{"id":40710,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/target-executive-excess-long-term-disability-plan.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"target-executive-excess-long-term-disability-plan","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/target-executive-excess-long-term-disability-plan.html","title":{"rendered":"Target Executive Excess Long Term Disability Plan"},"content":{"rendered":"

TARGET CORPORATION<\/strong><\/p>\n

\n

EXECUTIVE EXCESS LONG TERM DISABILITY PLAN<\/strong>\n<\/p>\n

\n

ARTICLE I<\/p>\n

\n

GENERAL<\/u><\/p>\n

\n

Sec. 1.1 Name of Plan<\/u>. The name of the benefit plan set forth herein
\nis “Target Corporation Executive Excess Long Term Disability Plan (the “Plan”).\n<\/p>\n<\/p>\n

Sec. 1.2 Purpose<\/u>. The Plan has been established by the Target
\nCorporation (the “Company”) to provide long term disability income that the
\nTarget Corporation Long Term Disability Plan, the Mervyn153s Disability Plus Plan,
\nthe AMC Long Term Disability Plan and\/or the RTC Long Term Disability Plan, as
\nin effect from time to time, (the “TGT LTD Plans”), cannot provide to certain
\nParticipants in such plan(s) because of the limitations imposed by the Internal
\nRevenue Code of 1986, as amended, (“Code”) relative to compensation above a
\ncertain maximum in connection with computing long term disability benefits under
\nqualified plans. This Plan will apply to all compensation in excess of the
\namount included in the TGT LTD Plans up to a cap of one million dollars. This
\ncap may be changed by action of the Plan Administrative Committee for the
\nNon-Qualified Plans (“PAC”) at any time. The Plan is intended to be a “top hat
\nplan” as defined in Sections 201(2), 301(a)(3) and 401(a)(1) of the Employee
\nRetirement Income Security Act of 1974, as amended from time to time, (“ERISA”)
\nand shall be interpreted and administered accordingly.<\/p>\n<\/p>\n

Sec. 1.3 Qualified Plans<\/u>. The TGT LTD Plans are sometimes referred to
\nherein as the “Qualified Plans”.<\/p>\n<\/p>\n

Sec. 1.4 Participation<\/u>. An employee of the Company or a subsidiary of
\nthe Company who is a member of a select group of management and a highly
\ncompensated employee of the<\/p>\n

\n

2<\/p>\n

\n

<\/p>\n

Company, or a subsidiary of the Company, becomes and remains a Participant in
\nthis Plan only if he is a Participant in one of the TGT LTD Plans and has
\ncompensation in excess of the Code limits for qualified earnings under a
\nqualified long term disability plan.<\/p>\n<\/p>\n

Sec. 1.5 Miscellaneous<\/u>. The terms in this Plan shall have the same
\nmeaning as those used in the Qualified Plans unless the context clearly
\nindicates the contrary.<\/p>\n<\/p>\n

ARTICLE II<\/p>\n

\n

EXCESS LONG TERM BENEFITS<\/u><\/p>\n

\n

Sec. 2.1 Amount of Excess Long Term Disability<\/u>. Each Participant in
\nthis Plan shall be entitled to excess long term disability payments in the
\namount of 60% of the Participant153s Compensation in excess of the maximum amount
\nof compensation eligible for the TGT LTD Plans, provided, however, that each
\nParticipant153s Compensation shall be capped at $1 million for this purpose.
\nCompensation, for purposes of this Plan, means the Participant153s base salary,
\nplus the average of the latest three years153 bonuses, as determined at the time
\nthe disability event occurred.<\/p>\n<\/p>\n

Sec. 2.2 Payments of Excess Long Term Disability<\/u>. Payments of excess
\nlong term disability benefits shall be made in accordance with procedures
\nestablished by the PAC or its designee.<\/p>\n<\/p>\n

ARTICLE III<\/p>\n

\n

MISCELLANEOUS<\/u><\/p>\n

\n

Sec. 3.1 Unfunded<\/u>. This Plan shall be unfunded. No person entitled to
\na benefit under this Plan shall, by virtue of this Plan, have any interest in
\nany specific asset or assets of the Company. Such persons have only an
\nunsecured contract right to receive payments in accordance with this Plan.<\/p>\n

\n

3<\/p>\n

\n

<\/p>\n

Sec. 3.2 Benefits May Not Be Assigned or Alienated<\/u>. Except as
\nrequired by law, the interests of persons entitled to benefits under this Plan
\nmay not in any manner whatsoever be assigned or alienated, whether voluntarily
\nor involuntarily, or directly or indirectly.<\/p>\n<\/p>\n

Sec. 3.3 Not Employment Agreement<\/u>. This Plan is not an employment
\nagreement and does not assure the continued employment of any employee or
\nParticipant for any time or period.<\/p>\n<\/p>\n

Sec. 3.4 Administration<\/u>. The PAC or its designee shall control and
\nmanage the operations and administration of this Plan and make all decisions and
\ndeterminations incident thereto.<\/p>\n<\/p>\n

Sec. 3.5 Claims Procedure<\/u>. If you believe that the Company153s
\ndetermination is incorrect in any way, you must file a written claim with the
\nPAC. The PAC ordinarily will respond to the claim within 90 days of the date on
\nwhich it is received. However, if special circumstances require an extension of
\nthe period of time for processing a claim, the 90 day period can be extended for
\nan additional 90 days by giving you written notice of the extension and the
\nreason that the extension is necessary. In no event will the PAC determine a
\nParticipant to be eligible under this Plan if they are not eligible and
\nparticipating under the TGT LTD Plans.<\/p>\n<\/p>\n

If the claim for a benefit is approved, you will receive written notice of
\nthe amount of your benefit and the date on which payments will begin. If your
\nclaim is denied in whole or in part, you will be told in writing the specific
\nreasons for the decision and will receive an explanation of the procedures for
\nreviewing the decision.<\/p>\n<\/p>\n

If you do not agree with the decision, you can request that the PAC
\nreconsider its decision by filing a written request for review within 60 days
\nafter receiving notice that the claim has been denied. You or your
\nrepresentative can also present written statements which explain<\/p>\n

\n

4<\/p>\n

\n

<\/p>\n

why you believe that the benefit claimed should be paid and may review all
\npertinent plan documents.<\/p>\n<\/p>\n

Generally, the decision will be reviewed within 60 days after the PAC
\nreceives a request for reconsideration. However, if special circumstances
\nrequire a delay, the review may take up to 120 days. (If a decision cannot be
\nmade within the 60-day period, you will be notified of this fact in writing.)
\nYou will receive a written notice of the decision which will explain the reasons
\nfor the decision by making specific reference to the Plan provisions on which
\nthe decision is based.<\/p>\n<\/p>\n

ARTICLE IV<\/p>\n

\n

AMENDMENT, TERMINATION AND APPLICABLE LAW<\/u><\/p>\n

\n

Sec. 4.1 Amendment and Termination<\/u>. This Plan may be amended or
\nterminated at any time by action of the Board of Directors of the Company, the
\nPAC or the Chief Executive Officer of the Company.<\/p>\n<\/p>\n

Sec. 4.2 Applicable Law<\/u>. The provisions of this Plan shall be
\nconstrued and enforced according to the laws of the State of Minnesota to the
\nextent that such laws are not preempted by the laws of the United States of
\nAmerica. All controversies, disputes, and claims arising hereunder shall be
\nsubmitted to the United States District Court for the District of Minnesota.\n<\/p>\n

\n

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