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SEABOARD MARINE LTD.
401(K) EXCESS PLAN
ARTICLE I
ESTABLISHMENT OF PLAN
Seaboard Marine Ltd. hereby establishes the Seaboard Marine
401(k) Excess Plan (the "Plan"), effective January 1, 2009.
ARTICLE II
DEFINITIONS
The following definitions shall apply for purposes of this
Plan:
"Code" means the Internal Revenue Code of 1986 as from time
to time amended.
"Company" means Seaboard Marine Ltd., a Liberia limited
liability company.
"Eligible Employee" means, with respect to any Year, an
employee of the Company or of a Subsidiary who has completed one
year of service as defined for purposes of eligibility for a
matching contribution under the 401(k) Plan, and who has received
compensation for such Year that is not included as compensation
under the 401(k) Plan solely on account of the limitation on the
amount of compensation that can be taken into account under the
401(k) Plan for such Year under Section 40I(a)(17) of the Code.
"401(k) Plan" means the Retirement Savings Plan for Seaboard
Corporation, as amended from time to time.
"Plan" means the Seaboard Marine 401(k) Excess Plan, as set
forth herein and as amended from time to time.
"Subsidiary" means any wholly-owned subsidiary of the
Company.
"Supplemental Amount" means an amount expressed in terms of
dollars equal to 3 percent of the amount, if any, of the Eligible
Employee's compensation received for the Year that is not
included as compensation under the 401(k) Plan solely on account
of the limitation on the amount of compensation that can be taken
into account under the 401(k) Plan for such Year under
Section 401(a)(17) of the Code (but only to the extent such
excess compensation amount is paid to the Eligible Employee after
becoming an Eligible Employee hereunder).
"Year" means a 12-month period beginning each January 1 and
ending each succeeding December 31.
ARTICLE III
BENEFIT
Except as otherwise provided herein, the Company will pay in
cash to each Eligible Employee with respect to each Year an
amount equal to the Supplemental Amount.
ARTICLE IV
ADMINISTRATION
This Plan shall be interpreted, construed and administered
by the Company in its sole and absolute discretion, and all
decisions and determinations of the Company hereunder shall be
binding upon all Eligible Employees and their successors and
assigns.
ARTICLE V
NO EMPLOYMENT RIGHTS
The adoption of this Plan does not give any person any right
to be retained in the employ of the Company, and no rights
granted under the Plan shall be construed as creating a contract
of employment. The right and power of the Company to dismiss or
discharge any person is expressly reserved.
ARTICLE VI
AMENDMENT AND TERMINATION
The Company can amend or terminate the Plan at any time in
its sole discretion.
ARTICLE VII
GOVERNING LAW
The provisions of this Plan shall be governed, construed,
enforced and administered in accordance with the laws of the
State of Florida.
ARTICLE VIII
HEADINGS
The headings have been inserted for convenience only and
shall not affect the meaning or interpretation of the Plan.
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IN WITNESS WHEREOF, the Company has caused this Plan to be
executed as of the 1st day of January, 2009, by its duly
authorized officer.
SEABOARD MARINE LTD.
By: /s/ Steven J. Bresky
Steven J. Bresky
Vice President
December 18, 2009
Attest: /s/ David M. Becker
Title: Vice President
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