John Deere Supplemental Pension Benefit Plan, as amended December 31, 2020
JOHN DEERE SUPPLEMENTAL PENSION BENEFIT PLAN
AMENDED: 1 November 1987
AMENDED: 24 February 1988
AMENDED: 28 February 1990
AMENDED: 27 February 1991
AMENDED: 29 May 1991
AMENDED: 26 August 1992
AMENDED: 09 December 1992
AMENDED: May 1993 – Effective: 01 July 1993
AMENDED: 08 December 1993 – Effective: 01 July 1993
AMENDED: 07 December 1994
AMENDED: May 1995 – Effective: 01 January 1995
AMENDED: 13 December 1995 – Effective: 01 January 1995
AMENDED: 04 December 1996 – Effective: 01 January 1997
AMENDED: 07 January 1998 – Effective: 01 January 1998
AMENDED: 26 May 1999 - Effective: 26 May 1999
AMENDED: 19 July 1999 - Effective: 01 July 1999
AMENDED: 06 August 1999 – Effective: 01 August 1999
AMENDED: 02 November 1999 – Effective: 01 November 1999
AMENDED: 31 July 2000 –Effective: 01 Jan 2000 (Item (1&2) 01 Apr 2000 (Item (3)
(See Resolution for Item explanation)
AMENDED: 29 January 2002 - Effective: 01 January 2002
AMENDED: 1 December 2005 – Effective: 1 January 2005
AMENDED: 13 December 2007 – Effective: 1 January 2007
AMENDED: 29 October 2008 – Effective: 1 November 2008
AMENDED: 30 June 2009 – Effective: 1 July 2009
AMENDED: December 2011 – EFFECTIVE: 1 October 2011
AMENDED: 15 October 2014 – Effective 1 November 2014
AMENDED: 31 DECEMBER 2020 – Effective 31 December 2020
JOHN DEERE SUPPLEMENTAL PENSION BENEFIT PLAN
TABLE OF CONTENTS
Table of Contents
Section 1.Purpose and Establishment
Section 3.Supplemental Pension Benefit
Section 4.Disability Benefit
Section 5.Change in Control of Company
Section 6.Survivor Benefits
Section 7.Financing of Benefits
Article A-1 APPLICATION; PAYMENT OF PLAN BENEFIT AFTER 2006
A-1.4 Termination Prior to 1 January 2005…………………………………. 20
A-1.5Separation from Service Following a Change in Control…………... 20
A-1.6 One-Time Lump Sum………………………………………………… 20
Article B-1 MISCELLANEOUS PROVISIONS
Article B-2 AMENDMENT AND TERMINATION
Article B-3 DEFINITIONS
JOHN DEERE SUPPLEMENTAL PENSION BENEFIT PLAN
Notwithstanding any provision of this Plan to the contrary, the provisions of Appendices A and B shall apply to payment of benefits on or after 31 December 2006 and such appendices shall supersede the other provisions of the Plan to the extent necessary to eliminate inconsistencies between such Appendices and such other provisions of the Plan.
|a.||in the Compensation Committee’s judgment are procedural, technical or administrative, but do not result in changes in the control and management of the Plan assets; or|
|b.||in the Compensation Committee’s judgment are necessary or advisable to comply with any changes in the laws or regulations applicable to the Plan; or|
|c.||in the Compensation Committee’s judgment are necessary or advisable to implement provisions conforming to a collective bargaining agreement which has been approved by the Board of Directors; or|
|d.||in the Compensation Committee’s judgment will not result in changes to benefit levels exceeding $5 million dollars per amendment or modification during the first full fiscal year that such changes are effective for the Plan; or|
|e.||are the subject of a specific delegation of authority from the Board of Directors.|
Provided, however, that this Plan shall not be amended or modified so as to reduce or diminish the benefit then currently being paid to any employee or Surviving Spouse of any former employee without such person’s consent. The power to terminate this Plan shall be reserved to the Board of Directors of Deere & Company. The procedure for amendment or modification of the Plan by either the Board of Directors, or, to the extent so authorized, the Pension Plan Oversight Committee, as the case may be, shall consist of: the lawful adoption of a written amendment or modification to the Plan by majority vote at a validly held meeting or by unanimous written consent, followed by the filing of such duly adopted amendment or modification by the Secretary with the official records of the Company.
correct and remedy such questions of invalidity or illegality by amendment as provided in the Plan.
|(a)||“Average Pensionable Pay” of the Traditional Pension Option means the average for each year of the following:|
|(i)||the amounts paid under the John Deere Profit Sharing Plan and the John Deere Short-Term Incentive Plan prior to 1991 plus the sum of the bonuses paid under the John Deere Performance Bonus Plan for Salaried Employees, the John Deere Health Care, Inc. Annual Performance Award Plan or the John Deere Credit Company Profit Sharing Plan.|
|(ii)||the amount paid prior to 1989 under the John Deere Long-Term Incentive Plan, the John Deere Restricted Stock Plan through 1998, or after 1998 the Pro-rated Yearly Vesting Amount under the John Deere Equity Incentive Plan.|
|(iii)||the target amount under the John Deere Performance Bonus Plan for Salaried Employees, the John Deere Health, Inc. Annual Performance Award Plan or the John Deere Credit Company Profit Sharing Plan.|
|(b)||“Average Monthly Pensionable Pay” means the Average Pensionable Pay divided by twelve (12).|
|(c)||“Board” means the Board of Directors of the Company.|
(d.1)Career Average Pay of the Contemporary Pension Option means the following for those Officers listed in Exhibit 1:
|(1)||The highest five calendar years of the last ten not necessarily consecutive as of 31 December 1996 plus the greater of short-term bonus or long-term incentive pay received in each of those years as defined in section 2.1(a)(1)(i) or (ii) above.|
|(2)||Base pay and short-term bonuses as defined in Section 2.1(a)(1)(i) above paid beginning 1 January 1997 and thereafter (excluding any long-term incentives as defined in section 2.1(a)(1)(ii) above).|
The amounts of all salary, short-term bonus, or other pay received as described in (1) and (2) above will be divided by the number of pay periods in which base pay was received to determine the Career Average Pay.
“Career Average Pay” of the Contemporary Pension Option means the following for newly eligible Participants effective the latter of 1 January 1997 or entering Base Salary Grade 13 or above:
|(3)||The highest five consecutive of the last ten anniversary years or the last 60 months of straight time pay if higher as of 31 December 1996 for Participants with five or more years of continuous employment.|
|(4)||Restorable short-term performance bonuses earned and paid during the years 1992-1996 credited at the rate of 1/120th for each pay period of continuous employment beginning 1 January 1997. Short-term performance bonuses are defined in 2.1(a)(1)(i) of this Plan.|
|(5)||All straight time pay plus short-term performance bonuses paid on or after 1 January 1997 (excluding any long-term incentives such as stock options).|
The amounts of salary and bonus derived from (d.2)(1) plus (2) plus (3) above are divided by the number of pay periods in which base pay was received to determine the career average pay. This amount multiplied times 2 transforms career average pay to a monthly equivalent.
|(e)||“Code” means the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.|
|(g)||“Contemporary Pension Option” means the benefit provided to Officers Listed in Exhibit 1 who elect the Contemporary Pension Option on or before 15 November 1996, and all other Executives who become Participants on or after 1 January 1997.|
|(h)||“Disability” shall have the same meaning as under the Qualified Retirement Plan or John Deere Long Term Disability Plan for Salaried Employees.|
|(i)||“Executive” means an employee base salary grade 13 or above who on 1 January 1997 is a non-officer, or an employee who attains base salary grade 13 or above after 1 January 1997. An employee who attains base salary grade 13 on or after 1 November 2014 shall not be considered an Executive under the Plan. Notwithstanding the foregoing, the following special cases apply:|
|(k)||“Non-officer” means any employee of the Company who is not an elected officer and does not hold one of the elected positions listed in (i) above.|
|(l)||“Participant” means an Officer as defined in (i) above or Salary Grade 13 and above Executives (determined applying the exclusions and rules for special cases set forth in the definition of “Executive” above).|
|(n)||“Pro-rated Yearly Vesting Amount under the John Deere Equity Incentive Plan” means for the purposes of calculating a long term incentive amount under Section 2.1 (a) (1) (ii) of this Plan is one-quarter of each bi-annual EIP Grant allocated to each year following the Grant date multiplied times the Grant Price. In the event an EIP Grant vests and bonus shares are payable during the 12 months immediately following a Participant’s retirement, the actual value of the Grant will be redetermined and allocated equally in one-quarter increments to each of the years following the Grant date which were used to calculate Average Pensionable Pay, if the result would be a higher pension benefit.|
|(o)||“Qualified Retirement Plan” means the John Deere Pension Plan for Salaried Employees which is a qualified plan under Section 401(a) of the Internal Revenue Code. Provisions under this Plan shall in no way alter provisions under the Qualified Retirement Plan.|
|(p)||“Retirement Benefit” shall be a single-life annuity or lump sum amount as provided under Section 3 subject to provisions of Section 5.|
|(q)||“Service” shall have the same meaning in this Plan as “service credit” in the Qualified Retirement Plan. Service credit for benefit purposes in this Plan for those Executives not listed in Exhibit I will begin on the latter of 1 January 1997 or attainment of base salary grade 13 or above whichever is later. Service credit will not be provided to employees who attain base salary grade 13 on or after 1 November 2014. Notwithstanding the foregoing, the following special cases will apply:|
|(r)||“Surviving Spouse” shall mean the legally married spouse (determined under both the laws of the deceased participant’s domicile and the laws of the United States) of a deceased participant.|
|(s)||“Traditional Pension Option” means the benefit under this Plan for Officers who (1) are listed in Exhibit 1, and (2) are or become Participants, and (3) who elect the Traditional Pension Option on or before 15 November 1996.|
|(1)||Traditional Pension Option equals (a) plus (b) below:|
|(a)||2% of Average Monthly Pensionable Pay for each year of service as an Officer.|
|(b)||1 1/2% of Average Monthly Pensionable Pay for each year of service as a non-Officer.|
|(2)||Contemporary Pension Option equals (a) plus (b) below:|
|(a)||2% of Career Average Pay for each year of service as an Officer or Participant.|
|(b)||1 1/2% of Career Average Pay for each year of service as a non-Officer prior to the latter of 1 January 1997 or attainment of base salary grade 13 or above, whichever is later.|
This amount determined in Section 3.2(1) or 3.2(2), as applicable, shall be subject to any reductions for
|(1)||Early retirement under the Contemporary Pension Option as provided in Section 3.4 of this plan.|
|(2)||Any formula used (or that would be used) to calculate any age and/or service-related reduction in the retiree’s monthly benefit under the terms of the Qualified Retirement Plan in effect as of 1 January 2007.|
|(3)||Survivor benefits described in Section 6.|
|(4)||Provisions shown in Section 3.3 which follows and shall be further reduced by the sum of|
|(i)||the benefit earned under the Qualified Retirement Plan; and|
|(ii)||the benefit provided under the John Deere Senior Supplementary Pension Plan or ERISA Supplementary Pension Plan, as the case may be.|
Notwithstanding the foregoing, effective 1 January 2007, an Eligible Participant pursuant to Section 3.1 above shall become entitled to the monthly Retirement Benefit described in this Section 3.2 upon his or her Separation from Service (as defined in Article B-3 of Appendix B); provided, however, that Section B-1.2, if applicable, shall apply in calculating the amount of the Participant’s benefit under the Plan, and the time and form of payment shall be determined in accordance with Appendix A.
|(a)||The total monthly Retirement Benefit paid under the Traditional Pension Option of this Plan, the Qualified Retirement Plan and the John Deere Senior Supplementary Pension Plan or ERISA Supplementary Pension Plan, as the case may be, may not exceed 66-2/3% of the Average Monthly Pensionable Pay. If such number is exceeded the amount payable under this Plan shall be reduced to the extent necessary to equal 66-2/3% of the Average Monthly Pensionable Pay.|
|(b)||That part of the Retired employee’s monthly benefit which is based on service credit prior to 1 July 1993 (1 January 1994 for employees of John Deere Credit Company, John Deere Health Care, Inc. and John Deere Insurance Group) shall be reduced by 1/2% for each full year in excess of 10 years that the spouse is younger than the employee.|
Alternatively, the Participant may elect to receive a lump sum payment for all or a portion (in 10% increments from 10% to 90%) of the Retirement Benefits payable
under this Plan including the 55% joint and survivor annuity equal to 11% of the supplemental benefit payable, adjusted for service accrued through 30 June 1993, or 31 December 1993 in the case of employees of John Deere Credit Company, John Deere Health Care, Inc., or John Deere Insurance Group. Written notice of the Participant’s election to receive a lump sum payment shall be irrevocable, and must be received by the Company within the twelve (12) months prior to payment, but in no event subsequent to the Participant’s date of retirement. The lump sum payment shall be made to Participant twelve (12) months after receipt of notice by the Company but in no event prior to the Participant’s retirement.
Effective beginning 1 January 2002 and thereafter, the lump sum will be calculated using an interest rate assumption equal to the average yield in September of the preceding Plan Year on 30-year Treasury Constant Maturities (as published in October by the Internal Revenue Service) and the mortality table shall be based upon a fixed blend of 50% male mortality rates and 50% female mortality rates from the Group Annuity Reserving Table (“GAR”) , as set forth in Revenue Ruling 2001-62, in effect at the beginning of the plan year in which payment is made. The age used in the calculation will be the age of the Participant.
Effective beginning 1 November 2008 and thereafter, the lump sum will be calculated using an interest rate assumption equal to the average yield in September of the preceding Plan Year of 30-year Treasury Constant Maturities (as published in October by the Internal Revenue Service) and the mortality table shall be based upon such mortality table as may be prescribed by the IRS pursuant to Code section 417(e)(3), and which the IRS shall publish from time to time. For the Plan Year beginning 1 November 2008 and, until modified, such mortality table will be the table published in Revenue Ruling 2007-67. Effective 1 November 2008, in no event will the lump sum paid be less than the present value determined by using the “applicable interest rate” and the “applicable mortality table” with such terms having the meaning provided under Section 417(e) of the Code, as in effect from time to time. The age used in the calculation will be the age of the Participant.
Monthly retirement benefits will be redetermined as soon as practicable and increased benefits paid retroactive to the Participant’s date of retirement for:
|(a)||any eligible long or short-term bonus paid after retirement replacing an earlier bonus award used to calculate Average Pensionable Pay under the Traditional Pension Option|
|(b)||any eligible short-term bonus paid after retirement added to career average earnings used to calculate pension benefits under the Contemporary Pension Option.|
Effective 1 January 2008, monthly retirement benefits determined as described above shall be paid upon the later of (i) the date specified for payment in
accordance with Section A-1.2 or A-1.3, as applicable, or (ii) on the first day of the calendar month following vesting of the bonus giving rise to the adjustment.
If a retired Participant or a Participant on Permanent and Total Disability subsequently retires under Normal Retirement and dies after receipt of notice by the Company pursuant to Section 3.5 of Participant’s irrevocable election to receive a lump sum payment, but before the expiration of twelve (12) months after receipt by the Company of such election, a Surviving Spouse of the Participant who is eligible for a survivor benefit under Section 6 will receive the Participant’s full lump sum benefit under Section 3.5 of this Plan in lieu of Surviving Spouse benefits under Section 6. In the event the retired Participant is unmarried at the date of death or the Surviving Spouse of the deceased Participant is not eligible for survivor benefits under Section 6, the Participant’s full lump sum benefit will be paid to the deceased Participant’s estate. The lump sum benefit will be payable no earlier than twelve (12) months following receipt of notice by the Company of the deceased Participant’s irrevocable election.
Distribution is prohibited under the Plan prior to the Participant’s retirement and, in the event of a Qualified Domestic Relations Order, the Alternate Payee must take distribution as a single lump sum payment within 180 days following the Participant’s retirement under the Plan.
|(i)||any “person” (as defined in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13(d-3) under the Exchange Act), directly or indirectly, of securities of the Company representing thirty percent (30%) or more of the combined voting power of the Company’s then outstanding securities;|
|(ii)||during any period of two (2) consecutive years (not including any period prior to December 9, 1987) there shall cease to be a majority of the Board comprised as follows: individuals who at the beginning of such period constitute the Board and any new director(s) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved; or|
|(iii)||the shareholders of the Company approve a merger or consolidation of the Company with any other company, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 80% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation.|
|(iv)||the shareholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all the Company’s assets.|
An act, or failure to act, shall be deemed “willful” if it is done, or omitted to be done, not in good faith and without reasonable belief that the action or omission was in the best interest of the Company.
|(i)||the assignment to the participant of duties materially inconsistent with the participant’s duties, responsibilities and status prior to the Change in Control or a material reduction or alteration in the scope of the participant’s responsibilities from those in effect prior to the Change in Control;|
|(ii)||a reduction by the Company in the participant’s base salary or profit sharing award as in effect prior to the Change in Control;|
|(iii)||the Company requiring the participant to be based at a location in excess of twenty-five (25) miles from the location where the participant is currently based;|
|(iv)||the failure by the Company or any successor to the Company to continue in effect any other Pension Plans, or its Profit Sharing Plan for Salaried Employees, Short-Term Incentive Bonus Plan, Deferred Compensation Plan, Long-Term Incentive Plan, the John Deere Stock Option Plan or any other of the Company’s employee benefit plans, policies, practices or arrangements applying to the participant or the failure by the Company to continue the participant’s participation therein on substantially the same basis, both in terms of the amount of benefits provided and the level of his or her participation relative to other participants, as existed prior to the Change in Control;|
If Good Reason exists, the participant’s right to terminate his or her employment pursuant to this Subsection shall not be affected by temporary or subsequent incapacity due to physical or mental illness. Continued employment shall not constitute consent to, or a waiver of rights with respect to, any circumstance
constituting Good Reason hereunder. Retirement at less than “normal retirement age” as defined in the John Deere Pension Plan for Salaried Employees constitutes a “termination” for purposes of this Subsection.
|(a)||was married and eligible to retire on the date of death under early or normal retirement provisions of the Qualified Retirement Plan or|
|(b)||had been married for at least one year prior to death and was on Total and Permanent Disability as provided in the Qualified Retirement Plan or|
|(c)||was married for at least one year prior to death and Participant had elected the Contemporary Pension Option and was vested under the Qualified Retirement Plan or|
|(d)||was married for at least one year prior to death and the Participant elected the Traditional Pension Option and had three years or more of service as an Officer. The benefit will be reduced 1/3% of 1% for each month the Officer would have been under age 60 at the date this Surviving Spouse benefit commences.|
The Surviving Spouse benefit under this Plan for a Participant who died prior to retirement as specified in 6.1 will be in the same proportion of the Participant’s benefit under Section 3 of this Plan as the Surviving Spouse benefit under the Qualified Retirement Plan bears to the Participant’s benefit under Article IV, Section 1 of the Qualified Retirement Plan. The Surviving Spouse benefit will be payable as a monthly annuity or as a lump sum as of the first of the month following eligibility for a Surviving Spouse benefit under the Qualified Retirement Plan.
|(a)||the Participant is eligible for a retirement benefit under this Plan and|
|(b)||the Participant had not received the lump sum payment provided under Section 3.5 of this Plan and|
|(1)||continuously married before the Participant’s early or normal retirement or|
|(2)||the Participant had elected a Surviving Spouse benefit under Section 6.4 below.|
The survivor benefit option elected by the retired Participant under Article IV, Section 1 of the Qualified Retirement Plan shall apply to the survivor benefit payable under this Plan. Any formula used to calculate the reduction in the retiree’s monthly benefit under the Qualified Retirement Plan shall also apply under this Plan.
The Survivor Benefit under this paragraph and any applicable reduction to the retired Participant’s benefit shall be effective with respect to benefits falling due for months commencing with the first day of the month following the month in which the Company receives an application, but in no event before the first day of the month following the month in which the retired Participant has been married to the designated spouse for one year.
On or after 1 July 1999, if the Company is notified of a designated spouse following the first day of the month in which the retired employee has been married to the designated spouse for one year, retroactive reductions and benefit adjustments will be made to the retired Participant’s pension benefit or the survivor’s benefit, in the event of a retired Participant’s death for such late notice. These retroactive reductions will become payable for the period of time based on the date the survivor benefit would have become effective (the first day of the month following the month in which the retired Participant had been married to the designated spouse for one year).
Any Surviving Spouse benefit election by the retired Participant under Article IV, Section 1 of the Qualified Retirement Plan shall apply to the survivor benefit payable under this Plan. Any formula used to calculate the reduction in the retired Participant’s monthly benefit under the Qualified Retirement Plan and Sections 3.2, 3.3, and 3.4 of this Plan will also apply.
may be involved by reason of any action taken or failure to act under this Plan and against and from any and all amounts paid by them in settlement (with the Company’s written approval) or paid by them in satisfaction of a judgment in any such action, suit, or proceeding. The foregoing provision shall not be applicable to any person if the loss, cost, liability, or expense is due to such person’s gross negligence of willful misconduct.
APPLICATION; PAYMENT OF PLAN BENEFIT AFTER 2006
A-1.4 Termination Prior to 1 January 2005. If a Participant incurred a Termination prior to 1 January 2005, but as of 31 December 2006 had not yet commenced payment of his Vested Plan Benefit, such Vested Plan Benefit shall be paid in a Lump Sum on or before 30 November 2007. The amount of the Participant’s Plan Benefit shall be determined in accordance with Sections 3.2 and 3.5.
Separation from Service Following a Change in Control. If a Participant incurs a Separation from Service after 31 December 2006 and [within twenty-four calendar months] following a Change in Control, and such Separation from Service is (i) by the Company for “Cause” (as defined in Section 5.3), or (ii) by the Participant who is not Retirement Eligible for other than “Good Reason” (as defined in Section 5.4), then, notwithstanding anything herein to the contrary, such Participant's Vested Plan Benefit shall be forfeited.
A-1.6 One-Time Lump Sum. Effective 1 January 2008, Participants shall receive an amount equal to the interest that would be credited on their Account for the period beginning on the date of Separation from Service and ending on the sixth-month anniversary thereof, determined by using an interest rate equal to the average yield in September
of the preceding Plan Year on 30-year Treasury Constant Maturities (as published in October by the Internal Revenue Service). This one-time lump sum payment shall be paid at the same time as the first distribution of the Participant’s Vested Plan Benefit under the Plan.
Participants who Separated from Service after 31 December 2004 and before 1 January 2008 shall also receive a one-time lump sum cash payment equal to the amount that such Participants would have been paid had the preceding paragraph been effective on the date of their Separation from Service, provided that the average yield in September 2007 on 30-year Treasury Constant Maturities (as published in October 2007 by the Internal Revenue Service) shall be used in determining the amount of such one-time lump sum payment. This one-time lump sum payment shall be paid on or before 29 February 2008, but in no event earlier than the date that is six months and one day after the date of the Participant’s Separation from Service.
DEATH and DISABILITY BENEFITS
|(c)||The provisions of this Section A-2.4 shall be superseded by Section A-2.3 in the event that a Participant's death occurs prior to payment of his entire Plan Benefit.|
using the interest rate described in Section 3.5, and shall be paid to the Participant in a Lump Sum in accordance with Section A-1.2 or A-1.3, as applicable, based on the date of such subsequent Separation from Service. For purposes of this Section A-2.5, the Participant’s Aggregate Plan Benefit means the Plan Benefit the Participant would be entitled to receive had he or she remained continuously employed with the Company from his initial date of hire through the date of the Participant’s subsequent Separation from Service, recalculated pursuant to Sections 3.2-3.4 based on all service as an Officer and a non-Officer and all compensation paid by the Company, solely to the extent that such service and compensation are considered under the Traditional Pension Option or the Contemporary Pension Option, as applicable.
his Plan Benefit in a Lump Sum paid in accordance with Section A-1.3. The Participant’s immediate Single Life Annuity, which is then converted into a Lump Sum in accordance with Section 3.5, shall be determined in accordance with Section 3.2 as though the Participant (i) had remained employed with the Company until the expiration of such Participant’s Special Paid Leave of Absence, (ii) received Average Pensionable Pay or Career Average Pay, as the case may be, determined as of the date of the Participant’s commencement of the Special Paid Leave of Absence, and (iii) then incurred a Separation from Service with the Company.
B-1.5Interpretation Consistent with Section 409A Compliance. To the extent interpretation of the Plan is required, such interpretation shall be consistent with Section 409A Compliance.
AMENDMENT AND TERMINATION
|(c)||“Joint and Survivor Annuity” shall have the meaning set forth in the Qualified Retirement Plan.|
|(d)||“Lump Sum” means the actuarial equivalent of a Participant’s Plan Benefit payable in a single cash lump sum on the Payment Date.|
|(e)||“Payment Date” means the date the Participant receives his Plan Benefit, in all cases in accordance with the applicable provisions of the Plan.|
|(f)||“Plan Benefit” means, as of a given date, the total benefit payable under the Plan to a Participant, expressed as a Single Life Annuity in accordance with the rules of Section 3.2, commencing on the Participant’s Normal Retirement Date or Postponed Retirement Date, as applicable, that a Participant has accrued under the Plan.|
|(g)||“Prior Plan” means the terms of the Plan in effect immediately prior to 1 January 2005, as set forth in the Company’s written documents, rules, practices and procedures applicable to this Plan.|
|(h)||“Retirement” or “Retire” means a Separation from Service by a Participant who is then Retirement Eligible.|
|(i)||“Retirement Eligible” means eligible for a normal retirement benefit or an early retirement benefit within the meaning of the terms of the Qualified Retirement Plan in effect as of 1 January 2007.|
|(j)||“Section 409A” means Section 409A of the Code and the applicable rulings and regulations promulgated thereunder.|
|(l)||“Separation from Service” means, with respect to a Participant, a separation from service within the meaning of the default rules of Section 409A; provided that:|
|(1)||for purposes of determining which entities are treated as a single “service recipient” with the Company, the phrase “at least 20 percent” shall be substituted for the phrase “at least 80 percent” each place it appears in Sections 1563(a)(1), (2) and (3) of the Code and Section 1.414(c)-2 of the Treasury Regulations, as permitted under Section 1.409A-1(h)(3) of the Treasury Regulations; and|
|(2)||a Participant absent from work due to Disability shall incur a Separation from Service 29 months after the date on which the Participant was first Disabled.|
|(m)||“Single Life Annuity” means a Participant’s Plan Benefit payable in monthly installments over the life of the Participant, commencing as of the Payment Date and ending with the payment due for the month in which the Participant dies, with no further payments on his behalf after his death.|
|(n)||“Special Paid Leave of Absence” has the meaning set forth in the Deere & Company Policy for Special Paid Leave of Absence for Salaried Employees.|
|(o)||“Termination” means a Separation from Service by a Participant who is not Retirement Eligible.|
|(p)||“Vacation” means one or more days, as the case may be, of such vacation to which the Participant is entitled pursuant to the policies and practices of the Company then in effect and (i) as of the date of the Participant’s Separation from Service, deferred from a prior anniversary year and unused as of such Separation from Service, (ii) earned in the current anniversary year and unused as of such Separation from Service and (iii) if a Participant’s Vacation described in clause (i) or (ii) of this definition is used in the anniversary year following the anniversary year in which such Separation from Service occurs, earned in such following anniversary year, whether or not used by the Participant.|
|(q)||“Vested Plan Benefit” means the portion of the Participant’s Plan Benefit that has vested in accordance with Article 3.|
TITLES AS OF
1 NOVEMBER 1996
Hans W. Becherer
Chairman & COO & CEO
26 Apr 1977
Bernard L. Hardiek
Ag. Equipment Division
26 Aug 1987
Ferdinand F. Korndorf
Commercial & Consumer Equipment Division
23 Sep 1991
John K. Lawson
Sr. VP, Engineering,
Information & Technology
27 Feb 1985
Eugene L. Schotanus
29 Jan 1974
Joseph W. England
Sr. VP, Worldwide Parts
& Corp. Administration
29 Jan 1974
Pierre E. Leroy
Industrial Equipment Div.
12 Dec 1985
Michael S. Plunkett
Sr., VP, Engineering,
Technology & HR
29 Jan 1980
Frank S. Cottrell
VP, General Counsel
& Corporate Secretary
26 Aug 1987
Robert W. Lane
Chairman & CEO
16 Jan 1996
TITLES AS OF
1 NOVEMBER 1996
John S. Gault
former VP, Engr., Info, & Tech.
01 Jan 1994
Glen D. Gustafson
Dir., Bus. Planning
28 Jul 1981
Robert W. Porter
Sr. VP, North American
16 Nov 1994
Adel A. Zakaria
Executive VP, Global Tractor & Implement Sourcing
01 Apr 1992
James D. White
Sr. VP, Manufacturing
26 Aug 1987
Mark C. Rostvold
Sr. VP, Worldwide
Commercial & Consumer
26 Aug 1987
Dennis E. Hoffmann
John Deere Insurance
05 Dec 1990
Michael P. Orr
John Deere Credit Company
05 Dec 1990
Richard J. VanBell
John Deere Health Care
16 Jan 1994