Exhibit 10.16
RETIREMENT SAVINGS RESTORATION
PLAN
Originally Adopted – January 1, 2007
Last
Amended January 1, 2008
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 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.
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
compensat
