Arrangement Regarding Pension Credit Between Ford Motor Company and James J. Padilla
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Summary
Ford Motor Company and its President and COO, James J. Padilla, agreed that although Mr. Padilla took an unpaid leave from September 1978 to September 1979 to participate in the White House Fellowship Program and did not earn pension credit during that time, the company would later credit him with 0.8 years of service under its Executive Separation Allowance Plan and Supplemental Executive Retirement Plan. This arrangement, approved in September 2003, aims to provide Mr. Padilla with retirement benefits similar to what he would have received if he had not taken the leave.
EX-10.Z 16 ex10_z.htm EXHIBIT 10-Z ARRANGEMENT BETWEEN FORD MOTOR COMPANY AND JAMES J. PADILLA.** Exhibit 10-Z Arrangement between Ford Motor Company and James J. Padilla.**
Exhibit 10-Z
Description of Arrangement for James J. Padilla
From September 1, 1978 until September 1, 1979, James J. Padilla, Ford’s President and Chief Operating Officer, took an unpaid leave of absence from the Company to participate in the White House Fellowship Program. Mr. Padilla did not receive any pension credit under the Company’s General Retirement Plan (“GRP”) during the term of his service as a White House Fellow. In order to provide Mr. Padilla with benefits that approximately duplicate the benefits he would have received under the GRP, in September 2003 the Company approved that 0.8 years of service be credited to Mr. Padilla under the Company’s Executive Separation Allowance Plan and the Supplemental Executive Retirement Plan.
