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Whirlpool Retirement Benefits Restoration Plan

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Sectors: Consumer Products (Durables)
Governing Law: Michigan, View Michigan State Laws
Effective Date: January 01, 2002
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EXHIBIT 10.(iii)


Whirlpool Retirement Benefits

Restoration Plan


(Effective as of January 1, 2002)


Contents


Article 1. Establishment and Restatement of the Plan

1

1.1

Restatement of the Plan

1

1.2

Purpose

1

1.3

Application of the Plan

1

Article 2. Definitions and Construction

2

2.1

Definitions

2

2.2

Number

2

2.3

Severability

3

2.4

Applicable Law

3

Article 3. Participation

4

3.1

Eligibility

4

3.2

Participation

4

Article 4. Benefits

5

4.1

Amount of Benefits

5

4.2

Forfeiture for Cause

5

4.3

Form of Payment and Commencement Date

6

4.4

Preretirement Death Benefits

7

4.5

Certain Post-Retirement Death Benefits

7

Article 5. Administration and General Provisions

8

5.1

Administration

8

5.2

Funding of the Plan

8

5.3

Payment of Expenses

8

5.4

Indemnity for Liability

8

5.5

Incompetence

9

5.6

Nonalienation

9

5.7

Employer-Employee Relationship

9

5.8

Effect on Other Benefit Plans

9

5.9

Tax Liability

9


i


Article 6. Change in Control, Amendment, and Termination

10

6.1

Change in Control

10

6.2

Amendment

10


ii


Article 1. Establishment and Restatement of the Plan


1.1 Restatement of the Plan

Whirlpool Corporation previously established an excess benefit plan for certain of its eligible Employees known as the " Whirlpool Retirement Benefits Restoration Plan" (the " Plan" ), which Plan was adopted on December 13, 1976, and was effective as of January 1, 1976, and was last previously amended and restated effective as of January 1, 1989. The Plan is hereby amended and restated in this instrument effective as of January 1, 2002.


1.2 Purpose

The purpose of the Plan is to provide to the Employee or to the Employee' s survivor or survivors eligible to receive payments pursuant to the Salaried Plan that portion of said Employee' s retirement benefit or Employee' s survivor benefit which would have been paid to the Employee or the Employee' s survivor or survivors under the Salaried Plan if the maximum annual benefits limitation in the Salaried Plan had not been applied, as described in section 3(36) of the Employee Retirement Income Security Act of 1974 (the " Act" ). Effective as of January 1, 1989, the Plan was amended to make up, as well, retirement benefits and certain survivor' s benefits that are not payable under the Salaried Plan due to compensation limitations under Code section 401(a)(17), and to this extent the Plan is intended to provide unfunded deferred compensation benefits for a select group of management or highly compensated employees within the meaning of section 201(2) of the Act.

1.3 Application of the Plan

The terms of this Plan are applicable only for eligible Employees who are in the active employ of the Employer on or after January 1, 2002.


1


Article 2. Definitions and Construction


2.1 Definitions Whenever used in the Plan, the following terms shall have the meaning set forth below unless the context clearly indicates otherwise. (a) " Act" means the Employee Retirement Income Security Act of 1974, as now in effect or hereafter amended. (b) " Affiliate" means Affiliate as defined in the Salaried Plan.

(c) " Benefit Commencement Date" means the date as of which a Participant' s excess retirement benefit is to commence under the Plan.

(d) " Board of Directors" means the Board of Directors of the Company.

(e) " Code" means the Internal Revenue Code of 1986, as now in effect or hereafter amended. (f) " Committee" or " Human Resources Committee" means the Human Resources Committee appointed by the Board of Directors of the Company.

(g) " Company" means Whirlpool Corporation, and any organization that is a successor thereto. (h) " Effective Date" means January 1, 1976.

(i) " Employee" means any employee of the Company or other Employer.

(j) " Employer" means the Company and any Subsidiary or Affiliate of the Company which is a party to a Salaried Plan. As of January 1, 2002, the sole Employer under the Plan is Whirlpool Corporation.

(k) " Participant" means an Employee who has satisfied the conditions of sections 3.1 and 3.2. (l) " Plan" means the Whirlpool Retirement Benefits Restoration Plan as provided herein and as subsequently amended from time to time.

(m) " Salaried Plan" means the Whirlpool Employees Pension Plan as modified by the Part II Supplement for the Salaried Employees Participating Group.

(n) " Subsidiary" means a subsidiary of the Company as defined in the Salaried Plan.

2

2.2 Number

Except when otherwise indicated by the context, the definition of any term herein in the singular may also include the plural.

2.3 Severability

In the event any provision of the Plan shall be held invalid or illegal for any reason, any illegality or invalidity shall not affect the remaining parts of the Plan, but the Plan shall be construed and enforced as if the illegal or invalid provision had never been inserted, and the Company shall have the privilege and opportunity to correct and remedy such questions of illegality or invalidity by amendment as provided in the Plan.


2.4 Applicable Law

The Code section 415 excess benefit provisions of the Plan are fully exempt from the provisions of the Act pursuant to section 4(b)(5) thereof. To the extent not preempted by the Act, the Plan shall be governed, construed, and administered in accordance with the laws of the State of Michigan.


3


Article 3. Participation


3.1 Eligibility An Employee who is entitled to retirement benefits, or a person entitled to survivor benefits, pursuant to the Salaried Plan will be eligible for payments under this Plan, provided that payments which would otherwise have been made under the Salaried Plan have been reduced by the limitation on such payments set forth in the Salaried Plan, as required by Code section 415 or section 401(a)(17).


3.2 Participation A person who is eligible for retirement or survivor benefits as described in section 3.1 shall become a Participant in the Plan as of the first day of the calendar year in which such person meets the eligibility conditions in section 3.1 above.


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