Freddie Mac 2014 Annual Report Download - page 302

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non-Executive while still employed by the Corporation will be treated as an Executive hereunder
until the end of the calendar year in which such change of status occurs. After such calendar
year has ended, such person shall not be eligible to actively participate in this Plan until he or she
becomes an Executive and satisfies the other requirements set forth in the Plan. In the event an
Executive’s status changes to that of a non-Executive, the Participant’s Account will be
maintained under the Plan (and will continue to be credited with Deemed Earnings in accordance
with Section 4.4) until such time as distribution occurs in accordance with Article V hereof.
2.18 Investment Funds. The investment funds available for the deemed investment and
reinvestment of a Participant’s Supplemental Benefit Credit under the Plan in accordance with
Section 4.4, which shall correspond with the “Investment Funds” under the Transitional Plan,
unless determined otherwise by the Administrator.
2.19 Key Employee. A Participant who is a “key employee” of the Company as
defined in Code section 416(i) (without regard to Code section 416(i)(5)) at any time during the
12-month period ending on December 31. If a Participant is a Key Employee as of December
31, the Participant will be treated as a Key Employee for the entire 12-month period beginning
on the April 1 following that December 31. For purposes of determining Key Employees, the
definition of compensation in Treasury Regulation §1.415(c)-2(d)(3) will apply.
2.20 Participant. An Executive who has met the eligibility requirements under Section
3.1, who has completed such enrollment process as may be required under Section 3.1, and for
whom a Supplemental Benefit Credit has been made under Article IV. An Executive who receives
a Supplemental Benefit Credit under this Plan for a Plan Year shall be ineligible to receive an
Excess Benefit Credit under the Excess Plan for such Plan Year and shall be ineligible to receive a
Thrift/401(k) SERP Benefit under the SERP if the Executive made any Roth Contributions under
the Thrift/401(k) Savings Plan during such Plan Year. The Participant’s continued participation in
the Plan shall be governed by Article III.
2.21 Participating Subsidiary. An Affiliate which (i) is a wholly-owned subsidiary of
the Corporation, (ii) has been authorized to be a Participating Subsidiary by the Corporation’s
Vice President – Compensation and Benefits (as such title may be amended from time to time),
and (iii) has adopted the Plan for the benefit of its eligible employees. The Corporation’s Vice
President – Compensation and Benefits shall have the authority to terminate an Affiliate’s
participation as a Participating Subsidiary and Employer as of any date following the
Participating Subsidiary’s adoption of the Plan.
2.22 Plan. This Federal Home Loan Mortgage Corporation Supplemental Executive
Retirement Plan II, as set forth herein, and as the same may hereafter be amended from time to
time.
2.23 Plan Year. The 12 month period from January 1 to December 31.
2.24 Qualifying Termination. A Participant’s termination of employment with an
Employer on account of any of the following:
(a) Reduction in force;