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D ig e st o f Profit-Sharing, Savings, and Stock Purchase Plans, W inter 1961-62 (2 0 S elected P lans) Bulletin No. 1325 UNITED STATES DEPARTMENT OF LABOR BUREAU OF LABOR STATISTICS Arthur J. Goldberg, Secretary Ewan Clague, Commissioner Digest of Profit-Sharing, Savings, and Stock Purchase Plans Winter 1961-62 (20 Selected Plans) Bulletin No. 1325 April 1962 UNITED STATES DEPARTMENT OF LABOR BUREAU OF LABOR STATISTICS Arthur J. Goldberg, Secretary Ewan Clague, Commissioner For sale by the Superintendent of Documents, U.S. Governmeni Printing Office, Washington 25, D.C. Price 30 cents Preface T h is bulletin d e s c r i b e s the p r in c ip a l f e a t u r e s of 20 s e l e c t e d p r o f i t - s h a r i n g , s a v in g s , and s to c k p u r c h a s e p la n s in e ffe ct in the w inter of 1961-62. It w a s p r e p a r e d in r e s p o n s e to in q u ir ie s about such p la n s that the B u r e a u of L a b o r S t a t i s t i c s continuously r e c e i v e s fr o m individu als and o r g a n iz a t io n s at h om e and a b r o a d , and a s p a r t of the B u r e a u * s continuing p r o g r a m of e m p l o y e e ben efit plan s tu d i e s . M o st of the p la n s in this d ig e s t a r e w ell known; the oth ers w e r e s e l e c t e d b e c a u s e they i l l u s t r a t e d iffe r e n t m e a n s of p rov idin g b e n e fits to w o r k e r s . T h e s e p la n s a r e not p r e s e n t e d a s ty p ic a l or m o d e l p la n s or a s a r e p r e s en ta tiv e s a m p le of a ll p la n s in effect. A ll of the p la n s s u m m a r iz e d co v e r p rodu ction and r e la te d w o r k e r s or nons u p e r v i s o r y w o r k e r s ; s o m e a l s o c o v e r s a l a r i e d and s u p e r v i s o r y e m p lo y e e s. The co o p e ratio n of the co m p a n ie s who kindly fu r n ish e d in fo rm ation about th eir p lan s is g r a te fu lly a c knowledged. T his d ig e s t w a s p r e p a r e d in the B u r e a u ’ s D iv isio n of W ages and I n d u str ia l R e la tio n s by Dorothy R. K ittn e r, under the s u p e r v is io n of Donald M. La n d a y . C onten ts Page E x p l a n a t o r y n o t e s -------------------------------------------------------------------------------------- 1 P r o fit- sh a r in g p la n s: A m e r i c a n M o t o r s C o r p . ------------------------------------------------------------------------A m e r i c a n V e l v e t Co. ( c a s h b o n u s p l a n ) --------------------------------------------------A m e r i c a n V e l v e t Co. ( d e f e r r e d p l a n ) -----------------------------------------------------P h i l i p M o r r i s , Inc. -------------------------------------------------------------------------------- 3 5 6 7 P r o f it - s h a r in g and s a v in g s p la n s : E a s t m a n K o d a k Co. ( c a s h b o n u s p l a n ) ---------------------------------------------------E a s t m a n K o d a k Co. ( s a v i n g s an d i n v e s t m e n t p la n ) ----- ---------------------------F e d e r a t e d D e p a r t m e n t S t o r e s , Inc. ------------------------------------------------------P r o c t e r an d G a m b l e Co. , T h e --------------------------------------------------------------S e a r s , R o e b u c k an d Co. ------------------------------------------------------------------------S t a n d a r d O il Co. of C a l i f o r n i a --------------------------------------------------------------- 8 9 10 12 15 17 S av in g s p la n s: E . I. D upont de N e m o u r s Co. ----------------------------------------------------------------G e n e r a l E l e c t r i c Co. ( s a v i n g s and s e c u r i t y p r o g r a m ) -------------------G e n e r a l E l e c t r i c Co. ( s a v i n g s and s t o c k b o n u s p la n ) -------------------G u lf O il C o r p . ----------------------------------------------P a c i f i c G a s a n d E l e c t r i c Co. ----------------------------------------------------------------S o c o n y - M o b i l O il Co. , Inc. ------------------------------------------------------------------S w ift an d Co. ----------------------------------------------------------------------------------------Union C a r b i d e C o r p . ---------------------------------------------------------------------------- 18 19 20 21 23 24 26 28 S t o c k p u r c h a s e p la n : A m e r i c a n T e l e p h o n e a n d T e l e g r a p h Co. ------------------------------------------------- 29 S to c k p u r c h a s e a n d s a v i n g s p la n : G e n e r a l F o o d s C o r p . ---------------------------------------------------------------------------- 30 Digest of Selected Profit-Sharing, Savings, and Stock Purchase Plans, Winter 1961—62 Explanatory Notes T h i s d i g e s t s u m m a r i z e s the m a j o r p r o v i s i o n s o f s e l e c t e d p r o f i t - s h a r i n g , s a v in g s , sto c k p u r c h a s e , and s i m i l a r p la n s fo r w ag e and s a l a r y e m p lo y e e s. B r i e f e x p l a n a t i o n s o f the t e r m s u s e d in the s u m m a r y o u t l i n e s a r e s e t f o r t h b e l o w . It m u s t b e e m p h a s i z e d th a t a s u m m a r y of a p l a n m u s t n e c e s s a r i l y o m i t m a n y f e a t u r e s an d a d m i n i s t r a t i v e d e t a i l s e m b o d i e d in the p l a n and t r u s t a g r e e m e n t w h ich g o v e r n its o p e ratio n . T y p e of P l a n . P ro fit-Sh arin g P la n . A p l a n r e q u i r i n g the c o m p a n y to p a y into a fund a p a r t o f i t s a n n u a l n e t p r o f i t , w h ich i s c r e d i t e d to e a c h p a r t i c i p a n t 1 s a c c o u n t — u s u a l l y in p r o p o r t i o n to h i s a n n u a l c o m p e n s a t i o n . T h e c o n t r ib u t i o n i s i n v e s t e d in s t o c k s an d b o n d s . If p a r t i c i p a n t s c o n t r i b u t e , the p l a n i s c a l l e d a p r o f i t - s h a r i n g an d s a v i n g s p l a n . S a v i n g s P l a n . A p l a n r e q u i r i n g the p a r t i c i p a n t s a s w e l l a s the e m p l o y e r to c o n t r i b u t e . T h e w o r k e r ’ s s a v i n g s a r e u s u a l l y i n v e s t e d in U. S. S a v i n g s B o n d s and the e m p l o y e r ’ s b o n u s , c o m m o n l y a p e r c e n t a g e o f the w o r k e r ' s c o n t r ib u t i o n , in s t o c k s a n d b o n d s . T h e s e p l a n s a r e o fte n c a l l e d a ’’t h r i f t p la n , ” o r , w h e r e the e m p l o y e r ’ s b o n u s i s in c o m p a n y s t o c k , a " s t o c k b o n u s p la n . " S t o c k P u r c h a s e P l a n . A p l a n th a t p e r m i t s p a r t i c i p a t i n g e m p l o y e e s to p u r c h a s e , o fte n t h r o u g h p a y r o l l d e d u c t i o n s , s h a r e s o f c o m p a n y s t o c k , u s u a l l y a t l e s s th an the p r e v a i l i n g m a r k e t p r i c e . P l a n s i d e n t i f i e d b y two o r m o r e t e r m s in c l u d e e l e m e n t s o f two o r m o r e o f the p l a n t y p e s d e s c r i b e d a b o v e . S o m e p l a n s of e i t h e r of the f i r s t two t y p e s p r o v i d e r e t i r e m e n t i n c o m e s to p a r t i c i p a n t s t h r o u g h p u r c h a s e o f a n n u i t i e s w ith the a s s e t s in p a r t i c i p a n t s ' a c c o u n t s . 1 E ffectiv e D ate . T h e e f f e c t i v e d a t e o f the o r i g i n a l p r o v i s i o n s o f the p la n . D a te of L a t e s t A m e n d m e n t . E f f e c t i v e d a t e o f the m o s t r e c e n t a m e n d m e n t s to the p la n . T h i s d i g e s t r e f l e c t s p r o v i s i o n s in e f f e c t in the w i n t e r o f 1 9 6 1 - 6 2 . P articip an ts. W o r k e r s e l i g i b l e to p a r t i c i p a t e in p la n . P articip atio n , e x c e p t w h e r e n o te d , i s v o l u n t a r y in p l a n s r e q u i r i n g w o r k e r c o n t r i b u t i o n s . P a r t i c i p a n t ’s C o n trib u tio n . The am ount or p e rc e n ta g e of e arn in g s a p a r tic ip a n t m u s t co n trib u te. C o n d itio n s u n d e r w h ich a w o r k e r m a y t e m p o r a r i l y d i s c o n t i n u e h i s c o n t r ib u t i o n a r e not d e s c r i b e d in th is d i g e s t . 1 S e e the p l a n s of the fo llo w in g c o m p a n i e s : E a s t m a n K o d a k C o. ; F e d e r a t e d D e p a r t m e n t S t o r e s , Inc. ; G u lf O il C o r p . ; P h i l i p M o r r i s , Inc. ; T h e P r o c t e r an d G a m b l e Co. ; S e a r s , R o e b u c k an d Co. 1 2 C o m p a n y 1s C o n t r i b u t i o n . T h e f o r m u l a d e t e r m i n i n g th e c o m p a n y ' s con t r i b u t io n . D i s t r i b u t i o n of C o m p a n y C o n t r i b u t i o n . T h e f o r m u l a d e t e r m i n i n g how the c o m p a n y ’ s c o n t r ib u t i o n i s a l l o c a t e d to e a c h p a r t i c i p a n t ’ s a c c o u n t . I n v e s t m e n t of F u n d ’ s M o n i e s . T h e ty p e o f i n v e s t m e n t p e r m i t t e d u n d e r the p l a n (e. g. , U. S. S a v i n g s B o n d s , c o m p a n y s t o c k , n o n c o m p a n y s t o c k , e t c . ) , a n d l i m i t a t i o n s , i f a n y , on the a m o u n t of m o n e y th a t c a n b e i n v e s t e d in e a c h ty p e . W ith d r a w a l o f M o n e y F r o m F u n d . T h e c o n d it i o n s u n d e r w h ich a n a c t i v e l y e m p l o y e d p a r t i c i p a n t m a y w it h d r a w m o n e y f r o m the fund a n d the r e s t r i c t i o n s on the a m o u n t th a t m a y b e w it h d r a w n . If a p a r t i c i p a n t w i t h d r a w s t o t a l l y o r p a r t i a l l y , he i s u s u a l l y p r o h i b i t e d f r o m p a r t i c i p a t i n g in the p l a n f o r a s p e c i f i e d p e r i o d . P a y m e n t F r o m F u n d in C a s e o f R e t i r e m e n t , D i s a b i l i t y , D e a th , a n d O th e r Sp ecifie d R e a s o n s . T h e a m o u n t c r e d i t e d to the p a r t i c i p a n t ’ s a c c o u n t to w h ich h e o r h i s b e n e f i c i a r y i s e n t it le d on t e r m i n a t i o n of e m p l o y m e n t f o r the r e a s o n s sp ecifie d . T h e d i s a b i l i t y b e n e f i t s in t h is s e c t i o n a r e t h o s e p a y a b l e to d i s a b l e d p a rtic ip a n ts. T h e b e n e f i t a m o u n t s a r e d ue the p a r t i c i p a n t o r h i s b e n e f i c i a r y in a sin g le lu m p - su m p ay m en t, u n le s s o th e rw ise in d icated . V e s t i n g ( C r e d i t s o r P a y m e n t s F r o m F u n d in C a s e o f S e p a r a t i o n f o r O th e r R e a s o n s ). T h e a m o u n t of c o m p a n y c o n t r i b u t i o n s c r e d i t e d to a p a r t i c i p a n t ’ s a c co u n t to w h ic h a p a r t i c i p a n t i s e n t it le d if h i s e m p l o y m e n t t e r m i n a t e s f o r r e a s o n s o t h e r th a n t h o s e c i t e d u n d e r p a y m e n t f r o m fund in c a s e o f r e t i r e m e n t , d i s a b i l i t y , death , and o th er s p e c ifie d r e a s o n s . F o rfeitu res. T h e f o r m u l a d e t e r m i n i n g th e a l l o c a t i o n o f c o m p a n y c o n t r i b u t i o n s f o r f e i t e d b y p a r t i c i p a n t s — u s u a l l y on t e r m i n a t i o n of e m p l o y m e n t . P r o v i s i o n in I l l u s t r a t i v e U n ion A g r e e m e n t . T h e p r o v i s i o n q u o te d i l l u s t r a t e s how the p l a n i s r e f e r r e d to in one o r m o r e of th e c o m p a n y ’ s c u r r e n t c o l lectiv e b a rg a in in g a g r e e m e n ts . 3 Profit-Sharing Plans N a m e o f p la n : A m eric an M oto rs E ffe c tiv e d ate: O ctober P articip an ts: A l l e m p l o y e e s r e p r e s e n t e d b y the U n ite d A u t o m o b i l e W o r k e r s ( A F L - C I O ) an d o t h e r u n io n s r e c o g n i z e d b y c o m p a n y a s b a r g a i n in g a g e n t s . P a rticip a n ts c o n t r ib u t i o n : None. Com pany* s c o n t r ib u t i o n : 10 p e r c e n t o f p r o f i t - s h a r i n g fund b a s e 1 in c a s h ; and 5 p e r c e n t o f p r o f i t - s h a r i n g fund b a s e in c o m p a n y c o m m o n s t o c k . D istrib u tio n of com pany* s c o n t r ib u t i o n : 10 p e r c e n t o f p r o f i t - s h a r i n g fund b a s e , 1 l e s s the a m o u n t r e q u i r e d to b e p a i d to the c o m p a n y * s e m p l o y e e - p e n s i o n t r u s t , 21 to be u s e d a s fo llo w s: C o r p . --- U n ion P r o g r e s s S h a r i n g P l a n . 1961. F i r s t — to m e e t ad d itio n al in su ra n c e cost fo r ensuin g y e a r ; S e c o n d --- to e s t a b l i s h a n d / o r i n c r e a s e a c o n t in g e n c y r e s e r v e ; T h i r d — an a m o u n t e q u a l to Vi6 o f the m a x i m u m fu n d in g o f the s u p p l e m e n t a l u n e m p l o y m e n t b e n e f i t fund f o r the m o n th o f D e c e m b e r o f the c u r r e n t y e a r t r a n s f e r r e d to the s p e c i a l a c c o u n t o f th e S U B fund; an d the r e m a i n d e r , i f a n y, to b e p u t in a g e n e r a l r e s e r v e . C o m p a n y c o m m o n s t o c k 3 to b e c r e d i t e d to e a c h in d i v id u a l e m p l o y e e in m a n n e r d e t e r m i n e d b y the jo i n t c o m m i t t e e . W ith d r a w a l of m o n e y f r o m fund: T o b e d e t e r m i n e d b y jo i n t c o m m i t t e e . P aym ent fro m fund in c a s e of re tire m en t, death, or other r e a s o n s : T o b e d e t e r m i n e d b y jo i n t c o m m i t t e e . V e stin g : T o b e d e t e r m i n e d by jo i n t c o m m i t t e e . 1 C o n s o l i d a t e d n e t a n n u a l e a r n i n g s a s a d j u s t e d , l e s s 10 p e r c e n t of s t o c k h o l d e r s 1 i n v e s t m e n t , a s a d j u s t e d a s o f b e g in n in g o f y e a r . 2 T h e a m o u n t r e f e r r e d to i s the a n n u a l c o n t r ib u t i o n c o m p a n y m u s t m a k e to the e m p l o y e e - p e n s i o n t r u s t w ith r e s p e c t to any i n c r e a s e in c o s t a t t r i b u t a b l e to the e x t e n s i o n and i m p r o v e m e n t in the p e n s i o n p la n p r o v i s i o n s a s a m e n d e d S e p t e m b e r 6, 1961. 3 S e e n c o m p a n y 1s c o n t r ib u t i o n . M 4 A m e r i c a n M o t o r s C o r p .— U n ion P r o g r e s s S h a r i n g P l a n — C o n tin u e d P a rticip a n ts’ p artic ip atio n in p lan a d m in istra tio n J o i n t c o m m i t t e e , c o n s i s t i n g o f s i x m e m b e r s a p p o in t e d by the un ion and s i x a p p o in t e d by c o m p a n y , i s r e s p o n s i b l e f o r the d i s t r i b u t i o n o f a s s e t s r e p r e s e n t e d by the c o m p a n y 1s c a s h c o n t r i b u tio n u n d e r the p la n . J o i n t c o m m i t t e e , c o n s i s t i n g o f t h r e e m e m b e r s a p p o in t e d by the un ion and t h r e e by the c o m p a n y , i s r e s p o n s i b l e f o r i m p l e m e n t i n g the s t o c k p o r t i o n o f the p la n . P r o v i s i o n in illu strativ e un ion a g r e e m ent: N a t i o n a l c o l l e c t i v e b a r g a i n i n g a g r e e m e n t w ith the U n ited A u t o m o b i l e W o r k e r s ( A F L —CIO), A r t i c l e II—A , e n t e r e d into S e p t e m b e r 6, 1961, p r o v i d e s : " S u b j e c t to the a p p r o v a l o f i t s b o a r d of d i r e c t o r s and a l s o of i t s s t o c k h o l d e r s , if , deem ed n e c e s s a r y or ad v isab le . . . , the c o m p a n y w ill e s t a b l i s h a p r o g r e s s s h a r i n g p l a n . . . w h ich i s . . . m a d e a p a r t of t h is a g r e e m e n t a s i s fu ll y s e t out h e r e i n f o r the p u r p o s e of s h a r i n g the p r o g r e s s o f the c o m p a n y w ith e m p l o y e e s c o v e r e d by the p l a n . . . 5 N a m e of p la n : A m e r i c a n V e lv e t Co. P r o f i t - S h a r i n g B e n e f i t ( c a s h b o n u s p la n ) . 1 E ffectiv e date: D ecem ber P a rtic ip a n ts: E m p l o y e e s , in c lu d in g f o r e m e n (but e x c lu d in g o f f i c e r s , e x e c u t i v e s , an d s a l e s m e n ) , w ith 160 h o u r s of w o r k d u r i n g y e a r . P a rticip a n t’ s c o n t r ib u t i o n : N on e. Com pany’ s c o n t r ib u t i o n : 18 p e r c e n t of n et a n n u a l p r o f i t . D istribu tion of co m p an y 's c o n t r ib u t i o n : P r o p o r t i o n a t e to w a g e s m a d e a n n u a ll y . P r o v i s i o n in illu stra tiv e un ion agreem en t: C o l l e c t i v e b a r g a i n i n g a g r e e m e n t w ith L o c a l 110, T e x t i l e W o r k e r s U n io n of A m e r i c a , S e c t i o n 10, d a t e d A u g u s t 30, 1961, p r o v i d e s : 1, 1940. earned during year. D istrib u tio n is "In a d d itio n to the w a g e s p r o v i d e d f o r in t h is a g r e e m e n t t h e r e s h a ll be p aid , d is trib u te d a n d /o r s e t a s i d e annual ad d itio n al c o m p e n s a t i o n of t w e n t y - s e v e n (27) p e r c e n t o f the n e t p r o f i t s e a r n e d b y the c o m p a n y d u r i n g e a c h f i s c a l y e a r d u r i n g the t e r m of t h is a g r e e m e n t a s f o l l o w s : . . . " E i g h t e e n (18) p e r c e n t of s u c h n et p r o f i t s s h a l l b e p a i d o v e r and d iv id e d a m o n g a l l e l i g i b l e e m p l o y e e s . . . " 21 1 A d e f e r r e d p r o f i t - s h a r i n g p l a n i s a l s o in e f f e c t . ( S e e p a g e 6 .) 2 T h e r e m a i n i n g 9 p e r c e n t i s u s e d to p r o v i d e the d e f e r r e d p r o f i t - s h a r i n g b e n e f it . 6 N am e of p la n : A m e r i c a n V e lv e t Co. A m e r i c a n V e lv e t F u n d ( d e f e r r e d p r o f i t - s h a r i n g p la n ) . 1 E ffectiv e date: A u g u s t 16, P a rtic ip a n ts: E m p l o y e e s , in c lu d in g f o r e m e n (but e x c l u d i n g o f f i c e r s , e x e c u t i v e s , an d s a l e s m e n ) , w ith 160 h o u r s of w o r k d u r i n g y e a r . P a rtic ip a n t's c o n t r ib u t i o n : N one. C o m p a n y 's c o n t r ib u t i o n : 9 p e r c e n t of n e t a n n u a l p r o f i t . D istrib u tion of c o m p a n y 's c o n t r ib u t i o n : P r o p o r t i o n a t e to w a g e s e a r n e d d u r i n g y e a r . I n v e s t m e n t of f u n d 's m o n i e s : S t o c k s an d s e c u r i t i e s W ith d r a w a l of m o n e y f r o m fund during te m p o r a r y lay o ff: With 10 o r m o r e y e a r s of s e r v i c e , w h ile r e c e i v i n g S t a t e U I b e n e f i t s — $ 1 0 p e r w e e k ; t h e r e a f t e r , $ 4 0 p e r w e e k . M a x i m u m — $ 1 ,3 0 0 . P aym ent fro m fund in c a s e of— R etirem e n t or d isab ility : 100 p e r c e n t p a y a b l e in 120 m o n th ly i n s t a l l m e n t s i f a m o u n t i s o v e r $ 2 , 4 0 0 , in lu m p s u m i f l e s s ; if p a r t i c i p a n t r e t i r e s a t a g e 60 ( a g e 55 f o r w o m e n ) , p a y m e n t d e f e r r e d u n til a g e 65. 1947. (not in c o m p a n y ) . D e a th : 100 p e r c e n t . Layo ff: E m p l o y e e s m a y c h o o s e e i t h e r (1) 100 p e r c e n t p l u s a n n u a l r e a d j u s t m e n t s , 21 d e f e r r e d u n til a g e 65, or (2) w ith l e s s th an 10 y e a r s of s e r v i c e — 50 p e r c e n t i m m e d i a t e l y a n d r e m a i n d e r f o r f e i t e d ; w ith 10 o r m o r e y e a r s of s e r v i c e --50 p e r c e n t i m m e d i a t e l y an d r e m a i n d e r d e f e r r e d u n til a g e 65. V e stin g : With l e s s th an 10 y e a r s o f s e r v i c e — 50 p e r c e n t i m m e d i a t e l y an d r e m a i n d e r f o r f e i t e d ; w ith 10 o r m o r e y e a r s of s e r v i c e — 50 p e r c e n t i m m e d i a t e l y a n d r e m a i n d e r d e f e r r e d u n til a g e 65. F o rfeitu res: C r e d i t e d to a c c o u n t of r e m a i n i n g p a r t i c i p a n t s . P r o v i s i o n in illu strativ e un ion agreem en t: C o l l e c t i v e b a r g a i n i n g a g r e e m e n t w ith L o c a l 110, T e x t i l e W o r k e r s U n ion of A m e r i c a , S e c t i o n 10, d a t e d A u g u s t 30, 1961, p r o v i d e s : "In a d d itio n to the w a g e s p r o v i d e d f o r in t h is a g r e e m e n t t h e r e sh a ll be p a id , d istrib u te d a n d /o r s e t a s id e annual ad d itio n al c o m p e n s a t i o n of t w e n t y - s e v e n (27) p e r c e n t of the n e t p r o f i t s e a r n e d b y the c o m p a n y d u r i n g e a c h f i s c a l y e a r d u r i n g the t e r m o f t h is a g r e e m e n t a s f o l l o w s : " N in e (9) p e r c e n t o f s u c h n et p r o f i t s s h a l l b e p a i d into the p r o f i t s h a r i n g p l a n an d t r u s t fund know n a s the A m e r i c a n V e l v e t F u n d e s t a b l i s h e d b y the a g r e e m e n t of A u g u s t 16, 1947 . . . " 3 1 A c a s h p r o f i t - s h a r i n g b e n e f i t p l a n i s a l s o in e f f e c t . (S e e p a g e 5 .) 2 R e a d j u s t m e n t s r e s u l t i n g f r o m r e v a l u a t i o n of fund an d a n n u a l c r e d i t f o r a c c u m u l a t e d e a r n i n g s an d f o r f e i t u r e s . 3 T h e r e m a i n i n g 18 p e r c e n t i s u s e d to p r o v i d e the c a s h p r o f i t - s h a r i n g b e n e f it . N a m e of p la n : P h il ip M o r r i s , Inc. D e fe rre d P ro fit- S h a rin g P lan . E ffectiv e date: O c t o b e r 5, D a te of l a t e s t am en dm en t: N o v e m b e r 30, I 9 6 0 . P a rtic ip a n ts: F u l l - t i m e w o r k e r e m p l o y e d 24 m o n t h s , e x c lu d in g e m p l o y e e s of nontobacco d iv isio n s. P a rticip a n t’ s c o n t r ib u t i o n : N one. Com pany' s c o n t r ib u t i o n : 3 p e r c e n t of c o n s o l i d a t e d a n n u a l i n c o m e , o f n o n t o b a c c o in c o m e . D i s t r i b u t i o n of com pany' s c o n t r ib u t i o n : P r o p o r t i o n a t e to p a r t i c i p a n t 1 s c o m p e n s a t i o n d u r i n g y e a r . I n v e s t m e n t of f u n d 1s m o n i e s : No l i m i t a t i o n ; m a y b e i n v e s t e d in c o m p a n y ' s s e c u r i t i e s . W ith d r a w a l of m o n e y f r o m fund: N ot p e r m i t t e d . P ay m en t fro m fund in c a s e of t e r m i n a t i o n of em ploym en t fo r an y r e a s o n : 100 p e r c e n t of p a r t i c i p a n t ' s a c c o u n t ; in c a s h (lu m p s u m o r i n s t a l l m e n t s ) o r an a n n u ity , a t p r o f i t - s h a r i n g c o m m i t t e e ' s op tio n . V e stin g : 100 p e r c e n t of p a r t i c i p a n t ' s a c c o u n t . F o rfeitu res: N one. P r o v i s i o n in illu strativ e union agreem en t: C o l l e c t i v e b a r g a i n i n g a g r e e m e n t s w ith T o b a c c o W o r k e r s I n t e r n a t io n a l Union, L o u i s v i l l e , K y . , a n d R ic h m o n d , V a . , e f f e c t i v e J a n u a r y 31, I 9 6 0 , a n d F e b r u a r y 1, I 9 6 0 , r e s p e c t i v e l y , p r o v i d e : 1955. e x c lu d in g a l l o r p a r t " A n n o u n c e m e n t of a l l e m p l o y e e b e n e f i t p r o g r a m s , in c lu d in g . . . d e f e r r e d p r o f i t - s h a r i n g p la n h a s b e e n m a d e an d e x p l a n a t io n of s u c h p r o g r a m s h a l l b e d i s t r i b u t e d a s s o o n a s p r a c t i c a l to e a c h e m p l o y e e an d to e a c h n ew e m p l o y e e . " 8 Profit-Sharing and Savings Plans N a m e of p la n : E a s t m a n K o d a k C o . W ag e D iv id e n d P l a n ( c a s h b o n u s p l a n ) . E f f e c t i v e d a te 1912. D ate of la t e s t am endm ent: I960. P articip an ts: W o r k e r s e m p l o y e d on o r b e f o r e D e c e m b e r 1, on p a y r o l l on l a s t S u n d a y in D e c e m b e r , and a c t i v e l y at w o r k on w o r k e r * s l a s t s c h e d u l e d w o r k d a y in l a s t w e e k o f y e a r . 1 A m o u n t of w a g e d iv id e n d : P e r c e n t a g e of p a r t i c i p a n t s ’ e a rn in g s du ring p r e v io u s 5 y e a r s i s d e t e r m i n e d by the a m o u n t of c a s h d i v i d e n d s p a i d on c o m m o n s t o c k d u r i n g the y e a r f o r w h ich the w a g e d iv id e n d i s d e c l a r e d a s show n in fo llo w in g s c h e d u l e : If c a s h d iv id e n d s d e c l a r e d on c o m m o n ______ s t o c k i s — ______ W ag e d iv id e n d r a t e th a t i s a p p l i e d to e a r n i n g s in the p re v io u s 5 y e a r s is— $ 0 . 3 5 a s h a r e o r l e s s — ----- N o n e . $ 0 . 36 to $ 0 . 90 ------------------ 0. 05 p e r c e n t f o r e a c h c e n t of c a s h d iv id e n d in e x c e s s o f $ 0 . 35. $ 0 . 9 1 to $ 1 . 4 0 ------------------ 2 . 7 5 p e r c e n t , p l u s 0 . 0 1 p e r c e n t f o r e a c h c e n t of c a s h d iv id e n d in e x c e s s of $ 0 . 9 0 . $ 1 . 4 1 to $ 2 . 2 0 ------------------ 3 . 2 5 p e r c e n t , p l u s 0 . 0 0 5 p e r c e n t f o r e a c h c e n t of c a s h d iv id e n d in e x c e s s of $ 1 . 4 0 . $ 2 . 2 1 and o v e r ______________ 3 . 6 5 p e r c e n t , p l u s 0 . 0 0 1 p e r c e n t f o r e a c h c e n t of c a s h d iv id e n d d e c l a r e d in e x c e s s o f $ 2 . 2 0 . 1 A l s o e l i g i b l e a r e w o r k e r s a b s e n t f r o m w o r k ow ing to s i c k n e s s , a c c i d e n t , v a c a t i o n o r e x c u s e d a b s e n c e ; l a i d - o f f w o r k e r s ; w o m e n on l e a v e b e c a u s e of p r e g n a n c y ; w o r k e r s who r e t i r e d d u r i n g y e a r o r l e f t c o m p a n y d u r i n g y e a r b e c a u s e of p e r m a n e n t and t o t a l d i s a b i l i t y ; and b e n e f i c i a r i e s of w o r k e r s who d ie d d u r i n g y e a r . 9 N a m e of p la n : E a s t m a n K o d a k Co. E a s t m a n K o d a k S a v i n g s and I n v e s t m e n t P l a n . E ffe c tiv e date: N o v e m b e r 1, I 9 6 0 . D a te o f l a t e s t am endm ent: 1961. P articip an ts: E m p l o y e e s w ith a t l e a s t 5 y e a r s of th an $ 4 5 , 0 0 0 a n n u a lly . se rv ice who earned le s s P a r t i c i p a n t 1s c o n t r ib u t i o n : E m p l o y e r c o n t r i b u t e s to th is p la n r a t h e r th an to w a g e d iv id e n d p la n , a t p a r t i c i p a n t s op tio n . C o m p a n y 1s c o n tr ib u ti o n : I n v e s t m e n t of fu n d 1s m o n i e s : A t p a r t i c i p a n t s o p tio n , in c o m p a n y s t o c k , d i v e r s i f i e d n o n c o m p a n y s t o c k , and U. S . G o v e r n m e n t s e c u r i t i e s . W it h d r a w a l of m oney fro m fund: O n ce a y e a r , c u r r e n t v a l u e of an y i n v e s t m e n t m a d e e i t h e r 2 o r 10 y e a r s e a r l i e r (but not bo th ), in c lu d in g an y e a r n i n g s on th a t in v estm en t. In f i n a n c i a l e m e r g e n c i e s , a l l o r p a r t of m o n e y in a c c o u n t , d e p e n d e n t on the m e r i t s o f the s it u a t i o n ; a d m i n i s t r a t i v e c o m m it t e e ^ a p p ro v al re q u ired . P aym ent fro m fund in c a s e of— R etirem en t: D e a th : V e stin g : 100 p e r c e n t ; lu m p s u m ( s t o c k and c a s h ) , i n s t a l l m e n t s , n u ity , a t a d m i n i s t r a t i v e c o m m i t t e e 1s op tio n . or an 100 p e r c e n t ; lu m p s u m ( s t o c k and c a s h ) . 100 p e r c e n t of p a r t i c i p a n t s a c c o u n t ; in lu m p s u m ( s t o c k and c a s h ) , i n s t a l l m e n t s , o r an a n n u ity, a t a d m i n i s t r a t i v e c o m m i t t e e ’ s o p tio n . 10 N a m e of p la n : F e d e r a t e d D e p a r t m e n t S t o r e s , Inc. R e t i r e m e n t I n c o m e an d T h r i f t I n c e n t iv e P l a n . E ffe c tiv e d ate: J a n u a r y 25, 1953. D a te o f l a t e s t am endm ent: J a n u a r y 24, 1961. P a rtic ip a n ts: R e g u lar em p loy ees than a g e 65. P a rtic ip a n t's c o n t r ib u t i o n : T h r i f t fund— up to 5 p e r c e n t of a n n u a l c o m p e n s a t i o n (not in e x c e s s of $ 2 0 , 0 0 0 ) , a t p a r t i c i p a n t ' s op tio n . w ith 5 y e a r s of s e r v i c e an d who a r e l e s s R e t i r e m e n t fund— n on e. C o m p a n y 1s c o n t r ib u t i o n : 6 p e r c e n t o f b e f o r e - t a x i n c o m e , b u t n ot m o r e th an an a m o u n t th at r e d u c e s c o m p a n y ' s n e t i n c o m e to 6 p e r c e n t o f c o m p a n y ' s in v este d c a p ital fo r y e a r , d istrib u te d a s fo llo w s: T h r i f t fund— 25 p e r c e n t o f p a r t i c i p a n t ' s con trib u tion s. 1 R e t i r e m e n t fund— 6 p e r c e n t o f p a r t i c i p a n t * s w a g e s (not in e x c e s s of $ 2 0 , 000). 1 R e m a i n d e r , i f an y , i s a l l o c a t e d in e q u a l p a r t s to the t h r i f t fund an d the r e t i r e m e n t fund. D i s t r i b u t i o n of com pany' s c o n t r ib u t i o n : T h r i f t fund— p r o p o r t i o n a t e to p a r t i c i p a n t ' s R etirem e n t I n v e s t m e n t of fu n d 's m o n ie s: fund— p r o p o r t i o n a t e P a rtic ip a n t's c o n t r ib u t i o n . to p a r t i c i p a n t ' s c o m p e n satio n . c o n tr ib u ti o n — g o v e r n m e n t b o n d s . C o m p a n y ' s c o n tr ib u ti o n — no l i m i t a t i o n . 21 1 If p r o f i t s a r e not s u f f i c i e n t to m a k e m a x i m u m c o n t r i b u t i o n s to e a c h fund, c o n t r i b u t i o n s a r e a l l o c a t e d f i r s t to the t h r if t fund an d the r e m a i n d e r , i f a n y , to the r e t i r e m e n t fund. 2 P o l i c y i s to i n v e s t in c o m p a n y ’ s c o m m o n s t o c k . 11 F e d e ra te d D ep artm en t S to r e s , W ith d r a w a l of m o n e y f r o m fu nd: I n c . — C o n tin u e d T h r i f t fund— on ly c o m p l e t e w i t h d r a w a l p e r m i t t e d . C o m p a n y 1s c o n t r ib u t i o n i s f o r f e i t e d , b u t Z l! z p e r c e n t i n t e r e s t c o m p o u n d e d a n n u a ll y i s p a i d on s a v i n g s w it h d r a w n . R e t i r e m e n t fund— not p e r m i t t e d . P aym ent fro m fund in c a s e o f death or d i s a bility a fte r 20 y e a r s of em ploym en t: 100 p e r c e n t in an a n n u ity , o r c a s h a n d i n v e s t m e n t s in a l u m p s u m p a y m e n t o r in i n s t a l l m e n t s , a t p a r t i c i p a n t ’ s o p tio n b u t with ad m in istrativ e c o m m itte e ’ s approval. R etirem e n t an d v e s t i n g : A f t e r a g e 65, o r a f t e r a g e 60 w ith 20 y e a r s of e m p l o y m e n t — 100 p e r c e n t in an a n n u ity o r c a s h a n d i n v e s t m e n t s in a l u m p s u m p a y m e n t o r , in i n s t a l l m e n t s , a t p a r t i c i p a n t ’ s o p tio n b u t w ith a d m i n i s t r a t i v e c o m m i t t e e ’ s a p p r o v a l . F o rfeitu res: R e d u c e c o m p a n y * s c o n t r ib u t i o n . P r o v i s i o n in illu strativ e un ion agreem en t: M e m o r a n d u m of a g r e e m e n t b e t w e e n B l o o m i n g d a l e B r o t h e r s (a u n it of F e d e r a t e d ) a n d R e t a i l , W h o l e s a l e a n d D e p a r t m e n t S t o r e U n io n , D i s t r i c t 65, d a t e d N o v e m b e r 19, 1954, p r o v i d e s : " T h e e m p l o y e r h e r e b y a g r e e s th a t the p r o v i s i o n s o f the R e t i r e m e n t I n c o m e an d T h r i f t I n c e n t iv e P l a n o f F e d e r a t e d D e p a r t m e n t S t o r e s , Inc#, d a t e d J a n u a r y 2 5 , 1 953, a s t h e r e a f t e r s u p p l e m e n t e d a n d a m e n d e d , s u b j e c t to a l l the l i m i t a t i o n s an d q u a l i f i c a t i o n s t h e r e i n c o n t a in e d , a r e h e r e b y i n c o r p o r a t e d in a n d m a d e p a r t of t h is c o l l e c t i v e b a r g a i n i n g a g r e e m e n t . . . " 12 N a m e of p la n : T h e P r o c t e r a n d G a m b l e Co. P r o f i t - S h a r i n g D iv id e n d P l a n . E ffe c tiv e date: M a y 11, 1948 D a te of l a t e s t am endm ent: O c t o b e r 31, P articip an ts: 12 m o n t h s ' e m p l o y m e n t ; p a i d on h o u r l y o r w e e k l y b a s i s , o r i f in s a l e s , s t a f f , s u p e r v i s o r y , t e c h n i c a l , a d m i n i s t r a t i v e o r e x e c u t i v e w o r k , d o e s n ot e a r n m o r e th an $ 3 7 5 p e r m o n th ; a n d n ot p a r t i c i p a t i n g in an y o t h e r p r o f i t - s h a r i n g p la n . 1 P articip an t* s c o n t r ib u t i o n : T o p r o f i t - s h a r i n g fund A — d u r i n g f i r s t 6 y e a r s of p a r t i c i p a t i o n , 5 p e r c e n t of t o t a l p a y up to a m a x i m u m o f $ 1 0 0 a y e a r . No co n trib u tion s a fte r 6 y e a r s . 1961. T o p r o f i t - s h a r i n g fund B — n on e. Com pany* s c o n tr ib u ti o n : T o p r o f i t - s h a r i n g fund A — p e r c e n t of e a c h p a r t i c i p a n t ' s q u a r t e r l y e a r n i n g s up to $ 5 0 0 : Y e a r s of p a r t i c i p a t i o n P e r c e n t of t o t a l p a y 1 s t an d 2d __________________ 3d an d 4th ___________________ 5 th a n d 6 th __________________ 7th, 8th, a n d 9th ___________ 10th, 11th, a n d 12th _______ 13th, 14th, a n d 15th _______ 16th a n d t h e r e a f t e r _________ 5 6 7 8 10 12 15 T o p r o f i t - s h a r i n g fund B — 0. 15 p e r c e n t f o r e a c h m i l l i o n of p r o f i t s h a r i n g b a s e p a y , * a p p l i e d to the f i r s t $ 3 0 m i l l i o n of c o n s o l i d a t e d p rofit. T h i s p e r c e n t a g e (0. 15 p e r c e n t x p r o f i t - s h a r i n g b a s e p a y ) $ 1, 0 0 0 , 0 0 0 i s i n c r e a s e d b y o n e - s i x t h f o r e a c h of the n e x t $ 1 0 m i l l i o n of c o n s o l i d a t e d p r o f i t , an d s o on f o r e a c h a d d i t i o n a l $ 1 0 m i l l i o n of co n so lid a te d p ro fit. M a x i m u m — an a m o u n t th a t w o u ld n ot r e d u c e c o n s o l i d a t e d n e t p r o f i t 4321 to b e l o w $ 3 0 m i l l i o n , an d i s n ot in e x c e s s of 15 p e r c e n t o f p r o f i t - s h a r i n g b a s e p a y (p ay in e x c e s s of $ 2 , 0 0 0 p e r y e a r ) of a l l p a r t i c i p a n t s . If p r o f i t s a r e not s u f f i c i e n t to m a k e fu ll c o n t r ib u t i o n to th is fund a n d to the P r o c t e r a n d G a m b l e p r o f i t s h a r i n g t r u s t p l a n c o v e r ing s a l a r i e d e m p l o y e e s , c o m p a n y c o n t r ib u t i o n i s to b e d i v i d e d b e t w e e n th e m in p r o p o r t i o n to the a p p l i c a b l e r e m u n e r a t i o n of the p a r t i c i p a t i n g e m p l o y e e s . 1 P r o f i t - s h a r i n g t r u s t p la n i s in e f f e c t f o r s a l a r i e d e m p l o y e e s e a r n i n g m o r e th an $ 2 5 0 a m o n th . 2 P r o f i t - s h a r i n g b a s e p a y i s p a y in e x c e s s o f $ 2 ,0 0 0 p e r y e a r p e r p a r t i c i p a n t . 3 C o n s o l i d a t e d p r o f i t ( in c lu d in g s u b s i d i a r i e s 1) b e f o r e p r o v i d i n g f o r U. S. F e d e ra l tax es. 4 C o n s o l i d a t e d p r o f i t (in c lu d in g s u b s i d i a r i e s ' a f t e r p r o v i d i n g f o r U. S. F e d e ra l taxes. 13 T h e P r o c t e r a n d G a m b l e C o . — C o n tin u e d D istrib u tio n of c o m p a n y ' s c o n t r ib u t i o n : P r o f i t - s h a r i n g fund A — f o r f i r s t 6 y e a r s of p a r t i c i p a t i o n , e a c h p a r t i c i p a n t ’ s a c c o u n t c r e d i t e d w ith p r o f i t - s h a r i n g d i v id e n d s a c c o r d i n g to n u m b e r of y e a r s of c o n tin u o u s p a r t i c i p a t i o n . A fter 6 y e a r s , q u arte rly cash paym ents a r e m ad e. (See com pany c o n t r ib u t i o n to fund. ) P r o f i t - s h a r i n g fund B — e a c h p a r t i c i p a n t ’ s a c c o u n t i s c r e d i t e d w ith a p r o r a t a s h a r e b a s e d up o n the r e l a t i o n s h i p of h i s s h a r e ( d e t e r m i n e d b y the fo llo w in g s c h e d u l e ) to the t o t a l of a l l s h a r e s . I n v e s t m e n t of fu n d 's m o n ie s Y e a r s of p a r t i c i p a t i o n P e r c e n t of p a r t i c i p a n t ’ s p a y in e x c e s s of ______$ 2, 000 a y e a r _____ 1 s t a n d 2d __________________ 3d a n d 4th __________________ 5 th a n d 6 th __________________ 7th, 8th, an d 9th --------------10th, 11th, an d 12th _______ 13th, 14th, a n d 15th _______ 16th a n d t h e r e a f t e r _________ 5 6 7 8 10 12 15 P ro fit-sh arin g d istrib u tio n ). fund A --- c o m p a n y ’ s com m on stock (see annual P r o f i t - s h a r i n g fund B — c o m p a n y ’ s c o m m o n s t o c k , U o S . s e c u r i t i e s , o r o t h e r s e c u r i t i e s , a s d e t e r m i n e d by t r u s t e e s . W ith d r a w a l of m oney f r o m fu n d s : P r o h i b i t e d w h ile a c t i v e l y e m p l o y e d . P aym ent fro m P r o f i t - s h a r i n g fu n d s A an d B — 100 p e r c e n t of i n v e s t m e n t s an d fu n d s in c a s e of— c a s h , an i m m e d i a t e an n u ity o r s o m e o t h e r e q u i t a b l e d i s t r i b u t i o n , R etirem e n t, a t t r u s t e e s ' o p tio n . d e ath , o r d isab ility : T r a n s f e r to nonm em ber su b sid iary or asso c ia te d com pany: V e stin g : 100 p e r c e n t of p a r t i c i p a n t ’ s a c c o u n t . P r o f i t - s h a r i n g fund A — a f t e r 6 y e a r s o f p a r t i c i p a t i o n : 5 100 p e r c e n t of p a r t i c i p a n t ' s a c c o u n t . U n d e r 6 y e a r s , e m p l o y e e c o n t r i bu tions p lu s 4 - p e r c e n t in t e r e s t . 5 R e d u c e d to 3 y e a r s of p a r t i c i p a t i o n f o r w o m e n l e a v i n g to b e m a r r i e d w ith in 60 d a y s a f t e r t e r m i n a t i o n of e m p l o y m e n t , an d f o r w o m e n l e a v i n g c o m p a n y w ho m a r r i e d w h ile e m p l o y e d by c o m p a n y . 14 T h e P r o c t e r an d G a m b l e C o . — C o n tin u e d V e stin g :— C o n tin u e d P r o f i t - s h a r i n g fund B — w ith 10 y e a r s of p a r t i c i p a t i o n : 100 p e r c e n t of p a r t i c i p a n t 1s a c c o u n t . If p a r t i c i p a n t t e r m i n a t e s e m p l o y m e n t , d i s t r i b u t i o n i s m a d e in f i v e a n n u a l i n s t a l l m e n t s . If p a r t i c i p a n t d i r e c t s t r u s t e e s to p u r c h a s e a d e f e r r e d a n n u ity (w hich p a r t i c i p a n t m a y do a f t e r c o m p l e t i n g 10 y e a r s of s e r v i c e ) an d if the e m p l o y e e then r e s i g n s o r i s d i s m i s s e d , s u c h a n n u ity i s h e l d b y t r u s t e e s f o r 5 y e a r s f r o m d a t e p u r c h a s e d u n l e s s d e a th o r d i s a b i l i t y o c c u r s p r i o r to c o m p l e t i o n of 5 y e a r s . Annual d istrib u tio n : On c o m p l e t i o n of 6 y e a r s of c o n tin u o u s p a r t i c i p a t i o n : C e r t i f i c a t e f o r n u m b e r of s h a r e s of c o m m o n s t o c k i s s u e d an d d e l i v e r e d to p a r t i c i p a n t ; t h e r e a f t e r , a l l d iv id e n d s on s t o c k p a i d to h im a s sh a re h o ld e r. A l s o , a s lon g a s h e r e t a i n s the s h a r e s a c q u i r e d d u r i n g the f i r s t 3 y e a r s of a c t i v e p a r t i c i p a t i o n , he r e c e i v e s c o m p a n y ’ s c o n t r ib u t i o n ( p r o f i t - s h a r i n g d iv i d e n d s ) in c a s h . F o rfeitu res: Reduce P r o v i s i o n in illu strativ e un ion agreem en t: C o l l e c t i v e b a r g a i n i n g a g r e e m e n t with I v o r y d a l e a n d S t. B e r n a r d E m p l o y e e s ' R e p r e s e n t a t i o n A s s o c i a t i o n , I v o r y d a l e a n d S t. B e r n a r d , O hio, A r t i c l e X V III, e f f e c t i v e F e b r u a r y 13, I 9 6 0 , p r o v i d e s : "T h e such keep m ent th ese c o m p a n y 's c o n t r ib u t i o n to fu n d s A an d B . e m p l o y e r h a s s e t up p l a n s f o r the b e n e f i t o f e m p l o y e e s , a s . . . p r o f i t s h a r i n g . . . T h e e m p l o y e r h o p e s it c a n t h e s e p l a n s in e f f e c t . It i s u n d e r s t o o d th a t th is a g r e e in no w a y a f f e c t s the e m p l o y e r ' s r i g h t to c h a n g e o r s to p p lan s. " 15 N am e of p lan : S e a r s , R o e b u c k and C o . S a v i n g s an d P r o f i t S h a r i n g an d C o . E m p l o y e e s . P e n sion Fund of E ffectiv e date: J u l y 1, 1916. D a te o f l a t e s t am endm ent: N o v e m b e r 22, P articip an ts: R e g u l a r e m p l o y e e s w ith 1 y e a r o f s e r v i c e . P a rticip a n ts c o n t r ib u t i o n : 5 p e r c e n t of c o m p e n s a t i o n u p $ 5 0 0 a n n u a ll y . 1 C o m p a n y 1s c o n t r ib u t i o n : T h e p e r c e n t a g e of c o n s o l i d a t e d n et p r o f i t s , d i v i d e n d s , sh o w n b y th e f o ll o w in g s c h e d u l e : Sears, 1961. to a m axim u m G roup c lassi ficatio n age, an d L e n g t h of c o m p a n y s e r v ic e re q u ire d fo r p a r tic u la r group of t a x e s an d Percent co n trib u te d $ 5 0 m i l l i o n but l e s s th an $ 100 m i l l i o n ___ $ 100 m i l l i o n bu t l e s s th a n $ 150 m i l l i o n ___ $ 1 5 0 m i l l i o n but l e s s th a n $ 175 m i l l i o n ___ $ 1 7 5 m i l l i o n but l e s s th an $ 2 0 0 m i l l i o n ___ $ 2 0 0 m i l l i o n but l e s s th a n $ 2 5 0 m i l l i o n ___ $ 2 5 0 m i l l i o n an d o v e r ______________________ P r o p o r t i o n a t e to s e r v i c e , h is group c la s s ific a tio n . co n trib u tion b efo re C o n so lid a te d net annual p r o fit D istrib u tion of c o m p a n y ^ c o n t r ib u t i o n : Roebuck 5 6 7 8 9 10 d e p o s i t s o f p a r t i c i p a n t an d R atio of com pany con trib u tion for each d o lla r d e p o site d A _______ . L e s s th a n 5 y e a r s ________________ 1 for 1 B _______ . 5 o r m o r e bu t l e s s th an 10 y e a r s — T w i c e g r o u p A C _______ 10 o r m o r e y e a r s , e x c lu d in g g r o u p D ___________________________ T h r e e t i m e s group A D _______ 15 o r m o r e y e a r s and 50 o r m o r e y e a r s o f a g e _______________ F o u r t i m e s group A I n v e s t m e n t of f u n d 's m o n i e s : No l i m i t a t i o n ; i n s o f a r a s p r a c t i c a b l e , in c o m p a n y ' s c o m m o n s t o c k . 1 F o r e m p l o y e e s w h o s e a n n u a l c o m p e n s a t i o n e x c e e d s $ 10, 0 0 0 , th e s u p p l e m e n t a l s a v i n g s an d r e t i r e m e n t p la n o f S e a r s , R o e b u c k an d C o . p r o v i d e s a d d i tion al b e n e fits. 16 S e a r s , R o e b u c k and C o . — C o n tin u e d W it h d r a w a l of m oney fro m fund: In o r d e r to f u r t h e r r e t i r e m e n t s e c u r i t y , a d e p o s i t o r o f 10 o r m o r e c o n se c u tiv e c a le n d a r y e a r s m a y a p p ly fo r w ith d ra w al of o n e - h a l f o f th e c r e d i t s a d d e d to h i s a c c o u n t b e g in n in g w ith the 10th y e a r l e s s the t o t a l o f a l l w i t h d r a w a l s m a d e p r i o r to s u c h w i t h d r a w a l ; a g r o u p D d e p o s i t o r w ith 15 o r m o r e y e a r s o f s e r v i c e a n d o v e r a g e 50 m a y a p p ly f o r w i t h d r a w a l of l a r g e r a m o u n t s . T r u s t e e s ' a p p ro v a l re q u ired . F o r an y r e a s o n , a d e p o s i t o r o f 15 o r m o r e c a l e n d a r y e a r s m a y a p p ly f o r w i t h d r a w a l s e q u a l to o n e - h a l f o f c r e d i t s a d d e d to h i s a c c o u n t b e g in n in g w ith the 15th y e a r , l e s s p r e v i o u s w i t h d r a w a l s . T r u ste e s * a p p ro v a l re q u ired . T o p u r c h a s e h o m e to p r o v i d e a d e q u a t e l i v i n g f a c i l i t i e s f o r h i m s e l f and f a m i l y , a d e p o s i t o r w ith 5 o r m o r e y e a r s o f s e r v i c e m a y a p p ly f o r a w i t h d r a w a l p r o v i d i n g the p r o p o s e d w i t h d r a w a l w il l b e u s e d to f u r t h e r the d e p o s i t o r ' s r e t i r e m e n t s e c u r i t y . S u c h w i t h d r a w a l s p l u s a l l p r e v i o u s w i t h d r a w a l s c a n n o t e x c e e d 60 p e r c e n t o f a l l m o n i e s and s e c u r i t i e s c r e d i t e d to h i s a c c o u n t s i n c e jo i n i n g the fund. T r u s t e e s ' a p p r o v a l r e q u i r e d . In e v e n t of i l l n e s s o f d e p o s i t o r o r d e a t h o r i l l n e s s in i m m e d i a t e f a m i l y , a d e p o s i t o r w ith 5 o r m o r e y e a r s o f c o n tin u o u s s e r v i c e m a y a p p ly f o r p a r t i a l w i t h d r a w a l s n o t o t h e r w i s e p e r m i t t e d . D e p o s i t o r s w ith l e s s th a n 5 y e a r s o f s e r v i c e m a y in no i n s t a n c e a p p ly f o r w i t h d r a w a l in e x c e s s o f t h e i r own d e p o s i t s . T r u s t e e s ' a p p ro v a l re q u ired . O th e r r e a s o n s : O n ly c o m p l e t e w i t h d r a w a l s p e r m i t t e d . ( P a r t i c i p a n t s with l e s s th an 5 y e a r s o f s e r v i c e f o r f e i t c o m p a n y ' s c o n trib u tio n . ) P aym ent fro m fund in c a s e of re tire m e n t, death, o r d isa b ility : Up to 100 p e r c e n t of c o m p a n y s t o c k , c a s h a n d / o r an a n n u ity c o n t r a c t a s r e q u e s t e d , s u b j e c t to t r u s t e e s ' a p p r o v a l . W ithin 5 y e a r s o f r e t i r e m e n t d a t e , t r u s t e e s m a y , on r e q u e s t o f p a r t i c i p a n t, p u r c h a s e s i n g l e p r e m i u m a n n u ity , e i t h e r in d i v i d u a l o r j o i n t an d s u r v i v o r s , c o n t r a c t . V e stin g : A fte r 5 y e a r s of s e r v i c e , F o rfeitu res: L a p s e d a c c o u n t s o f d e p o s i t o r s w ith l e s s th a n 5 y e a r s ' s e r v i c e a r e c r e d i t e d a t y e a r e n d to r e m a i n i n g p a r t i c i p a n t s ' a c c o u n t s in p r o p o r t i o n to n u m b e r o f s h a r e s o f c o m p a n y c a p i t a l s t o c k to t h e i r c r e d i t a t b e g in n in g of y e a r an d n o t w it h d r a w n d u r i n g y e a r . P articip a n ts' p articip atio n in p la n a d m in istratio n : A d v i s o r y c o u n c il , c o n s i s t i n g o f 19 p a r t i c i p a n t s e l e c t e d b y e m p l o y e e s in s p e c i f i e d a r e a s , m e e t s w ith b o a r d o f t r u s t e e s s e m i a n n u a ll y to d i s c u s s and m a k e r e c o m m e n d a t i o n s . 100 p e r c e n t o f p a r t i c i p a n t ' s a c c o u n t . 17 N a m e of p l a n : S t a n d a r d O il Co. Stock P lan . of C a l i f o r n i a E ffe c tiv e d ate: J u ly 1, P a rtic ip a n ts: E m p l o y e e s w ith 5 y e a r s of s e r v i c e a n d w ho a r e a t l e a s t 35 y e a r s of age. P articip an t’ s c o n t r ib u t i o n : P e r c e n t a g e of r e g u l a r e a r n i n g s : 1952. T ype of c o n t r ib u t i o n A m o u n t o f c o n t r ib u t i o n on a n n u a l e a r n i n g s Up to $ 4 , 800 1 In e x c e s s of $ 4 , 8 0 0 1 B a s i c _____ O p t i o n a l ___ 2V2 0 0 2V2 o r 5 C om pany’ s c o n t r ib u t i o n : 2 p e r c e n t of i t s q u a r t e r l y c o n s o l i d a t e d n e t i n c o m e b e f o r e i n c o m e t a x e s an d b e f o r e the c o n t r ib u t i o n . D i s t r i b u t i o n of com pany’ s c o n tr ib u ti o n : P r o p o r t i o n a t e to p a r t i c i p a n t ’ s c o n t r ib u t i o n . I n v e s t m e n t of fu n d’ s m o n ie s: C o m p an y ’ s co m m o n stock. W ith d r a w a l of m o n e y f r o m fund: Only c o m p l e t e w i t h d r a w a l p e r m i t t e d . S t o c k an d c a s h , a t t r i b u t a b l e to c o m p a n y ' s c o n t r ib u t i o n a r e f o r f e i t e d . P aym en t fro m fund in c a s e of re tire m e n t at or a fte r a g e 60, d e a t h , or d isab ility : 100 p e r c e n t of p a r t i c i p a n t ’ s a c c o u n t . V e stin g : With l e s s th an 10 y e a r s of p l a n m e m b e r s h i p — n on e. With 10 y e a r s o r m o r e p l a n m e m b e r s h i p — 25 p e r c e n t of s t o c k p u r c h a s e d w ith c o m p a n y ' s c o n t r ib u t i o n ; p l u s a n a d d i t i o n a l 5 p e r c e n t of s t o c k f o r e a c h a d d i t i o n a l y e a r of p l a n m e m b e r s h i p . A t o r a f t e r a g e 60— 100 p e r c e n t . F o rfeitu res: C r e d i t e d to a c c o u n t s o f r e m a i n i n g p a r t i c i p a n t s . P r o v i s i o n in illu strativ e un ion agreem en t: C o l l e c t i v e b a r g a i n i n g a g r e e m e n t s w ith O il, C h e m i c a l an d A t o m i c W o r k e r s I n t e r n a t i o n a l U n ion , E l Segundo, C alif. , effective A p r i l 9, 1959, A r t i c l e X V , p r o v i d e s : ’’E m p l o y e e s c o v e r e d b y th is a g r e e m e n t w i l l r e c e i v e e m p l o y e e b e n e f i t s in a c c o r d a n c e w ith the p r o v i s i o n s s e t f o r t h in the p u b l i s h e d b e n e f i t p l a n s of the c o m p a n y . T h e c o m p a n y a g r e e s to i n f o r m the un ion in a d v a n c e of an y r e v i s i o n s o r a m e n d m e n t s to i t s p u b l i s h e d b e n e f i t p l a n s b u t r e s e r v e s the r i g h t to a m e n d s a i d p l a n s in a c c o r d a n c e w ith the p r o v i s i o n t h e r e o f . . . " 1 E a r n i n g s l e v e l s a u t o m a t i c a l l y a d j u s t e d to the m a x i m u m a n n u a l a m o u n t of w a g e s on w h ich s o c i a l s e c u r i t y t a x e s a r e p a i d . 18 Savings Plans N a m e of p l a n : E . I. D u p on t de N e m o u r s T h e D u p on t T h r i f t P l a n . E ffe c tiv e d ate: Septem ber D a te o f l a t e s t am en dm en t: J u ly 1, P articip an ts: E m p l o y e e s w ith 2 y e a r s of s e r v i c e . P a r t i c i p a n t 1s con trib u tion : $ 1 2 .5 0 , $ 1 8 .7 5 , p a n t ’ s o p tio n . Com pany* s c o n t r ib u t i o n : O n e - f o u r t h o f p a r t i c i p a n t * s c o n t r ib u t i o n . D istrib u tio n of co m p an y * s con trib u tion : P r o p o r t i o n a t e to p a r t i c i p a n t * s c o n t r ib u t i o n . I n v e s t m e n t of fu n d ’ s m o n ie s : P a r t i c i p a n t ’ s c o n t r ib u t i o n : Paym ent f r o m fund during ac tiv e em ploym en t: A fte r 4 y e a r s of p a r tic ip a tio n , bonds p u r c h a s e d du ring f i r s t y e a r d e l i v e r e d to p a r t i c i p a n t t o g e t h e r w ith a n y fu ll s h a r e of c o m p a n y s t o c k r e g i s t e r e d in h i s n a m e f o r a t l e a s t 2 y e a r s ; t h e r e a f t e r , e a c h y e a r p a r t i c i p a n t r e c e i v e s 1 y e a r ’ s p u r c h a s e of b o n d s an d the s t o c k r e g i s t e r e d in h i s n a m e f o r 2 y e a r s . W it h d r a w a l of m oney f r o m fu nd: O nly c o m p l e t e w i t h d r a w a l p e r m i t t e d . P a r t i c i p a n t s w ith l e s s th an 1 y e a r of s e r v i c e f o r f e i t s t o c k p u r c h a s e d w ith c o m p a n y * s c o n t r ib u t i o n . P aym en t fro m fund in c a s e of r e tir e m e n t, o r lay o ff: 100 p e r c e n t o f p a r t i c i p a n t ’ s a c c o u n t . V e stin g : A f t e r 1 y e a r of p a r t i c i p a t i o n , 1 0 0 p e r c e n t of p a r t i c i p a n t ’ s a c c o u n t . F o rfeitu res: R e d u c e c o m p a n y * s c o n tr ib u ti o n . P r o v i s i o n in illu strativ e un ion agreem en t: C o l l e c t i v e b a r g a i n i n g a g r e e m e n t w ith M a r t i n s v i l l e N y lo n E m p l o y e e s ’ C o u n c i l C o r p . , M a r t i n s v i l l e , V a. , A r t i c l e IX , e f f e c t i v e J u n e 8, 1 959, p r o v i d e s : 1, Co. 1955. I960. $25, C o m p a n y ’ s c o n t r ib u t i o n : $ 3 1 .2 5 , or U .S . $ 3 7 .5 0 m on th ly, a t p a r t i c i Sav in g s B o n d s. C o m p an y’ s com m on stock. " T h e c o m p a n y h a s a d o p t e d c e r t a i n p l a n s a n d p r a c t i c e s , known a s i n d u s t r i a l r e l a t i o n s p l a n s an d p r a c t i c e s , l i s t e d b e l o w , d e s i g n e d to p r o m o t e e m p l o y e e s e c u r i t y . . . T h e s e p l a n s a n d p r a c t i c e s a r e a d m i n i s t e r e d s o l e l y a c c o r d i n g to c o m p a n y r u l e s , r e g u l a t i o n s an d i n t e r p r e t a t i o n s , a n d m a y b e c h a n g e d o r w it h d r a w n b y the c o m p a n y w h en , in i t s j u d g m e n t , it b e c o m e s a d v i s a b l e , p r o v i d e d , h o w e v e r , t h a t a s lon g a s a n y one of s u c h p l a n s a n d p r a c t i c e s i s in e f f e c t w ith in the c o m p a n y , it s h a l l n ot b e w it h d r a w n f r o m the e m p l o y e e s c o v e r e d b y th is a g r e e m e n t . . . . t h r i f t p la n . " 19 N a m e o f p la n : G e n e r a l E l e c t r i c Co. G e n e r a l E l e c t r i c S a v i n g s and S e c u r i t y P r o g r a m . E f f e c t i v e d a te : J a n u a r y 1, 1959. P a rticip an ts: A l l e m p l o y e e s e x c e p t t h o s e r e p r e s e n t e d b y u n io n s w h ich d id not a c c e p t the p r o g r a m and c e r t a i n o t h e r e m p l o y e e s who i n i t i a l l y e l e c t e d not to p a r t i c i p a t e . M a j o r e x e c u t i v e s n ot e l i g i b l e . P a r t i c i p a n t 1s c o n tr ib u ti o n : 1, 2, 3, 4, 5, o r 6 p e r c e n t o f e a r n i n g s , C o m p a n y 1s c o n tr ib u ti o n : 50 p e r c e n t o f p a r t i c i p a n t s D istrib u tion o f c o m p a n y 1s c o n t r ib u t i o n : B a s e d on p a r t i c i p a n t s c o n t r ib u t i o n ( s e e a b o v e ) . I n v e s t m e n t of fu n d t s m o n i e s : P a r t i c i p a n t s c o n t r ib u t i o n — a l l in U. S . G o v e r n m e n t S a v i n g s B o n d s o r a t p a r t i c i p a n t s o p tio n , 10, 20, 30, 40, o r 50 p e r c e n t in c o m p a n y 1s c o m m o n s t o c k an d r e m a i n d e r in b o n d s . a t p a r t i c i p a n t s op tio n . c o n t r ib u t i o n . C o m p a n y ’ s c o n t r ib u t i o n — U. S . G o v e r n m e n t S a v i n g s c o m p a n y ^ c o m m o n s t o c k , a t p a r t i c i p a n t s o p t io n . W ith draw al of m o n e y f r o m fund due to— L ay o ff fo r lac k of w ork: Bonds or A f t e r 2 w e e k s — a l l o r p a r t o f a m o u n t to h i s c r e d i t b e c a u s e o f h i s c o n t r ib u t i o n w ith o ut a f f e c t i n g h i s e l i g i b i l i t y to c o m p a n y c o n t r i b u t io n . A f t e r 6 m o n t h s — e n t i r e a m o u n t ( b a s e d on h i s an d c o m p a n y c o n t r i b u t io n ) . S t r i k e a b s e n c e : W ithout e a r n i n g s f o r m o r e th an 2 w e e k s — w i t h d r a w a l s of h i s s a v i n g s a r e p e r m i t t e d w ith o ut a f f e c t i n g h i s e l i g i b i l i t y to c o m pany* s c o n tr ib u ti o n . O th e r r e a s o n : Paym ent fro m fund in c a s e of— R etirem e n t, d isab ility , or p la n t c l o s i n g : A t an y t i m e — p a r t i c i p a n t m a y w it h d r a w s a v i n g s ; h o w e v e r , f o r f e i t s h i s e l i g i b i l i t y to c o m p a n y 1s p a s t c o n t r ib u t i o n . he 100 p e r c e n t . If a m o u n t b a s e d on c o n t r ib u t i o n i s l e f t w ith c o m p a n y f o r r e O th er a b s e n c e o r t e r m i n a t i o n m a i n d e r o f h o ld in g p e r i o d , p a r t i c i p a n t i s e n t it le d to e n t i r e a c of e m p l o y m e n t : co u n t, in c lu d in g c o m p a n y ’ s c o n t r ib u t i o n . V e stin g : 100 p e r c e n t — a t end o f 3 y e a r s f r o m J a n u a r y 1 f o llo w in g the y e a r in w h ich the s e c u r i t i e s a r e c r e d i t e d . P a r t i c i p a n t m a y h a v e s t o c k s an d b o n d s d e l i v e r e d to h im o r h e m a y l e a v e th e m with th e c o m p a n y u n t il r e t i r e m e n t o r t e r m i n a t i o n o f e m p l o y m e n t . F o rfeitu res: R edu ce co m p an y ’ s con trib u tion . 20 N a m e of p la n : G e n e r a l E l e c t r i c C o. G en eral E le c tr ic E m p lo y e es S a v i n g s and S t o c k Bonus P lan . 1 E ffe c tiv e date: O c t o b e r 1, 1948. D a t e of l a t e s t am endm ent: N o v e m b e r 21, P articip an ts: A ll e m p l o y e e s r e p r e s e n t e d by u n io n s w h ich did not a c c e p t the " G e n e r a l E l e c t r i c S a v i n g s and S e c u r i t y P r o g r a m " and c e r t a i n o t h e r e m p l o y e e s who i n i t i a l l y e l e c t e d n ot to p a r t i c i p a t e in s a m e s a v i n g s and s e c u r i t y p r o g r a m . M a j o r e x e c u t i v e s not e l i g i b l e . P a r t i c i p a n t 1s c o n tr ib u ti o n : A t p a r t i c i p a n t s o p tio n : 1958. M in im u m — $ 0 . 7 5 w e e k ly . M a x i m u m — $ 10. 00 w e e k l y . A g g r e g a t e e m p l o y e e s 1 s a v i n g s u n d e r p l a n l i m i t e d to $ 5 0 , 0 0 0 , 000 a n n u a lly . C o m p a n y 1s c o n t r ib u t i o n : 15 p e r c e n t of p a rtic ip a n t. aggregate c o s t of bonds D istrib u tion o f c o m p a n y 1s c o n tr ib u ti o n : B a s e d on p a r t i c i p a n t s I n v e s t m e n t of fu n d 1s m o n i e s : P a r t i c i p a n t ’ s c o n t r ib u t i o n — U. S. purch ased a n n u a ll y by c o n t r ib u t i o n . S a v in g s Bonds. C o m p a n y ’ s c o n t r ib u t i o n — c o m p a n y ’ s c o m m o n s t o c k . W it h d r a w a l of m on ey f r o m fund: W ith d r a w a l p e r m i t t e d of e i t h e r a l l b o n d s p u r c h a s e d with p a r t i c i p a n t ’ s c o n t r ib u t i o n o r t h o s e p u r c h a s e d d u r i n g y e a r . C o m p a n y ’ s c o n t r ib u t i o n ( s t o c k b o n u s ) f o r f e i t e d . P aym ent fro m fund in c a s e of— D e a th : 100 p e r c e n t — b o n d s p l u s s t o c k b o n u s , h e ld b y c o m p a n y f o r 5 y e a r s . O th e r : a lt h o u g h D i s t r i b u t i o n a f t e r n o r m a l h o ld in g p e r i o d . b o n d s w e r e not ( S e e " V e s t i n g " b e lo w . ) V estin g: 100 p e r c e n t a t end of 5 y e a r s f r o m J a n u a r y 1, fo llo w in g y e a r in w h ich b o n d s w e r e p u r c h a s e d . B o n d s and s t o c k w il l be d e l i v e r e d to p a r t i c i p a n t f o llo w in g c o m p l e t i o n of s a i d 5 - y e a r h o l d ing p e r i o d . F o rfeitu re s: R e d u c e c o m p a n y ’ s c o n t r ib u t i o n . 1 P l a n i s in a d d it i o n to e x i s t i n g s a v i n g s p l a n w h ich d o e s n ot r e q u i r e w o r k e r to d e p o s i t bond with c o m p a n y f o r a 5 - y e a r p e r i o d . 21 N a m e of p l a n : G u lf O il C o r p . E m p lo y e e s S av in g s P lan . E ffectiv e date: Jan u ary D a te o f l a t e s t am endm ent: A p r i l 1, P a rtic ip a n ts: W o r k e r s w ith a t l e a s t 6 m o n t h s ' ing l e s s th an $ 1 6 , 8 5 4 a n n u a ll y . P articip an t* s c o n t r ib u t i o n : A t p a r t i c i p a n t * s o p tio n , c ated a s fo llo w s: 1, 1950. 1961. c o n tin u o u s s e r v i c e an d e a r n up to 9 p e r c e n t of c o m p e n s a t i o n a l l o A n n uity fund— 3 p e r c e n t of c o m p e n s a t i o n ( o r a m o u n t o f c o n t r i b u tio n , i f l e s s th an 3 p e r c e n t ) . S a v i n g s fund— a m o u n t in Com pany* s c o n t r ib u t i o n : e x c e s s of 3 p e r c e n t of co m p e n satio n . A n n uity fund— a m o u n t s a c t u a r i a l l y c o m p u t e d to p r o v i d e the a m o u n t s r e q u i r e d , in a d d it i o n to p a r t i c i p a n t s ' a c c u m u l a t e d c o n t r i b u t i o n s , f o r the b e n e f i t s p a y a b l e . S a v i n g s fund— n on e . S t o c k b o n u s fund— 50 p e r c e n t of p a r t i c i p a n t * s t o t a l c o n t r i b u t i o n s to the s a v i n g s fund. D i s t r i b u t i o n of com pany* s c o n t r ib u t i o n : I n v e s t m e n t of fund* s m o n i e s : aggregate A n n uity fund— no a l l o c a t i o n s m a d e to in d i v i d u a l a c c o u n t s . S t o c k b o n u s fund— no a l l o c a t i o n s m a d e to in d i v i d u a l a c c o u n t s . A t the end o f t e r m , th e fund i s d i s t r i b u t e d to p a r t i c i p a n t s in p r o p o r t i o n to the a m o u n t then in t h e i r a c c o u n t s in the s a v i n g s fund. 1 A n n uity fund— s t o c k s a n d s e c u r i t i e s S a v i n g s fund--- U. S. (not in c o m p a n y ) . sa v in g s bonds. S t o c k b o n u s fund— c o m p a n y ' s c o m m o n s t o c k . W ith d r a w a l of m o n e y f r o m fu n d s : Paym ent f r o m fu n d s during a c tiv e em ploym en t: A n n u ity fund— n ot p e r m i t t e d . S a v i n g s fund—p e r m i t t e d ; h o w e v e r , s u c h w i t h d r a w a l s r e d u c e b e n e f i t s f r o m s t o c k b o n u s fund. ( S e e " p a y m e n t f r o m fu n d s d u r i n g a c t i v e e m p l o y m e n t . ") A n n uity fund— n o n e . S a v i n g s fund— a t th e c l o s e of e a c h t e r m , 1 the b o n d s h e l d in the a c c o u n t of the p a r t i c i p a n t in th a t t e r m a n d an y c a s h b a l a n c e a r e d e l i v e r e d to the p a r t i c i p a n t . 1 A t e r m r u n s f o r 3 c o n s e c u t i v e c a l e n d a r y e a r s . C o n t r i b u t i o n s to the s a v i n g s fund a n d the s t o c k b o n u s fund a r e m a d e on ly d u r i n g the f i r s t y e a r of e a c h t e r m ; the r e m a i n i n g 2 y e a r s c o n s t i t u t e a h o ld in g p e r i o d . A new s a v i n g s fund a n d a new s t o c k b o n u s fund a r e e s t a b l i s h e d f o r e a c h t e r m . G u lf O il C o r p . — C o n tin u e d Paym ent f r o m fu n d s d u r in g a c t i v e em p lo y m e n t:— C o n tin u e d S t o c k b o n u s fund— a t the c l o s e of e a c h t e r m , 2 the a s s e t s o f the fund of th a t t e r m a r e d i s t r i b u t e d to m e m b e r s in w h o s e a c c o u n t s b o n d s o r c a s h a r e s t i l l h e l d by the s a v i n g s fund of th a t t e r m , b a s e d on the p r o p o r t i o n w h ich the t o t a l o f the p u r c h a s e p r i c e of the p a r t i c i p a n t ' s b o n d s a t th a t t i m e p l u s c a s h in a c c o u n t b e a r s to the p u r c h a s e p r i c e o f a l l b o n d s a n d c a s h h e l d b y the s a v i n g s fund of th a t t e r m . Paym ent f r o m fu n d s in c a s e of— R etirem e n t: A n n uity fund— an nu ity a c t u a r i a l l y e q u i v a l e n t to tw ic e p a r t i c i p a n t ’ s a c c u m u la te d co n trib u tio n s. S a v i n g s fund— 100 p e r c e n t of a l l of p a r t i c i p a n t ’ s a c c o u n t s in the s a v i n g s fu n d s . S t o c k b o n u s fund— s t o c k e q u a l in c o s t to o n e - h a l f the v a l u e of the t o t a l p u r c h a s e p r i c e of b o n d s h e l d in p a r t i c i p a n t * s a c c o u n t in the s a v i n g s fund of the s a m e t e r m . 2 A nnuity fund— l u m p - s u m p a y m e n t e q u a l to t w ic e w o r k e r ' s a c c u m u la te d co n trib u tion s. D e a th : S a v i n g s fund a n d s t o c k b o n u s fund— s a m e a s f o r r e t i r e m e n t . A n n uity fund— w ith l e s s th an 10 y e a r s of s e r v i c e — n o n e ; w ith a t l e a s t 10 y e a r s of s e r v i c e , if p a r t i c i p a n t l e a v e s h i s c o n t r i b u tio n in a c c o u n t un til a g e 65— 100 p e r c e n t . P a y m e n t i s m a d e in the f o r m of an a n n u ity a c t u a r i a l l y e q u i v a l e n t to t w ic e the p a r t i c i p a n t 's a c c u m u la te d c o n trib u tio n s. V estin g: S t o c k b o n u s fund— none ( s e e e m p l o y m e n t " ). F o rfeitu res: " p a y m e n t f r o m fu n d s d u r i n g a c t i v e A n n uity fund— n ot a p p l i c a b l e . S to c k b o n u s fund— a l l a s s e t s r e m a i n in fund u n til end of t e r m a n d th u s i n c r e a s e a m o u n t of b o n u s th a t i s d i s t r i b u t e d to r e m a i n ing p a r t i c i p a n t s . P r o v i s i o n in illu strativ e un ion agreem en t: S t ip u la t i o n c o v e r i n g w e l f a r e a n d b e n e f i t p l a n s w ith O il W o r k e r s I n t e r n a t i o n a l U n io n , CIO (now O il, C h e m i c a l an d A t o m i c W o r k e r s I n t e r n a t i o n a l U n io n , A F L - C I O ) , A r t i c l e II, d a t e d S e p t e m b e r 19, 1 950, c o v e r i n g c l e r i c a l e m p l o y e e s a t the P o r t A r t h u r R e f i n e r y , P o r t A rth ur, T ex. , p r o v id e s: " T h e c o m p a n y w il l e s t a b l i s h the " E m p l o y e e s ' S a v i n g s P l a n of G u lf Oil C o r p o r a t i o n , " h e r e i n a f t e r r e f e r r e d to a s the " S a v i n g s P l a n , " a co p y of w h ich i s a t t a c h e d h e r e t o a s e x h ib it " A " a n d m a d e a p a r t of th is a g r e e m e n t to the e x t e n t a p p l i c a b l e to the e m p l o y e e s r e p r e s e n t e d by the U n io n a n d c o v e r e d b y t h is s u p p l e m e n t a l a g r e e m e n t , a s i f fu lly s e t out h e r e i n . " 2 Op. c it. , fo o tn o te 1. 23 i N a m e of p la n : P a c i f i c G a s and E l e c t r i c Co. S av in g s Fund P lan . E ffe c tiv e date: A p r i l 1, 1959. D a t e of l a t e s t am endm ent: N o v e m b e r 23, 1959. P articip an ts: E m p l o y e e s with a t l e a s t 5 y e a r s o f s e r v i c e o f r e t i r e m e n t p la n . P a r t i c i p a n t 1s c o n t r ib u t i o n : P ercentage of p a y , varyin g acco rd in g to who a r e m e m b e r s le n g th of serv ic e : Y e a r s of s e r v i c e P e r c e n t a g e , at p a r t i c i p a n t s op tion 5 but l e s s than 10 ____ 10 but l e s s th an 15 _ _ _ 15 a n d o v e r ----------------- 2, 3, o r 4 p e r c e n t 2, 3, 4, o r 5 p e r c e n t 2, 3, 4, 5, o r 6 p e r c e n t C o m p a n y 1s c o n tr ib u ti o n : 50 p e r c e n t o f p a r t i c i p a n t ’ s c o n t r ib u t i o n . D istrib u tio n of c o m p a n y 1s c o n tr ib u tio n : P r o p o r t i o n a t e to p a r t i c i p a n t ’ s c o n t r ib u t i o n . I n v e s t m e n t of fu n d 1s m o n i e s : P a r t i c i p a n t ’ s c o n t r ib u t i o n — e q u a l l v in c o m p a n y ' s c o m m o n s t o c k and U. S. S a v i n g s B o n d s o r e n t i r e l y in e i t h e r on e, a t p a r t i c i p a n t ’ s op tio n . C o m p a n y ' s c o n t r ib u t i o n — c o m p a n y ' s c o m m o n s t o c k . W ith d r a w a l of m oney f r o m fund: P a r t i c i p a n t p e r m i t t e d to and c a s h a t t r i b u t a b l e to and c a s h a t t r i b u t a b l e to in w h ich a v e s t e d r ig h t sh ip th is p r o v i s i o n m a y w it h d r a w a l l o r p a r t of s t o c k s , b o n d s , h i s c o n t r ib u t i o n a t an y t i m e , and s t o c k s c o m p a n y ’ s c o n t r ib u t i o n a t end of y e a r i s o b ta in e d (in c a s e o f u n u s u a l h a r d be w a i v e d ) . If p a r t i c i p a n t w it h d r a w s a m o u n t a t t r i b u t a b l e to h i s c o n t r ib u t i o n f o r a n y y e a r f o r w h ich c o m p a n y ’ s c o n t r ib u t i o n i s not v e s t e d ( s e e " V e s t i n g " ) , c o m p a n y ’ s c o n t r ib u t i o n f o r th a t y e a r i s f o r f e i t e d . P aym ent fro m fund in c a s e of r e t i r e m e n t , death, o r d isab ility : 100 p e r c e n t of p a r t i c i p a n t ’ s a c c o u n t . V estin g : S t o c k and c a s h a t t r i b u t a b l e to c o m p a n y c o n t r i b u t i o n s v e s t e d in w o r k e r at the end of the t h ir d y e a r fo ll o w in g the y e a r in w h ich the c o n t r i b u t i o n s w e r e m a d e . F o rfeitu res: R e d u c e c o m p a n y ’ s c o n t r ib u t i o n . 24 N am e of p lan : S o c o n y - M o b i l O il Co. , Inc. E m p lo y e e s S av in g s P lan . E ffe c tiv e date: Septem ber D a te o f l a t e s t am en dm en t: Jan u ary P a rtic ip a n ts: R e g u l a r e m p l o y e e s c o n tr ib u ti n g to r e t i r e m e n t p l a n a f t e r o f c o n tin u o u s a c t i v e s e r v i c e . P a r t i c i p a n t 1s c o n t r ib u t i o n : 1, 2, 3, 4, o r 5 p e r c e n t of b a s e p a y , a t w o r k e r ’ s op tio n . C o m p a n y 1s c o n t r ib u t i o n : B a s e d on p a r t i c i p a n t ’ s y e a r s of s e r v i c e a n d c o n t r ib u t i o n : 1, 1, 1951. 1961. Y e a r s of s e r v i c e L e s s th an 1 0 ________ 1 0 b u t l e s s th an 2 0 __ 20 a n d o v e r _________ 1 year P e r c e n t of p a r t i c i p a n t 1 s c o n t r ib u t i o n e m p l o y e r c o n t r i b u t e s 60 80 100 D i s t r i b u t i o n of c o m p a n y 1s c o n t r ib u t i o n : P r o p o r t i o n a t e to p a r t i c i p a n t 1 s c o n t r ib u t i o n . I n v e s t m e n t of f u n d 1s m o n i e s : A t p a r t i c i p a n t ’ s o p tio n , in U. S. S a v i n g s B o n d s , c o m p a n y ’ s c a p i t a l s t o c k , a n d s h a r e s of c o m m o n s t o c k o f e l i g i b l e i n v e s t m en t co m p an ie s. W ith d r a w a l of m o n e y f r o m fund: B e f o r e 5 y e a r s of p a r t i c i p a t i o n — c o m p l e t e w i t h d r a w a l of a m o u n t e q u a l to the v a l u e of h i s e n t i r e a c c o u n t m i n u s t o t a l c o m p a n y c o n t r i b u t i o n s , o r the p e r c e n t a g e of h i s a c c o u n t w h ich w a s a t t r i b u t a b l e to h i s own c o n t r i b u t i o n s , w h i c h e v e r i s g r e a t e r . R e m a i n d e r in a c c o u n t i s f o r f e i t e d . A fte r 5 y e a r s of p a r tic ip a tio n — c o m p le te w ith d raw al o r p a r t ia l ’ ' a l l o t m e n t " w i t h d r a w a l of up to 50 p e r c e n t of h i s t o t a l c o n t r i b u t i o n s l e s s c u m u l a t i v e w i t h d r a w a l s p r e v i o u s l y m a d e (but n ot m o r e th an v a l u e of e n t i r e a c c o u n t a t t i m e o f w i t h d r a w a l ) . T h e r e a fte r , at 2 - y e a r in t e r v a ls , s i m i l a r w ith d ra w als m a y be m a d e . 25 S o c o n y - M o b i l O il C o. , I n c . — C o n tin u e d Paym ent f r o m fund in c a s e of re tire m en t, d e a th , o r d isa b ility : 100 p e r c e n t of p a r t i c i p a n t ' s p a rtic ip a tio n . V e stin g : A f t e r 5 y e a r s of p a r t i c i p a t i o n , 100 p e r c e n t o f p a r t i c i p a n t s a c c o u n t . F o rfeitu res: R e d u c e c o m p a n y ' s f u t u r e c o n t r ib u t i o n . P r o v i s i o n in illu strativ e un ion agreem en t: C o l l e c t i v e b a r g a i n i n g a g r e e m e n t w ith In d e p e n d e n t U n ion of S o c o n y M o b i l O il C o ., I n c ., of C a l i f o r n i a , A r t i c l e X I V , e f f e c t i v e J u l y 1, I960, p r o v id e s: acco un t, re g a rd le ss of y e a r s of " N o e m p l o y e e c o v e r e d b y th is a g r e e m e n t , who i s r e c e i v i n g an y b e n e f i t . . . s h a l l s u f f e r an y . . . l o s s o f b e n e f i t . . . b e c a u s e o f the a p p l i c a t i o n of th is a g r e e m e n t . " " N o e m p l o y e e c o v e r e d by t h is a g r e e m e n t s h a l l b y r e a s o n of m e m b e r s h i p in the U n io n b e d e p r i v e d o f an y p r i v i l e g e s o r b e n e f i t s u n d e r the p o l i c i e s a n d p l a n s h e r e t o f o r e e s t a b l i s h e d o r w h ich m a y h e r e a f t e r b e e s t a b l i s h e d a n d c a r r i e d on b y the c o m p a n y g e n e r a l l y f o r the b e n e f i t of a l l i t s e m p l o y e e s . Said p riv ile g e s a n d b e n e f i t s a r e n ot s u b j e c t to c o l l e c t i v e b a r g a i n i n g w ith in the m e a n i n g of th is a g r e e m e n t , b u t a l l s u c h p l a n s s h a l l b e g o v e r n e d by th eir r e sp e c tiv e p r o v is io n s . " 26 N a m e o f p la n : S w ift and Co. S a v i n g s and S e c u r i t y P l a n . E ffe c tiv e date: D e c e m b e r 1, 1959. D ate of la t e s t am endm ent: D e c e m b e r 1, 1961. P a rticip a n ts: E m p l o y e e s r e p r e s e n t e d by the N a t i o n a l B r o t h e r h o o d of P a c k i n g h ou se W o r k e r s .1 P a r t i c i p a n t 1s c o n t r ib u t i o n : $1, C o m p a n y 1s c o n t r ib u t i o n : 50 p e r c e n t of p a r t i c i p a n t s D istrib u tio n of c o m p a n y 1s c o n t r ib u t i o n : P r o p o r t i o n a t e to p a r t i c i p a n t s I n v e s t m e n t of fu n d 1s m o n i e s : P a rtic ip a n ts $ 1 .2 0 , $ 1 .6 0 , $ 2 , o r $ 2 . 4 0 w e e k l y , a t p a r t i c i p a n t 1s o p tio n . c o n t r ib u t i o n . c o n t r ib u t i o n . c o n t r ib u t i o n — U. S. S av in g s B o n d s. C o m p a n y c o n t r ib u t i o n — E i t h e r in U. S. S a v i n g s B o n d s o r in c o m p a n y s t o c k , a t p a r t i c i p a n t * s o p tio n . W it h d r a w a l of m o n e y f r o m fund d ue to— T em porary layo ff b e c a u s e of la c k of w ork: If l a i d o ff f o r m o r e th a n 2 w e e k s , m a y w it h d r a w s e c u r i t i e s in h i s a c c o u n t w ith o u t f o r f e i t u r e e x c e p t t h o s e p u r c h a s e d w ith c o m p a n y c o n t r i b u t i o n s w h ich h a v e n ot b e e n h e l d f o r th e 2 - y e a r h o l d in g p e r i o d ; i f l a i d o f f f o r 6 m o n t h s , m a y w it h d r a w e n t i r e a c c o u n t . O th e r r e a s o n s : M a y w it h d r a w s e c u r i t i e s h e l d f o r the 2 - y e a r h o ld in g p e r i o d w ith o u t f o r f e i t i n g s e c u r i t i e s an d m o n i e s r e m a i n i n g in a c c o u n t . S u c h w i t h d r a w a l s m u s t be m a d e f o r one o r m o r e c a l e n d a r y e a r s at a tim e . M a y w it h d r a w h i s e n t i r e a c c o u n t . C o m p a n y 1s c o n t r i b u t i o n s f o r f e i t e d e x c e p t t h o s e i n v e s t e d in s e c u r i t i e s h e l d f o r the 2 - y e a r h o ld in g p e r i o d o r l o n g e r . 1 A l s o i n c l u d e s e m p l o y e e s r e p r e s e n t e d by o t h e r u n io n s th a t h a v e a c c e p t e d the p l a n an d o t h e r s e l e c t e d g r o u p s o f w o r k e r s not u n d e r c o l l e c t i v e b a r g a i n i n g . 27 S w ift and C o . --- C o n tin u ed P ay m en t fro m fund in c a s e of re tire m en t, d e a th , d i s a b i lit y , or pe r m a n e n t sep aratio n b e c a u s e of c l o s i n g of d e p a r t m e n t o r unit of b u sin e ss, or te ch n o lo g ical c h a n g e s in production 100 p e r c e n t of s e c u r i t i e s and c a s h . V estin g : 100 p e r c e n t F o rfeitu res: C r e d i t e d to a c c o u n t s o f r e m a i n i n g p a r t i c i p a n t s . P r o v i s i o n in illu strativ e un ion a g r e e m ent: E x h i b i t 7 o f c o l l e c t i v e b a r g a i n i n g a g r e e m e n t with N a t i o n a l B r o t h e r h o o d o f P a c k i n g h o u s e W o r k e r s (In d.), e x e c u t e d O c t o b e r 22, 1959, p ro v id es: of s e c u r it i e s h e ld f o r the 2 - y e a r h o ld in g p e r i o d . " S w i f t and C o m p a n y ( h e r e i n a f t e r c a l l e d the C o m p a n y ) and N a tion al B ro th e rh o o d of P a c k in g h o u se W o rk e rs (h e re in a fte r c a lle d the Union) h e r e b y a g r e e th a t the C o m p a n y w il l m a k e a v a i l a b l e to the e m p l o y e e s c o v e r e d by the M a s t e r A g r e e m e n t e x e c u t e d on t h is d a t e by the C o m p a n y and the U n ion the S w ift and C o m p a n y S a v i n g s and S e c u r i t y P l a n . " 28 N am e of p lan : U n ion C a r b i d e C o r p . S av in g s P lan fo r E m p lo y e e s E ffe c tiv e date: J u ly 1, P a rtic ip a n ts: E m p l o y e e s w ith 1 y e a r of s e r v i c e , e x c e p t o f f i c e r s o f c o r p o r a t i o n . P a r t i c i p a n t 1s c o n t r ib u t i o n : Up to l l/z p e r c e n t of e a r n i n g s ; m a x i m u m — $ 8 3 p e r m o n th . C o m p a n y 1s c o n t r ib u t i o n : P e r c e n t of p a r t i c i p a n t ’ s c o n t r ib u t i o n d e p e n d in g on y e a r s o f s e r v i c e , a s show n b e lo w : 195 3. P e r c e n t of p a r t i c i p a n t * s c o n t r ib u t i o n Y e a r s of s e r v ic e 1 2 10 20 3 o r m o r e _______ 30 P l a c e m e n t of p articip an t* s and c o m p a n y ’s co n trib u tio n s: D u r in g f i r s t 3 y e a r s of s e r v i c e , in g e n e r a l s a v i n g s fund; a f t e r 3 y e a r s of s e r v i c e , a t p a r t i c i p a n t ’ s o p tio n , a l l in g e n e r a l s a v i n g s fund, a l l in p e r s o n a l s a v i n g s a c c o u n t , o r h a l f in e a c h . I n v e s t m e n t of fu nd’ s m o n ie s: G e n e r a l s a v i n g s fund— G o v e r n m e n t s e c u r i t i e s . Paym ent f r o m fu n d s during a c tiv e em ploym en t: G e n e r a l s a v i n g s fund— E v e r y 2 y e a r s , l u m p - s u m p a y m e n t e q u a l to p a r t i c i p a n t ’ s a n d c o m p a n y ’ s c o n t r i b u t i o n s to fund p l u s 2 p e r c e n t i n t e r e s t c o m p o u n d e d a n n u a ll y , p r o p o r t i o n a t e s h a r e of e a r n i n g s f o r fu nd, a n d f o r f e i t u r e s . P e r s o n a l s a v i n g s a c c o u n t — e q u a l l y in U. S. S a v i n g s B o n d s an d c o m p a n y ’ s c o m m o n s t o c k , o r e n t i r e l y in e i t h e r , a t p a r t i c i p a n t ’ s o p tio n . P e r s o n a l s a v i n g s a c c o u n t — n on e. W ith d r a w a l of m o n e y f r o m fu n d s : G e n e r a l s a v i n g s fund— p r i o r to the b i e n n i a l d i s t r i b u t i o n d a t e , on ly c o m p l e t e w i t h d r a w a l of s a v i n g s p l u s i n t e r e s t p e r m i t t e d . C o m p a n y c o n t r ib u t i o n f o r f e i t e d . P e r s o n a l sa v in g s acco u n t— With l e s s th an 24 m o n t h s of p a y m e n t s — an a m o u n t e q u a l to p a r t i c i p a n t ’ s c o n t r ib u t i o n p l u s i n t e r e s t a n d d i v id e n d s o r v a l u e of acco u n t l e s s co m pan y c o n trib u tio n s, w h ich ev er is g r e a t e r , p erm itted . A f t e r 24 m o n t h s o f p a y m e n t s to a c c o u n t — c o m p l e t e w i t h d r a w a l o f e n t i r e a c c o u n t , o r p a r t i a l w i t h d r a w a l o f n ot m o r e th an o n e t h i r d the c u r r e n t m a r k e t v a l u e o f a c c o u n t , p e r m i t t e d . Paym ent f r o m fund in c a s e of re tire m e n t, death, or d isa b ility : G e n e r a l s a v i n g s fund a n d p e r s o n a l s a v i n g s a c c o u n t — 100 p e r c e n t . Ve s t i n g : G e n e r a l s a v i n g s fu nd— l e s s th an 3 y e a r s A f t e r 3 y e a r s of s e r v i c e — 100 p e r c e n t . of s e r v i c e — n o n e , P e r s o n a l s a v i n g s a c c o u n t — 100 p e r c e n t . F o r fe itu r e s : C r e d it e d to a c c o u n ts o f r e m a in in g p a r tic ip a n ts . 29 Stock Purchase Plan N a m e of p la n : A m e r i c a n T e l e p h o n e an d T e l e g r a p h Co. E m p lo y e e s 1 S tock P lan . E ffe c tiv e date: J a n u a r y 1958. D a t e of l a t e s t am endm ent: A p r i l 1961. P a r t i c ip an ts: R e g u l a r e m p l o y e e s o f c o m p a n y and s u b s i d i a r i e s , e x c e p t o f f i c e r s o f A m e r i c a n T e l e p h o n e an d T e l e g r a p h C o. How p a r t i c i pan ts pay fo r stock: T hrough p a y r o ll d e d u ctio n s, a s p e c ifie d a m o u n t1 p e r s h a r e p e r p ay p e rio d o v e r a 24-m onth " p u r c h a s e p e rio d . " M oney c re d ite d to p a r t i c i p a n t s a c c o u n t c o l l e c t s 3 - p e r c e n t i n t e r e s t c o m p o u n d e d s em ian n u ally . N u m b e r of s h a r e s of s t o c k p a rtic ip a n t m ay purchase: Up to on e s h a r e f o r e a c h $ 133. 3 3 - L/3 of a n n u a l b a s i c r a t e of p a y ; m a x i m u m — 300 s h a r e s d u r i n g p e r i o d e n d in g the l a s t b u s i n e s s day of p u r c h a s e p e rio d . 2 3 C o st of sh a re o f s t o c k to p articip an t: 85 p e r c e n t of a v e r a g e m a r k e t p r i c e on l a s t b u s i n e s s d a y of p u r c h a s e p e r i o d ; m i n i m u m — $ 3 3 . 34 p e r s h a r e , m a x i m u m — 85 p e r c e n t o f m a r k e t p r i c e on d a y of a n n o u n c e m e n t . 321 W ith d r a w a l of m oney f r o m fund: A t an y t i m e , p a r t i c i p a n t m a y c a n c e l h i s e l e c t i o n to p u r c h a s e s t o c k and r e c e i v e c a s h p l u s i n t e r e s t o r u s e the a m o u n t c r e d i t e d to h is a c c o u n t to p u r c h a s e s t o c k . 1 In the 1961—63 p u r c h a s e p e r i o d , p a r t i c i p a n t s p a y $ 4 . 24 p e r s h a r e m o n th ly t o g e t h e r w ith i n t e r e s t , t o t a l s $ 1 0 4 .8 7 — the m a x i m u m p r i c e p e r s h a r e . 2 P u r c h a s e p e r i o d s h a v e run f o r 2 y e a r s f r o m J u l y th r o u g h J u n e ; e. g. , J u l y 1961 th r o u g h J u n e 1963. A n n o u n c e m e n t d a y i s u s u a l l y on l a s t b u s i n e s s d a y o f A p r i l p r e c e d i n g the b e g in n in g of p u r c h a s e p e r i o d . 3 T h i s i n f o r m a t i o n r e f l e c t s the 3 - f o r - l s p l i t of the c o m p a n y s t o c k e f f e c t i v e A p r i l 24, 1959. w h ich , 30 Stock Purchase and Savings Plan N a m e o f p la n : G e n e ra l F o o d s Corp. E m p lo y e es S av in g s-In v e stm en t P lan . E f f e c t i v e d a te 1953. D a t e of l a t e s t am endm ent: J a n u a r y 1, 19&1. P articip an ts: A l l r e g u l a r e m p l o y e e s w ith l e a s t 21 y e a r s of a g e . 1 P a r t i c i p a n t 1s c o n t r ib u t i o n : A t p a r t i c i p a n t ' s op tio n , th r o u g h r e g u l a r p a y r o l l d e d u c t i o n s o r in a l u m p - s u m p a y m e n t , an a m o u n t v a r y i n g a c c o r d i n g to e a r n i n g s : Annual w age or sa la ry rates B e l o w $ 2, 000 _________ $ 2, 000. 0 0 - $ 3, 000 ____ $ 3, 000. 01—$ 4 , 000 ____ $ 4 , 000. 01—$ 5 , 000 ___ $ 5, 000. 01—$ 6 , 000 ____ $ 6 , 000. 01—$ 7 , 000 ____ $ 7 , 000. 01—$ 8 , 000 ____ $ 8 , 000. 01—$ 9 , 000 ____ $ 9 , 000. 0 1 - $ 10, 000 __ $ 10, 000. 0 1 - $ 1 1, 000 -$ 11, 000. 0 1 - $ 12, 000 . . $ 12, 000. 0 1 - $ 13, 000 $ 13, 000. 0 1 - $ 14, 000 $ 14, 000. 0 1 - $ 15, 000 $ 15, 000. 0 1 - $ 16, 000 __ $ 16, 000. 0 1 - $ 17, 000 __ $ 17, 000. 0 1 - $ 18, 000 _. $ 18, 000. 0 1 - $ 19, 000 . . $ 19, 000. 0 1 - $ 20, 000 __ A b o v e $ 20, 000 . . . 2 years of se rv ice , M in im u m a n d m a x i m u m a m o u n t s of p a y r o l l d e d u c tio n p e r p a y p e r i o d 1 F o r em For em p l o y e e s on p l o y e e s on a se m i a w eekly m o n th ly p ay roll2 p ayroll $ 3 to $ 6 $ 3 to $ 7 $ 4 to $ 8 $ 4 to $ 10 $ 5 to $ 1 2 $ 5 to $ 1 4 $ 6 to $ 16 $ 6 to $ 1 8 $ 7 to $ 2 0 $ 7 to $ 2 2 $ 8 to $ 2 4 $ 8 to $ 26 $ 9 to $ 2 8 $ 9 to $ 3 0 $ 10 to $ 3 2 $ 10 to $ 3 4 $ 11 to $ 3 6 $ 11 to $ 3 8 $ 12 to $ 4 0 $ 12 to $ 4 2 $ 6 to $ 12 $ 6 to $ 14 $ 8 to $ 16 $ 8 to $ 2 0 $ 10 to $ 2 4 $ 10 to $ 2 8 $ 1 2 to $ 32 $ 12 to $ 36 $ 1 4 to $ 4 0 $ 14 to $ 4 4 $ 1 6 to $ 4 8 $ 1 6 to $ 5 2 $ 18 to $ 56 $ 18 to $ 6 0 $ 2 0 to $ 6 4 $ 2 0 to $ 68 $ 2 2 to $ 7 2 $ 2 2 to $ 76 $ 2 4 to $ 8 0 $ 2 4 to $ 8 4 who are at Lum psum co n tri b u tio n $60 $70 $80 $ 100 $ 120 $ 140 $ 160 $ 180 $200 $220 $240 $260 $280 $300 $320 $ 340 $360 $380 $400 $420 1 C o n t r i b u t i o n s m a y be m a d e only in e v e n d o l l a r s . 2 T o be m a d e 48 t i m e s p e r y e a r and no m o r e than f o u r t i m e s in an y c a l e n d a r m on th . 1 E x c l u d e s e m p l o y e e s f o r w h om a c o m p e n s a t i o n a w a r d h a s b e e n m a d e o r a l l o t t e d f o r an y y e a r u n d e r the c o r p o r a t i o n ' s e x e c u t i v e c o m p e n s a t i o n p la n . 31 G e n e r a l F o o d s C o r p . --- C o n tin u ed I n v e s t m e n t of p artic ip an t’ s c o n tr ib u ti o n : C o m p an y ’ s co m m o n stock. Com pany’ s c o n t r ib u t i o n : O n e - s i x t h of c o s t of s h a r e s p u r c h a s e d b y p a r t i c i p a n t , o r $1 f o r f o r e v e r y $ 5 c o n t r i b u t e d by p a r t i c i p a n t . W it h d r a w a l of m oney f r o m fund: O n ly c o m p l e t e P aym ent fro m fund in c a s e of re tire m en t, d e a th , o r r e a s o n s other than d i s c h a r g e or re sig n atio n : 100 p e r c e n t of a m o u n t c r e d i t e d to p a r t i c i p a n t ’ s a c c o u n t , w h ich p a r t i c i p a n t o r b e n e f i c i a r y m a y r e q u e s t t r u s t e e to u s e to p u r c h a s e c o m p a n y ’ s co m m o n stock. V e stin g : 100 p e r c e n t of a m o u n t c r e d i t e d to p a r t i c i p a n t ’ s a c c o u n t. P r o v i s i o n s in illu strativ e un ion a g r e e m ent: C o l l e c t i v e b a r g a i n i n g a g r e e m e n t b e t w e e n the P o s t D i v i s i o n and the C a r t o n and C o n t a i n e r D i v i s i o n of the C o r p o r a t i o n and R e t a i l , W h o l e s a l e and D e p a r t m e n t S t o r e U nion, L o c a l 374, A F L —CIO, B a t t l e C r e e k , M ic h . , d a t e N o v e m b e r 10, I 9 6 0 , p r o v i d e s : w i t h d r a w a l of am ount in account is p e rm itte d . " E m p l o y e e s s h a l l h a v e the b e n e f it of a l l v a c a t i o n , i n s u r a n c e , r e t i r e m e n t , s i c k b e n e f i t s and o t h e r r e c o r d e d b e n e f it p l a n s f o r w h ich th e y a r e e l i g i b l e and w h ich a r e p r o m u l g a t e d by the c o m p a n y in the f i e l d of p e r s o n n e l a d m i n i s t r a t i o n f r o m t i m e to t i m e . P u b l i c a t i o n s i s s u e d by the c o m p a n y e x p l a i n i n g b e n e f i t p l a n s f o r h o u r l y r a t e d e m p l o y e e s w ill be f u r n i s h e d to the un ion . " * U S. G O V E R N M E N T P R IN T IN G O F F IC E : 1962 0 — 637482
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