Freddie Mac 2014 Annual Report Download - page 312

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ARTICLE VIII
Miscellaneous
8.1 No Right of Employment. Nothing in the Plan shall be deemed to grant an
Employee any rights other than those specifically outlined in the Plan. Nothing in the Plan shall
be deemed to create any right of, or contract for, employment between an Employee and the
Corporation.
8.2 Taxes. All amounts payable hereunder shall be reduced by any and all federal,
state, and local income taxes, and employment taxes imposed upon the Participant or his or her
Beneficiary that are required to be paid or withheld by the Corporation or Employer. Any
amounts required to be withheld will be withheld out of amounts payable under the Plan or other
current wages paid by the Participant’s Employer, as determined by the Company. The
determination of the Corporation or Employer regarding applicable income and employment tax
withholding requirements shall be final and binding on each Participant and Beneficiary.
8.3 Anticipation of Benefits. Neither the Participant nor any Beneficiary or
Beneficiaries entitled to payments or any other benefits after the death of the Participant shall
have the power to transfer, assign, anticipate, modify, or otherwise encumber in advance any of
the payments that may become due hereunder; nor shall any such payments be subject to
attachment, garnishment, or execution, or be transferable by operation of law in event of
bankruptcy, insolvency, or otherwise.
8.4 Non-Assignability Clause. It is agreed that neither the Participant, nor his/her
Beneficiary, nor any other designee, shall have any right to commute, sell, assign, encumber, or
transfer or otherwise convey the right to receive any payments hereunder which payments and
right thereto are expressly declared to be non-assignable and non-transferable; and, in the event
of any attempted assignment or transfer, the Corporation shall have no further liability
hereunder.
8.5 Prohibition Against Funding. Any provision for payments hereunder shall be by
means of bookkeeping entries on the books of the Corporation and shall not create in the
Participant or Beneficiary any right to, or claim against any specific assets of the Corporation,
nor shall it result in the creation of any trust or escrow account for the Participant or Beneficiary.
Any Participant or Beneficiary entitled to payment of benefits hereunder shall be a general
creditor of the Corporation.
8.6 Gender and Number. As used herein the masculine pronoun shall include the
feminine and neuter genders, the singular shall include the plural, and the plural the singular,
unless the context clearly indicates a different meaning.
8.7 Controlling Law. This Plan and the respective rights and obligations of the
Corporation and the Participants, shall be construed under the laws of the Commonwealth of
Virginia (other than the choice of law provisions thereof), except to the extent otherwise
provided by Federal law.