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Title: |
Officer Retirement Agreement |
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Entities: |
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Date: |
2001 |
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Size: |
Preview shows 7KB of 46KB total |
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Price: |
$47 |
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ID: |
#367740 |
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OFFICER RETIREMENT AGREEMENT
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THIS AGREEMENT entered into this ___ day of _____________, ____, and
becoming effective as of the ______ day of _____________, ____ between GEORGIA-
PACIFIC CORPORATION, a Georgia corporation, having its principal office in
Atlanta, Georgia (hereinafter referred to as "G-P"), and .............
(hereinafter referred to as "Officer");
W I T N E S S E T H :
- - - - - - - - - -
WHEREAS, Officer is and will be rendering valuable services to G-P and
its Affiliates (as defined in Paragraph 9(f)), and G-P desires to receive the
benefit of Officer's continued loyalty, service and counsel and to assist
Officer in providing for the contingencies of death, disability and old age
dependency;
IT IS HEREBY AGREED:
1. General.
-------
G-P agrees to make monthly payments ("Retirement Payments") to Officer
or to Officer's eligible Surviving Spouse or Survivor(s) (as defined in this
Agreement) pursuant to the provisions of this Agreement, provided that the
applicable eligibility conditions set forth in Paragraphs 2 through 7 of this
Agreement are met.
2. Normal Retirement.
-----------------
(a) "Normal Retirement" shall mean Officer's termination of
employment after attaining age sixty-five (65) and having been continuously
employed by G-P and/or its
{PAGE}
Affiliates (as defined in Paragraph 9(f)) from the date of this Agreement (or
any predecessor agreement described in Paragraph 18) through his/her date of
termination. For purposes of this Paragraph 2(a), employment with an Affiliate
shall be counted only for periods during which the Affiliate met the definition
of "Affiliate" in Paragraph 9(f).
(b) Normal Retirement Payments (determined as provided in Paragraph
2(c)) to Officer shall commence on the first day of the month following the last
day for which Officer receives either vacation pay or base salary after
termination of employment with G-P and its Affiliates ("pay-through date").
Such payments shall be made monthly on the first day of each month during the
lifetime of Officer and, subject to the death benefit provisions of Paragraph 7
or any election under Paragraph 8, shall end with the payment for the month of
his or her death.
(c) Subject to any election by Officer permitted by Paragraph 8, the
monthly Normal Retirement Payment to Officer shall be calculated as follows:
(1) Fifty percent (50%) of Officer's average monthly Cash Salary
(as defined below) for the last forty-eight (48) full calendar months of
his or her employment by G-P and/or its Affiliates (or, if fewer, all full
calendar months of his or her employment with G-P and/or its Affiliates
which immediately precede termination of such employment);
(2) Less the Annuity Equivalent (as defined below) of benefits,
if any, payable to or on behalf of Officer under all other retirement
compensation plans maintained by G-P and/or its Affiliates (as defined
below), which are attributable to contributions made by G-P and/or its
Affiliates (excluding any Cash Salary which he or she elected to defer
under such plans). For purposes of this paragraph the following terms are
defined as follows:
(A) "Cash Salary" - shall mean base salary, annual incentive
bonuses and any cash salary or annual incentive bonus which Officer elected
to defer, and excludes, without limitation, severance payments of any kind,
deferred compensation
-2-
{PAGE}
under any long-term incentive program, bonuses for purpose of offsetting
taxation and any other incentive compensation; provided that annual
incentive bonuses shall be counted in the year(s) or partial year(s) with
respect to which they are earned (rather than in the year of payment) and
shall be prorated for partial years (if not already prorated to reflect
partial year participation) included in the forty-eight (48) month
averaging period and provided, further, that if the annual incentive bonus
amount with respect to any part of that period is unavailable at the time
Retirement Payments are to commence, an estimated benefit will be paid
based on the available compensation data, subject to a retroactive
adjustment when final data are available.
(B) "Annuity Equivalent" - of a given benefit shall mean an
actuarially equivalent benefit in the form in which Officer's Retirement
Payments will be paid, determined as of Officer's last day worked for G-P
and its Affiliates ("Officer's last day worked") using the then applicable
mortality table specified under the Georgia-Pacific Corporation Salaried
Pension Plan (the "SPP"), statutory restrictions on qualified plan benefits
as in effect on Officer's last day worked (if any) and the immediate
interest rate published and used by the Pension Benefit Guaranty
Corporation for plan terminations occurring during the first month of the
calendar quarter during which Officer's last day worked occurs (if the PBGC
rate is not available, the then applicable interest rate specified in the
SPP will be used); provided, however, that notwithstanding the foregoing,
if the Officer elects to retain his or her SPP benefits in the SPP after
Officer's last day worked and the amount of those benefits is increased due
to adjustments in the statutory restrictions on qualified plan benefits
between Officer's last day worked and the date of distribution of his or
her SPP benefits, Officer's benefits under this Agreement will be
recalculated with respect to the first payment due after the date of the
SPP distribution (and all future payments) solely to reflect the greater
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