{"id":39785,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/excess-benefit-retirement-plan.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"excess-benefit-retirement-plan","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/excess-benefit-retirement-plan.html","title":{"rendered":"Excess Benefit Retirement Plan"},"content":{"rendered":"
HEWLETT-PACKARD COMPANY<\/b><\/p>\n\n
EXCESS BENEFIT RETIREMENT PLAN<\/b><\/p>\n\n
Amended and restated as of January 1,\n2005<\/b><\/p>\n\n
1.             Establishment and Purpose of Plan<\/u><\/p>\n\n
The Hewlett-Packard Company Excess Benefit Retirement\nPlan was originally established effective November 1, 1983.  The purpose of the Plan is to provide\nsupplemental retirement benefits to certain employees that are not able to be\nprovided under the Hewlett-Packard Company Deferred Profit Sharing Plan (\u0093DPSP\u0094)\nand\/or the Hewlett-Packard Company Retirement Plan (\u0093RP\u0094) due to of the limits\nimposed by Section 415 and Section 401(a)(17) of the Internal Revenue\nCode of 1986, as amended (the \u0093Code\u0094).  The\nPlan is intended to be unfunded and maintained primarily for the purpose of\nproviding deferred compensation to a select group of management or highly\ncompensated employees, within the meaning of Sections 201(2), 301(a)(3) and\n401(a)(1) of the Employee Retirement Income Security Act of 1974, as\namended (\u0093ERISA\u0094).  The Plan was last restated\nas of November 1, 1999, and is restated as set forth herein, effective January 1,\n2005 to comply with the requirements of Section 409A of the Code.<\/p>\n\n
2.             Definitions<\/u><\/p>\n\n
The capitalized terms used in the Plan but not\ndefined here are defined as under the DPSP or the RP.<\/p>\n\n
(a)           \u0093Committee\u0094 means the HR and Compensation\nCommittee of HP\u0092s Board of Directors.<\/p>\n\n
(b)           \u0093DPSP Account\u0094 means the separate account\nestablished for each Participant under the DPSP to which has been allocated\nthat Participant\u0092s DPSP Contributions.<\/p>\n\n
(c)           \u0093DPSP Contributions\u0094 means the amount of\nCompany Contributions, Separation Contributions and Forfeitures made to a\nParticipant\u0092s Account under the DPSP for any Plan Year ending on or before October 31,\n1993.<\/p>\n\n
(d)           \u0093Excess DPSP Account\u0094 means a bookkeeping\naccount to which is credited all Excess DPSP Contributions and investment\nearnings, as provided in Section 4.<\/p>\n\n
(e)           \u0093Excess DPSP Contributions\u0094 means the amount not\nable to have been contributed to the DPSP on behalf of a Participant due the\nlimitations imposed by Section 415 of the Code and Section 401(a)(17)\n\nof the Code.<\/p>\n\n
(f)            \u0093Excess Benefit\u0094 means the benefit payable to\na Participant or Beneficiary from this Plan, as determined under Section 5.<\/p>\n\n
(g)           \u0093Excess RP Benefit\u0094 means the benefit not\nable to be paid to a Participant from the RP due to the limitations of Section 415\nand Section 401(a)(17) of the Code. \n\nUpon the death of a Participant before his or her Termination, the \u0093Excess\nRP Benefit\u0094 due to a Beneficiary from this Plan shall be the amount not able to\nbe paid under Section 7(a) of the RP due to the limitations of Section 415\nor Section 401(a)(17) of the Code, except that \u0093100%\u0094 shall be substituted\nfor \u009350%\u0094 in Section 7(b) of the RP.<\/p>\n\n
(h)           \u0093HP\u0094 means the Hewlett-Packard Company or any\nsuccessor corporation or other entity.<\/p>\n\n\n\n
(i)            \u0093Key Employee\u0094 means a Participant who is\ntreated as a \u0093specified employee\u0094 under Section 409A of the Code.  For any calendar year, the Key Employee\nstatus of a Participant shall be determined during the 12-month period ending on\nthe September 30 immediately before the beginning of such calendar year.<\/p>\n\n
(j)            \u0093Participant\u0094 means an individual meeting the\nrequirements of Section 3(a).<\/p>\n\n
(k)           \u0093Plan\u0094 means the Hewlett-Packard Company\nExcess Benefit Retirement Plan, as it may be amended from time to time.<\/p>\n\n
(l)            \u0093Plan Committee\u0094 means the committee to which\nthe Committee delegates certain authority for various HP compensation and\nbenefit matters.<\/p>\n\n
(m)          \u0093RP Benefit\u0094 shall mean the benefit due to a\nParticipant under the RP as of the date of his or her Termination, calculated\nas if the Participant elected receipt of the RP and\/or DPSP benefit as of such\ndate.  In the case of a Participant who\ndies before Termination, the benefit payable to his or her Beneficiary under\nthe RP shall be calculated as if the amount payable under the RP were 100% (and\nnot 50%) of the lump sum Actuarially Equivalent value of the Retirement Benefit\nor Termination Benefit (as those terms are defined in the RP).  Nothing in the preceding sentence is intended\nto increase any amount otherwise payable from the RP.<\/p>\n\n
(n)           \u0093Termination\u0094 means a Participant\u0092s \u0093separation\nfrom service,\u0094 as defined under Section 409A of the Code, with respect to all\nmembers of the Affiliated Group that includes HP.<\/p>\n\n
3.             Participation<\/u><\/p>\n\n
(a)           General Rule<\/u>.   Any individual who is a Participant in the\nDPSP and\/or the RP and who is or was unable to receive the full contributions\nor benefits otherwise provided under those plans by reason of the limitations\nof Section 415 and Section 401(a)(17) of the Code shall automatically\nbe a Participant in this Plan.<\/p>\n\n
(b)           Termination of Participation<\/u>.  An\nindividual shall cease to be a Participant as of the date when no further\nbenefits are due or payable to him or her under the terms of the Plan.  In addition to participation terminating as a\nresult of a distribution of all benefits due under the Plan, termination of\nparticipation may occur as a result of an increase in the Section 415 or Section 401(a)(17)\nlimitations of the Code, or a decrease in a Participant\u0092s compensation taken into\naccount under the RP.<\/p>\n\n
4.             Excess Benefit<\/u><\/p>\n\n
(a)           Calculation of Benefit<\/u>.   The amount payable from this Plan, if any,\nshall be called the \u0093Excess Benefit\u0094 and shall be determined as of the date of a\nParticipant\u0092s Termination as follows:<\/p>\n\n
(i)            The greater of the RP Benefit or the DPSP\nAccount, each calculated without regard to the limits of Section 415 and Section 401(a)(17)\nof the Code (and each expressed as a single life annuity commencing on date of Termination),\nminus<\/u><\/p>\n\n
(ii)           The RP Benefit (expressed as a single life\nannuity commencing on date of Termination).<\/p>\n\n
2<\/p>\n\n\n\n
(b)           Benefit Amount upon Death of Participant<\/u>.  Upon\nthe death of a Participant who dies before his or her Termination, the Excess\nBenefit shall be determined as if the Survivor or Termination Benefit\ndetermined under the RP were payable at 100% instead of 50% of the Actuarial\nEquivalent benefit, although nothing in this Section is intended to\nincrease to 100% the Survivor or Termination Benefit payable under the RP, or\nto pay the difference between a 50% and 100% Survivor or Termination Benefit\nunder the RP from this Plan.<\/p>\n\n
(c)             Establishment of Excess Benefit Account<\/u>.  A Participant\u0092s\nExcess Benefit shall be converted to a lump sum equivalent as of the date of the\nParticipant\u0092s Termination, using the same actuarial factors that are used to\nconvert an RP benefit from an annuity to a lump sum, which amount shall be\ncredited to a bookkeeping entry, called an Excess Benefit Account, on behalf of\nsuch Participant.<\/p>\n\n
(d)           Crediting of Earnings<\/u>.  From\nJune 1, 2000 through December 31, 2007, each Excess Benefit Account\nshall be credited with earnings, including gains and losses, as if invested in the\nDPSP.  Effective January 1, 2008, each\nExcess Benefit Account shall be credited with earnings, including gains and\nlosses, as if invested in the Stable Value Fund of the HP 401(k) Plan.  Such crediting shall continue until all\namounts in the Excess Benefit Account are paid out to the Participant or\nBeneficiary under the terms of this Plan.<\/p>\n\n
5.             Distribution of Excess Benefit Account<\/u>.<\/p>\n\n
(a)           General Rule<\/u>.  For Terminations\noccurring on and after January 1, 2006, and except for Key Employees or as\nmay be otherwise elected under the remainder of this section, a Participant\u0092s\nExcess Benefit Account shall be distributed to him or her in a single lump sum\nin January of the year following his or her Termination.<\/p>\n\n
(b)           Delayed Distribution to Key Employees<\/u>.  If payment\nunder Section 6(a) would result in a distribution to a Key Employee within\nsix months of such Termination, payment shall be made instead in the seventh\nmonth following such Termination (unless an election to defer payment has\npreviously been filed by the Key Employee in accordance with the terms of the\nPlan).<\/p>\n\n
(c)           Participants Eligible to Make a Deferral\nElection<\/u>.  On and after January 1, 2006, a\nParticipant (i) who is age 55 or older on his or her Termination date, and\n(ii) whose Excess Benefit Account is valued at more than $150,000 at the\ntime it is established, may elect to defer receipt of his or her Excess Benefit\nAccount for a term of years, in accordance with procedures established by HP.<\/p>\n\n
(d)           Time for Making Deferral Election<\/u>.  A\nParticipant eligible to make a deferral election may do so by making an\nelection during an election period specified by HP, which period shall end no\nlater than December 31st<\/sup> of the year preceding the year of his\nor her Termination.<\/p>\n\n
(e)           Period of Deferral and Form of Payment<\/u>.  Any election\nto defer receipt of the Excess Benefit shall provide for an additional deferral\nperiod of no less than five years from the date that the distribution of the\nExcess Benefit would otherwise have been made in the absence of such a\ndeferral, and shall not extend beyond the January following the year in which\nthe Participant attains age 70-1\/2.<\/p>\n\n
Any such deferral election shall specify whether\npayment is to be made in a lump sum or 10-year installments.  In the case of installments, the amount of\neach annual installment shall be determined by dividing the unpaid balance as\nof the last day of the prior Plan Year by the number of annual payments\nremaining to be made.<\/p>\n\n
3<\/p>\n\n\n\n\n
(f)            Distribution upon the Death of a Participant<\/u>.  Notwithstanding\nany election made by a Participant or any other Plan term, upon the death of a\nParticipant prior to distribution of all amounts from his or her Excess Benefit\nAccount, all remaining amounts in such Account (including, without limitation,\nany unpaid installments) shall be distributed to the Participant\u0092s Beneficiary\nin a single lump sum in January of the year following such death.<\/p>\n\n
(g)           Transition Rule for Pre-2005 Terminations<\/u>.  Each\nParticipant with a Termination date on or before December 31, 2004 shall\nhave an Excess Benefit Account established for him or her as of February 1,\n2006, if one has not already been established. \nFor a Participant for whom an Excess Benefit Account has not previously been\nestablished, such Account shall be established as if such Participant commenced\nreceipt of his DPSP and\/or RP benefits as of February 1, 2006, and\ninterest shall be credited to such Account on and after that date.<\/p>\n\n
For Participants with a Termination date on or\nbefore December 31, 2004 who will not attain age 55 on or before December 31,\n2006, or whose Excess Benefit Account is less than $150,000 at the time of\nestablishment, the Excess Benefit Account shall be paid in a lump sum in January of\n2007.  All other such Participants may make\nan election during the 2006 calendar year, at a time and in accordance with\nprocedures established by HP, to defer the receipt of amounts in their Excess\nBenefit Accounts to a time that is no earlier than January 2008, and no\nlater than the January of the year following the year in which the\nParticipant attains age 70-1\/2.  An\nelection made under this subsection shall specify whether payment is to be\nmade in the form of a lump sum or installments over a period of two to 10 years.\n\n If no election is made during this 2006\nelection period, payment shall be made in a lump sum in January of 2008.<\/p>\n\n
For Participants with a Termination date on or\nbefore December 31, 2004 who are due to receive installment payments from\nan Excess Benefit Account in 2006 and\/or 2007, such 2006 payment shall be made,\nbut no such payments shall be made in 2007. \nIf elected, installment payments may again commence in January 2008.<\/p>\n\n
(h)           Transition Rule for Terminations during\n2005<\/u>.  A Participant with a Termination date during\nthe 2005 calendar year with an Excess Benefit Account in excess of $150,000 and\nwho will attain age 55 on or before December 31, 2005 may make an election\nin 2005, in accordance with procedures established by HP, (i) to receive a\nlump sum payment of his or her Excess Benefit Account on or before December 31,\n2005, or (ii) to defer payment of his or her Excess Benefit Account, for\nreceipt no earlier than January 2007.  If a deferral election is made, such election\nshall specify whether payment is to be made in the form of a lump sum or 10-year\ninstallments.  If no election is made\nduring this 2005 election period, payment shall be made in a lump sum in January of\n2007.  A Participant who did not elect to\ncommence his or her RP benefit during 2005 shall have an Excess Benefit Account\nestablished as of the date of his or her termination, for disposition according\nto this paragraph.<\/p>\n\n
(i)            Transition Rule for Elections Made by\nActive Employees during 2005<\/u>.  A Participant who is an active employee of HP\nas of December 31, 2005 may make an election on or before December 31,\n2005 for distribution of his or her Excess Benefit Account as of a date\ncertain, regardless of whether or not such Participant has incurred a Termination.  Such date certain shall be no earlier than January of\n2007, and payment shall be made pursuant to such election regardless of whether\nor not the Participant has incurred a Termination as of such date.  Any such election shall specify whether\npayment is to be made in the form of a lump sum or 10-year installments.  In the event that such electing Participant\nhas not incurred a Termination as of the time when payment is due, the Excess\nBenefit due from this Plan shall be calculated under Section 4 as if the\nParticipant had a Termination as of the last day of the month preceding the\nmonth in which payment is scheduled to be made. \n\nIn the event the Participant continues to be an active employee of HP\nduring and after the month in which the scheduled payment occurs, any<\/p>\n\n
4<\/p>\n\n\n\n\n\n
Excess Benefit due upon the Participant\u0092s Termination shall be reduced\nby the actuarial equivalent of the amounts previously received.<\/p>\n\n
(j)            Effect of Taxation<\/u>.  If\nthe Internal Revenue Service or a court of competent jurisdiction determines\nthat the Plan benefits are includible in the gross income of a Participant\nunder Code Section 409A prior to actual receipt of the benefits, HP shall\nimmediately distribute the benefits found to be so includible to the\nParticipant.<\/p>\n\n
6.             Funding Policy and Method<\/u><\/p>\n\n
This Plan shall be unfunded within the meaning of Section 201(2) of\nERISA.  HP may establish a rabbi trust to\nsupport payment of its liabilities under this Plan but is not required to do so.<\/p>\n\n
7.             Administration<\/u><\/p>\n\n
The Plan Committee shall be responsible for the\noperation and administration of the Plan and for carrying out the provisions\nhereof.  The Plan Committee shall have\nthe full authority and discretion to make, amend, interpret, and enforce all\nappropriate rules and regulations for the administration of this Plan and\ndecide or resolve any and all questions, including interpretations of this\nPlan, as may arise in connection with this Plan.  Any such action taken by the Plan Committee\nshall be final and conclusive on any party. \nThe Plan Committee\u0092s prior exercise of discretionary authority shall not\nobligate it to exercise its authority in a like fashion thereafter.  The Plan Committee shall be entitled to rely\nconclusively upon all tables, valuations, certificates, opinions and reports\nfurnished by any actuary, accountant, controller, counsel or other person\nemployed or engaged by HP with respect to the Plan.  The Plan Committee may, from time to time,\ndelegate to others, including employees of HP, such administrative duties as it\nsees fit.<\/p>\n\n
8.             Claims and Appeals<\/u><\/p>\n\n
(a)           Payment of Benefits<\/u>.  The\npayment of benefits due under the Plan shall be made at such times and in such\namounts as provided for under the terms of the Plan, and in accordance with any\ndeferral elections that are determined to be valid under the terms of the\nPlan.  Each Participant and Beneficiary\nshall be obligated to keep HP informed as to his or her current address so that\npayments may be made as required.  The\nmailing of a payment to the last known mailing address of a Participant or\nBeneficiary shall be deemed full payment of the amount so mailed.<\/p>\n\n
(b)           Denial of Claim<\/u>.  A\nParticipant or his authorized representative who believes that he or she is due\na benefit that has not been paid may file a claim for benefits under the\nPlan.  Any claim must be in writing and\nsubmitted to the Plan Committee at such address as may be specified from time\nto time.  If the claim is denied, a\nwritten notice will be furnished to the claimant within 90 days after the date the\nclaim was received.  If circumstances\nrequire a longer period, the claimant will be notified in writing, prior to the\nexpiration of the 90-day period, of the reasons for an extension of time;\nprovided, however, that no extensions will be permitted beyond 90 days after\nthe expiration of the initial 90-day period.<\/p>\n\n
(c)           Reasons for Denial<\/u>.  A\ndenial or partial denial of a claim will clearly set forth:<\/p>\n\n
(i)            the specific reason or reasons for the\ndenial;<\/p>\n\n
(ii)           specific reference to pertinent Plan\nprovisions on which the denial is based;<\/p>\n\n
5<\/p>\n\n\n
(iii)          a description of any additional material or\ninformation necessary for the claimant to perfect the claim and an explanation\nof why such material or information is necessary; and<\/p>\n\n
(iv)          an explanation of the procedure for review of the denied or partially\ndenied claim set forth below, including the claimant\u0092s right to bring a civil\naction under ERISA section 502(a) following an adverse benefit\ndetermination on review.<\/p>\n\n
(d)           Review of Denial<\/u>.  Upon\ndenial of a claim, in whole or in part, a claimant or his duly authorized\nrepresentative may request a full and fair review of the denied claim by filing\na written notice of appeal with the Committee. \n\nAny such appeal must be received by the Committee within 60 days of the date\nthat the notice of the denied claim was received.  A claimant or the claimant\u0092s authorized\nrepresentative will have, upon request and free of charge, reasonable access\nto, and copies of, all documents, records, and other information relevant to\nthe claimant\u0092s claim for benefits and may submit issues and comments in\nwriting, except for privileged or confidential documentation.  The review will take into account all\ncomments, documents, records, and other information submitted by the claimant\nrelating to the claim, without regard to whether such information was submitted\nor considered in the initial benefit determination.<\/p>\n\n
If the\nclaimant fails to file a request for review within 60 days of the denial\nnotification, the claim will be deemed abandoned and the claimant precluded\nfrom reasserting it.  If the claimant\ndoes file a request for review, his request must include a description of the\nissues and evidence he deems relevant. \nFailure to raise issues or present evidence on review will preclude\nthose issues or evidence from being presented in any subsequent proceeding or\njudicial review of the claim.<\/p>\n\n
(e)           Decision Upon Review<\/u>.  The\nCommittee will provide a written decision on review.  If the claim is denied on review, the\ndecision shall set forth:<\/p>\n\n
(i)            the specific reason or reasons for the\nadverse determination;<\/p>\n\n
(ii)           specific reference to pertinent Plan\nprovisions on which the adverse determination is based;<\/p>\n\n
(iii)          a statement that the claimant is entitled to\nreceive, upon request and free of charge, reasonable access to, and copies of,\nall documents, records, and other information relevant to the claimant\u0092s claim\nfor benefits; and<\/p>\n\n
(iv)          a statement describing any voluntary appeal\nprocedures offered by the Plan and the claimant\u0092s right to obtain the\ninformation about such procedures, as well as a statement of the claimant\u0092s\nright to bring a civil action under ERISA section 502(a).<\/p>\n\n
A\ndecision will be rendered at the next regularly-scheduled meeting of the\nCommittee, unless the appeal is received within 30 days of the next meeting, in\nwhich case, a decision may be rendered no later than the next following\nregularly-scheduled meeting of the Committee.<\/p>\n\n
(f)            Finality of Determinations; Exhaustion of\nRemedies<\/u>.  To the extent permitted by law, decisions\nreached under the claims procedures set forth in this Section shall be\nfinal and binding on all parties. No legal action for benefits under the Plan\nshall be brought unless and until the claimant has exhausted his remedies under\nthis Section.  In any such legal action,\nthe claimant may only present evidence and theories which the claimant\npresented during the claims procedure.  Any\nclaims which the claimant does not in good faith pursue through the review\nstage of the procedure shall be treated as<\/p>\n\n
6<\/p>\n\n
having been irrevocably waived.  Judicial\nreview of a claimant\u0092s denied claim shall be limited to a determination of\nwhether the denial was an abuse of discretion based on the evidence and\ntheories the claimant presented during the claims procedure.  Any suit or legal action initiated by a\nclaimant under the Plan must be brought by the claimant no later than one year\nfollowing a final decision on the claim for benefits.  Notwithstanding the foregoing, in no event\nmay a claimant initiate suit or legal action more than two years after the\nfacts giving rise to the action occurred. \nThe foregoing limitations on suits or legal actions for benefits will\napply in any forum where a claimant initiates such suit or legal action.<\/p>\n\n
9.             Amendment and Termination of the Plan<\/u><\/p>\n\n
HP reserves the right to amend or terminate the Plan\nat any time by resolution of the Committee. \nAny amendment or termination of the Plan will not affect the entitlement\nof any Participant who terminates employment before the amendment or termination.  All benefits to which any Participant may be\nentitled shall be determined under the Plan as in effect at the time the\nParticipant terminates employment and, except as to the method or rate at which\ninvestment earnings shall be credited to Excess Benefit Accounts, calculation\nof the Excess Benefit and establishment of the Excess Benefit Accounts shall\nnot be affected by any subsequent change in the provisions of the Plan.  Participants will be given notice prior to\nthe discontinuance of the Plan or reduction of any benefits provided by the\nPlan.<\/p>\n\n
10.           General Provisions<\/u><\/p>\n\n
(a)           Rights Unsecured<\/u>.  The\nright of a Participant or his Beneficiary to receive a distribution hereunder\nshall be an unsecured claim against the general assets of HP, and neither the\nParticipant nor his Beneficiary shall have any preferred rights in or against\nany amount credited to any Excess Benefit Account or any other assets of\nHP.  The Plan at all times shall be\nconsidered entirely unfunded for tax purposes. \n\nAny funds set aside by HP for the purpose of meetings its obligations\nunder the Plan, including any amounts held by a trustee, shall continue for all\npurposes to be part of the general assets of HP and shall be available to its\ngeneral creditors in the event of HP\u0092s bankruptcy or insolvency.  HP\u0092s obligation under this Plan shall be that\nof an unfunded and unsecured promise to pay money in the future.<\/p>\n\n
(b)           Choice of Law<\/u>.  To\nthe extent not preempted by federal law, this Plan shall be interpreted and\nconstrued in accordance with the law of the State of Delaware.<\/p>\n\n
(c)           Assignment<\/u>.  The benefit payable under this\nPlan shall not be subject to assignment or alienation, and any attempt to do so\nshall be void.<\/p>\n\n
(d)           Competency to Handle Benefits<\/u>.  If,\nin the opinion of the Plan Committee, any person becomes unable to properly\nhandle any property distributable to such person under the Plan, the Plan Committee\nmay make any reasonable arrangement for the distribution of Plan benefits on\nsuch person\u0092s behalf as it deems appropriate. \n\nAny payment made under the preceding sentence will release HP from all\nfurther liability to the extent of the payment made.<\/p>\n\n
(e)           Severability of Provisions<\/u>.  If\nany provision of the Plan shall be held invalid or unenforceable, such\ninvalidity or unenforceability shall not affect any other provision hereof, and\nthe Plan shall be construed and enforced as if such provision had not been\nincluded.<\/p>\n\n
(f)            Tax Withholding<\/u>.  Any\namount may be withheld from any Excess Benefit Account or any other payment\notherwise due under this Plan, if determined necessary or appropriate to comply\nwith any Federal or state income, withholding or similar requirement of law.<\/p>\n\n
7<\/p>\n\n\n\n
(g)           No Employment Rights<\/u>.  Nothing in the Plan, nor any action of the Committee,\nthe Plan Committee or HP pursuant to the Plan, shall give any person any right\nto remain in the employ of HP or affect the right of HP to terminate a person\u0092s\nemployment at any time, with or without cause.<\/p>\n\n
(h)           Determination of Beneficiary<\/u>.  Each\nParticipant may designate a Beneficiary or Beneficiaries in accordance with\nprocedures established by HP, and only a Beneficiary designation submitted in\naccordance with such procedures and received by HP before the death of the\nParticipant shall be a valid Beneficiary designation.  If there is no valid Beneficiary designation\non file at the time of the Participant\u0092s death, payment of his or her Excess\nBenefit Account shall be distributed as follows:  (i) to the Participant\u0092s spouse; (ii) if\nno spouse is living at the time of such payment, then the Participant\u0092s living\nchildren, in equal shares; (iii) if neither a spouse nor children are\nliving, then the Participant\u0092s living parents, in equal shares; (iv) if\nneither spouse, nor children, nor parents are living, then the Participant\u0092s living\nbrothers and sisters, in equal shares; (v) if none of the individuals\ndescribed in (i) through (iv) are living, to the Participant\u0092s\nestate.  A Participant\u0092s domestic partner\nshall be considered his or her spouse for purposes of this paragraph.  HP shall determine a person\u0092s status as a\ndomestic partner in a uniform and nondiscriminatory manner.  Such a determination shall be binding and\nconclusive on all parties.<\/p>\n\n
(i)            Domestic Relations Orders<\/u>.  Notwithstanding\nany other provision of the Plan, all or a portion of a Participant\u0092s Excess\nBenefit Account may be paid to another person as specified in a domestic\nrelations order that HP determines is qualified (a \u0093Qualified Domestic\nRelations Order\u0094). For this purpose, a Qualified Domestic Relations Order means\na judgment, decree, or order (including the approval of a settlement agreement)\nthat:<\/p>\n\n
(i)      is issued pursuant to a State\u0092s domestic\nrelations law;<\/p>\n\n
(ii)     relates to the provision of child support,\nalimony payments or marital property rights to a spouse, former spouse, child\nor other dependent of the Participant;<\/p>\n\n
(iii)    creates or recognizes the right of a spouse,\nformer spouse, child or other dependent of the Participant to receive all or a\nportion of the Participant\u0092s benefits under the Plan;<\/p>\n\n
(iv)    provides for payment in an immediate lump sum\nas soon as practicable after HP determines that a Qualified Domestic Relations\nOrder exists; and<\/p>\n\n
(v)     meets such other requirements established by\nHP.<\/p>\n\n
HP shall determine whether\nany document received by it is a Qualified Domestic Relations Order.  In making this determination, HP may consider\nthe rules applicable to \u0093domestic relations orders\u0094 under Code section 414(p)\nand ERISA section 206(d), and such other rules and procedures as it\ndeems relevant.  If an order is\ndetermined to be a Qualified Domestic Relations Order, the amount to which the\nother person is entitled under the Order shall be paid in a single lump-sum\npayment as soon as practicable after such determination.<\/p>\n\n
8<\/p>\n\n\n\n
IN WITNESS WHEREOF, Hewlett-Packard Company has\ncaused this restatement of the Hewlett-Packard Company Excess Benefit\nRetirement Plan to be executed this 17th<\/sup> day of November, 2005, effective as of January 1,\n2005.<\/p>\n\n<\/pre>\n\n\n\n\n\n\n\n
\n  <\/td>\n\n
HEWLETT-PACKARD COMPANY<\/p>\n<\/td>\n<\/tr>\n
\n  <\/td>\n\n  <\/td>\n<\/tr>\n
\n  <\/td>\n\n  <\/td>\n<\/tr>\n
\n<\/td>\n\n
By:<\/p>\n<\/td>\n
\n
\/s\/ Lawrence T. Babbio, Jr.<\/p>\n<\/td>\n
\n  <\/td>\n<\/tr>\n
\n  <\/td>\n\n  <\/td>\n\n
Lawrence T.
\n  Babbio, Jr.<\/p>\n<\/td>\n<\/tr>\n
\n  <\/td>\n\n  <\/td>\n\n
Chair, HR and Compensation
\n  Committee<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
9<\/p>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7770],"corporate_contracts_industries":[9508],"corporate_contracts_types":[9539,9550],"class_list":["post-39785","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-hewlett-packard-co","corporate_contracts_industries-technology__hardware","corporate_contracts_types-compensation","corporate_contracts_types-compensation__retirement"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39785"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39785"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39785"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}