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Title: |
Executive Salary Protection Plan |
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Date: |
2002 |
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Preview shows 2KB of 18KB total |
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Price: |
$40 |
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ID: |
#350964 |
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W. R. GRACE & CO.
EXECUTIVE SALARY PROTECTION PLAN
AS ADOPTED BY
W. R. GRACE & CO.,
A CONNECTICUT CORPORATION,
EFFECTIVE DECEMBER 2, 1976
AND AMENDED
EFFECTIVE MAY 25, 1988
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AS ADOPTED AND CONTINUED BY
W. R. GRACE & CO.
A NEW YORK CORPORATION,
EFFECTIVE MAY 25, 1988
{PAGE}
W. R. GRACE & CO.
EXECUTIVE SALARY PROTECTION PLAN
INTRODUCTION
Effective December 2, 1976, W. R. Grace & Co., a Connecticut corporation
("Grace Connecticut"), adopted the W. R. Grace & Co. Executive Salary Protection
Plan (the "Plan") for the purpose of providing salary continuation benefits in
the event of the death or disability of an Eligible Executive (as described in
the Plan) of Grace Connecticut or its subsidiaries.
The Plan was last amended effective November 5, 1987, for all Eligible
Executives who die or become disabled while employed on or after such date.
As a result of a corporate reorganization whereby Grace Connecticut became
a subsidiary of W. R. Grace & Co., a New York corporation ("Grace New York")
(and was renamed "W. R. Grace & Co. -- Conn."), Grace Connecticut amended the
Plan (as set forth herein), effective May 25, 1988, and Grace New York adopted
and assumed the sponsorship of the Plan, as amended, as of such date, for the
benefit of all persons who, on the immediately preceding date, were Eligible
Executives under the Plan (as maintained by Grace Connecticut) and all other
employees of Grace New York or its subsidiaries who on or after May 25, 1988,
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