Amendment to Visteon Corporation Pension Parity Plan (PPP) Effective January 1, 2005

Summary

This amendment updates the Visteon Corporation Pension Parity Plan, effective January 1, 2005. It changes the timing and method of Pension Parity Benefit payments for participants after employment ends, specifying a lump sum payment after seven months and subsequent payments aligned with the company's Retirement Plan. It also allows, with company consent, a one-time election in 2005 for participants to partially terminate participation and receive an immediate distribution of six months of benefits, with remaining payments following the new schedule.

EX-10.18.1 7 k02515exv10w18w1.txt AMENDMENTS TO THE VISTEON CORPORATION PENSION PARITY PLAN EXHIBIT 10.18.1 AMENDMENTS TO VISTEON CORPORATION PENSION PARITY PLAN (THE "PPP") Effective January 1, 2005, the second sentence of Subsection 3.01(b) of the PPP is hereby amended to read as follows: The Pension Parity Benefit shall be paid by the Participating Employer as follows: a lump sum payment, equal to seven months of Pension Parity Benefit payments, shall be made on the first day of the seventh month following the Participant's termination of employment, or as soon thereafter as practicable; thereafter, the Pension Parity Benefit shall be paid to the person receiving payment of the corresponding benefit under the Retirement Plan with each payment being made, as nearly as practicable, at the same time as the corresponding benefit from the Retirement Plan, but no sooner than the first day of the seventh month following the Participant's termination of employment. Effective January 1, 2005, Section 3.01 of the PPP is amended to add Subsection (d) to read as follows: (d) Notwithstanding subparagraph (b) above, the Company may permit a Participant during the calendar year 2005 to elect to partially terminate participation and receive an immediate distribution (in 2005) of six months of Pension Parity Benefit payments. Remaining payments with respect to a Participant who makes such an election with the consent of the Company shall be made to the person receiving payment of the corresponding benefit under the Retirement Plan with each payment being made, as nearly as practicable, at the same time as the corresponding benefit from the Retirement Plan, but no sooner than the first day of the seventh month following the Participant's termination of employment.