EXXONMOBIL SUPPLEMENTAL SAVINGS PLANEmployee Benefits Plan Agreement |
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Exhibit
10(iii)(c.1)
EXXONMOBIL
SUPPLEMENTAL SAVINGS PLAN
(Including
Key Employee Supplemental Savings Plan)
1. Purpose
The purpose of this Plan is to provide a
payment of approximately equivalent value from the general assets of Exxon
Mobil Corporation (“Corporation”) to a person participating in the
ExxonMobil Savings Plan (“Savings Plan”) who, because of the
application of United States Internal Revenue Code (“Code”)
sections 415 and 401(a)(17) is precluded from receiving employer contributions
to the person's Savings Plan account to which the person would otherwise be
entitled.
2. Benefits
2.1
Benefit Formula
As to any specific Savings Plan
participant the total amount of payment under this Plan is an amount that is in
general determined by notionally crediting on a monthly basis the amount of
employer contributions that cannot be made to the Savings Plan for that person
as a result of application to that person of Code sections 415 and 401(a)(17);
except that, for those persons who, as of December 31, 1993, are classified at
level 36 and are age 50 and above, only notional employer contributions made
after such date are taken into account. This amount is enhanced in each
instance by the Citibank Prime Lending Rate as of the last business day of each
calendar quarter, and is then reduced, but not below zero, by the amount, if
any, of the actuarial lump-sum value of the amount payable to the participant
under the ExxonMobil Key Employee Additional Payments Plan that is not applied
as an offset against the participant's benefit under the ExxonMobil Additional
Payments Plan or the ExxonMobil Supplemental Pension Plan. For this
purpose, the actuarial lump-sum value shall be determined using the mortality
and interest rate assumptions set out in the ExxonMobil Pension Accounts
Instrument.
-1-
2.2
Calculation Methodology
The exact methodology used in determining
such monthly credits and interest thereon will be established from time to time
by the Plan Administrator. General guidelines to be followed are:
(A)
Required Participant Contributions
To the extent determined by those
administering this Plan, a person is required to make regular employee
contributions to the person's Savings Plan account up to the maximum permitted
by the Code to receive credits under this Plan.
(B)
Discretionary Employee Contributions
Prior to July 1, 2002, a person may not
enhance the amounts credited under this Plan by making discretionary employee
contributions to the person's Savings Plan account.
(C)
Additional Contributions under Stock
Match Account
No amount is credited under this Plan
because of a person's inability to obtain the enhanced portion of the employer
match for employer matches directed to the Stock Match Account in the Savings
Plan.
3. Payment
of Benefits
Payment of the benefit determined under
article 2 above shall be made in a lump sum as soon as practicable following
the latest of the following times:
(A)
the person’s termination of
employment or retirement from ExxonMobil;
(B)
in the case of a person who, immediately
prior to his or her termination or retirement, has a Classification Level of 37
or above (“Key Employee”), the six-month anniversary of the
person’s termination of employment or retirement; or
(C)
In the case of a participant whose
Savings Plan account is transferred to a savings plan sponsored by Infineum USA
Inc. or any of its affiliates ("Infineum"), the participant’s
termination of employment from Infineum.
-2-
4. Payment Upon Death
4.1
In General
If a person dies before his benefit under
this Plan is distributed to him, then such benefit shall be distributed as soon
as practicable after death to the person’s beneficiary determined under
section 4.2 below.
4.2
Designation of Beneficiaries
(A)
In General
A person entitled to receive a payment
under this Plan may name one or more designated beneficiaries to receive such
payment in the event of the person's death. Beneficiary designations
shall be made in accordance with such procedures as the Plan Administrator may
establish. Spousal consent to any designation is not required.
(B)
Default Beneficiaries
(1)
In General
If no specific designation is in effect,
the deceased’s beneficiary is the person or persons in the first of the
following classes of successive beneficiaries living at the time of death of
the deceased:
(a)
spouse;
(b)
children who survive the participant or
who die before the participant leaving children of their own who survive the
participant;
(c)
parents;
(d)
brothers and sisters who survive the
participant or who die before the participant leaving children of their own who
survive the participant.
If there are no members of any class of
such beneficiaries, payment is made to the deceased’s executors or
administrators.






