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Title: |
Supplemental Executive Retirement Plan |
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Entities: |
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Date: |
2003 |
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Size: |
29KB total |
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Price: |
$39 |
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ID: |
#1638177 |
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JOHNSONDIVERSEY, INC.
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
FOR GREGORY LAWTON
Effective January 1, 2002
JOHNSONDIVERSEY, INC.
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
FOR GREGORY LAWTON
TABLE OF CONTENTS
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ARTICLE 1 | ||||
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ESTABLISHMENT OF PLAN AND PURPOSE | ||||
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1.01 |
Establishment of Plan | 1 | ||
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1.02 |
Purpose of Plan | 1 | ||
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ARTICLE 2 | ||||
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DEFINITIONS | ||||
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2.01 |
Definitions | 1 | ||
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ARTICLE 3 | ||||
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ELIGIBILITY | ||||
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3.01 |
Eligibility | 3 | ||
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3.02 |
Commencement of Participation | 3 | ||
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3.03 |
Termination of Participation | 3 | ||
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ARTICLE 4 | ||||
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BENEFITS | ||||
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4.01 |
Eligibility for Benefits | 4 | ||
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4.02 |
Benefits Upon Retirement | 4 | ||
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4.03 |
Termination by Mutual Agreement | 4 | ||
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4.04 |
Death Benefits | 4 | ||
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4.05 |
Disability Benefits | 5 | ||
i
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4.06 |
Termination for Cause or Without Good Reason | 5 | ||
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4.07 |
Change in Control | 5 | ||
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ARTICLE 5 | ||||
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PAYMENT OPTIONS | ||||
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5.01 |
Normal Form of Payment | 5 | ||
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5.02 |
Optional Forms of Benefit | 6 | ||
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ARTICLE 6 | ||||
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ADMINISTRATION OF THE PLAN | ||||
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6.01 |
Administration of Plan by Committee | 7 | ||
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6.02 |
Powers and Duties | 7 | ||
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6.03 |
Records and Notices | 8 | ||
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6.04 |
Compensation and Expenses | 8 | ||
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6.05 |
Limitation of Authority | 8 | ||
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6.06 |
Application for Benefits | 8 | ||
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6.07 |
Notice of Denied Claim for Benefits | 9 | ||
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6.08 |
Review of Denied Claim | 9 | ||
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ARTICLE 7 | ||||
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GENERAL PROVISIONS | ||||
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7.01 |
Assignment | 9 | ||
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7.02 |
Employment Not Guaranteed by Plan | 9 | ||
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7.03 |
Termination and Amendment | 10 | ||
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7.04 |
Notice | 10 | ||
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7.05 |
Limitation on Liability | 10 | ||
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7.06 |
Indemnification | 10 | ||
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7.07 |
Severability | 10 | ||
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7.08 |
Subject to Companys Creditors | 11 | ||
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7.09 |
Effect on Other Plans | 11 | ||
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7.10 |
Successors | 11 | ||
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7.11 |
Construction | 11 | ||
ii
ARTICLE 1
Establishment of Plan and Purpose
1.01 Establishment of Plan. The Board of Directors of JohnsonDiversey, Inc. established the JohnsonDiversey, Inc. Supplemental Executive Retirement Plan for Gregory Lawton, effective as of January 1, 2002.
1.02 Purpose of Plan. The Company established the Plan specifically for the purpose of providing supplemental retirement benefits to Gregory Lawton, its Chief Executive Officer. The Company expects the Plan to benefit the Company by giving Gregory Lawton an additional incentive to remain employed by the Company as its Chief Executive Officer.
The parties intend that the arrangement described herein be unfunded for tax purposes and for purposes of Title I of the Employee Retirement Income Security Act of 1974, as amended from time to time.
ARTICLE 2
Definitions
2.01 Definitions.
(a) Actuarial Equivalent. A benefit which under the terms of the Plan has the same present value as the benefit it replaces. The calculation of an Actuarial Equivalent shall be determined by applying the assumptions for periodic payments, if the Participants benefit is to be paid in periodic payments, or the assumptions applicable to determining a lump sum, if the Participants benefit is to be paid in a lump sum, which assumptions are provided in the Retirement Plan for Employees of S.C. Johnson Commercial Markets, Inc. as in effect on the Participants Benefit Commencement Date. If such Retirement Plan is not in effect on the Participants Benefit Commencement Date, the Participants benefit shall be determined by applying the appropriate assumptions in a successor to that plan or, if that plan is terminated without a successor plan or, alternative assumptions as determined by the Committee.
(b) Benefit Commencement Date. The first day of the month following the Participants Retirement, death, Disability or Termination by Mutual Agreement.
(c) Committee. The Compensation and Management Succession Committee of the Board of Directors of the Company, which shall control and manage the operation and administration of the Plan, in accordance with Article 6.
(d) Company. JohnsonDiversey, Inc., a Delaware corporation, and any successor or affiliate which has adopted the Plan. The Board of Directors of the Company, or such Board members authorized by the Board of Directors from time to time, shall act on behalf of the Company for purposes of the Plan.
(e) Disability or Disabled. An inability to perform the responsibilities of the Participants Employment as Chief Executive Officer of the Company due to physical or mental incapacity, which qualifies the Participant for benefits under the Companys long-term disability plan. The Participant shall be deemed to have incurred a Disability for purposes of this Plan at the time the Participant satisfies all conditions required by the Companys long-term disability plan for receipt of long-term disability benefits.
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