Exhibit 10-I
Ford Motor Company
Directors Life
Insurance
and Optional Retirement
Plan
(As Amended as of December 31,
2008)
Section
1. Introduction. This Plan has been established for
the purpose of providing Eligible Directors, and Eligible Retired
Directors, as herein defined, with life insurance and optional
retirement benefits under certain circumstances. The
Plan is an expression of the Company's present policy with respect
to those Company directors and retired directors who meet the
eligibility requirements set forth below; it is not a part of any
contract of employment and no director or other person shall have
any legal or other right to any benefit under the
Plan. The Company reserves the right to terminate, amend
or modify the Plan, in whole or in part, at any time without
notice.
Section
2. Definitions . As used in this Plan:
(a)
"Board" shall mean the Board of Directors of the
Company.
(b)
"Code" shall mean the Internal Revenue Code of 1986, as
amended from time to time.
(c)
"Company" shall mean Ford Motor Company.
(d)
"Director Service" shall mean years of service as a member
of the Board, not exceeding one year in any calendar
year.
(e)
"Effective Date" means November 1, 1985.
(f)
"Eligible Director" shall mean a member of the Board on or
after the Effective Date who is not a Company employee and has not
retired from Company employment on or after December 1,
1977.
(g)
"Eligible Retired Director" shall mean an Eligible Director
who shall have retired or resigned from the Board prior to December
31, 2008 after completing at least five years of Director Service
and attaining age 55.
(a)
Life Insurance . Each Eligible Director shall be
entitled to life insurance in the amount of $200,000 while a member
of the Board.
(b)
Optional Death and Retirement Benefits . An
Eligible Retired Director who was receiving optional death and
retirement benefits as described in Section 3(b)(1) below prior to
December 31, 2008 shall continue to receive such benefits on and
after December 31, 2008.
(1)
Benefit . The optional death and retirement
benefit payable with respect to an Eligible Retired Director shall
be as follows:
(i) life insurance in the amount of
$100,000, plus
(ii) a monthly
benefit, payable to such Eligible Retired Director during such
Eligible Retired Director's lifetime, in the amount of $1,250 per
month.
Section
4. Payments . The life insurance described in
Section 3(a) or 3(b)(1)(i) shall be provided by the purchase from
an insurance carrier of an insurance contract upon terms and
conditions approved by the Executive Vice President and Chief
Financial Officer or the designee of such officer. The
retirement benefits provided in Section 3(b)(1)(ii) shall be
payable out of the Company's general funds and shall cease at the
end of the month in which such Eligible Retired Director
dies.
Section
5. Designation of Beneficiary . The death benefits payable under
the life insurance described in Section 3(a) or 3(b)(1)(i) shall be
paid to the Eligible Director's or Eligible Retired Director's
designated beneficiary, as applicable, or if there is no such
beneficiary shall be paid in accordance with the provisions of the
life insurance contract.
