
preceding 36 month period a termination of employment is presumed not to have occurred.

     Section 1.31. Spouse shall mean a person to whom the Member was legally
married on the date of the Member’s death.

     Section 1.32. Stock Incentive Plan shall mean the “H. J. Heinz Company Fiscal
Year 2003 Stock Incentive Plan” as amended from time to time, or any successor plan that provides for Restricted
Stock Units.

- 5 -

 

ARTICLE 2

Participation and Eligibility for Benefits

     Section 2.1. Participation. An Employee shall be covered as a Member under the
Plan on or after August 1, 2003 if such Employee:

     (a) was covered under the Plan on July 31, 2003, or

     (b) is on a United States payroll and holds a position that comes within one of the AIP bonus
categories A, B, C, D, and E; or

     (c) is an Employee specifically designated for coverage under the Plan by the Office of the
Chairman; or

     (d) is otherwise designated as eligible by resolution of the Board.

     Section 2.2. Eligibility for Benefits.

     (a) A Member with five or more years of Continuous Service who ceases to be employed by the
Employer on or after his 55th birthday shall be entitled to the benefits under the Plan described
in Section 3.1. A Member who ceases to be employed by the Employer before his 55th birthday or
before he has five or more years of Continuous Service shall not be entitled to any benefit under
this Plan.

     (b) Anything herein to the contrary notwithstanding:

          (i) a person who was employed on June 27, 1991 by The Hubinger Company, a Delaware
corporation, and who as of May 1, 2004 has remained continuously employed by The Hubinger Company
or by a successor to the business of The Hubinger Company, shall be entitled, upon termination of
such employment after attaining age 55, to the lump sum benefit described in Appendix II, in lieu
of any other benefit under this Plan.

          (ii) A Member (other than a Member described in (iii) below) who was terminated from
employment involuntarily after having attained age 50 but before attaining age 55 as a result of
Project Dance initiatives, Logistics and Warehouse outsourcing, or the Fiscal Year 2006
restructuring initiatives, who was ineligible to receive the enhancements described in paragraph
7.10,

- 6 -

 

7.11, or 7.12 of Plan A solely because such Member met the eligibility requirements of
Section 2.1 of this Plan, but who satisfied all of the other requirements of paragraph 7.10(a),
7.11(a), or 7.12(a) of Plan A, shall be entitled to a benefit pursuant to Section 3.1(e).

          (iii) A person who is employed by an organization at the time that it ceases to be an
Affiliate by reason of a sale, spin-off, reorganization or restructuring, or similar transaction in
which such organization assumes responsibility for benefits for such person comparable to those
provided under this Plan, shall cease to be a Member of this Plan on the effective date of such
transaction. Moreover, such transaction shall not be deemed to result in a Separation from Service
for purposes of this Plan and such person shall not be entitled to any benefits under this Plan
with respect to employment before or after the effective date of such transaction.

     Section 2.3. Death. If a Member dies while actively employed by the Employer
(or after Separation from Service and before payment has been made pursuant to Section 3.2) and
after meeting the age and service requirements for a retirement benefit under Section 2.2 and the
Member is survived by a Spouse, a benefit shall be payable to the Member’s surviving Spouse as
provided in Section 3.1(b). No benefits shall be payable under the Plan in any other case of death.

- 7 -

 

ARTICLE 3

Benefits

     Section 3.1. Amount of Benefits. Unless otherwise provided in an Appendix to
this Plan, the amount of benefits payable under the Plan shall be as follows:

     (a) The benefit payable hereunder upon Separation from Service under conditions resulting in
benefit eligibility under Section 2.2 shall be determined as follows:

          (i) Benefits for periods of participation after April 30, 2004 shall accrue according to a
cash balance formula based on a monthly Pay Credit to the Member’s Account equal to a specified
percentage of the Member’s monthly Compensation, with the balance credited to the Account being
increased each month by an Interest Credit. The benefit at retirement with respect to periods after
April 30, 2004 shall be equal to the amount credited to the Member’s Account at the time of
Separation from Service with the Employers.

               (A) The Pay Credit to each Member’s Account for each month shall be made on the last day of
each month. The amount of each Pay Credit shall be determined as a percentage of the Member’s
monthly Compensation, the applicable percentage being based on the Member’s AIP bonus category, as
set forth in the following table:

	 	 	 	 	 
	AIP Bonus Category	 	Percentage of Monthly Compensation
	A, B, and C
	 	 	8	%
	D and E
	 	 	7	%
	F and G
	 	 	6	%

If any Member is not currently assigned to a bonus category under AIP, the applicable percentage
for such Member shall be 6%. The first Pay Credit for the Account of a person who was a Member of
the Plan on May 1, 2004 shall be made as of May 31.

               (B) The Interest Credit to each Member’s Account shall be 5%, compounded monthly, subject to
periodic review. The first Interest

- 8 -

 

Credit shall be made as of the end of the first month commencing after a Pay Credit has been made to
the Member’s Account.

          (ii) For a person who was a Member as of April 30, 2004, the benefit accruing after April 30,
2004 according to (i) above shall be increased by the amount of the Member’s benefit attributable
to periods before May 1, 2004, which shall be equal to (A) below reduced (but not below zero) by
the offsets specified in (B) below:

               (A) The multiple of the Member’s Final Average Compensation (“FAC”) at the date of Separation
from Service with the Employers and the Member’s Continuous Service during periods before May 1,
2004 determined according to the table attached hereto and made a part hereof as Exhibit A.

               (B) The applicable offsets are:

                    (I) the Plan A Benefit;

                    (II) the RSP Company Account Benefit; and

                    (III) the Actuarial Equivalent Value of the Employer-funded portion of any benefit payable as
an annuity or from any lump sum payment in lieu of an annuity from any retirement plan of the
Employer, domestic or foreign.

     (b) In the case of death of a Member while actively employed (or after Separation from Service
and before payment has been made pursuant to Section 3.2) who would have been entitled upon
Separation from Service on the date of his death to a benefit described in subsection (a) above,
the deceased Member’s surviving Spouse shall receive a lump sum payment equal to the lump sum
retirement benefit to which the Member would have been entitled if the Member had retired on the
date of death.

     (c) In addition to the benefits determined under Section 3.1, the Chief Executive Officer of
the Company as of May 6, 2002 shall be entitled to the Special Enhancement described in Appendix I.

     (d) Notwithstanding the foregoing, the benefit payable under this Plan to a Member who was
terminated from employment involuntarily after having

- 9 -

 

attained age 55, as a result of Project Dance
initiatives, Logistics and Warehouse outsourcing, or the Fiscal Year 2006 restructuring
initiatives, and who was ineligible to receive the enhancements described in paragraph 7.10, 7.11,
or 7.12 of Plan A solely because such Member met the eligibility requirements of Section 2.1 of
this Plan, but who satisfied all of the other requirements of paragraph 7.10(a), 7.11(a), or
7.12(a) of Plan A, shall be entitled to the supplement described in Section A of Appendix III, in
addition to any other benefits payable under

 Section 3.1(a).

     (e) In the case of a Member described in Section 2.2(b)(ii), the benefit payable hereunder
upon Separation from Service shall be determined under Section B of Appendix III.

     Section 3.2. Payment of Benefits. The Plan benefit payable to a Member or
surviving Spouse shall be paid from the general assets of the Employer. Payment shall be made in a
single cash lump following Separation from Service, as specified below:

     (a) Subject to the provisions of Section 6.8, and subparagraph (b) below, payment shall be
made within the 90 day period following a Member’s Separation from Service (provided, however, that
if this 90 day period overlaps two taxable years of the Member the Member does not have the right
to designate the taxable year of the payment), provided that if calculation of the amount of the
payment is not administratively practicable due to events beyond the control of the Member or his
estate, payment may be delayed until a date within the first calendar year in which payment is
administratively practicable.

     (b) Notwithstanding (a) above, effective January 1, 2005, in the case of a Key Employee,
payment shall not be made before the earlier of: (i) the date that is 6 months after the date of
Separation from Service, or (ii) the date of the Key Employee’s death. Payments that are delayed as
a result of this requirement shall be increased by interest from the date that is one month after
the date of Separation from Service to the date of payment at the applicable rate then in effect
under Section 3.1(a)(i)(B).

Anything in the Plan to the contrary notwithstanding, no distribution shall be made that would
cause the Plan, or any other plan or arrangement maintained by
the Employers, to incur any of the failures described by Code section 409A(a)(1).

- 10 -

 

     Section 3.3. Benefits in Cases of Reemployment. A Member who was reemployed
after having received a lump sum payment of his accrued benefit under the Plan shall accrue
benefits under the Plan as a new Member. In the case of a Member who terminated employment at a
time when he had no vested right to the benefit accrued under the Plan and who is subsequently
reemployed, the Plan benefit attributable to the prior period of employment shall be zero unless
the Office of the Chairman determines under the circumstances that some or all of such accrued
benefit shall be reinstated.

- 11 -

 

ARTICLE 4

Administration

     Section 4.1. EBAB The general administration and responsibility for carrying
out the provisions of the Plan shall be placed with EBAB. Membership in EBAB shall not disqualify
an Employee from participation in the Plan. EBAB shall have complete control of the administration
of the Plan with all powers to enable it to carry out its duties in that respect, subject to any
limitations and conditions specified in or imposed by the Plan.

     Section 4.2. Powers. In addition to any implied powers needed to carry out the
provisions of the Plan, EBAB shall have the following specific powers, subject to the provisions of
Section 6.8:

     (a) To make and enforce such rules and regulations and procedures as it shall deem necessary
or proper for the efficient administration of the Plan and to design written forms or other
documents to implement such rules, regulations and procedures.

     (b) To interpret the Plan and to decide any and all matters arising hereunder, including the
right to remedy possible ambiguities, inconsistencies or omissions.

     (c) To determine the amount of benefits that shall be payable to a Member or Spouse in
accordance with the provisions of the Plan.

     (d) To arrange for withholding and remittance of such withholding taxes as are required under
the Code.

     (e) To authorize one or more of its number or any agent to execute or deliver any instrument
or make any payment on its behalf; to retain counsel, employ agents and provide for such clerical,
accounting and consulting services as it may require in carrying out the provisions of the Plan;
and to allocate among or delegate to other persons all or such portion of its duties hereunder as
EBAB in its sole discretion shall decide.

     (f) To determine benefit eligibility under the Plan, to interpret Plan provisions, and to take
any action necessary to execute the provisions of the Plan.

 - 12 - 

 

All such authority shall be exercised in a manner consistent with the provisions of the Plan. All
interpretations, determinations, and decisions of EBAB in respect of any matter hereunder shall be
final, conclusive, and binding upon the Employees, Members, and Spouses and all other persons
claiming an interest under the Plan.

     Section 4.3. Quorum and EBAB Actions. A majority of the members of EBAB shall
have the power to act with or without a meeting and the concurrence of any member may be by letter,
wire, cablegram, telephone, facsimile, or other telephonic or electronic transmission.

     Section 4.4. Liability Insurance and Indemnification. The Company shall obtain
insurance or indemnify the members of EBAB for any and all liability, whether joint or several, for
their acts and conduct, or the acts or conduct of their agents, in their official capacity, to the
fullest extent permitted or authorized by current or future legislation or by current or future
judicial or administrative decision.

     Section 4.5. Facility of Payment. Whenever, in EBAB’s opinion, a person
entitled to receive any payment of a benefit hereunder is under legal disability or is
incapacitated in any way so as to be unable to manage his financial affairs, EBAB may direct the
Employer to make payments to such person or to his legal representative or to a relative or friend
of such person for his benefit or to apply the payment for the benefit of such person in such
manner as EBAB considers advisable.

     Section 4.6. Expenses. The Company shall pay all expenses of administering the
Plan.

 - 13 - 

 

ARTICLE 5

Amendment and Termination

     Section 5.1. Right to Amend or Terminate. While the Company intends to
maintain the Plan for as long as necessary, the Board of Directors reserves the right to terminate,
modify, alter, or amend this Plan from time to time to any extent that it may deem advisable, and
subject to the provisions of Section 6.8. Amendment and termination authority shall be exercisable
on behalf of the Company as follows:

     (a) Termination of the Plan or complete discontinuance of benefit accruals under the Plan
shall require action by the Board of Directors.

     (b) An amendment changing the level of benefit accruals under the Plan shall require action by
the Management Development and Compensation Committee of the Board of Directors.

     (c) Any other amendment may be made by the Office of the Chairman or its predecessor.

     Section 5.2. Termination Procedures. In the event of termination or partial
termination of the Plan, the benefits of affected Members, as determined on the basis of the
authorizing Board resolution, shall be paid as specified in such resolution or, if no payment
direction is specified, as directed by EBAB, or in the absence of such direction, as prescribed in
Article 3. In making any payment of benefits after termination of the Plan, any and all
determinations by EBAB as to timing and amount shall be final and conclusive. Notwithstanding the
foregoing, benefits shall not be paid other than as prescribed in Section 3.2 unless the
termination of the Plan and the terms of payment of benefits are in accordance with acceleration
circumstances permitted by regulations pursuant to Code section 409A in case of a corporate
dissolution taxed under Code section 331, a change in control event described in such regulations,
the complete termination of all aggregated arrangements, or such other circumstances as may be
permitted by generally applicable guidance pursuant to Code section 409A.

 - 14 - 

 

ARTICLE 6

Miscellaneous

     Section 6.1. Headings — The headings are for reference only. In the event of a
conflict between a heading and the content of a Section, the content of the Section shall control.

     Section 6.2. Source of Payment — The sole source of payments to a Member or
Spouse under the Plan shall be the general assets of the Employer. The rights and interests of a
Member or Spouse under the Plan shall be solely the rights of a general creditor of the Employer.
Except as provided in Section 6.3, no assets shall be set aside in trust for any Member or Spouse.

     Section 6.3. Authorization for Trust. Notwithstanding Section 6.2, the Company
may, but shall not be required to, establish one or more trusts for the purpose of providing for
the payment of Plan benefits. Such trust or trusts may be irrevocable, but the assets thereof shall
be subject to the claims of the Employer’s creditors. To the extent any benefits under the Plan are
actually paid from any such trust, the Employer shall have no further obligation with respect
thereto, but to the extent not so paid, such amounts shall remain the obligation of, and shall be
paid by, the Employer.

     Section 6.4. No Employment Rights. Nothing contained in the Plan shall be
construed as a contract of employment between the Employer and any Employee or as a right of any
Employee to be continued in employment or as a limitation on the right of any Employer to discharge
any of its Employees with or without cause.

     Section 6.5. Benefits Not Assignable. No right or interest of any Member or
Spouse in the Plan shall be assignable or transferable, or subject to any lien, in whole or in
part, either directly or by operation of law, or otherwise, including, but not by way of
limitation, execution, levy, garnishment, attachment, pledge, bankruptcy, or in any other manner,
and no right or interest of any Member or Spouse in the Plan shall be liable for, or be subject to,
any obligation or liability of such Member or Spouse.

     Section 6.6. Laws Applicable. The Plan shall be governed by, and construed in
accordance with, the laws of the Commonwealth of Pennsylvania, to the extent not inconsistent with
any applicable provision of ERISA, provided that it is intended that the Plan shall be construed so
as not to incur any of the

 - 15 - 

 

failures described by Code section 409A(a)(1) with respect to this Plan
or any other plan or arrangement maintained by the Employers.

     Section 6.7. Number and Gender. Masculine pronouns used herein shall refer to
men or women or both and nouns when stated in the singular shall include the plural and when stated
in the plural shall include the singular whenever appropriate.

     Section 6.8. Compliance with Code Section 409A. It is intended that amounts
deferred under this Plan will not be taxable under Code section 409A. This Plan shall be
interpreted and administered, to the extent possible, in a manner that does not result in a “plan
failure” (within the meaning of Code section 409A(a)(1)) of this Plan or any other plan or
arrangement maintained by the Employers. The Plan is designed to comply with Code section 409A
(without incurring penalties). In the event of an inconsistency between the terms of the Plan and
Code section 409A, the terms of Code section 409A shall control.

 - 16 - 

 

ARTICLE 7

Claims Procedure

     Section 7.1. Disposition of Claim. EBAB shall furnish written notice of
disposition of a claim to the claimant within 30 days after the claimant has filed application
therefor. In the event EBAB denies such claim, it shall specifically set forth in writing the
reasons for the denial, cite the pertinent provisions of the Plan, and, where appropriate, provide
an explanation as to how the claimant can perfect such claim.

     Section 7.2. Appeals. Any Member or Spouse who has been denied a benefit shall
be entitled, upon request to the Secretary of EBAB, to appeal the denial of his claim. The claimant
must provide a written statement of his position to the Secretary of EBAB not later than 60 days
after receipt of the notification of denial of claim as set forth in paragraph 13.02 of the RSP.
EBAB shall, within 60 days after receipt of such notice, communicate to the claimant its decision
in writing.

     Section 7.3. EBAB Decision Final. EBAB’s determination of benefits due under
the Plan shall be accorded deference and its decision shall be final and binding upon all parties.

 - 17 - 

 

EXHIBIT A

PAST SERVICE BENEFIT BASED ON SERVICE AND

FINAL AVERAGE COMPENSATION (FAC)

	 	 	 	 	 
	Continuous Service	 	 
	before May 1, 2004	 	Multiple of FAC
	less than 6 years
	 	 	1.0	 
	6
	 	 	1.2	 
	7
	 	 	1.4	 
	8
	 	 	1.6	 
	9
	 	 	1.8	 
	10
	 	 	2.0	 
	11
	 	 	2.2	 
	12
	 	 	2.4	 
	13
	 	 	2.6	 
	14
	 	 	2.8	 
	15
	 	 	3.0	 
	16
	 	 	3.1	 
	17
	 	 	3.2	 
	18
	 	 	3.3	 
	19
	 	 	3.4	 
	20
	 	 	3.5	 
	21
	 	 	3.6	 
	22
	 	 	3.7	 
	23
	 	 	3.8	 
	24
	 	 	3.9	 
	25
	 	 	4.0	 
	26
	 	 	4.1	 
	27
	 	 	4.2	 
	28
	 	 	4.3	 
	29
	 	 	4.4	 
	30
	 	 	4.5	 
	31
	 	 	4.6	 
	32
	 	 	4.7	 
	33
	 	 	4.8	 
	34
	 	 	4.9	 
	35
	 	 	5.0 maximum

 - 18 - 

 

APPENDIX I

CEO ADDITIONAL BENEFIT

In addition to the benefits otherwise payable as determined pursuant to Section 3.1, the Chief
Executive Officer of the Company as of May 6, 2002 shall be entitled to additional benefits under
this Plan determined according to this Appendix I.

	A.	 	The amount of the additional benefit, expressed as an annual straight life annuity of
equivalent value, shall be determined from the following table based on Continuous Service
after May 6, 2002 and Final Average Compensation (FAC), subject to the limit set forth in B.
below and the conditions set forth in C. below:

	 	 	 	 	 
	Continuous Service after	 	 
	   May 6, 2002 to the	 	 
	  Nearest Whole Year	 	Percentage of FAC
	less than 1 year
	 	 	0	 
	1 year
	 	 	3.85	%
	2 years
	 	 	7.70	%
	3 years
	 	 	11.55	%
	4 years
	 	 	15.40	%
	5 years
	 	 	19.25	%
	6 years
	 	 	23.10	%
	7 or more years
	 	 	26.95	%

	B.	 	The amount of the additional benefit shall be limited to an amount that produces an annual
straight life annuity of equivalent value that does not exceed 60% of Final Average
Compensation, reduced by the sum of the following annual benefits determined on the basis of a
straight life annuity commencing upon retirement at age 60: (i) an annual straight life
annuity of equivalent value to the benefit provided under this Plan without regard to this
Appendix I; (ii) an annual straight life annuity of equivalent value to the Plan A Benefit;
(iii) an annual straight life annuity of equivalent value to the RSP Company Account Benefit;
and (iv) the annual straight life annuity payable from any other retirement plan of the
Employer, domestic or foreign (or, if any such plan does not provide for such an annuity, an
annual straight life annuity of equivalent value to the

 - 19 - 

 

	 	 	lump sum benefit provided under
such plan). Calculations of equivalent value shall be made using the factors and
assumptions that are determined in accordance with Plan A.

	C.	 	No amount shall be payable pursuant to this Appendix I if there is an interruption of
Continuous Service before May 6, 2007. Notwithstanding the preceding sentence, if Continuous
Service is involuntarily terminated other than for cause (as such term is defined in the Stock
Incentive Plan), benefits under this Appendix I shall be payable on the basis of the table in
A. above, based on Continuous Service to the date of termination, subject to the limit set
forth in B. above.

D. The annuity amount determined under A. above, after applying the limitations and conditions set
forth in B. and C. above, shall be payable as a single sum of Actuarial Equivalent Value, pursuant
to the provisions of Section 3.2.

 - 20 - 

 

APPENDIX II

HUBINGER BENEFIT

Notwithstanding any other provision of this Plan, a person described in Section 2.2(b)(i) of this
Plan shall be entitled, upon termination of such employment after attaining age 55, to the lump sum
benefit described in this Appendix II, payable pursuant to the provisions of Section 3.2, which
shall be in lieu of any other benefit under this Plan.

	A.	 	As of May 1, 2004, the only person entitled to a benefit upon Separation from Service with a
successor to the business of The Hubinger Company is Ivan Hasselbush.
	 
	B.	 	The amount of the lump sum benefit payable to Ivan Hasselbush upon termination of his
employment with a successor to the business of The Hubinger Company is as follows:

	 	 	 	 	 
	Age at Termination	 	Lump Sum Benefit
	60
	 	$	106,938.40	 
	61
	 	$	102,385.62	 
	62
	 	$	98,239.92	 
	63
	 	$	94,492.78	 
	64
	 	$	91,155.73	 
	65 or older
	 	$	88,197.47	 

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APPENDIX III

SPECIAL ENHANCEMENTS

The benefits payable with respect to a Member pursuant to Section 3.1(d) of the Plan shall be as
follows:

	A.	 	For an eligible Employee who had attained age 55 as of the date of Separation from Service,
the amount of the benefit payable under the Plan shall be increased by a supplement equal to
the excess of the amount described in (1) below over the amount described in (2) below. This
supplement shall be in addition to the benefits otherwise payable from the Plan and the
benefits payable from Plan A.

	 	(1)	 	the lesser of (a) and (b) below:

	 	(a)	 	150% of the greater of:

	 	(i)	 	the Single Sum Amount (as defined in Plan A)
as of the date of Separation from Service;
	 
	 	(ii)	 	the Lump Sum Value (as defined in Plan A
determined by applying the Lump Sum Factors applicable for annuity
starting dates during the year in which Separation from Service
occurred) of the Accrued Benefit (as defined in Plan A), multiplied by
the Early Commencement Factor (as defined in Plan A) determined as of
the effective date of Separation from Service;

	 	(b)	 	120% of the greater of:

	 	(i)	 	the Single Sum Amount (as defined in Plan A)
determined as of the effective date of Separation from Service;
	 
	 	(ii)	 	the Lump Sum Value (as defined in Plan A
determined by applying the Lump Sum Factors applicable for annuity
starting dates during the year in which
Separation from Service occurred) of the 

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	 	 	 	Accrued Benefit (as
defined in Plan A), without applying the Early Commencement Factor
(as defined in Plan A) determined as of the effective date of
Separation from Service.

	 	(2)	 	the Lump Sum Value (as defined in Plan A) of the Accrued Benefit (as defined
in Plan A) under Plan A determined as of the effective date of Separation from
Service.

	B.	 	For an eligible Employee who had not attained age 55 as of the date of Separation from
Service, the amount of the benefit payable under the Plan shall be equal to the benefit the
Employee would have been entitled to receive under Section 3.1 of the Plan had the Employee
met the age requirements of Section 2.2(a) of the Plan.

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