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Exxon Mobil Corp – ‘10-Q’ for 6/30/17 – ‘EX-10.(III) (C1)’

On:  Wednesday, 8/2/17, at 12:19pm ET   ·   For:  6/30/17   ·   Accession #:  34088-17-41   ·   File #:  1-02256

Previous ‘10-Q’:  ‘10-Q’ on 5/3/17 for 3/31/17   ·   Next:  ‘10-Q’ on 11/1/17 for 9/30/17   ·   Latest:  ‘10-Q’ on 10/31/23 for 9/30/23   ·   1 Reference:  By:  Exxon Mobil Corp. – ‘10-K’ on 2/24/21 for 12/31/20

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  As Of               Filer                 Filing    For·On·As Docs:Size

 8/02/17  Exxon Mobil Corp                  10-Q        6/30/17   53:5.6M

Quarterly Report   —   Form 10-Q   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML   1.00M 
 2: EX-10.(III) (C1)  Exxonmobil Supplemental Savings Plan          HTML     59K 
 3: EX-31.1     Certification (Pursuant to Securities Exchange Act  HTML     27K 
                Rule 13A-14(A)) by Chief Executive Officer                       
 4: EX-31.2     Certification (Pursuant to Securities Exchange Act  HTML     27K 
                Rule 13A-14(A)) by Principal Financial Officer                   
 5: EX-31.3     Certification (Pursuant to Securities Exchange Act  HTML     27K 
                Rule 13A-14(A)) by Principal Accounting Officer                  
 6: EX-32.1     Section 1350 Certification (Pursuant to             HTML     21K 
                Sarbanes-Oxley Section 906) by Chief Executive                   
                Officer                                                          
 7: EX-32.2     Section 1350 Certification (Pursuant to             HTML     22K 
                Sarbanes-Oxley Section 906) by Principal Financial               
                Officer                                                          
 8: EX-32.3     Section 1350 Certification (Pursuant to             HTML     22K 
                Sarbanes-Oxley Section 906) by Principal                         
                Accounting Officer                                               
15: R1          Document And Entity Information                     HTML     38K 
16: R2          Condensed Consolidated Statement Of Income          HTML     82K 
17: R3          Condensed Consolidated Statement Of Income          HTML     21K 
                (Parenthetical)                                                  
18: R4          Condensed Consolidated Statement Of Comprehensive   HTML     50K 
                Income                                                           
19: R5          Condensed Consolidated Balance Sheet                HTML    106K 
20: R6          Condensed Consolidated Balance Sheet                HTML     27K 
                (Parenthetical)                                                  
21: R7          Condensed Consolidated Statement Of Cash Flows      HTML     90K 
22: R8          Condensed Consolidated Statement Of Cash Flows      HTML     24K 
                (Parenthetical)                                                  
23: R9          Condensed Consolidated Statement Of Changes In      HTML     86K 
                Equity                                                           
24: R10         Basis Of Financial Statement Preparation            HTML     21K 
25: R11         Recently Issued Accounting Standards                HTML     27K 
26: R12         Litigation And Other Contingencies                  HTML     68K 
27: R13         Other Comprehensive Income Information              HTML    124K 
28: R14         Earnings Per Share                                  HTML     52K 
29: R15         Pension And Other Postretirement Benefits           HTML    118K 
30: R16         Financial Instruments                               HTML     24K 
31: R17         Disclosures About Segments And Related Information  HTML    140K 
32: R18         InterOil Corporation and Permian Basin Properties   HTML     43K 
                Acquisitions                                                     
33: R19         Accounting for Suspended Exploratory Well Costs     HTML     20K 
34: R20         Litigation And Other Contingencies (Tables)         HTML     49K 
35: R21         Other Comprehensive Income Information (Tables)     HTML    124K 
36: R22         Earnings Per Share (Tables)                         HTML     50K 
37: R23         Pension And Other Postretirement Benefits (Tables)  HTML    118K 
38: R24         Disclosures About Segments And Related Information  HTML    137K 
                (Tables)                                                         
39: R25         InterOil Corporation and Permian Basin Properties   HTML     37K 
                Acquisitions (Tables)                                            
40: R26         Litigation And Other Contingencies (Narrative)      HTML     45K 
                (Details)                                                        
41: R27         Litigation And Other Contingencies (Schedule Of     HTML     33K 
                Guarantees) (Details)                                            
42: R28         Other Comprehensive Income Information (Schedule    HTML     72K 
                Of Accumulated Other Comprehensive Income                        
                Information) (Details)                                           
43: R29         Other Comprehensive Income Information (Amounts     HTML     25K 
                Reclassified Out Of Acc Other Comp Income)                       
                (Details)                                                        
44: R30         Other Comprehensive Income Information (Schedule    HTML     30K 
                Of Income Tax (Expense)/Credit For Components Of                 
                Other Comprehensive Income) (Details)                            
45: R31         Earnings Per Share (Earnings Per Share              HTML     30K 
                Computation) (Details)                                           
46: R32         Pension And Other Postretirement Benefits           HTML     43K 
                (Details)                                                        
47: R33         Financial Instruments (Details)                     HTML     29K 
48: R34         Disclosures About Segments And Related Information  HTML     51K 
                (Details)                                                        
49: R35         InterOil Corporation and Permian Basin Properties   HTML     90K 
                Acquisitions (Details)                                           
50: R36         Accounting for Suspended Exploratory Well Costs     HTML     19K 
                (Details)                                                        
52: XML         IDEA XML File -- Filing Summary                      XML     87K 
51: EXCEL       IDEA Workbook of Financial Reports                  XLSX     44K 
 9: EX-101.INS  XBRL Instance -- xom-20170630                        XML   1.55M 
11: EX-101.CAL  XBRL Calculations -- xom-20170630_cal                XML    187K 
12: EX-101.DEF  XBRL Definitions -- xom-20170630_def                 XML    314K 
13: EX-101.LAB  XBRL Labels -- xom-20170630_lab                      XML   1.10M 
14: EX-101.PRE  XBRL Presentations -- xom-20170630_pre               XML    595K 
10: EX-101.SCH  XBRL Schema -- xom-20170630                          XSD    108K 
53: ZIP         XBRL Zipped Folder -- 0000034088-17-000041-xbrl      Zip    116K 


‘EX-10.(III) (C1)’   —   Exxonmobil Supplemental Savings Plan


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EXHIBIT 10(iii)(c.1)

 

EXXONMOBIL SUPPLEMENTAL SAVINGS PLAN

(including Key Employee Supplemental Savings Plan)

Effective July 17, 2017

 

 

1. Purpose 

 

The purpose of this Plan is to provide a payment of approximately equivalent value from the general assets of Exxon Mobil Corporation (“Corporation”) to a person participating in the ExxonMobil Savings Plan (“Savings Plan”) who, because of the application of United States Internal Revenue Code (“Code”) sections 415 and 401(a)(17) is precluded from receiving employer contributions to the person's Savings Plan account to which the person would otherwise be entitled.

 

2. Benefits 

 

2.1          Eligibility 

A person is eligible to receive benefits under this Plan only if the person satisfies any of the following requirements:

(A)          The person becomes a retiree pursuant to section 4.1(A) (relating to age, service and LTD-eligibility requirements) or section 4.1(D) (relating to retiree grow-ins in connection with certain divestments) of the ExxonMobil Common Provisions;

(B)          The person becomes a qualified plans retiree within the meaning of the ExxonMobil Pension Plan; or

(C)          During the period January 1, 2015 through July 17, 2017, the person ceases to be a “service-oriented employee” as defined in section 1.40 of the ExxonMobil Common Provisions after attaining age 65.

2.2          Benefit Formula

(A)          In General

As to any specific Savings Plan participant the total amount of payment under this Plan is an amount that is in general determined by notionally crediting on a monthly basis the amount of employer contributions that cannot be made to the Savings Plan for that person as a result of application to that person of Code sections 415 and 401(a)(17); except that, for those persons who, as of December 31, 1993, are classified at level 36 and are age 50 and above, only notional employer contributions made after such date are taken into account. This amount is enhanced in each instance by 120 percent of the long-term Applicable Federal Rate, compounded monthly, as of the last month of each calendar quarter as published by the Internal Revenue Service, and is then reduced, but not below zero, by the amount, if any, of the actuarial lump-sum value of the amount payable to the participant under the ExxonMobil Key Employee Additional Payments Plan that is not applied as an offset against the participant's benefit under the ExxonMobil Additional Payments Plan or the ExxonMobil Supplemental Pension Plan. For this purpose, the actuarial lump-sum value shall be determined using the mortality and interest rate assumptions set out in the ExxonMobil Pension Accounts Instrument.

(B)          Notional Interest Rate for Key Employees after Termination or Retirement

As to a participant who, immediately prior to his or her termination or retirement, has a Classification Level of 36 or above (“Key Employee”), "120 percent of the long-term Applicable Federal Rate, compounded monthly, as of the last month of each calendar quarter as published by the Internal Revenue Service" in paragraph (A) above shall be replaced with "Citibank Prime Lending Rate as of the last business day of each calendar quarter" for the period between date of termination or retirement and date of payment.

 

2.3          Calculation Methodology

The exact methodology used in determining such monthly credits and interest thereon will be established from time to time by the Plan Administrator. General guidelines to be followed are:

(A)          Required Participant Contributions

To the extent determined by those administering this Plan, a person is required to make regular employee contributions to the person's Savings Plan account up to the maximum permitted by the Code to receive credits under this Plan.

(B)          Discretionary Employee Contributions

Prior to July 1, 2002, a person may not enhance the amounts credited under this Plan by making discretionary employee contributions to the person's Savings Plan account.

 

1 


 

3. Payment of Benefits

 

Payment of the benefit determined under article 2 above shall be made in a lump sum as soon as practicable following the latest of the following times:

(A)          the participant’s retirement from ExxonMobil;

(B)          In the case of a Key Employee, the six-month anniversary of the participant's termination of employment or retirement;

(C)          In the case of a participant whose Savings Plan account is transferred to a savings plan sponsored by Infineum USA Inc. or any of its affiliates ("Infineum"), the participant’s termination of employment from Infineum; or

(D)          In the case of a participant whose Savings Plan account is transferred to a savings plan sponsored by Tenneco, Inc. or any of its affiliates ("Tenneco"), the participant’s termination of employment from Tenneco.

 

4. Payment Upon Death

 

4.1          In General

If a person dies as an employee with eligibility for a pension death benefit under the ExxonMobil Pension Plan or as a retiree but before his benefit under this Plan is distributed to him, then such benefit shall be distributed as soon as practicable after death to the person’s beneficiary determined under section 4.2 below.

 

4.2          Designation of Beneficiaries

(A)          In General

A person entitled to receive a payment under this Plan may name one or more designated beneficiaries to receive such payment in the event of the person's death. Beneficiary designations shall be made in accordance with such procedures as the Plan Administrator may establish. Spousal consent to any designation is not required.

(B)          Default Beneficiaries

(1)           In General

If no specific designation is in effect, the deceased’s beneficiary is the person or persons in the first of the following classes of successive beneficiaries living at the time of death of the deceased:

(a)           spouse;

(b)           children who survive the participant or who die before the participant leaving children of their own who survive the participant;

(c)           parents;

(d)           brothers and sisters who survive the participant or who die before the participant leaving children of their own who survive the participant.

If there are no members of any class of such beneficiaries, payment is made to the deceased’s executors or administrators.

(2)           Allocation among Default Beneficiaries

If the same class of beneficiaries under paragraph (1) above contains two or more persons, they share equally, with further subdivision of such equal shares as next provided. In class (b), where a child dies before the participant leaving children who survive the participant, such child's share is subdivided equally among those children. In class (d), where a brother or sister dies before the participant leaving children who survive the participant, such brother or sister's share is subdivided equally among those children.

(3)           Definitions 

For purposes of this Section 4.2, "child" means a person's son or daughter by legitimate blood relationship or legal adoption; "parent" means a person's father or mother by legitimate blood relationship or legal adoption; "brother" or "sister" means another child of either or both of one's parents.

 

5. Miscellaneous 

 

5.1          Administration of Plan

The Plan Administrator shall be the Manager, Compensation, Benefit Plans and Policies, Human Resources Department, Exxon Mobil Corporation. The Plan Administrator shall have the right and authority to conclusively interpret this Plan for all purposes, including the determination of any person’s eligibility for benefits hereunder and the resolution of any and all appeals relating to claims by participants or beneficiaries, with any such interpretation being conclusive for all participants and beneficiaries.

 

2 


 

5.2          Nature of Payments

Payments provided under this Plan are considered general obligations of the Corporation.

 

5.3          Assignment or Alienation

Except as provided in section 5.5 below, payments provided under this Plan may not be assigned or otherwise alienated or pledged.

 

5.4          Amendment or Termination

The Corporation reserves the right to amend or terminate this plan, in whole or in part, including the right at any time to reduce or eliminate any accrued benefits hereunder and to alter or amend the benefit formula set out herein.

 

5.5          Forfeiture of Benefits

No person shall be entitled to receive payments under this Plan and any payments received under this Plan shall be forfeited and returned if it is determined by the Corporation in its sole discretion, acting through its chief executive or such person or committee as the chief executive may designate, that a person otherwise entitled to a payment under this Plan or who has commenced receiving payments under this Plan:

(A)          engaged in gross misconduct harmful to the Corporation,

(B)          committed a criminal violation harmful to the Corporation,

(C)          had concealed actions described in paragraph (A) or (B) above which would have brought about termination from employment thereby making the person ineligible for benefits under this Plan,

(D)          separated from service prior to attaining age 65 without having received from the Corporation or its delegatee prior written approval for such termination, given in the sole discretion of the Corporation or its delegatee

and in the context of recognition that benefits under this Plan would not be forfeited upon such termination, or

(E)           had been terminated for cause.

 

 

3 


 

EXXONMOBIL KEY EMPLOYEE SUPPLEMENTAL SAVINGS PLAN

 

K1. Purpose 

 

This Plan provides a payment from the general assets of Exxon Mobil Corporation (“Corporation”) to a person who, as of December 31, 1993,

(A)          was classified at level 36 or above,

(B)          was age 50 or above,

(C)          was a participant in the Thrift Plan of Exxon Corporation (“Thrift Plan”), and

(D)          had been precluded from receiving employer contributions to the person's account within the Thrift Plan to which the person would otherwise be entitled, because of the application of United States Internal Revenue Code (“Code”) sections 415 and 401(a)(17).

This plan expresses the Corporation's commitment to make such a payment at the time payment is made to the participant under the ExxonMobil Supplemental Savings Plan, and sets forth the method for doing so.

 

 

K2. Benefits 

 

K2.1       Benefit Formula

(A)          In General

As to a participant, the total amount of payment under this Plan shall be an amount that has been in general determined by notionally crediting on a monthly basis the amount of employer contributions that could not have been made to the Thrift Plan account of that person as a result of application to that person of Code sections 415 and 401(a)(17) from the date the person otherwise would have been an eligible participant in the Exxon Supplemental Thrift Plan until December 30, 1993. This amount shall be enhanced in each instance by 120 percent of the long-term Applicable Federal Rate, compounded monthly, as of the last month of each calendar quarter as published by the Internal Revenue Service. A participant in this Plan shall have a non-forfeitable right to this amount credited as of December 31, 1993 plus all enhancements.

(B)          Notional Interest Rate for Key Employees after Termination or Retirement

As to a participant who, immediately prior to his or her termination or retirement, has a Classification Level of 36 or above, "120 percent of the long-term Applicable Federal Rate, compounded monthly, as of the last month of each calendar quarter as published by the Internal Revenue Service" in paragraph (A) above shall be replaced with "Citibank Prime Lending Rate as of the last business day of each calendar quarter" for the period between date of termination or retirement and date of payment.

 

K2.2       Calculation Methodology

The exact methodology for such notional credits and interest thereon shall be determined by the Plan Administrator.

 

 

K3. Payment of Benefits

 

K3.1       Form of Payment

Payments under this Plan are made in the form of a lump sum single payment.

 

K3.2       Timing of Payment

Payment shall be made under this Plan at the same time as payment is made to the participant under the ExxonMobil Supplemental Savings Plan.

 

 

 

4 


 

 

K4. Beneficiaries 

 

K4.1       Designation of Beneficiaries

A person entitled to receive a payment under this Plan may name one or more designees to receive such payment in the event of the person's death. Beneficiary designations shall be made in accordance with such procedures as the Plan Administrator may establish. Spousal consent to any designation is not required.

 

K4.2       Default Beneficiaries

(A)          In General

If no specific designation is in effect, the deceased’s beneficiary is the person or persons in the first of the following classes of successive beneficiaries living at the time of death of the deceased:

(1)           spouse;

(2)           children who survive the participant or who die before the participant leaving children of their own who survive the participant;

(3)           parents;

(4)           brothers and sisters who survive the participant or who die before the participant leaving children of their own who survive the participant.

If there are no members of any class of such beneficiaries, payment is made to the deceased's executors or administrators.

(B)          Allocation among Default Beneficiaries

If the same class of beneficiaries under paragraph (A) above contains two or more persons, they share equally, with further subdivision of such equal shares as next provided. In class (2), where a child dies before the participant leaving children who survive the participant, such child's share shall be subdivided equally among those children. In class (4), where a brother or sister dies before the participant leaving children who survive the participant, such brother or sister's share shall be subdivided equally among those children.

(C)          Definitions              

For purposes of this Section K4.2, "child" means a person's son or daughter by legitimate blood relationship or legal adoption; "parent" means a person's father or mother by legitimate blood relationship or legal adoption; "brother" or "sister" means another child of either or both of one's parents.

 

 

K5. Miscellaneous 

 

K5.1       Administration of Plan

The Plan Administrator shall be the Manager, Compensation, Benefit Plans and Policies, Human Resources Department, ExxonMobil Corporation. The Plan Administrator shall have the right and authority to conclusively interpret this Plan for all purposes, including the determination of any person’s eligibility for benefits hereunder and the resolution of any and all appeals relating to claims by participants or beneficiaries, with any such interpretation being conclusive for all participants and beneficiaries.

 

K5.2       Nature of Payments

Payments provided under this Plan shall be considered general obligations of the Corporation.

 

K5.3       Assignment or Alienation

Payments provided under this Plan may not be assigned or otherwise alienated or pledged.

 

K5.4       Amendment or Termination

The Corporation may at any time amend or terminate this Plan, in whole or in part, so long as the amendment does not deprive any person of the non-forfeitable right to benefits specifically granted in this Plan.

 

5 



Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:8/2/174
7/17/17
For Period end:6/30/17
1/1/153
7/1/02
12/31/9310-K
12/30/93
 List all Filings 


1 Subsequent Filing that References this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/24/21  Exxon Mobil Corp.                 10-K       12/31/20  131:20M
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