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[Pages:53]SIEMENS PENSION PLAN

SUMMARY PLAN DESCRIPTION

(As of December 31, 2021)

Table of Contents

INTRODUCTION................................................................................................................................................ 5

Plan Highlights........................................................................................................................8 Pension Benefits......................................................................................................................9 Pension Plan Information Resources........................................................................................9

ELIGIBILITY AND PARTICIPATION ........................................................................................................... 10

Who Was Eligible?................................................................................................................10 Participation ..........................................................................................................................10 Cost.......................................................................................................................................11

CASH BALANCE FORMULA.......................................................................................................................... 11

The Formula........................................................................................................................11 Interest Credits.....................................................................................................................12 Example ................................................................................................................................12 Pay Credits............................................................................................................................13

FINAL AVERAGE PAY FORMULA ............................................................................................................... 13 ELIGIBLE PAY................................................................................................................................................. 13 MAXIMUM BENEFITS .................................................................................................................................... 14 IF YOU MADE CONTRIBUTIONS ................................................................................................................. 14 VESTING ........................................................................................................................................................... 14

Employment Service .............................................................................................................15 Vesting Service Calculation ..................................................................................................16 If Your Employment Ends.....................................................................................................16 When Benefits Are Paid ........................................................................................................16

HOW BENEFITS ARE PAID............................................................................................................................ 17

Payment Methods..................................................................................................................17 What Else You Should Know................................................................................................18 When to Apply......................................................................................................................18 Definition of Totally and Permanently Disabled ....................................................................19 What Happens If You Are Totally and Permanently Disabled ...............................................19 If Your Total and Permanent Disability Ends ........................................................................20 If You Die Before Retirement Payments Begin .....................................................................20 If You Die After Retirement Payments Are Scheduled To Begin...........................................21 Minimum Distributions .........................................................................................................21

IF YOU ARE REHIRED.................................................................................................................................... 21

Participation ..........................................................................................................................21 Restoring Prior Service and Forfeitures .................................................................................22

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Period of Absence on Account of Military Service ................................................................22 If Payments Have Started ......................................................................................................22

IF YOU TRANSFER TO AN AFFILIATED COMPANY................................................................................ 23

Transfer to a Participating Company .....................................................................................23 Transfer to a Non-Participating Company..............................................................................23

WHAT ELSE YOU SHOULD KNOW .............................................................................................................. 24

Mandatory 20% Withholding..................................................................................................24 Assignment of Benefits - Qualified Domestic Relations Orders (QDRO)...............................24 Amendment or Termination ..................................................................................................24 Pension Benefit Guaranty Corporation ..................................................................................25 No Contract of Employment..................................................................................................25

ERISA INFORMATION.................................................................................................................................... 26

Plan Sponsor .........................................................................................................................26 Employer Identification Number ............................................................................................26 Plan Year ..............................................................................................................................26 Plan Administrator ................................................................................................................26 Claim Denial and Appeal ......................................................................................................27 Legal Service ........................................................................................................................28 Administrative Information ...................................................................................................28 Plan Document......................................................................................................................28 Your Rights Under ERISA (Employee Retirement Income Security Act of 1974) .................28 Receive Information About Your Plan and Benefits ..............................................................29 Prudent Actions by Plan Fiduciaries ......................................................................................29 Enforce your Rights ..............................................................................................................29 Assistance With Your Questions ...........................................................................................30

APPENDIX A: PARTICIPATING COMPANIES FOR NON-UNION EMPLOYEES AS OF DECEMBER 31, 2010............................................................................................................................................................... 31 APPENDIX B: PAY CREDITS UNDER THE SIEMENS PENSION PLAN CASH BALANCE FORMULA ............................................................................................................................................................................ 33 APPENDIX C: FINAL AVERAGE PAY FORMULA..................................................................................... 35 APPENDIX D: CASH BALANCE FORMULA ? SIEMENS HEALTHCARE DIAGNOSTICS INC. (DADE BEHRING) ......................................................................................................................................................... 39 APPENDIX E: SIEMENS WESTINGHOUSE SPECIAL PROVISIONS............................................................ 41 APPENDIX F: SIEMENS BUILDING TECHNOLOGIES, INC. LANDIS DIVISION ("SBT PLAN")............... 45 APPENDIX G: SIEMENS FURNAS CONTROLS RESTATED EMPLOYEES' PENSION PLAN ("FURNAS PLAN") ? AVERAGE MONTHLY COMPENSATION FORMULA .............................................................. 48 APPENDIX H: PARTICIPATING COMPANIES AND UNION GROUPS COVERED BY COLLECTIVE BARGAINING AGREEMENTS WHICH PROVIDE COVERAGE BY THE PLAN..................................... 50

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APPENDIX I: OTHER UNION PLANS MERGED INTO THE SIEMENS PENSION PLANS FOR UNION EMPLOYEES..................................................................................................................................................... 52

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INTRODUCTION

This document is the Summary Plan Description ("SPD") for the Siemens Pension Plan (the "Plan"). This SPD summarizes the major features of the Plan as of December 31, 2021, but does not describe every feature of the Plan. The official terms of the Plan are contained in the official Plan document. Every effort has been made to ensure the accuracy of the information included in this SPD. However, if there is a discrepancy between the information contained in this SPD and the official Plan document, the official Plan document will govern.

Effective December 31, 2010, the Plan was frozen. This means that if you were eligible to participate in the Plan on December 31, 2010, you stopped earning future benefits under the Plan for 2011 and beyond. No benefit service credit and no compensation paid after December 31, 2010, will be taken into account under any of the benefit formulas of the Plan, including any formula of any plan merged into this Plan. However, you keep the pension benefit you have earned under the Plan through December 31, 2010. In addition, if you have a cash balance benefit under the Plan, you have continued to earn interest credits on your cash balance account since December 31, 2010; and if you have a benefit under the final average pay formula, your age and service after December 31, 2010, continued to be recognized towards early retirement eligibility.

If you have a frozen benefit under the Plan, your benefit is generally determined under either a cash balance formula, which became effective January 1, 2001, or a final average pay formula, which was in effect prior to January 1, 2001, and had continued for certain eligible participants who chose to remain covered by the final average pay formula after January 1, 2001. Different effective dates may apply if you participated in a plan that merged into this Plan.

If you participated in the Plan prior to the date the cash balance formula became effective (January 1, 2001 for nonunion participants), or if you participated in the Siemens Westinghouse Retirement Plan ("SWRP") or the Siemens Westinghouse Plan for Union Employees ("SWRPU)", your Plan benefit will never be less than your accrued benefit under the Plan or SWRP or SWRPU, whichever is applicable, as of the December 31 immediately preceding the date you became covered under the cash balance formula of this Plan. This benefit may be reduced for retirement prior to age 65, based on age and service at termination of employment.

The date your Company became covered under the cash balance formula of the Plan is referred to as your Company's "Conversion Date". Reference Appendix A if you are a nonunion participant or Appendix H if you are a union participant, for the Conversion Date applicable to the company at which you were employed on December 31st immediately preceding the date you became covered under the cash balance formula.

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Effective December 31, 2021 the Siemens Pension Plan for Union Employees was merged into the Plan.

Appendix B to this SPD describes how Pay Credits were determined under the Plan's cash balance formula before the Plan was frozen.

Appendix C to this SPD describes certain provisions relating to participants covered under the final average pay formula.

If you participated in a pension plan that was merged into the Plan or had a benefit transferred to the Plan from another pension plan, your benefit may be subject to additional or different provisions. For example:

Appendix D describes certain provisions relating to the Siemens Healthcare Diagnostics, Inc. Cash Balance Plan, which was merged into the Plan, effective March 31, 2009.

Appendix E describes certain provisions related to employees who participated in the Siemens Westinghouse Retirement Plan as of December 31, 2001.

Appendix F describes provisions relating to benefits under the Retirement Income Plan for Salaried Employees of Siemens Building Technologies, Inc., Landis Division, which was merged into the Plan, effective December 31, 2009.

Appendix G describes certain provisions relating to benefits under the Siemens Furnas Controls Restated Employees' Pension Plan, which was merged into the Plan, effective September 30, 2009.

Appendix H describes the participating companies and unions of these companies covered by a collective bargaining agreement which provide coverage by this Plan.

Appendix I describes Other Union Plans Merged into the Siemens Pension Plan for Union Employees which have their own set of provisions that apply to the Plan and a separate summary plan description

Special provisions may also apply to other participants that had benefits transferred to the Plan, that participated in other plans that were merged into the Plan, or who were employed by a business acquired or divested by a Siemens company, which are not described in this SPD. If you believe that special provisions may apply to you, you can obtain additional information about your benefits under the Plan by contacting the Siemens Benefit Service Center ("SBSC")

As of December 31, 2010, the Siemens Pension Plan was frozen, and you stopped

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earning future benefits under the Plan for 2011 and beyond (excluding interest credits as previously described). Employees who participated in the Plan prior to January 1, 2011, may be entitled to enhanced contributions to the Siemens Savings Plan. Refer to the Summary Plan Description for the Siemens Savings Plan for full details on these contributions.

If you are a member of a union group covered by a collective bargaining agreement which provides coverage by this Plan, there may be special provisions that apply which allow further accruals after December 31, 2010 or different dates on which your participation in the Plan may have been converted to cash balance, closed to new participants or frozen.

As of December 31, 2021 the Siemens Pension Plan for Union Employees was merged into the Siemens Pension Plan. All benefits earned under the Prior Plan are applicable under the Siemens Pension Plan. Appendix H and Appendix I describe participating companies and unions of these companies covered by a collective bargaining agreement which provide coverage by this Plan.

Certain participants of the Siemens Pension Plan who met all of the requirements set forth below were eligible to elect to participate in a special one-time voluntary program to receive a lump sum payment of the present actuarial equivalent value of their vested accrued benefit under the Plan's Final Average Pay formula or an immediate annuity. This "Lump Sum Window Program" (Window) occurred during the 45 days beginning September 27, 2016 through November 11, 2016.

The Window commencement date was December 1, 2016. This was the effective date used to determine your age and calculate the lump sum and optional forms of benefits available to you under the Window. Any payment as a result of an election under the Window were made no later than December 31, 2016. You were eligible to participate in the Window if you met all of the following requirements:

You were no longer employed with a Siemens affiliated company prior to August 1, 2016

At the time of your termination you were covered under the final average pay formula of the Siemens Pension Plan with a vested benefit

As of August 1,2016, you had not started to receive a benefit under the Plan As of August 1, 2016, the present actuarial equivalent value of the your entire

vested accrued benefit under the Plan exceeded $5,000 As of August 1, 2016, you were not included in the group of participants for

whom the following situations applied:

o Any portion of your benefit had been assigned to an alternate payee under a Qualified Domestic Relations Order (QDRO) or you had a pending Domestic Relations Order (DRO) impacting your Siemens Pension Plan benefit. If a QDRO or DRO was received at any time before December 1, 2016 payment, you were not eligible for the program even if you were previously eligible

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o You were a deceased Member's Beneficiary or person who was the alternate payee under a QDRO or a pending QDRO

o You had a Pension Preservation Plan benefit accrued prior to January1, 2005 ( pre-409A nonqualified benefit) payable based on the time or form of the benefit payable under the Siemens Pension Plan

o You were a participant for whom the pan administrator and record keeper could not confirm the sufficiency of data necessary to communicate with, calculate or pay your benefit under the plan as reported to the Administrative Committee.

If you were eligible for the Window you were notified in writing with instructions on how participate in September 2016. Pension election authorization forms for the Window were required to have been received by Friday, November 23, 2016 to be considered timely.

If you were not currently eligible to commence a benefit under Plan as of December 1, 2016, you were able to elect a lump sum or immediate annuity.

The immediate annuity form if you were an unmarried participant was the single life annuity

The immediate annuity forms if you were a married participant were the Single Life Annuity, Qualified Joint and Survivor Annuity and the Qualified Optional Survivor Annuity.

If you were currently eligible to commence a benefit under the Plan as of December 1, 2016, you were able to elect a lump sum or any of the available annuity forms of payment available to you.

If a participant died prior to the benefit start date there benefits were not paid according to this Window even if all required applications and authorizations were submitted.

An election to participate in the Window was subject to obtaining applicable spousal consent before benefits began. A payment made to you under the Window satisfied any benefits payable to you under the Final Average Pay formula under the Plan.

Plan Highlights Key information in this booklet includes:

When your participation in the Plan began; When you qualify for a benefit; How the cash balance or final average pay benefit is calculated; Your benefit payment options; How your spouse or beneficiary may be protected in the event of your death;

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