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FANNIE MAE
ELECTIVE DEFERRED COMPENSATION PLAN I
Pursuant to
Section 7.2 of the Fannie Mae Elective Deferred Compensation
Plan I (the “Plan”), as authorized by the Conservator
of Fannie Mae (the Federal Housing Finance Agency), the Benefit
Plans Committee, and in accordance with the authority delegated to
the Vice President & Deputy General Counsel for Tax &
Benefits to approve amendments to benefit plans to the extent
necessary to comply with Internal Revenue Code Section 409A,
the Plan is hereby amended as follows, effective October 27,
2008:
1. Section 7.7
is hereby amended in its entirety to read as follows:
“7.7 Plan
Frozen as of December 31, 2004. On November 15, 2004, the
Plan was divided into two plans: the legacy Plan and the Fannie Mae
Elective Deferred Compensation Plan II (the “EDC II”).
As a result, the provisions of the Plan are effective as of
December 31, 2004 only with respect to Awards under the Plan
that were fully earned and vested on or prior to December 31,
2004 and not materially modified after October 3, 2004, plus
notional earnings thereon (“Grandfathered Amounts”).
Such Grandfathered Amounts shall be administered and distributed
pursuant to the terms of the Plan, subject only to such amendments,
if any, as do not constitute a “material modification”
for purposes of Treas. Regs. §1.409A-6(a)(4). Such
Grandfathered Amounts are intended to be grandfathered for purposes
of Section 409A of the Internal Revenue Code (the
“Code”) and therefore exempt from Section 409A of
the Code. In determining what amounts were earned and vested as of
December 31, 2004, the applicable regulations and other
guidance issued under Section 409A of the Code will
apply.
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