Exhibit 10.7
E. I. DU PONT DE NEMOURS AND COMPANY
SALARY DEFERRAL & SAVINGS RESTORATION PLAN
(Effective April 26, 1994)
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. ADMINSTRATION
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 Company's tax-
qualified defined contribution plan(s) and whose annual base compensation
exceeds the amount prescribed in Internal Revenue Code Section 401(a)(17)
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 or partnership 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 the E. I. du Pont de Nemours and Company and (2) agrees
to make the necessary financial commitment in respect to any of its employees
who become Participants in this Plan.
Participation in this Plan is entirely voluntary.
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Exhibit 10.7
IV. PARTICIPANTS' ACCOUNTS
(A) Participant Contributions. A Participant may elect to defer receipt
of a percentage of annual base compensation 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 that allowed in the tax-qualified defined contribution
plan(s) of the Company in which (s)he participates. 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 compensation deferral election must be made no later than 30
days prior to the first day of the month for which compensation is
deferred and will be irrevocable for the remainder of that calendar
year.
(B) Company Contributions. To the extent that a Participant makes a
deferral election under the terms of subparagraph (A) above, the Company
will credit to that Participant's Account in this Plan an amount
equivalent to the Company matching contribution that would be provided
to that Participant under the terms of the Company's tax-qualified
defined contribution plan(s) in which (s)he is participating.
(C) Earnings Equivalents. Credits for Participant Contributions and
Company Contributions shall be treated as having been invested in one or
more of the investment options available in the Company's tax-qualified
defined contribution plan(s) in which (s)he is participating. Additional
credit (or debit) amounts will be posted to the Participant's Account in
this Plan based on the performance of those investment options.
The Participant shall have the right to:
(1) designate which investment options are to be used in valuing
his/her Account under this Plan, subject to the rules governing
investment direction in the Company's tax-qualified defined
contribution plan in which (s)he is participating; and/or
(2) change the designated investment options used in valuing his/her
Account under this Plan, subject to the rules governing investment
direction and/or transfers among funds in the Company's tax-
qualified defined contribution plan(s) in which (s)he is
participating.
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Exhibit 10.7
(D) Credits to Accounts. Participant Contributions, Company Contributions
and Earnings Equivalents shall be credited (or debited) to the
Participant's Account under this Plan as unfunded book entries stated as
cash balances, and will not be payable to Participants until such time
as employment with the Company terminates. The cash balances in
Participant Accounts shall be unfunded general obligations of the
Company, and no Participant shall have any claim to or security interest
in any asset of the Company on account thereof.
V. VESTING
Participant Contributions and Company Contributions and Earnings
Equivalents shall be vested at the time such amounts are credited to the
Participant's Account.
VI. PAYMENT OF BENEFITS
Amounts payable under this Plan shall be delivered in a cash lump sum
as soon as practical after termination of employment unless the Participant
irrevocably elects under rules prescribed by the Board of Benefits and
Pensions to receive payments in a series of annual installments. All payments
under this Plan shall be made by, and all expenses of administering this Plan
shall be borne by, the Company.
VII. RIGHT TO MODIFY
The Company reserves the right to change or discontinue this Plan in
its discretion by action of the Compensation & Benefits Committee.
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