Document:

exv10w11

 

Exhibit 10.11

SALARY DEFERRAL & SAVINGS RESTORATION

PLAN

Originally Adopted — April 26, 1994

Last Amended — January 1, 2007

 

 

E. I. du Pont de Nemours and Company

E. I. du Pont de Nemours and Company

 

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SALARY DEFERRAL & SAVINGS RESTORATION PLAN

I. PURPOSE

     The purpose of this Plan is to provide an eligible employee with the opportunity to
defer, until termination of employment, receipt of salary that, because of compensation
limits imposed by law, is ineligible to be considered in calculating benefits within the
Company’s tax-qualified defined contribution plan(s) and thereby recover benefits lost
because of that restriction.

II. ADMINISTRATION

     The administration of this Plan is vested in the Board of Benefits and Pensions appointed
by the Company. The Board may adopt such rules as it may deem necessary for the proper
administration of the Plan, and may appoint such person(s) or group(s) as may be judged
necessary to assist in the administration of the Plan. The Board’s decision in all matters
involving the interpretation and application of this Plan shall be final. The Board shall
have the discretionary right to determine eligibility for benefits hereunder and to construe
the terms and conditions of this Plan.

 

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III. ELIGIBILITY

     An employee of the Company who is participating in the Company’s tax-qualified
defined contribution plan(s) and whose annual base compensation exceeds the amount
prescribed in Internal Revenue Code Section 401(a)(17) shall be eligible to participate in
this Plan (hereinafter “Participant”); provided that, effective January 1, 2007,
employees eligible to participate in the Retirement Savings Plan shall not be eligible to
participate in this Plan.

     For purposes of this Plan, the term “Company” means E.I. du Pont de Nemours and Company, any
wholly-owned subsidiary or part thereof and any joint venture, partnership, or other entity in
which E.I. du Pont de Nemours and Company has an ownership interest, provided that such entity
(1) adopts this Plan with the approval of the E.I. du Pont de Nemours and Company and (2) agrees
to make the necessary financial commitment in respect of any of its employees who become
Participants in this Plan.

     Participation in this Plan is entirely voluntary.

 

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IV. PARTICIPANTS’ ACCOUNTS

	 	(A)	 	Participant Contributions. A Participant may elect to defer receipt of a percentage of annual
base compensation in excess of the amount prescribed in Internal Revenue Code Section
401(a)(17), and have the dollar equivalent of the deferral percentage credited to a
Participant Account under this Plan. The deferral percentage elected under this Plan shall not
exceed 22%. Except as provided below, such deferral election will be made prior to the
beginning of each calendar year and will be irrevocable for that calendar year.

	 
	 	 	 	For purposes of a Participant’s first year of participation in this Plan, the
compensation deferral election must be made within 30 days of the date the employee
first becomes eligible to participate in the Plan, and no later than 30 days prior to
the first day of the month for which compensation is deferred, and will be
irrevocable for the remainder of that calendar year.

	 
	 	(B)	 	Company Contributions. To the extent that a Participant makes a deferral election under
the terms of subparagraph (A) above, the Company will credit to that Participant’s Account
in this Plan an amount equivalent to the company matching contribution that would be
provided to that Participant under the terms of the

 

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	 	 	 	Company’s tax-qualified defined contribution plan(s) in which (s)he is participating.

	 	(C)	 	Earnings Equivalents. Credits for Participant Contributions and Company Contributions
shall be treated as having been invested in one or more of the investment options
available for the ongoing deposit of new employee contributions in the Savings &
Investment Plan of E. I. du Pont de Nemours and Company. Additional credit (or debit)
amounts will be posted to the Participant’s Account in this Plan based on the performance
of those investment options.

	 
	 	 	 	The Participant shall have the right to:

	 	(1)	 	designate which of the available investment options are to be used in
valuing his/her Account under this Plan, subject to the rules governing investment
direction in the Savings & Investment Plan of E. I. du Pont de Nemours and Company;
and/or

	 
	 	(2)	 	change the designated investment options used in valuing his/her Account
under this Plan, subject to the rules governing investment direction and/or
transfers among funds in the Savings & Investment Plan of E. I. du Pont de Nemours
and Company.

 

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	 	(D)	 	Credits to Accounts. Participant Contributions, Company Contributions and Earnings
Equivalents shall be credited (or debited) to the Participant’s Account under this Plan as
unfunded book entries stated as cash balances, and will not be payable to Participants until
such time as employment with the Company terminates. The cash balances in Participant
Accounts shall be unfunded general obligations of the Company, and no Participant shall have
any claim to or security interest in any asset of the Company on account thereof.

V. VESTING

     Participant Contributions and Company Contributions and Earnings Equivalents shall be
vested at the time such amounts are credited to the Participant’s Account.

VI. PAYMENT OF BENEFITS

     Amounts payable under this Plan shall be delivered in a cash lump sum as soon as
practical after termination of employment unless the Participant irrevocably elects under rules
prescribed by the Board of Benefits and Pensions to receive payments in a series of annual
installments. Notwithstanding any provision of this Plan to the contrary, amounts payable to

 

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an officer of the Company shall be paid no sooner than the sixth month anniversary of the
employee’s termination date. All payments under this Plan shall be made by, and all expenses of
administering this Plan shall be borne by, the Company.

VII. NON-ASSIGNMENT

     No assignment or alienation of the rights and interests of participants, beneficiaries and
survivors under this Plan will be permitted or recognized under any circumstances. Plan benefits
can be paid only to participants, beneficiaries or survivors.

VIII. RIGHT TO MODIFY

     The Company reserves the right to change or discontinue this Plan in its
discretion by action of the Compensation & Benefits Committee.exv10w12

 

Exhibit 10.12

RETIREMENT SAVINGS RESTORATION

PLAN

Originally Adopted — January 1, 2007

E. I. du Pont de Nemours and Company

 

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RETIREMENT SAVINGS RESTORATION PLAN

I. PURPOSE

     The purpose of this Plan is to provide an eligible employee with the opportunity to
defer, until termination of employment, receipt of salary that, because of compensation
limits imposed by law, is ineligible to be considered in calculating benefits within the
Company’s tax-qualified defined contribution plan(s) and thereby recover benefits lost
because of that restriction.

II. ADMINISTRATION

     The administration of this Plan is vested in the Board of Benefits and Pensions
appointed by the Company. The Board may adopt such rules as it may deem necessary for the
proper administration of the Plan, and may appoint such person(s) or group(s) as may be
judged necessary to assist in the administration of the Plan. The Board’s decision in all
matters involving the interpretation and application of this Plan shall be final. The Board
shall have the discretionary right to determine eligibility for benefits hereunder and to
construe the terms and conditions of this Plan.

III. ELIGIBILITY

     An employee of the Company who is participating in the E. I. du Pont de Nemours and
Company Retirement Savings Plan and who is Grade 7 or above (or equivalent level for a
participating subsidiary) shall be eligible to participate in this Plan (hereinafter
“Participant”).

     For purposes of this Plan, the term “Company” means E.I. du Pont de Nemours and
Company, any wholly-owned subsidiary or part thereof and any joint venture, partnership,
or other entity in which E.I. du Pont de Nemours and Company has an ownership interest,
provided that such entity (1) adopts this Plan with the approval of

 

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E.I. du Pont de Nemours and Company and (2) agrees to make the necessary financial
commitment in respect of any of its employees who become Participants in this Plan.

     Participation in this Plan is entirely voluntary.

IV. PARTICIPANTS’ ACCOUNTS

(A) Participant Contributions. A Participant may elect to defer receipt of a percentage of
compensation (as defined in the Retirement Savings Plan) in excess of the amount
prescribed in Internal Revenue Code Section 401(a)(17), and have the dollar equivalent of
the deferral percentage credited to a Participant Account under this Plan. The deferral
percentage elected under this Plan shall not exceed 6%. Except as provided below, such
deferral election will be made prior to the beginning of each calendar year and will be
irrevocable for that calendar year.

For purposes of a Participant’s first year of participation in this Plan, the
compensation deferral election must be made within 30 days of the date the employee
becomes eligible to participate in the Plan, and no later than 30 days prior to the
first day of the month for which compensation is deferred and will be irrevocable for
the remainder of that calendar year.

(B) Company Matching Contributions. To the extent that a Participant makes a deferral
election under the terms of subparagraph (A) above, the Company will credit to that
Participant’s Account in this Plan an amount equivalent to 100% of the Participant
Contribution.

(C) Company Non-elective Contributions. For each employee eligible to participate in
this Plan, whether or not he or she makes a deferral election under the terms of
subparagraph (A) above, the Company will credit to that Participant’s Account in this
Plan an amount equal to 3% of the employee’s compensation (as defined in the Retirement
Savings Plan) in excess of the amount prescribed in Internal Revenue Code Section
401(a)(17).

(D) Earnings Equivalents. Credits for Participant Contributions and Company Matching
and Non-elective Contributions shall be treated as having been invested in one or more
of the investment options available for the ongoing deposit of new employee
contributions in the Retirement Savings Plan. Additional credit (or debit) amounts will
be posted to the Participant’s Account in this Plan based on the performance of those
investment options.

 

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     The Participant shall have the right to:

	 	(1)	 	designate which of the available investment options are to be
used in valuing his/her Account under this Plan, subject to the rules
governing investment direction in the Retirement Savings Plan; and/or
	 
	 	(2)	 	change the designated investment options used in valuing
his/her Account under this Plan, subject to the rules governing investment
direction and/or transfers among funds in the Retirement Savings Plan.

(E) Credits to Accounts. Participant Contributions, Company Matching and Non-elective
Contributions and Earnings Equivalents shall be credited (or debited) to the Participant’s
Account under this Plan as unfunded book entries stated as cash balances, and will not be
payable to Participants until such time as employment with the Company terminates. The
cash balances in Participant Accounts shall be unfunded general obligations of the
Company, and no Participant shall have any claim to or security interest in any asset of
the Company on account thereof.

V. VESTING

     Participant Contributions and Company Matching and Earnings Equivalents
attributable thereto shall be vested at the time such amounts are credited to the
Participant’s Account. Company Non-elective Contributions and Earnings Equivalents
thereto shall be vested after the employee completes 3 years of service, as defined in the
Retirement Savings Plan.

VI. PAYMENT OF BENEFITS

     Amounts payable under this Plan shall be paid in a lump sum as soon as
practical following termination of employment, unless a Participant irrevocably elects
under rules prescribed by the Board of Benefits and Pensions to receive payments at a
later commencement date or in a series of annual installments. Any such election shall
be made by the Participant at the time the deferral election is made. Notwithstanding
any provision of this Plan to the contrary, amounts payable to an officer of the Company
shall be paid no sooner than the sixth month anniversary of the employee’s termination
date. All payments under this Plan shall be made by, and all expenses of administering
this Plan shall be borne by, the Company.

 

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VII. NON-ASSIGNMENT

     No assignment or alienation of the rights and interests of participants,
beneficiaries and survivors under this Plan will be permitted or recognized under any
circumstances. Plan benefits can be paid only to participants, beneficiaries or survivors.

VIII. RIGHT TO MODIFY

     The Company reserves the right to change or discontinue this Plan in its
discretion by action of the Compensation & Benefits Committee or its delegate.

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