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Exhibit 10-C(1)
FIRST AMENDMENT TO
THE DANA CORPORATION EXCESS BENEFITS PLAN
(December 14, 1998, Restatement)
In order to ensure that the mortality and interest rate basis used to calculate
lump sum payments under the Dana Corporation Excess Benefits Plan (the "Plan")
correspond to the factors used under the Company's tax-qualified retirement
plans, as amended to comply with the Retirement Protection Act of 1994, and to
clarify rules preventing duplication of benefits, it is necessary to amend the
Plan as follows, effective for retirements after May 1, 2000:
1. Amend Section 1.12 to read as follows:
"Mortality Table" means the 1983 Group Annuity Mortality Table (unisex)
weighted 50 percent male and 50 percent female.
2. In Section 4.1(a)(i) and (ii), and in Section 4.1(c)(i) and (ii),
delete the portion of each paragraph that states, "120 percent of the
interest rate that would be used (as of January 1 of the calendar year
in which the first benefit payment is to be made) by the Pension
Benefit Guaranty Corporation with respect to an immediate annuity for
purposes of determining the present value of a lump sum distribution on
plan termination" and substitute the following:
the interest rate equal to the average annual yield on 30-year Treasury
securities at constant maturity published in the Federal Reserve
Statistical Release effective for the November preceding the beginning
of the calendar year in which the first benefit payment is to be made.
3. In Section 4.1(e), insert a new paragraph (i) to read as follows, and
re-designate the following paragraphs accordingly:
(i) Section 3.04 of the Retirement Plan;
4. In Section 4.1, insert a new subsection (g) at the end of that section
to read as follows:
(g) If an Employee is eligible to receive benefits under another
nonqualified deferred compensation plan with respect to any period of
service, and the other plan replaces benefits that are limited by the
application of Section 401(a)(17) or Section 415 of the Code to a
tax-qualified defined benefit plan, the Employee's benefits under this
Plan shall be reduced by the benefits received under such other
nonqualified plan with respect to the same period of service.
IN WITNESS WHEREOF, Dana Corporation has adopted this amendment on this 18th day
of April, 2000.
For Dana Corporation
/s/ R. C. Richter
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Witness:
/s/ Stephen C. Newman
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