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Registrant's Executive Death Benefit Plan

This is an actual contract by International Flavors & Fragrances.
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INTERNATIONAL FLAVORS & FRAGRANCES INC. EXECUTIVE DEATH BENEFIT PLAN Effective July 1, 1990 ARTICLE I PURPOSE OF THE PLAN 1.01 The purpose of the Plan is to assist the Company in attracting andretaining qualified executive and creative employees and to provide eligibleemployees with increased death benefits during employment with the Companyand/or after retirement. ARTICLE II DEFINITIONS 2.01 "Annual Base Salary" shall mean the basic annual rate of aParticipant's compensation (before making any reductions pursuant to aneffective Cash or Deferred Wage and Salary Conversion Agreement under theInternational Flavors & Fragrances Inc. Retirement Investment Fund Plan), ineffect for him or her on the first day of the Plan Year, but excluding bonuses,commissions and all other forms of compensation or benefits including additionalcompensation from this Plan and any amount contributed for him or her by theCompany to any public or private employee benefit plan. 2.02 "Basic Insurance Plan" shall mean the basic group term life insuranceplan for employees and retirees maintained by the Company at its expense toprovide noncontributory life insurance coverage based on annual earnings (asthat term is defined in the Basic Insurance Plan), as such plan may be amended,modified or replaced from time to time. 2.03 "Beneficiary" shall mean the individual or entity designated by theParticipant to receive the death benefit payable under the Plan upon theParticipant's death. If no such designation is made, or if the designatedindividual predeceases the Participant or the entity no longer exists, then theBeneficiary shall be the Participant's estate. 2.04 "Company" shall mean International Flavors & Fragrances Inc. 2.05 "Effective Date" shall mean July 1, 1990 2.06 "Eligible Employee" shall mean an individual who is employed by theCompany or one of its subsidiaries on or after the Effective Date and who, (a)is a participant in either the Company's Management Incentive Compensation Plan ("MICP") or Special Executive Bonus Plan ("SEBP"),(b) is a participant in the Basic Insurance Plan, (c) has not yet attained theage of 70 and (d) has submitted to the Insurer a properly completed applicationfor life insurance under this Plan. 2.07 "Entrance Date" shall mean that date on which an Eligible Employeefirst becomes a Participant. The first Entrance Date, as regards any EligibleEmployee, shall be the later of the Effective Date or the date of acceptance bythe Insurer of such Eligible Employee's application for life insurance underthis Plan. Beginning with the year 1991, subsequent Entrance Dates as regardsany additional Eligible Employee(s), shall be the February 1 coinciding with orfollowing the date of acceptance by the Insurer of their application for lifeinsurance under this Plan. 2.08 "Insurer" shall mean that independent company from time to timeissuing to the Company written split-dollar life insurance policies on the livesof Participants in accordance with the terms of the Plan. 2.09 "Participant" shall mean each Eligible Employee during his or heremployment by the Company or one of its subsidiaries on and after the EntranceDate, who has not attained the age of 70 and who is accepted by the Insurer asinsurable for life insurance. 2.10 "Plan" shall mean this Executive Death Benefit Plan. 2.11 "Plan Committee" shall mean the committee appointed by the ChiefExecutive Officer of the Company to administer the Plan. 2.12 "Retired Participant" shall mean each Participant or SeniorParticipant who leaves the employ of the Company or one of its subsidiaries at atime when he or she is eligible to receive an immediate Early, Normal, orDeferred Pension, or, upon attaining age 65, a Disability Pension from theCompany's qualified pension plan. 2.13 "Senior Participant" shall mean each Participant, during his or heremployment by the Company or one of its subsidiaries, who has attained the ageof 70. ARTICLE III BENEFITS TO PARTICIPANTS 3.01 The death benefit payable to each Participant's beneficiary under theBasic Insurance Plan shall be reduced to $50,000 during the period prior totermination of employment with the Company and to $12,500 upon becoming aRetired Participant. The Company may require any Eligible Employee, as acondition of becoming a Participant, to deliver an instrument signed by him orher waiving benefits under the Basic Insurance Plan in excess of $50,000 as longas the Eligible Employee shall be a Participant or Senior Participant in thisPlan. No such waiver and no provision of this Plan shall adversely affect suchParticipant's right to be reinstated in the Basic Insurance Plan, upon thetermination of this Plan, if such other plan shall then be in effect. 3.02 The Company shall purchase and have all ownership rights (except asotherwise provided under Section 3.04 of this Plan) to a split dollar insurancepolicy on the life of each Participant. Such policy shall provide a deathbenefit equal to the excess of twice the Participant's Annual Base Salary on thefirst day of the Plan Year in which death shall occur over the death benefit provided by the Basic InsurancePlan. Upon the death of a Participant, death benefit under such policy shall bepaid by the Insurer to the Participant's Beneficiary designated as provided inSection 3.04 of this Plan. Upon a Participant's attaining the status of a SeniorParticipant or Retired Participant, whichever shall first occur, his or herBeneficiary designation(s) and/or any Beneficiary designations made by his orher assignee under Section 3.04 of this Plan shall lapse, and upon the Retiredor Senior Participant's death, the entire death benefit under such policy shallbe paid by the Insurer to the Company. 3.03 All premiums on each policy described in 3.02 above shall be paid bythe Company for the respective accounts of all Parti
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