Document:

exv10w4

Exhibit 10.4

THE J. M. SMUCKER COMPANY DEFINED CONTRIBUTION

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

RESTATED EFFECTIVE MAY 1, 2008

 

 

THE J. M. SMUCKER COMPANY DEFINED CONTRIBUTION

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

The J. M. Smucker Company Defined Contribution Supplemental Executive Retirement Plan (the “Plan”)
effective as of May 1, 2008, is hereby established and will be maintained by The J. M. Smucker
Company (the “Company”) for the purpose of supplementing the retirement benefits of certain
officers and key management employees of The J. M. Smucker Company and its subsidiaries who are
selected to participate in the Plan. The Plan has been amended subsequently and is now further
amended and restated effective May 1, 2008, to clarify certain provisions of the Plan in order to
assure more fully that the Plan is compliant with Code Section 409A.

The Plan is intended to be an unfunded plan maintained primarily for the purpose of providing
deferred compensation for a select group of management or highly compensated employees, and is
subject to, and intended to comply with Section 409A of the Code, and regulations thereunder, and
other applicable laws.

ARTICLE I

DEFINITIONS

Whenever used in the Plan, the following words and phrases shall have the meanings set forth below
unless the context plainly requires a different meaning, and when a defined meaning is intended,
the term is capitalized in this document.

1.1 “Beneficiary” means the person or persons selected by the Participant on a form provided by the
Company to receive the benefits provided under this Plan in the event of the Participant’s death.

1.2 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any lawful
regulations or other pronouncements relating thereto.

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1.3 “Company” means The J. M. Smucker Company and any of its subsidiaries or affiliated business
entities, as determined in accordance with the provisions contained in Section 414 of the Code.

1.4 “Compensation” means total compensation, including base salary, Holiday Bonus and annual
bonuses from the Management Incentive Plan, paid during the entire Plan Year without regard to any
limits imposed by the Code under ERISA.

1.5 “Committee” means the Executive Committee of the Company.

1.6 “Disabled” or “Disability” means the first to occur of the following conditions, all as
determined in accordance with Section 409A:

(a) The Participant is unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment that can be expected to result in death
or can be expect to last for a continuous period of not less than 12 months, or

(b) The Participant is, by reason of any medically determinable physical or mental impairment
that can be expected to result in death or can be expected to last for a continuous period of
not less than 12 months, receiving income replacement benefits for a period of not less than
3 months under any plan covering employees of the Employer, or

(c) The Participant has been determined to be totally disabled by the Social Security
Administration.

1.7 “Effective Date” means May 1, 2008.

1.8 “Eligibility Service” means service completed to determine eligibility from date of hire to
date of termination, retirement, disability, or death.

1.9 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

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1.10 “Officer Service” means service completed from the effective date of employment in an officer
position to the earlier of the date of termination, retirement, disability, or death, or date that
Participant ceases to serve as an officer.

1.11 “Participant” means any employee described in Article II of this Plan.

1.12 “Plan” means The J. M. Smucker Company Defined Contribution Supplemental Executive Retirement
Plan, as of its original effective date, and as further amended and restated herein effective
January 1, 2009, and including any subsequent amendments thereto.

1.13 “Plan Year” means the Company’s fiscal year beginning May 1 and ending April 30.

1.14 “Separation from Service” means a separation from service as defined in Code section 409A,
with the Company and all other related employers of the Company (as determined under Code Section
414), which Code Section 409A is incorporated herein by reference, generally including the
severance of the Employee’s employment relationship for any reason, voluntarily or involuntarily,
and with or without cause, including without limitation, quit, discharge, retirement, death, leave
of absence or permanent decrease in service to the Company and all such other related employers to
a level that is no more than twenty percent (20%) of its prior level. However, for purposes
of this paragraph, the employment relationship is treated as continuing intact while the individual
is on military leave, sick leave, or other bona fide leave of absence if the period of such leave
does not exceed six months, or if longer, so long as the individual retains a right to reemployment
with the service recipient under an applicable statute or by contract. Notwithstanding the
foregoing, where a leave of absence is due to any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a continuous
period of not less than six months, where such impairment causes the employee to be unable to
perform the duties of his or her position of employment or any substantially similar position of
employment, a 29-month period of absence may be substituted for such six-month period.

1.15 “Specified Employee” refers to an individual defined in Code Section 416(i) without
regard to paragraph (5) of that section as of the date of the individual’s Separation from Service
determined as provided in Treasury Regulation §1.409A-1(i).

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1.16 “Trust” means a rabbi trust which may be established by the Company in connection with this
Plan to provide the benefits described in the Plan.

1.17 “Trustee” means the corporation or individual selected by the Company to serve as Trustee for
the Trust.

ARTICLE II

ELIGIBILITY AND PARTICIPATION

2.1 Eligible Participants

An employee who has been hired or promoted to serve as an officer or in an equivalent position and
has been designated by the Committee shall become a Participant in the Plan as of the date of
designation.

2.2 Designation of Beneficiary

A Participant shall file with the Committee a Beneficiary designation, on a form provided by the
Committee, on or before April 30th of the preceding Plan Year for which the designation shall take
effect. Such designation shall remain in effect until changed by the Participant.

ARTICLE III

SUPPLEMENTAL RETIREMENT ACCOUNT

3.1 Establishment of Accounts

The Company shall establish and maintain an account for each Participant, or designated Beneficiary
of the Participant upon the death of the Participant, and shall credit such accounts each Plan Year
with a Contribution Credit and Interest Credit, as applicable, in accordance with the provision of
this Article III.

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3.2 Contribution Credit

“Contribution Credit” means an amount equal to 7% of total Compensation paid in the full Plan Year
which shall be credited to a Participant’s account for each Plan Year the officer is a Participant,
including the Plan Year in which the designation by the Committee occurs. No Contribution shall be
based on Compensation paid after a participant ceases to be an officer.

3.3 Interest Credit

“Interest Credit” means the amount which shall be credited each Plan Year to the account maintained
for a Participant or Beneficiary by calculating interest at a rate to be determined by the
Committee. The interest rate for the Plan Year beginning in 2008 is 6%. This rate will be reviewed
and may be increased or decreased on an annual basis by the Committee.

3.4 Prior Service Credit

For each officer who became a Participant as of the Effective Date of the Plan, an amount
indicated in Appendix A will be credited to such Participant’s account on May 1, 2008, recognizing
years of Officer Service prior to the Effective Date of this Plan.

3.5 Crediting Date

Accounts will be credited with Contribution Credits on April 30 of each Plan Year to each
Participant who is employed, as an officer as of April 30 of the Plan Year, except that in the year
Separation from Service due to retirement, disability, or death, a partial year Contribution Credit
will be made to their account reflecting the Compensation through the date of Separation from
Service due to retirement, disability, or death.

Interest Credits will be made through the date of first payment.

ARTICLE IV

DISTRIBUTIONS

4.1 Vesting and Distribution Events

In order to be vested in amounts credited to a Participant’s account under this Plan, the
Participant

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must have completed 10 years of Eligibility Service (or in the event of a distribution due to
death, five (5) years of Eligibility Service).

All vested amounts credited to a Participant’s account in accordance with Article III, including
interest credited in accordance with Section 3.4 shall be distributed to, or with respect to, a
Participant, based on the earliest to occur of such Participant’s Separation from Service, death or
Total Disability, as set forth below:

	 	(a)	 	In the event of Separation from Service, such vested amounts shall be
distributed or commence to be distributed after the later of attainment of age 55 and
six (6) months following Separation from Service;
	 
	 	(b)	 	In the event of Disability, such vested amounts shall be distributed or
commence to be distributed six (6) months following such Disability; or
	 
	 	(c)	 	In the event of death, such vested amounts shall be distributed or commence to
be distributed within ninety (90) days following such death.

For purposes of this Section, if death causes a Separation from Service, death shall be deemed to
be the earliest event to occur under the Plan.

4.2 No Benefits Payable upon Certain Events

	 	(a)	 	If the Participant has completed fewer than 10 years of Eligibility Service as
of the date of Separation from Service (or five years in the case of death), the
Participant shall receive no benefit under the Plan.
	 
	 	(b)	 	The right of any Participant or Beneficiary to a benefit will be terminated,
or, if payment thereof has begun, all future payments will be discontinued and
forfeited, in the event the Participant (i) at any time wrongly discloses any secret
process or trade secret of the Company, or (ii) engages, either directly or indirectly,
as an officer, trustee, employee, partner, or substantial shareholder, on his own
account or in any other capacity, in a business venture within a ten-year period
following his retirement or Separation from Service that the Company’s board of
directors reasonably

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	 	 	 	determines to be competitive with the Company to a degree materially contrary to the
Company’s best interest.
	 	 	 	 
	 	(c)	 	Notwithstanding anything to the contrary contained in the Plan, if a
Participant’s employment is terminated because the Company determines the Participant
(i) engaged in dishonest or fraudulent acts against the Company, (ii) willfully injured
property of the Company, (iii) conspired against the Company, or (iv) disclosed
confidential information concerning the Company, then no benefit shall be payable to
the Participant or Beneficiary under the Plan.

4.3 Forms of Distribution

Any vested benefit payable to or on behalf of a Participant under the Plan pursuant to Section 4.1
shall be payable pursuant to a fixed schedule in accordance with the provisions of Section 409A of
the Code. Each Participant must elect the payment schedule from one of the options below within 30
days of becoming designated to participate in the Plan. The possible payment options are as
follows:

	 	(a)	 	One single lump sum payment;
	 
	 	(b)	 	Equal monthly installments payable over a five year period
determined based on the Participant’s vested account balance and the interest
crediting rate in effect at the later of the date of (i) Separation from
Service, Disability, or death, as applicable, or (ii) the date that payments
commence;
	 
	 	(c)	 	Equal monthly installments payable over a ten year period
determined based on the Participant’s account balance and the interest
crediting rate in effect at the later of the date of (i) Separation from
Service, Disability, or death, as applicable, or (ii) the date that payments
commence;
	 
	 	(d)	 	Equal monthly installments payable over a fifteen year period
determined based on the Participant’s account balance and the interest
crediting rate in effect at the later of the date of (i) Separation from
Service, Disability, or death, as applicable, or (ii) the date that payments
commence; or
	 
	 	(e)	 	Equal monthly installments payable over a twenty year period
determined based on the Participant’s account balance and the interest
crediting rate in effect at the

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	 	 	 	later of the date of (i) Separation from Service, Disability, or death, as
applicable, or (ii) the date that payments commence.

If no election is made by a Participant, the default form of payment shall be the method described
in (a) above.

4.4 Subsequent Election of Time or Form of Payment

During the month of April of each Plan Year (or at such other time as may be approved by the
Committee but no later than April 30 of each Plan Year), a Participant who is then still an
employee of the Company may change, on a form and in a manner approved by the Committee, a form of
payment election that he or she made pursuant to Section 4.2 or delay a commencement date that he
or she elected pursuant to Section 4.1; provided, however, a Participant may make only one change,
that applies to either form of payment or time of payment or both, and no further changes may be
made to the form of payment or time of payment of such deferred amounts; and provided, further,
that no change of election made under this Section 4.4 shall be effective unless it satisfies the
following requirements:

	 	(a)	 	A change of election will not be effective until at least twelve (12) months
after the date on which it is filed by the Participant with the Committee.
	 
	 	(b)	 	A change of election with respect to a payment commencing on, or made on, a
specified date may not be filed with the Committee less than twelve (12) months prior
to such date.
	 
	 	(c)	 	A change of election with respect to a time of payment or a method of payment
must provide that the payment subject to the change be deferred for a period of not
less than five (5) years from the date such payment would otherwise have been made,
except in the event of a payment made on account of the Participant’s death or
Disability.

The Company may impose such other restrictions and limitations on subsequent changes to
an election relating to the time or form of distribution as it determines appropriate.

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4.5 Death Following Separation from Service or Disability

If a Participant who has at least five (5) years of Eligibility Service should die after his
Separation from Service or Disability and before distribution of the full amount of his benefits
under this Plan have been distributed to him (whether before or after payments have commenced), any
remaining amounts shall be distributed to the Participant’s Beneficiary(ies) by the same method as
distributions were being made to the Participant or were scheduled to be made. If the Beneficiary
is no longer alive, or if a Participant has not designated a Beneficiary, then such amounts shall
be distributed to such Participant’s spouse, or if deceased or none, then to the Participant’s
children per stirpes, or if none, then to the Participant’s estate.

4.6 [Reserved]

4.7 Six-Month Delay on Distributions to Specified Employees

Under no circumstances, other than death as set forth above, will a Participant who is a
Specified Employee, as of the date of the Participant’s Separation from Service, receive a
distribution under the Plan earlier than six (6) months following such Participant’s Separation
from Service.

4.8 No Distributions In Excess of Code Section 162(m)

Notwithstanding the above provisions, no amount may be distributed from the Plan if the
Company reasonably anticipates that such amount would not be deductible under Code Section 162(m),
as determined by the Board of Directors in its sole discretion, and in accordance with Code Section
409A and the Treasury regulations promulgated thereunder.

4.9 Distribution of Small Amounts

If, at any time following Separation from Service, a Participant’s benefit under the Plan
is less than $10,000, the Company may elect to distribute such account balance in a lump
sum payment regardless of the Participant’s election.

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4.10 Distributions of Amounts Deemed Includable in Gross Income

Notwithstanding any provisions of the Plan to the contrary, if, at any time, a court or the
Internal Revenue Service determines that an amount of a Participant’s benefit under the
Plan is includable in the gross income of the Participant and subject to tax, the Board of
Directors of the Company may, in its sole discretion, and in accordance with Code Section
409A and the Treasury regulations promulgated thereunder, permit a lump sum distribution of
an amount equal to the amount determined to be includable in the Participant’s gross
income.

4.11 Distributions of Amounts in Violation of Securities Laws

Notwithstanding any provisions of the Plan to the contrary, a payment under the Plan may be
delayed if the Company reasonably anticipates that the making of such payment will violate
Federal securities laws or other applicable law, in the Company’s sole discretion, and in
accordance with Code Section 409A and the Treasury regulations promulgated thereunder,
provided that the payment is made on the earliest at which the Company reasonably
anticipates that the making of the payment will not cause such violation.

ARTICLE V

ADMINISTRATION

5.1 Authority to Interpret Plan

The Plan shall be administered by the Company, which shall have the authority to interpret and
construe the terms of the Plan as it deems appropriate including the authority to determine
eligibility for benefits under the Plan. The Company shall have the duty and responsibility of
maintaining records, making the requisite calculations and disbursing the payments hereunder. The
Company’s interpretations, determinations, regulations and calculations shall be final and binding
on all

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interested persons and parties. Any benefits payable under this Plan will be paid only if the Plan
Administrator decides in its discretion that the applicant is entitled to them.

5.2 Employment of Advisors

The Company may employ such attorneys, agents, and accountants as it may deem necessary or
advisable to assist in carrying out its duties hereunder. The Company by action of its Board of
Directors may designate a person or persons other than the Company to carry out any of such powers,
authority, or responsibility. Expenses of administration shall be paid by the Company. The Company
shall be entitled to rely on all tables, valuations, certifications, opinions, data and reports
furnished by any actuary, accountant, controller, counsel or other person employed or engaged by
the Company with respect to the Plan. Any act authorized, permitted, or required to be taken under
the Plan by the Company and which has not been delegated in accordance with this, may be taken by a
majority of the members of its Board of Directors, or a committee delegated to act by the Board of
Directors, or notices, advice, directions, certifications, approvals, and instructions required or
authorized to be a person authorized to act for the Company in accordance with this Section.

5.3 Annual Statements

The Company shall furnish individual annual statements of accrued benefits to each Participant, or
current Beneficiary, in such form as determined by the Company or as required by law.

5.4 Claims Procedures

Whenever the Company decides for whatever reason to deny, whether in whole or in part, a claim for
benefits under the Plan filed by any person (herein referred to as the “Claimant”), it shall
transmit a written notice of such decision to the Claimant, in most cases no later than 90 days
after the Plan receives the claim for benefits, or within 180 days after the Plan receives the
claim for benefits if there are special circumstances and if within 90 days the Company provides
notice of the reason for the delay and the date a decision can be expected, which notice shall be
written in a manner calculated to be understood by the Claimant and shall contain a statement of
the specific reasons for the denial of the claim and a statement advising the Claimant that, within
60 days of the date on which he receives such notice, he may obtain review of such decision in
accordance with the procedures hereinafter set forth. Within such 60-day period, the Claimant may
request that the claim

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denial be reviewed by filing with the Committee a written request therefore, which request shall
contain the following information:

	 	(a)	 	The date on which the Claimant’s request was filed with the Company; provided,
however, that the date on which the Claimant’s request for review was in fact filed
with the Company shall control in the event that the date of the actual filing is later
than the dates stated by the Claimant pursuant to this Subsection (a);
	 
	 	(b)	 	The specific portions of the denial of his claim which the Claimant requests
the Company to review;
	 
	 	(c)	 	A statement by the Claimant setting forth the basis upon which he believes the
Company should reverse the previous denial of his claim for benefits and accept his
claim as made; and
	 
	 	(d)	 	Any written material (offered as exhibits) which the Claimant desires the
Company to examine in its consideration of his position as stated pursuant to
Subsection (c) of this Section.

Within 60 days of the date determined pursuant to Subsection (a) of this Section, the Committee
shall conduct a full and fair review of the initial claim for the benefits and the decisions
denying the Claimant’s claim for benefits, or within 120 days if special circumstances require more
time and if within 60 days the Committee provides notice of reason for the delay, and the date a
decision can be expected. Within 60 days (or 120 days if extended as provided herein) of the date
of such review, the Committee shall render its written decision on review, written in a manner
calculated to be understood by the Claimant, specifying the reasons and Plan provisions upon which
its decision was based.

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ARTICLE VI

AMENDMENT OR TERMINATION

6.1 Company Reserves Right to Amend or Terminate

The Company intends the Plan to be permanent but reserves the right to amend or terminate the Plan
at any time, prospectively or retroactively, through an instrument executed by an officer pursuant
to authorization or ratification by the Board or by any committee designated by the Board.

6.2 Amendment or Termination

No amendment or termination of the Plan shall directly or indirectly reduce the balance of any
account described in Article III as of the later of the effective date of such amendment or
termination or the date such amendment or termination is adopted. In the event the Plan is
terminated, any amounts credited to Participants’ accounts shall remain subject to the other
provisions of the Plan regarding distribution, and distribution of such amounts shall not be
accelerated except as otherwise provided in an amendment to this Plan, and under the circumstances
permitted in accordance with Code §409A. No amounts will be credited to any account under the Plan
after termination of the Plan, but interest will continue to be credited to a Participant’s account
under the Plan until all amounts are distributed to the Participant or to his or her Beneficiary.

ARTICLE VII

MISCELLANEOUS

7.1 Trust Authorized

The Company may establish a Trust which may be used to pay benefits arising under this Plan and all
costs, charges and expenses relating thereto; except that, to the extent that the funds held in the
Trust are insufficient to pay such benefits, costs, charges and expenses, the Company shall pay
such benefits, costs, charges and expenses.

7.2 Restriction against Assignment

The benefits payable hereunder or the right to receive future benefits under the Plan may not be
anticipated, alienated, sold, transferred, assigned, pledged, encumbered, or subjected to any
charge or

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legal process; no interest or right to receive a benefit may be taken, either voluntarily or
involuntarily, for the satisfaction of the debts of, or other obligations or claims against, such
person or entity, including claims for alimony, support, separate maintenance and claims in
bankruptcy proceedings.

7.3 Grantor Trust

The Plan at all times shall be considered entirely unfunded both for tax purposes and for
purposes of ERISA and no provision shall at any time be made with respect to segregating any
assets of the Company for payment of any benefits hereunder. Funds invested hereunder shall
continue for all purposes to be part of the general assets of the Company. No Participant,
Beneficiary or any other person shall have any interest in any particular assets of the
Company by reason of the right to receive a benefit under the Plan and to the extent the
Participant, Beneficiary or any other person acquires a right to receive benefits under this
Plan, such right shall be no greater than the right of any unsecured general creditor of the
Company.

7.4 No Employment Rights

The sole rights of a Participant or Beneficiary under this Plan shall be to have this Plan
administered according to its provisions, to receive whatever benefits he or she may be entitled to
hereunder, and nothing in this Plan shall be interpreted as a guaranty that any funds in a Trust or
assets of the Company will be sufficient to pay any such benefit. Further, the adoption and
maintenance of this Plan shall not be construed as creating any contract of employment between the
Company and any Participant. The Plan shall not affect the right of the Company to deal with any
Participants in employment respects, including their hiring, discharge, compensation, and
conditions of employment.

7.5 Discharge of Liability

The Company may from time to time establish rules and procedures which it determines to be
necessary for the proper administration of the Plan and the benefits payable to an individual in
the event that individual is declared incompetent and a conservator or other person legally charged
with such individual’s care is appointed. Except as otherwise provided herein, when the Company

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determines that such individual is unable to manage his or her financial affairs, the Company may
pay such individual’s benefits to such conservator, person legally charged with such individual’s
care, or institution then contributing toward or providing for the care and maintenance of such
individual. Any such payment shall constitute a complete discharge of any liability of the Company
and the Plan for such individual.

7.6 Location of Participant

Each Participant shall keep the Company informed of his or her current address and the current
address of his or her Beneficiary. The Company shall not be obligated to search for any person.

7.7 Limitation of Liability

Notwithstanding any provision herein to the contrary, neither the Company nor any individual acting
as an employee or agent of the Company shall be liable to any Participant, former Participant,
Beneficiary, or any other person for any claim, loss, liability or expense incurred in
connection with the Plan, unless attributable to fraud or willful misconduct on the part of
the Company or any such employee or agent of the Company.

7.8 Plan Documents

Each Participant shall receive a copy of the Plan and the Company will make available for
inspection by any Participant or designated Beneficiary a copy of the rules and regulations used by
the Company in administering the Plan.

7.9 Construction

All questions pertaining to the construction, validity and effect of the Plan shall be determined
in accordance with the laws of the United States and to the extent not preempted by such laws, by
the laws of the State of Ohio.

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7.10 Unsecured General Creditor

Any and all of the Company’s assets shall be, and remain, the general unpledged, unrestricted
assets of the Company. The Company’s obligation under this Plan shall be merely that of an
unfunded and unsecured promise of the Company to pay money in the future, and the rights of the
Participants and beneficiaries shall be no greater than those of unsecured general creditors. It
is the intention of the Company that this Plan be unfunded for purposes of the Code and for
purposes of Title I of ERISA.

7.11 Headings Not Part of Plan

Headings and subheadings in this Plan are inserted for convenience of reference only and are not to
be considered in the construction of the provisions hereof.

7.12 Terms Used in the Plan

Any term used in this Plan which is defined in the Plan shall have the meaning set forth in the
Plan for all purposes of this Plan. The singular form of any word shall include the plural and the
masculine gender shall include the feminine wherever necessary for the proper interpretation of
this Plan.

7.13 Compliance with Code Section 409A

To the extent applicable, it is intended that this Plan and any deferrals of compensation made
hereunder comply with the provisions of Code Section 409A. This Plan and any deferrals or
compensation made hereunder shall be administrated in a manner consistent with this intent, and any
provisions that would cause this Plan or any grant made hereunder to fail to satisfy Code Section
409A shall have no force and effect until amended to comply with Code Section 409A (which amendment
may be retroactive to the extent permitted by Code Section 409A and may be made by the Company
without the consent of Participants). Any reference in this Plan to Code Section 409A will also
include any proposed temporary or final regulations, or any other guidance, promulgated with
respect to Code Section 409A by the U.S. Department of the Treasury or the Internal Revenue
Service. In no event, however, shall this section or any other provisions of this Plan be
construed to require the Company to provide any gross-up for the tax consequences of, or payments
under, this Plan and the Company shall have no responsibility for tax or legal consequences to any
Participant (or Beneficiary) resulting from the terms or operation of this Plan.

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The Company hereby adopts this restatement of the Plan as set forth above.

THE J. M. SMUCKER COMPANY

	 	 	 	 	 
	By: 

Name:

	 	/s/ Mark R. Belgya
 

Mark R. Belgya
	 	 
	Title:

	 	Senior Vice President and Chief Financial Officer	 	 
	 
	 	 	 	 
	Dated:

	 	December 31, 2010	 	 

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Appendix A — Initial Account Balances

	 	 	 	 	 

	Dennis Armstrong:
	 	$	37,208	 
	John Denman
	 	$	74,933	 
	John Mayer
	 	$	67,507	 
	Kenneth Miller
	 	$	34,522	 
	Andrew Platt
	 	$	97,352	 
	Christopher Resweber
	 	$	69,089	 
	Julia Sabin
	 	$	42,721	 
	Albert Yeagley
	 	$	31,175	 

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Exhibit 10.5

THE J. M. SMUCKER COMPANY

TOP MANAGEMENT SUPPLEMENTAL

RETIREMENT BENEFIT PLAN

(JANUARY 1, 2009 RESTATEMENT)

 

 

THE J. M. SMUCKER COMPANY

TOP MANAGEMENT SUPPLEMENTAL

RETIREMENT BENEFIT PLAN

(JANUARY 1, 2009 RESTATEMENT)

     The J. M. Smucker Company Top Management Supplemental Retirement Benefit Plan was established
effective January 1, 1985, and amended and restated effective May 1, 1994, for the purpose of
supplementing the retirement benefits of certain officers and other key management employees of The
J. M. Smucker Company and its subsidiaries who are selected to participate in the Plan, and is
intended to provide benefits for career employees of an Employer. The Plan was again amended and
restated in its entirety, effective May 1, 1999, for individuals who retired, died or entered into
pay status on or after August 1, 1998 to reflect the benefit changes made by the May 1, 1999 plan
restatement beginning with the calendar month following the date on which the individual retired,
died or entered into pay status, and was further amended effective November 1, 2003, as to
individuals who retired, died or otherwise terminated employment as of that date. The Plan has
been operated in good faith compliance with the provisions of Code §409A and the regulations and
other guidance promulgated thereunder. The Company amended and restated the Plan in good faith,
effective January 1, 2005, in order to comply with Code §409A and the regulations and other
guidance promulgated thereunder, and now again amends and restates the Plan to clarify certain
provisions in order to more fully assure that the Plan is compliant with Code §409A.

1

 

ARTICLE I

DEFINITIONS

      For the purposes hereof, the following words and phrases shall have the meanings
indicated:

     1.1 The “Plan” means the supplemental retirement benefit plan as set forth herein, together
with all amendments thereto, which Plan shall be called “The J. M. Smucker Company Top Management
Supplemental Retirement Benefit Plan.”

     1.2 The “Company” means The J. M. Smucker Company, an Ohio corporation, its corporate
successors and assigns, or any corporation or any affiliated or related entity, partnership,
proprietorship, limited liability company, with or into which said corporation may be merged,
consolidated or reorganized, or to which substantially all of its assets may be sold.

     1.3 A “Subsidiary” means any corporation 50% or more of the issued and outstanding stock of
which is owned or controlled by the Company, directly or indirectly, or any other related entity,
including a partnership, a limited liability company or a sole proprietorship, 50% or more of the
interests of which are owned by the Company either directly or indirectly.

     1.4 An “Employer” means the Company and any Subsidiary.

     1.5 A “Participant” means a key executive of the Company or of a Subsidiary who is selected
from time to time by the board of directors to participate in the Plan. A Participant’s selection
and approval to participate in the Plan shall be evidenced in writing in the form of a contract
between the Participant and the Company.

     1.6 The “Retirement Plan” means The J. M. Smucker Company Employees’ Retirement Plan.

     1.7 The “Final Average Monthly Salary” of a Participant means the Participant’s “average
monthly base compensation” as provided in the Retirement Plan but determined using

2

 

the highest aggregate base compensation, management bonuses and Christmas bonuses received by the
Participant during any 60 consecutive full calendar months of employment prior to the earlier of
his retirement or other termination of employment or the date of any termination of the Retirement
Plan. Except as provided below, for purposes of calculating Final Average Monthly Salary, any
bonus earned by a Participant during a fiscal year of the Company shall be treated as having been
paid to the Participant on the last day of the fiscal year to which such bonus relates, rather than
on the later date of actual payment to the Participant. Only five (5) consecutive years’ bonuses
will be taken into consideration in determining Final Average Monthly Salary. However, any bonus
paid to a Participant after his termination of employment will be included in determining Final
Average Monthly Salary only if such inclusion serves to increase his Final Average Monthly Salary;
if inclusion of such bonus would cause his Final Average Monthly Salary to decrease, then such
bonus shall be disregarded and an earlier year’s bonus used in selecting the five (5) consecutive
years’ bonuses to be taken into consideration.

     1.8 A Participant’s “Normal Retirement Date” means the date on which he attains age 65.

     1.9 The “Social Security Offset Amount” of a Participant means his estimated monthly Primary
Insurance Amount under the federal Social Security Act as in effect on the day immediately
preceding the earlier of his retirement or other termination of employment or any termination of
the Plan; moreover, if such event occurs before the Participant attains age 62, his estimated
monthly Primary Insurance Amount shall be equal to the amount he would receive at age 62 on the
assumption that from and after the date of his retirement or termination the Participant will
receive no further compensation which is treated as wages for purposes of the Act. Provided,
however, if an Employee previously had incurred a Total Disability and was entitled to receive
long-term disability benefits under any plan maintained by an Employer,

3

 

computation of his monthly Primary Insurance Amount upon subsequent retirement under the Plan shall
be based on the Act in effect on his date of disability retirement. All estimates hereunder shall
be made by the Company, upon the advice of an actuary, using standards of uniform and
non-discriminatory application.

     1.10 A Participant’s “Monthly Retirement Benefit” means the amount of monthly benefit to which
he is entitled under the terms of this Plan, as determined in accordance with Article II hereof.

     1.11 The “Years of Service” of a Participant means the Participant’s years of “benefit
service” under the Retirement Plan but determined including any periods of employment after his
Normal Retirement Date. Years of Service shall include fractional years to the nearest 1/10th year
based upon the number of days since the employment anniversary date.

     1.12 “Actuarial Equivalent” for purposes of determining the single lump sum equivalent
optional form of payment provided in Section 2.6 of the Plan, means equality in value of the
aggregate amounts expected to be received under the single life annuity payable at the
Participant’s date of benefit commencement, and the single lump sum form of payment and shall be
determined using the following:

	 	(a)	 	Mortality Rates shall be based on a 50% male and 50% female
unisex blend of the 1994 Group Annuity Reserve table projected to 2002 using
Projection Scale AA; and
	 
	 	(b)	 	The Interest Rate shall be the discount rate selected by the
Company for purposes of financial reporting under SFAS No. 87 for the fiscal
year ending on the April 30 prior to the first day of the Plan Year in which
the distribution occurs.

     Actuarial Equivalent for all other purposes under the Plan shall have the same meaning as
provided in the Retirement Plan for purposes other than a single lump sum equivalent form of
payment.

4

 

     1.13 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any
lawful regulations or other pronouncements relating thereto.

     1.14 The “Committee” means the Executive Committee of the Company.

     1.15 “Separation from Service” means a separation from service as defined in Code §409A with
the Company and all other related employers of the Company (as determined under Code §414), which
Code §409A is incorporated herein by reference, generally including the severance of the Employee’s
employment relationship for any reason, voluntarily or involuntarily, and with or without cause,
including without limitation, quit, discharge, retirement, death, leave of absence (including
military leave, sick leave, or other bona fide leave of absence if the period of such leave exceeds
the greater of six (6) months, or the period for which the Employee’s right to reemployment is
provided either by statute or by contract) or permanent decrease in service to the Company and all
such other related employers to a level that is no more than twenty percent (20%) of its prior
level.

     1.16 A “Specified Employee” refers to an individual defined in Code §416(i) without regard to
paragraph (5) of that Section as of the date of the individual’s Separation from Service determined
as provided in Treasury Regulation §1.409A-1(i).

     1.17 “Totally Disabled” or “Total Disability” means the first to occur of the following
conditions, all as determined in accordance with Code §409A:

	 	(a)	 	The Participant is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment
that can be expected to result in death or can be expect to last for a
continuous period of not less than 12 months; or
	 
	 	(b)	 	The Participant is, by reason of any medically determinable
physical or mental impairment that can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months, receiving
income replacement benefits for a period of not less than 3 months under any
plan covering employees of the Employer; or

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	 	(c)	 	The Participant has been determined to be totally disabled by
the Social Security Administration.

          Wherever used herein, the masculine pronoun shall include the feminine, the singular shall
include the plural, and the plural shall include the singular.

ARTICLE II

SUPPLEMENTAL RETIREMENT BENEFITS

      2.1 Vesting and Distribution Events; Separation from Service. In order to
be vested in his Monthly Retirement Benefit hereunder, a Participant must have ten (10) Years of
Service (five (5) Years of Service with respect to death benefits) or be employed by the Employer
on his Normal Retirement Date. Distribution of vested benefits with respect to a Participant under
the Plan, other than a Grandfathered Benefit, will be payable as set forth herein, based on the
earliest to occur of such Participant’s Separation from Service, death (to which Article III
applies), or Total Disability (to which Section 2.2 applies) or the April 1 following the calendar
year in which such Participant attains age 70-1/2, and provided that if death occurs prior to
benefit commencement, Article III shall also be applicable. (For this purpose, in the event death
or Total Disability causes a Separation from Service, such death or Total Disability, as
applicable, shall be deemed to occur earlier than the Separation from Service.)

     If Separation from Service is the earliest such event for a Participant, then the vested
Monthly Retirement Benefit shall be paid to such eligible Participant in an amount determined
pursuant to Section 2.3, commencing as of the first day of the month following the later of his
attainment of age 55 or his Separation from Service, except as such payment may be restricted by
Section 8.15, and shall be payable monthly thereafter in accordance with the terms of Section

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2.4, in the form of an optional form of benefit elected under Section 2.5 (A), (B), (C), (D) or
(E), or in a single lump sum payment if elected under Section 2.6, and provided that the
Participant’s election is made in accordance with Section 2.7.

     If the April 1 following the calendar year in which such Participant attains age 70-1/2 is the
earliest such event for a Participant, then the vested Monthly Retirement Benefit shall be paid to
such eligible Participant in an amount determined pursuant to Section 2.3, commencing as of such
April 1, and shall be payable monthly thereafter in accordance with the terms of Section 2.4, in
the form of an optional form of benefit elected under Section 2.5 (A), (B), (C), (D) or (E), or in
a single lump sum payment if elected under Section 2.6, and provided that the Participant’s
election is made in accordance with Section 2.7.

     2.2 Totally Disabled. A Participant for whom Total Disability is the first
distribution event described in Section 2.1 shall be eligible for a Monthly Retirement at his
Normal Retirement Date. The Monthly Retirement Benefit shall be paid to such eligible Totally
Disabled Participant in an amount determined pursuant to Section 2.3, commencing as of the first
day of the month following his Normal Retirement Date, except as such payment may be restricted by
Section 8.15, and shall be payable monthly thereafter in accordance with the terms of Section 2.4,
in the form of an optional form of benefit elected under Section 2.5 (A), (B), (C), (D) or (E), or
in a single lump sum payment if elected under Section 2.6, and provided that the Participant’s
election is made in accordance with Section 2.7.

     2.3 Amount of Monthly Retirement Benefit. A Participant whose Monthly Retirement
Benefit commences on or after his Normal Retirement Date shall be eligible for a normal retirement
Monthly Retirement Benefit in an amount equal to:

	 	(a)	 	two and one-half percent of his Final Average Monthly Salary
multiplied by his Years of Service, not to exceed 20 years, plus an additional
one percent
for each Year of Service after 20 years not to exceed an additional 5 years;
less

7

 

	 	(b)	 	100 percent of his Social Security Offset Amount; less
	 
	 	(c)	 	the amount of his monthly retirement benefit under the
Retirement Plan. In calculating the amount of the offset under this paragraph
(c), benefits attributable to Participant contributions under the supplemental
portion of the Retirement Plan shall be disregarded. However, benefits
attributable to Company contributions under the supplemental portion of the
Retirement Plan, which are subject to this offset, shall be calculated as those
benefits which the Participant would have been eligible to receive, assuming he
had contributed to the supplemental portion of the Retirement Plan for all
periods for which he was eligible to contribute, regardless of whether such
contributions were actually made or not, less amounts determined under Section
2.3(d); less
	 
	 	(d)	 	the annuitized amount based on a hypothetical account balance
as a result of the Company matching contribution added to the J.M. Smucker
Company Employee Savings Plan (the “Savings Plan”). The amount to be offset,
if applicable, is shown in Addendum II.

     A Participant whose Monthly Retirement Benefit commences prior to his Normal Retirement Date
shall be eligible for an early retirement Monthly Retirement Benefit in an amount determined in the
same manner as provided for a normal retirement Monthly Retirement Benefit, except that the amount
determined in Section 2.3(a) above shall be reduced by one-third of one percent for each full month
by which commencement of payment of the benefit precedes the month following the date on which the
Participant attains age 62.

     2.4 Normal Form of Payment.

     (A) A Participant who becomes eligible to receive a Monthly Retirement Benefit and who
is married at the time payment of his Monthly Retirement Benefit commences shall receive
payment of a reduced benefit in the form of a qualified joint and survivor annuity that in
the event of the Participant’s death would provide a benefit to the Participant’s surviving
spouse equal to 50 percent of the benefit the Participant was receiving at the time of his
death unless a Participant elects to receive such benefit in the
form of a single life annuity, or an optional form of payment is elected (as provided in
Section 2.7) under Section 2.5 or Section 2.6 of this Plan. To receive a benefit under the

8

 

qualified joint and survivor form of payment, a Participant’s surviving spouse must be the
same spouse to whom the Participant was married at the time payment of his Monthly
Retirement Benefit commenced.

     The present value of the qualified joint and survivor annuity payable to a Participant
hereunder shall be the Actuarial Equivalent of the present value of the single life annuity
otherwise payable to him under the Plan.

     (B) A Participant who becomes eligible to receive a Monthly Retirement Benefit and who
is unmarried at the time payment of his Monthly Retirement Benefit commences shall receive
payment of such benefit in the form of a single life annuity unless an optional form of
payment is elected (as provided in Section 2.7) under Section 2.5 or Section 2.6 of the
Plan. Such Participant shall receive an unreduced Monthly Retirement Benefit payable for
his lifetime, the last monthly payment being for the month in which his death occurs.

     2.5 Optional Forms of Payment.

     A Participant may elect to receive his supplemental retirement benefit under one of the
following optional forms of payment or in the form of a single lump sum payment in accordance with
Section 2.6, provided that such Participant’s election is made at the time and in such form as
provided in Section 2.7:

     (A) Option A — 100% Joint and Survivor Annuity. The Participant shall receive
a reduced Monthly Retirement Benefit payable for his lifetime, the last monthly payment
being for the month in which his death occurs. If the Participant’s beneficiary survives
him, then commencing with the month following the month in which his death occurs, his
beneficiary shall receive a continuing monthly benefit equal to such reduced

9

 

amount for such
beneficiary’s lifetime, the last monthly payment being for the month in which the death of
the beneficiary occurs.

     (B) Option B — 50% Joint and Survivor Annuity. The Participant shall receive a
reduced Monthly Retirement Benefit payable for his lifetime, the last monthly payment being
for the month in which his death occurs. If the Participant’s beneficiary survives him,
then commencing with the month following the month in which his death occurs, his
beneficiary shall receive a continuing monthly benefit equal to one-half of such reduced
amount for such beneficiary’s lifetime, the last monthly payment being for the month in
which the death of the beneficiary occurs.

     (C) Option C — 66 2/3% Joint and Survivor Annuity. The Participant shall
receive a reduced Monthly Retirement Benefit payable for his lifetime, the last monthly
payment being for the month in which his death occurs. If the Participant’s beneficiary
survives him, then commencing with the month following the month in which his death occurs,
his beneficiary shall receive a continuing monthly benefit equal to two-thirds of such
reduced amount for such beneficiary’s lifetime, the last monthly payment being for the month
in which the death of the beneficiary occurs.

     (D) Option D — 75% Joint and Survivor Annuity. The Participant shall receive
a reduced Monthly Retirement Benefit payable for his lifetime, the last monthly payment
being for the month in which his death occurs. If the Participant’s beneficiary survives
him, then commencing with the month following the month in which his death occurs, his
beneficiary shall receive a continuing monthly benefit equal to three-quarters of such
reduced amount for such beneficiary’s lifetime, the last monthly payment being for the month
in which the death of the beneficiary occurs.

10

 

      (E) Option E — Ten-Year Certain and Life Annuity. The Participant
shall receive a reduced Monthly Retirement Benefit payable for his lifetime, with the
continuance after his death to the beneficiary or beneficiaries designated by him of a
monthly benefit equal to such reduced amount for the remainder, if any, of the ten-year term
commencing with the Participant’s beginning payment date. If any monthly benefit payments
remain unpaid upon the death of the survivor of the Participant and his beneficiary, the
remaining payments shall be made to the estate of such survivor.

     A Participant’s beneficiary may be any person or persons selected by such Participant with his
spouse’s consent. The reduced monthly payments to be made to a Participant under one of the
optional forms of payment provided in Section 2.5 (A) — (E) shall be in an amount which, on the
date of commencement thereof, is the Actuarial Equivalent of the monthly benefit otherwise payable
to the Participant under the Plan in lieu of which the option was elected, taking into account the
age of the Participant and the age of his beneficiary.

     2.6 Single Lump Sum Form of Payment. A Participant may elect, in accordance with the
provisions of Section 2.7, to receive his supplemental retirement benefit in the form of a single
lump sum payment. The Participant shall receive a payment in a single lump sum in an amount equal
to the Actuarial Equivalent, determined in accordance with Section 1.12 of the Plan, of the benefit
payable to the Participant at the later of age 55 or the Participant’s actual age at his date of
benefit commencement.

     2.7 Election of Form of Benefit. Elections with respect to Grandfathered Benefits
shall be made in accordance with Addendum I. Each Participant shall make an election to receive
his (Non-Grandfathered Benefits) supplemental retirement benefit either (1) in the normal form of
payment under the Plan as provided in Section 2.4, or one of the optional forms of benefit provided
in Section 2.5, or (2) as a single lump sum form of benefit under Section 2.6.

11

 

A newly eligible Participant shall make an election within thirty days of first becoming eligible under the
Plan. If a Participant does not file an election under this Section 2.7, the payment of any
Benefit hereunder shall be made in a single lump sum distribution. Subsequent changes to an
election of an alternative form of distribution, or any election to defer the commencement of
distribution, shall not be effective unless the election satisfies the following requirements:

	 	(a)	 	a change of election will not be effective until at least
twelve (12) months after the date on which it is filed by the Participant
with the Company;
	 
	 	(b)	 	a change of election with respect to a payment commencing on,
or made on, a specified date may not be filed with the Company less than twelve
(12) months prior to such date;
	 
	 	(c)	 	a change of election with respect to a time of payment or a
method of payment must provide that the payment subject to the change be
deferred for a period of not less than five (5) years from the date such
payment would otherwise have been made except in the event of a payment made on
account of the Participant’s death or Total Disability; and
	 
	 	(d)	 	if a Participant has made an election to receive his benefit in
the normal form of payment provided in Section 2.4 or one of the Actuarially
Equivalent optional forms of benefit provided in Section 2.5, then the election
between the normal form of benefit and among the optional forms of benefit
provided in Section 2.5 may be made at the time of distribution.

     The Company may impose such other restrictions and limitations on subsequent changes to an
election of an alternative form of distribution or any election to defer the commencement of
distribution as it deems appropriate.

ARTICLE III

SURVIVOR BENEFITS

      3.1 If a Participant should die prior to the commencement of benefit payments under
the Plan, no benefits shall be payable under this Plan except as provided pursuant to this Article
III.

12

 

     3.2 If a Participant who has at least five (5) Years of Service should die prior to the
commencement of benefit payments under the Plan, and if the Participant had a surviving spouse as
defined in the Retirement Plan, the surviving spouse shall be eligible for payments as if the
Participant had effectively elected Option B — 50% Joint and Survivor Annuity described under
Section 2.5 and designated his spouse as his beneficiary, commencing as set forth in Section 3.3.

     3.3 If a Participant had ten (10) or more Years of Service on his date of death, his survivor
benefit under this Article III shall commence on or after the later of the month next following his
date of death or the month next following the date on which he would have attained age fifty-five
(55). If a Participant had at least five (5) but less than ten (10) Years of Service on
his date of death, his survivor benefit under this Article III shall commence on the later of the
month next following his date of death or the month next following the date on which he would have
attained age sixty-five (65).

ARTICLE IV

SPECIAL CREDITING

      4.1 Employees who are Participants under the Plan as of its effective date of
January 1, 1985 automatically will be credited with twenty (20) Years of Service or their actual
number of Years of Service, whichever is greater, as of the date of their retirement or other
Separation from Service.

ARTICLE V

ADMINISTRATION

13

 

      5.1 The Company shall be responsible for the administration of the Plan. The
Company shall have all such powers as may be necessary to carry out the Plan, including the
power to determine all questions relating to eligibility for and the amount of any benefit and all
questions pertaining to claims for benefits and procedures for claim review; to resolve all other
questions arising under the Plan, including any questions of construction; and to take such further
action as the Company shall deem advisable in the administration of the Plan. The actions taken
and the decisions made by the Company hereunder shall be final and binding upon all interested
parties. Claims for benefits and claims review procedures are provided in Appendix A as attached
hereto.

ARTICLE VI

FUNDING

      6.1 Benefits under the Plan shall be paid out of the general assets of the Employers
including any trust or fund created for that purpose.

ARTICLE VII

AMENDMENT AND TERMINATION

      7.1 The Company reserves the right to amend or terminate the Plan at any
time, prospectively or retroactively, through an instrument executed by an officer pursuant to
authorization or ratification by the Board or by any committee designated by the Board.
Notwithstanding any such action, the Company shall be obligated to pay to all Participants any
benefits under the Plan that are accrued and vested at the date of amendment or termination of the
Plan, and in furtherance thereof, the Company shall be obligated to continue making payments in
amounts determined to any Participant already in pay status or his beneficiary and to pay benefits
to

14

 

remaining vested Participants in amounts no less than the benefits to which any such Participant
or his beneficiary would be entitled hereunder upon Separation from Service at the time of such
amendment or
termination regardless of whether the Participant has attained age 55 at the time of such
Separation from Service. If a trust is being used to fund assets under the Plan and the Plan is
terminated, any excess assets remaining in the trust after the full value of benefits already
accrued to Participants under the Plan has been paid to such Participants or their beneficiaries
shall revert to the Company. Except with respect to Grandfathered Benefits as defined in Addendum
I, in the event the Plan is terminated, any benefits hereunder shall remain subject to the
other provisions of the Plan regarding distribution, and distribution of such amounts shall not be
accelerated except as otherwise provided in an amendment to this Plan, and under the circumstances
permitted in accordance with Code §409A.

ARTICLE VIII

MISCELLANEOUS

      8.1 Non-Alienation of Retirement Rights or Benefits. Neither the
Participant nor any beneficiary shall encumber or dispose of his right to receive any payments
hereunder, which payments or the right thereto are expressly declared to be non-assignable and
non-transferable. Any payment which the Company is required to make hereunder may be made, in the
discretion of the Company, directly to the Participant or beneficiary or to any other person for
the use or benefit of such Participant or beneficiary or that of his dependents, if any, including
any person furnishing goods or services to or for the use or benefit of such Participant or
beneficiary or that of his dependents, if any. Each such payment may be made without the
intervention of a guardian. Any receipt by the payee shall constitute a complete acquittance to
the Company with respect thereto, and the Company shall have no responsibility for the proper
application thereof.

15

 

     8.2 No Employment Guaranteed. Nothing herein contained shall be construed as a
commitment or agreement on the part of any person employed by the Company or any Subsidiary
to continue his employment with the Company or any Subsidiary, and nothing herein contained shall
be construed as a commitment on the part of the Company or any Subsidiary to continue the
employment or the annual salary rate of any such person for any period, and all Participants shall
remain subject to discharge to the same extent as if the Plan was never put into effect.

     8.3 Interest of Participant. The obligation of the Company under the Plan to provide
the Participant with benefits hereunder merely constitutes the unsecured promise of the Company to
make payments as provided herein, and the Participant shall have no interest in, and no lien or
prior claim upon, any property of the Company or of any Subsidiary.

     8.4 Claims of Other Persons. The provisions of the Plan shall in no event be
construed as giving any person, firm or corporation, any legal or equitable rights as against the
Company, its officers, employees, or directors, except any such rights as are specifically provided
for in the Plan or are hereafter created in accordance with the terms of the Plan.

     8.5 No Competition. The right of any Participant, surviving spouse, or other
beneficiary to a supplemental retirement benefit under the Plan will be terminated, or, if payment
thereof has begun, all further payments will be discontinued and forfeited, in the event the
Participant (i) at any time wrongfully discloses any secret process or trade secret of the Company
or any of its Subsidiaries, or (ii) engages, either directly or indirectly, as an officer, trustee,
employee, consultant, partner, or substantial shareholder, on his own account or in any other
capacity, in a business venture within the ten-year period following his retirement or termination
of employment that the Company’s board of directors reasonably determines to be competitive with
the Company to a degree materially contrary to the Company’s best interest.

16

 

     8.6 Severability. The invalidity or unenforceability of any particular provision of
the Plan shall not affect any other provision hereof, and the Plan shall be construed in all
respects as if such invalid or unenforceable provision were omitted herefrom.

     8.7 Governing Law. The Plan shall be governed by and construed in accordance with the
laws of the United States, and to the extent not preempted by such laws, the laws of the State of
Ohio.

     8.8 Successors and Assigns. The Plan and the obligations created hereunder shall be
binding upon the Company and its successors and assigns.

     8.9 Dishonest Conduct of a Participant. Notwithstanding anything to the contrary
contained in the Plan, if a Participant’s employment with an Employer is terminated because the
Company determines the Participant (i) engaged in dishonest or fraudulent acts against an Employer,
(ii) willfully injured property of an Employer, (iii) conspired against an Employer, or (iv)
disclosed confidential information concerning an Employer, then no supplemental retirement benefit
shall be payable to the Participant or his surviving spouse under the Plan.

     8.10 Employment Agreements. The terms of this Plan shall be superseded by the terms
of any Employment Agreement or other Agreement between a Participant and an Employer. In the event
of any conflict between the provisions of this Plan and any such Agreement, the Agreement shall
control.

     8.11 Distribution of Small Amounts. Notwithstanding any provision of the Plan to the
contrary, if, at any time following Separation from Service, the Actuarial Equivalent value of a
Participant’s Monthly Retirement Benefit is less than $10,000, the Company may elect to distribute
such Monthly Retirement Benefit in a single lump sum payment regardless of the Participant’s
election.

17

 

     8.12 Distributions of Amounts in Excess of Code § 162(m). Notwithstanding any
provision of the Plan to the contrary, no amount may be distributed from the Plan if the Company
reasonably anticipates that such amount would not be deductible under Code §162(m), as
determined by the Board of Directors in its sole discretion, and in accordance with Code §409A and
the Treasury regulations promulgated thereunder.

     8.13 Distributions of Amounts Deemed Includable in Gross Income. Notwithstanding any
provisions of the Plan to the contrary, if, at any time, a court or the Internal Revenue Service
determines that an amount of a Participant’s benefit hereunder is includable in the gross income of
the Participant and subject to tax, the Board of Directors of the Company may, in its sole
discretion, and in accordance with Code § 409A and the Treasury regulations promulgated thereunder,
permit a lump sum distribution of an amount equal to the amount determined to be includable in the
Participant’s gross income.

     8.14 Distributions of Amounts in Violation of Securities Laws. Notwithstanding any
provisions of the Plan to the contrary, a payment under the Plan may be delayed if the Company
reasonably anticipates that the making of such payment will violate Federal securities laws or
other applicable law, in the Company’s sole discretion, and in accordance with Code §409A and the
Treasury regulations promulgated thereunder, provided that the payment is made on the earliest at
which the Company reasonably anticipates that the making of the payment will not cause such
violation.

     8.15 Six-Month Delay of Distributions to Specified Employees. Under no circumstances,
other than death, will a Participant who is a Specified Employee, as of the date of the
Participant’s Separation from Service, receive a distribution under the Plan earlier than six (6)
months following such Participant’s Separation from Service; provided that this provision shall
not apply to only distribution of a Grandfathered Benefit.

18

 

     8.16 Compliance with Code §409A. To the extent applicable, it is intended that this
Plan and any accrual of compensation made hereunder comply with the provisions of Code §409A. This
Plan and any accrual of compensation made hereunder shall be administrated in a
manner consistent with this intent, and any provisions that would cause this Plan or any grant made
hereunder to fail to satisfy Code §409A shall have no force and effect until amended to comply with
Code §409A (which amendment may be retroactive to the extent permitted by Code §409A and may be
made by the Company without the consent of Participants). Any reference in this Plan to Code §409A
will also include any proposed temporary or final regulations, or any other guidance, promulgated
with respect to Code §409A by the U.S. Department of the Treasury or the Internal Revenue Service.
In no event, however, shall this section or any other provisions of this Plan be construed to
require the Company to provide any gross-up for the tax consequences of, or payments under, this
Plan and the Company shall have no responsibility for tax or legal consequences to any Participant
(or Beneficiary) resulting from the terms or operation of this Plan.

     The Company hereby adopts this Amendment and Restatement of the Plan effective as of January
1, 2009.

	 	 	 	 	 

	 

	 	THE J. M. SMUCKER COMPANY
	 	 
	 
	 	 	 	 
	 

	 	/s/ Mark R. Belgya	 	 
	 

	 	 	 	 
	 

	 	Name: Mark R. Belgya	 	 
	 

	 	Title: Senior Vice President and Chief Financial Officer	 	 
	 
	 	 	 	 
	 

	 	DATED: December 31, 2010	 	 

19

 

APPENDIX A

CLAIMS PROCEDURE

     Section 1.1 Claims Reviewer. For purposes of handling claims with
respect to this Plan, the “Claims Reviewer” shall be the benefits committee, unless another person
or organizational unit is designated by the Company as Claims Reviewer.

     Section 1.2 Claims for Benefits. An initial claim for benefits under the Plan
must be made by the Participant or his or her beneficiary in accordance with the terms of the Plan
through which the benefits are provided. Not later than 90 days after receipt of such a claim, the
Claims Reviewer will render a written decision on the claim to the claimant, unless special
circumstances require the extension of such 90-day period. If such extension is necessary, the
Claims Reviewer shall provide the Participant or the Participant’s beneficiary with written
notification of such extension before the expiration of the initial 90-day period. Such notice
shall specify the reason or reasons for such extension and the date by which a final decision can
be expected. In no event shall such extension exceed a period of 90 days from the end of the
initial 90-day period.

     In the event the Claims Reviewer denies the claim of a Participant or the beneficiary in whole
or in part, the Claims Reviewer’s written notification shall specify, in a manner calculated to be
understood by the claimant, the reason for the denial; a reference to the Plan or other document or
form that is the basis for the denial; a description of any additional material or information
necessary for the claimant to perfect the claim; an explanation as to why such information or
material is necessary; and an explanation of the applicable claims procedure.

     Should the claim be denied in whole or in part and should the claimant be dissatisfied with
the Claims Reviewer’s disposition of the claimant’s claim, the claimant may have a full and fair
review of the claim by the Company (but not the same person who reviewed the initial

20

 

claim, or
subordinate of such person) upon written request therefore submitted by the claimant or the
claimant’s duly authorized representative and received by the Company within 60 days after the
claimant receives written notification that the claimant’s claim has been denied In connection with
such review, the claimant or the claimant’s duly authorized representative shall be entitled to
review pertinent documents and submit the claimant’s views as to the issues, in writing. The
Company shall act to deny or accept the claim within 60 days after receipt of the claimant’s
written request for review unless special circumstances require the extension of such 60-day
period. If such extension is necessary, the Company shall provide the claimant with written
notification of such extension before the expiration of such initial 60-day period. In all events,
the Company shat act to deny or accept the claim within 120 days of the receipt of the claimant’s
written request for review. The action of the Company shall be in the form of a written notice to
the claimant and its contents shall include all of the requirements for action on the original
claim.

     In no event may a claimant commence legal action for benefits the claimant believes are due to
the claimant until the claimant has exhausted all of the remedies and procedures afforded the
claimant by this Appendix A.

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ADDENDUM I

PROVISIONS WITH RESPECT TO

GRANDFATHERED BENEFITS

ARTICLE I

DEFINITION

      1.1 Grandfathered Benefits Defined. “Grandfathered Benefits” or
“Grandfathered Portion” of a Benefit means amounts of Compensation deferred by a Participant before
January 1, 2005 under the Plan to which the Participant had a legally binding right to be paid, and
that right was earned and vested prior to January 1, 2005. Grandfathered Benefits shall be subject
to the rules and provisions of the Plan in effect on December 31, 2004, as provided in this
Addendum I. The amount of a Participant’s Grandfather Benefit shall be determined in accordance
with the provisions of Code §409A and Treasury regulation §1.409A- 6 and any additional guidance
that may be issued by the Department of Treasury or the Internal Revenue Service and the provisions
of the Plan and this Addendum I. Section references in this Addendum I are references to sections
of this Addendum I unless otherwise specified.

ARTICLE II

GRANDFATHERED RETIREMENT BENEFITS

      2.1 Grandfathered Benefits Upon Normal Retirement. A Participant who
retires from employment with his Employer on or after his Normal Retirement Date, or who has left
active employment prior to his Normal Retirement Date under conditions of eligibility for a
long-term disability benefit under any plan maintained by an Employer and is receiving long-term
disability benefits on his Normal Retirement Date, shall be eligible for a normal retirement
Monthly Retirement Benefit as determined under Section 2.3 of the Plan.

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     A Grandfathered Benefit consisting of a normal retirement Monthly Retirement Benefit shall be
paid to an eligible Participant commencing as of the first day of the month following the month in
which he retires, and shall be payable monthly thereafter in accordance with the terms of Section
2.4, in the form of an optional form of benefit elected under Section 2.5 (A), (B), (C), (D) or
(E), or in a single lump sum payment elected under Section 2.6, provided that the Participant’s
election is made in accordance with Section 2.7 of this Addendum I.

     Notwithstanding the foregoing, a Participant who is still employed by an Employer on the April
1 following the calendar year in which he attains age 70-1/2 shall commence receiving the
Grandfathered Portion of his Monthly Retirement Benefit provided under this Section 2.1 as of April
1 following the calendar year in which he attains age 70-1/2.

     2.2 Grandfathered Benefits Upon Early Retirement. A Participant who retires from
employment with his Employer at or after age 55, but prior to his Normal Retirement Date, who has
at least ten (10) Years of Service, and who is not eligible for a short or long term disability
benefit under any plan maintained by an Employer, shall be eligible for an early retirement Monthly
Retirement Benefit as determined under Section 2.3 of the Plan.

     A Grandfathered Benefit consisting of an early retirement Monthly Retirement Benefit shall be
paid to an eligible Participant commencing as of the first day of the month following the month in
which he retires and shall be payable monthly thereafter in accordance with the terms of Section
2.4, an optional form of benefit elected under Section 2.5 (A), (B), (C), (D) or (E), or in a
single lump sum payment elected under Section 2.6, provided that the Participant’s election is made
in accordance with Section 2.7 of this Addendum I.

     2.3 Grandfathered Benefits Upon Termination of Employment. The Plan is intended to
provide benefits for career employees of an Employer. Therefore, a Participant who terminates his
employment with his Employer for any reason other than death and who is not

23

 

eligible for any
retirement benefit under the Plan or a short or long term disability benefit under any plan
maintained by an Employer, shall not be eligible for any Monthly Retirement Benefit under the Plan,
except that such a Participant, who has at least ten (10) Years of Service, is eligible for a
deferred Monthly Retirement Benefit in an amount determined after his termination of employment in
the same manner as provided for an early retirement Monthly Retirement Benefit and as determined
under Section 2.3 of the Plan.

     A Grandfathered Benefit consisting of a deferred Monthly Retirement Benefit shall be paid to
an eligible Participant commencing as of the first day of the month following the month in which he
attains age 55 and shall be payable monthly thereafter in accordance with the terms of Section 2.4,
an optional form of benefit elected under Section 2.5 (A), (B), (C), (D) or (E), or in a single
lump sum payment elected under Section 2.6, provided that the Participant’s election is made in
accordance with Section 2.7 of this Addendum I.

     2.4 Normal Form of Payment of Grandfathered Benefits. A Participant who becomes
eligible to receive a Grandfathered Monthly Retirement Benefit and who is married at the time
payment of his Monthly Retirement Benefit commences shall receive payment of his Grandfathered
Benefit in accordance with the provisions of Section 2.4 of the Plan, provided that a Participant’s
election of forms of optional distribution or of a lump sum distribution as to Grandfathered
Benefits shall be made in accordance with the provisions of the Plan in effect on December 31, 2004
and this Addendum I.

      2.5 Optional Forms of Payment with Respect to a Grandfathered Benefit. A
Participant may elect to receive his Grandfathered Benefit under one of the following optional
forms of payment or in the form of a single lump sum payment in accordance with Section 2.6,
provided that such Participant’s election is made at the time and in such form as provided in
Section 2.7:

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     (A) Option A — 100% Joint and Survivor Annuity. The retired Participant
shall receive a reduced Monthly Retirement Benefit payable for his lifetime, the last
monthly payment being for the month in which his death occurs. If the Participant’s
beneficiary survives him, then commencing with the month following the month in which his
death occurs, his beneficiary shall receive a continuing monthly benefit equal to such
reduced amount for such beneficiary’s lifetime, the last monthly payment being for the
month in which the death of the beneficiary occurs.

     (B) Option B — 50% Joint and Survivor Annuity. The retired Participant shall
receive a reduced Monthly Retirement Benefit payable for his lifetime, the last monthly
payment being for the month in which his death occurs. If the Participant’s beneficiary
survives him, then commencing with the month following the month in which his death
occurs, his beneficiary shall receive a continuing monthly benefit equal to one-half of
such reduced amount for such beneficiary’s lifetime, the last monthly payment being for
the month in which the death of the beneficiary occurs.

     (C) Option C — 66 2/3% Joint and Survivor Annuity. The retired Participant
shall receive a reduced Monthly Retirement Benefit payable for his lifetime, the last
monthly payment being for the month in which his death occurs. If the Participant’s
beneficiary survives him, then commencing with the month following the month in which his
death occurs, his beneficiary shall receive a continuing monthly benefit equal to
two-thirds of such reduced amount for such beneficiary’s lifetime, the last monthly
payment being for the month in which the death of the beneficiary occurs.

     (D) Option D — 75% Joint and Survivor Annuity. The retired Participant shall
receive a reduced Monthly Retirement Benefit payable for his lifetime, the last monthly
payment being for the month in which his death occurs. If the Participant’s

25

 

beneficiary survives him, then commencing with the month following the month in which his death
occurs, his beneficiary shall receive a continuing monthly benefit equal to three-quarters
of such reduced amount for such beneficiary’s lifetime, the last monthly payment being for
the month in which the death of the beneficiary occurs.

     (E) Option E — Ten-Year Certain and Life Annuity. The retired Participant
shall receive a reduced Monthly Retirement Benefit payable for his lifetime, with the
continuance after his death to the beneficiary or beneficiaries designated by him of a
monthly benefit equal to such reduced amount for the remainder, if any, of the ten-year
term commencing with the retired Participant’s beginning payment date. If any monthly
benefit payments remain unpaid upon the death of the survivor of the Participant and his
beneficiary, the remaining payments shall be made to the estate of such survivor.

     A Participant’s beneficiary may be any person or persons selected by such Participant with his
spouse’s consent. The reduced monthly payments to be made to a retired Participant under one of
the optional form of payment provided in Section 2.5 (A) — (E) shall be in an amount which, on the
date of commencement thereof, is the Actuarial Equivalent of the monthly benefit otherwise payable
to the Participant under the Plan in lieu of which the option was elected, taking into account the
age of the Participant and the age of his beneficiary.

     2.6 Single Lump Sum Form of Payment of Grandfathered Benefit. A Participant may
elect, in accordance with the provisions of Section 2.7, to receive his Grandfathered Benefit in
the form of a single lump sum payment. The retired Participant shall receive a payment in a single
lump sum in an amount equal to the Actuarial Equivalent, determined in accordance with Section 1.12
of the Plan payable to the Participant at the later of age 55 or the Participant’s actual age at
his date of employment termination or retirement.

26

 

     2.7 Election of Form of Grandfathered Benefit.

     (a) Each Participant shall make an election to receive his Grandfathered Benefit either (l) in
the normal form of payment under the Plan as provided in Section 2.4, of the Plan or one of the
optional forms of benefit provided in Section 2.5, or (2) as a single lump sum form of benefit
under Section 2.6. Each Participant may, but shall not be required to change his distribution
election prior to the beginning of each Plan Year, provided that a Participant’ s election to
receive a single lump sum form of benefit pursuant to Section 2.6, or to change his or her prior
election from an election to receive a single lump sum form of benefit to an election to receive an
annuity form of benefit shall not be valid unless the election is made at least one (1) year prior
to such Participant’s earliest date of distribution of benefits under the Plan. If a Participant
does not file an election under this Section 2.7, the payment of any Grandfathered Benefit
hereunder shall be made in a single lump sum distribution.

     (b) If a Participant has made an election to receive his benefit in the normal form of payment
provided in Section 2.4 or one of the Actuarially Equivalent optional forms of benefit provided in
Section 2.5, then the election between the normal form of benefit and among the optional forms of
benefit provided in Section 2.5 may be made at the time of distribution.

ARTICLE III

SURVIVOR BENEFITS WITH RESPECT TO GRANDFATHERED BENEFITS

      Grandfathered Survivor Benefits shall be determined and distributed in accordance
with Article III of the Plan, except that “retirement or termination of employment” shall be
substituted for “Separation from Service” in Article III.

27

 

ADDENDUM II

In January 1, 2008 the Company froze benefit accruals under the Retirement Plan for participants
age 40 and under, and amended the Savings Plan to provide an enhanced Company matching
contribution.

The table below represents the amount to be offset as provided in Section 2.3 (d) of the Plan for
Mark Smucker and Paul Wagstaff. The offset represents the annuitized benefit provided by the
enhanced Company match contribution established January 1, 2008.

The table is based on a hypothetical balance created by a 3% Company match paid starting January 1,
2008 and made each year until the executive reaches the retirement ages listed below. This amount
assumes yearly increases in CPI of 3.0% and investment earnings of 7.5%. The balance is annuitized
using the RP2000 Mortality Table to reflect benefits accruing under the enhanced matching
contribution provided under the Savings Plan without any adjustment projected to 2020 using Scale
AA and a 7.5% discount rate.

The assumptions used to determine the hypothetical balances and annuitized benefits are intended to
be long term assumptions. The Company may review these assumptions and modify them in the future
if appropriate. New annuitized benefit amounts will be determined based on any revised
assumptions, replacing the amounts below.

	 	 	 	 	 	 	 
	Annuitized Value of Additional 3% Savings Plan Match
	Age	 	Annuitized Benefit	 	Age	 	Annuitized Benefit
	55
	 	$23,491.42
	 	60
	 	$42,614.89
	56
	 	$26,564.16
	 	61
	 	$47,806.26
	57
	 	$29,970.19
	 	62
	 	$53,580.59
	58
	 	$33,750.02
	 	63
	 	$60,010.02
	59
	 	$37,947.97
	 	64
	 	$67,166.35
	 
	 	 	 	65
	 	$75,149.53

28

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