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EXXONMOBIL SUPPLEMENTAL SAVINGS PLAN

Employee Benefits Plan Agreement

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This Employee Benefits Plan Agreement involves

EXXON MOBIL CORP

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Title: EXXONMOBIL SUPPLEMENTAL SAVINGS PLAN
Date: 10/12/2006
Industry: OILINT     Sector: ENERGY

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ExxonMobil Supplemental Savings Plan

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.

 

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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.

 

 

 

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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.

 

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