Visa 2008 Annual Report Download - page 259

(a) Participant in the Pre-2002 Plan Only. The benefit payable under the Excess Plan to an eligible Participant in the Pre-2002 Plan only or his
Beneficiary shall equal (A) or (B), whichever is greater, minus (C), as described below:
(A) The Retirement Income which would be payable to the Participant or his Beneficiary under the Pre-2002 Plan (without regard to Appendix
A) if the limitations imposed by Sections 401(a)(17) and 415 of the Code did not apply. The Pre-2002 Plan provides that a Participant's
Retirement Income with payments commencing at his Normal Retirement Date is equal to 46.25% of his Final Average Earnings if he has
completed 25 years of Benefit Service. If the Participant has completed less than 25 years of Benefit Service, the Participant's Retirement Income
is reduced based on his age and service at his Termination Date.
(B) The Retirement Income which would have been payable to such Participant or his Beneficiary under the Retirement Plan under the benefit
formula in effect on September 30, 1989 if the limitations imposed by Sections 401(a)(17) and 415 of the Code did not apply. The Retirement
Plan as in effect on September 30, 1989 provided that a Participant's Retirement Income with payments commencing at his Normal Retirement
Date was equal to 50% of the Participant's Final Average Earnings less 50% of his social security amount if he had completed 25 years of Benefit
Service. If the Participant had completed less than 25 years of Benefit Service, the Participant's Retirement Income was reduced based on his age
and service at his Termination Date. In addition, if the Participant retired on his Early Retirement Date and began receiving Retirement Income
for the rest of his life, the Participant received a "temporary social security supplement." The meanings of "social security amount" and
"temporary social security supplement" are set forth in Attachment A hereto. A Participant's Excess Plan benefit shall include the value of a
temporary social security supplement only if the Participant retires on his Early Retirement Date and commences receipt of his Retirement
Income for the rest of his life by the date on which his Excess Plan benefits are paid pursuant to Section 4 hereof. As described in Paragraph 2.3
of the Pre-2002 Plan, effective January 1, 2011, no Employee of the Employer shall earn any additional Benefit Service under the Pre-2002 Plan
and therefore effective January 1, 2011, no Employee of the Employer shall earn any additional Benefit Service for purposes of this Section 3(a)
(B).
(C) The Retirement Income which is payable to the Participant or his Beneficiary under the Pre-2002 Plan.
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