Mondelez 2012 Annual Report Download - page 389

A Participant’s “ grandfathered amount ” shall be the lesser of: (i) the amount determined under subsection 4.2, and (ii) the lump sum present
value of the amount (if any) to which the Participant would have been entitled under the Plan if the Participant had voluntarily terminated from
service without cause on December 31, 2004, and received a payment of benefits from the Plan on the earliest possible date following
termination of services. Notwithstanding the foregoing, for any subsequent Plan Year, the grandfathered amount may increase to equal the
present value of the benefit to which the Participant actually becomes entitled, in the form and at the time actually paid, determined under the
terms of the Plan (including applicable limits under the Internal Revenue Code) as in effect on October 3, 2004, without regard to any further
services rendered by the Participant after December 31, 2004, or any other events affecting the amount of or the entitlement to benefits (other
than a Participant election with respect to the time or form of an available benefit).
4.4 Benefit Calculation Date and Lump Sum Present Value of Benefits . For purposes of this Section 4, the following provisions shall
apply:
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(a) the Benefit Calculation Date shall be the first day of the calendar month following the Participant’s Separation from Service (as
described in subsection 5.8);
(b) for purposes of calculating the present value of benefits under this Section 4 as of any date, actuarial assumptions and methods will
be consistent with those used to value benefits under the Retirement Plan and prior to any adjustment in benefits under the
Retirement Plan due to a distribution of employee contributions;
(c) if, as of a Participant’s Benefit Calculation Date or Benefit Recalculation Date (as defined in subsection 4.5), the Participant is not
eligible to commence a portion of his benefits under the Retirement Plan, the lump sum present value of such portion of his benefit,
as of the Benefit Calculation Date or Benefit Recalculation Date, as applicable, shall be determined as the greater of (i) the lump sum
present value of such portion of his benefit payable at the Participant’s Normal Retirement Date and (ii) the lump sum present value
of such portion of his benefit payable at the earliest date on which the Participant could have commenced receipt of such portion
under the Retirement Plan; and
(d)
amounts determined in accordance with subsection 4.2 shall take into account any service and compensation taken into account under
the Retirement Plan for periods after a Participant’s Separation from Service except for service and compensation taken into account
under subsection 4.5 with respect to a Participant’s salary continuation period or subsection 4.6 with respect to a Participant who is
Totally Disabled; provided, however, that any such service and compensation taken into account under subsection 4.5 or 4.6 with
respect to the period prior the date of his reemployment with an Employer shall be taken into account under subsection 4.2(b).