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EXHIBIT
10(iii)A(63)
ACUITY BRANDS, INC.
2002 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
(Effective As of January 1, 2003)
(As Amended and Restated Effective As of
January 1, 2005, except where otherwise noted)
ACUITY BRANDS, INC.
2002 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
PREAMBLE
The Acuity Brands, Inc. 2002 Supplemental Executive Retirement
Plan ("Plan") is designed to be a supplemental retirement plan
covering a select group of management and highly compensated
employees of Acuity Brands, Inc. (the "Company") and its
Subsidiaries. The benefits under the Plan are unfunded and all
amounts payable under the Plan shall be paid from the general
assets of the Employer which employs the Participant. The effective
date of the amended and restated Plan as set forth herein is
January 1, 2005 ("Effective Date"), except where otherwise
noted.
TABLE OF
CONTENTS
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ARTICLE I
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DEFINITIONS AND CONSTRUCTION
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1
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Definitions
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1
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(a)
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Accrued Benefit
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1
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(b)
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Act
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1
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(c)
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Actuarial (or Actuarially) Equivalent
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1
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(d)
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Administrator
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1
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(e)
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Authorized Leave of Absence
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1
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(f)
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Annual Bonus
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2
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(g)
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Average Annual Compensation
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2
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(h)
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Beneficiary
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2
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(i)
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Board
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2
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(j)
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Break in Service
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2
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(k)
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Company
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2
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(l)
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Compensation
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2
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(m)
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Credited Service
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3
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(n)
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Disability Retirement Date
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3
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(o)
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Early Retirement Date
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3
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(p)
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Effective Date
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3
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(q)
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Executive Officer
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3
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(r)
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Fiduciaries
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3
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(s)
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Late Retirement Date
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3
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(t)
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Normal Retirement Date
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3
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(u)
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NSI
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3
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(v)
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Participant
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3
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(w)
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Plan
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4
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(x)
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Plan Year
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4
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(y)
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Prior Plan
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4
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(z)
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Retirement
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4
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(aa)
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Surviving Spouse
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4
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(bb)
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Termination Date
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4
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(cc)
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Total and Permanent Disability
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4
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(dd)
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Vested Terminee
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4
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Construction
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4
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ARTICLE II
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PARTICIPATION, CREDITED SERVICE, AND BREAK IN
SERVICE
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5
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Eligibility for Participation:
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5
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Break in Service
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5
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Participants Bound
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5
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Transfers
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6
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(a)
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When Employee Becomes Executive
Officer
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6
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(b)
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Accrued Benefit Upon Transfer To A Non-Eligible
Status
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6
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i
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ARTICLE III
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RETIREMENT AND TERMINATION DATES
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1
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Normal Retirement Benefit
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1
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Late Retirement Benefit
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1
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Early Retirement Benefit
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1
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Disability Retirement Benefit
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1
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Vested Terminee Benefit
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2
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Termination Prior to Completion of 5 Years of
Credited Service
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2
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Normal Form of Payment of Accrued
Benefit
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2
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ARTICLE IV
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PRE-RETIREMENT DEATH BENEFITS
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1
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(a)
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Death Prior to Eligibility for Early or Normal
Retirement
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1
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(b)
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Death After Attaining Eligibility for Early or
Normal Retirement
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1
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ARTICLE V
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PLAN FINANCING
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1
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Payment of Costs and Expenses
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1
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ARTICLE VI
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FIDUCIARY RESPONSIBILITIES
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1
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Allocation of Responsibility Among
Fiduciaries
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1
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Fiduciary Duties
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1
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Company Filing Responsibility
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1
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ARTICLE VII
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ADMINISTRATION
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1
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General Duties
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1
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Application and Forms For Benefit
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1
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Facility of Payment
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2
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Rules and Decisions
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2
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Company to Furnish Information
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2
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Administrator to Furnish Other
Information
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2
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ARTICLE VIII
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SUCCESSOR COMPANY
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1
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Successor Company
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1
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ARTICLE IX
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PLAN TERMINATION
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1
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Right to Terminate
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1
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ARTICLE X
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TRUST
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1
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ARTICLE XI
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AMENDMENTS AND ACTION BY COMPANY
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1
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ARTICLE XII
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MISCELLANEOUS
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1
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Nonguarantee of Employment
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1
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Rights Under Plan
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1
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ii
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Nonalienation of Benefits
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1
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Headings for Convenience Only
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1
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Multiple Copies
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1
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Governing Law
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1
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Guarantee of Performance
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1
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ARTICLE XIII
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CHANGE IN CONTROL
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1
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Cause
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1
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Change in Control
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1
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Termination of Employment
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2
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Amendment or Termination
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2
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[SCHEDULE 1]
[APPENDICES]
iii
ARTICLE I
DEFINITIONS AND CONSTRUCTION
1.1 Definitions : Where the following words and phrases
appear in this Plan, they shall have the meanings set forth below,
unless the context clearly indicates to the contrary:
(a) Accrued Benefit : With respect to any Participant at
any time a monthly benefit payable for 180 months only, commencing
on the Participant’s Normal Retirement Date in an amount
equal to the product of 1.6% of the Participant’s Average
Annual Compensation multiplied by the Participant’s Years of
Credited Service up to a maximum of ten (10) years, divided by
twelve (12). The maximum number of Years of Credited Service a
Participant can accrue under the Plan is ten (10) years,
provided that Compensation earned after a Participant has completed
ten (10) Years of Credited Service shall be counted for
purposes of determining the Participant’s Accrued Benefit if
counting such Compensation would increase the Participant’s
Accrued Benefit.
Notwithstanding the foregoing, if a Participant who received a
distribution or distributions following his Termination Date or
Retirement is re-employed and again becomes an active Participant,
such Participant’s Accrued Benefit, as computed pursuant to
this Section, shall be reduced by the monthly Accrued Benefit
amount that is the Actuarial Equivalent of the distribution(s) made
to the Participant.
Effective January 1, 2005, the Participant’s Accrued
Benefit shall, for certain purposes under the Plan as indicated
under the appropriate section, be divided between his
Pre-Section 409A Benefit and his Section 409A Benefit.
Except as indicated in such specific sections, the
Participant’s Accrued Benefit shall be treated as a single
benefit.
(b) Act : Public Law No. 93-406, the Employee
Retirement Income Security Act of 1974, as amended from time to
time.
(c) Actuarial (or Actuarially) Equivalent : A benefit of
equivalent value determined using an interest rate equal to
7% per annum and the mortality table prescribed by the
Commissioner of Internal Revenue pursuant to Rev. Rul. 95-6
(as hereafter amended or modified).
(d) Administrator : The Company and any person or
committee designated by the Company to perform all or a portion of
the duties and responsibilities of the Administrator under the
Plan.
(e) Authorized Leave of Absence : Any absence authorized
by the Company under the Company’s standard personnel
practices, provided that the Participant returns within the period
specified in the Authorized Leave of Absence.
II-1
(f) Annual Bonus : The amount awarded an
Executive under the Company’s annual bonus program, subject
to the provisions and limitations contained in Section 1.1(l)
of the Plan.
(g) Average Annual Compensation : The applicable annual
amount shall be the average of the Participant’s Compensation
for the three highest, consecutive calendar years during the ten
years immediately preceding the Participant’s date of
Retirement, death or other termination of employment. Compensation
earned after a Participant has completed ten (10) Years of
Credited Service shall be counted for purposes of determining the
Participant’s Average Annual Compensation and Accrued Benefit
if counting such Compensation would increase the
Participant’s Accrued Benefit.
(h) Beneficiary : The person or persons last designated
in writing by the Participant on a form provided by the
Administrator to receive benefits under Section 3.7 or Article
IV of the Plan in the event of the Participant’s death. If no
designation of Beneficiary shall be in effect at the time of a
Participant’s death or if all designated Beneficiaries shall
have predeceased the Participant, then the Beneficiary shall be the
Participant’s Surviving Spouse or if there is no such
Surviving Spouse, the Participant’s estate or legal
representative.
(i) Board : The Board of Directors of Acuity Brands, Inc.
or its Executive Committee.
(j) Break in Service : An event which results in the
cancellation of a Participant’s previous Credited Service as
provided in Section 2.2.
(k) Company : Company shall mean Acuity Brands, Inc. (or
its successor or successors). Affiliated or related employers are
permitted to adopt the Plan with the consent of the Company and
shall be known as "Adopting Employers." To the extent required by
certain provisions (e.g., determining Average Annual Compensation
and Credited Service), references to the Company shall include the
Adopting Employer of the Participant. Adopting Employers are listed
on Schedule 1.
(l) Compensation : Subject to adjustment as provided in
the next sentence, "Compensation" shall be the Participant’s
salary and wages for each calendar year during which he is employed
as an Executive Officer of the Company, and any Annual Bonuses
awarded during such year. In either case, Compensation and Annual
Bonuses shall include any amounts which shall be voluntarily
deferred by the Participant under any salary or bonus deferral or
reduction program (whether qualified or non-qualified) which may be
instituted by the Company, but shall not include any earnings or
Company match on these deferred amounts, or payments from such
programs or payments from any similar salary deferral or bonus
deferral programs, or any income from stock options, restricted
stock or similar grants. A Participant’s Compensation and
Annual Bonuses for calendar years prior to the Effective Date
during which he was employed as an Executive Officer shall be
credited under this Plan.
II-2
(m) Credited Service : A Participant shall
accrue one (1) Year of Credited Service for each Plan Year
during which he is actively employed as an Executive Officer of the
Company for the full Plan Year. During the Participant’s
initial and final Plan Year as an Executive Officer, the
Participant will be credited with a decimal equivalent expressed to
two places of a fraction having a numerator equal to the number of
full months the Participant worked as an Executive Officer during
such Plan Year and a denominator of twelve (12). A
Participant’s Credited Service as an Executive Officer prior
to the Effective Date shall be credited under this Plan. The
maximum number of Years of Credited Service a Participant can
accrue under the Plan is ten (10).
(n) Disability Retirement Date : The Date of Retirement
due to Disability as specified in Section 3.4.
(o) Early Retirement Date : The first day of the month
following the Participant’s attainment of age 55 and
completion of three (3)Years of Credited Service.
(p) Effective Date : The effective date of the amended
and restated plan is January 1, 2005, except where otherwise noted.
The Plan was initially effective as of January 1, 2003.
(q) Executive Officer : Any person who, on or after the
Effective Date, is classified by the Company as an executive
officer of the Company and who is receiving remuneration for
personal services rendered to the Company (or would be receiving
such remuneration except for an Authorized Leave of Absence), and
any other officer of the Company (or an Adopting Employer)
designated by the Board as eligible to participate in the Plan and
who is listed on an Appendix attached hereto.
(r) Fiduciaries : The Company and the Administrator, but
only with respect to the specific responsibilities of each for Plan
administration, all as described in Article VI.
(s) Late Retirement Date : The date of Retirement
subsequent to a Participant’s Normal Retirement Date as
specified in Section 3.2.
(t) Normal Retirement Date : The first day of the month
following the Participant’s attainment of age 60.
(u) NSI : National Service Industries, Inc., a Delaware
corporation, and the corporation from which the Company was
spun-off on November 30, 2001.
(v) Participant : An Executive Officer participating in
the Plan in accordance with the provisions of Section 2.1.
II-3
(w) Plan : The Acuity Brands, Inc. 2002
Supplemental Executive Retirement Plan, the Plan set forth herein,
as amended from time to time.
(x) Plan Year : A twelve (12) month period beginning
on January 1 and ending on December 31.
(y) Prior Plan : The Acuity Brands, Inc. Supplemental
Retirement Plan for Executives in which certain participants in
this Plan previously participated.
(z) Retirement : Termination of employment for reason
other than death after a Participant has fulfilled all requirements
for Normal Retirement, Late Retirement, Early Retirement, or
Disability Retirement. Retirement shall be considered as commencing
on the day immediately following a Participant’s last day of
employment (or Authorized Leave of Absence, if later).
(aa) Surviving Spouse . The individual to whom a
Participant is legally married on the date of death.
(bb) Termination Date : The date of termination of an
Executive’s employment with the Company for reasons other
than death or Retirement.
(cc) Total and Permanent Disability : A physical or
mental incapacity which impairs the Participant’s ability to
substantially perform his usual duties and services for the Company
for a period of six (6) months. The determination of Total and
Permanent Disability shall be made by the Administrator in its
discretion based upon the information provided to it and, with
respect to a Participant’s Section 409A Benefit, shall
be made in a manner consistent with the requirements of
Section 409A.
(dd) Vested Terminee : A Participant whose Termination
Date occurs after the completion of at least three (3) Years
of Credited Service, but prior to achieving eligibility for
Retirement.
(ee) Pre-Section 409A Benefit : The vested accrued
benefit of the Participant determined as of December 31, 2004
in accordance with rules established by the Administrator
consistent with the requirements of Section 409A.
(ff) Section 409A : Section 409A of the
Internal Revenue Code of 1986, as amended, and the regulations and
rulings thereunder.
(gg) Section 409A Benefit : The Participant’s
total Accrued Benefit under the Plan minus the Participant’s
Pre-Section 409A Benefit.
1.2 Construction : The masculine gender, where appearing
in the Plan, shall be deemed to include the feminine gender, and
the singular may include the plural, unless the context
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clearly indicates to the contrary. The words
"hereof," "herein," "hereunder" and other similar compounds of the
word "here" shall mean and refer to the entire Plan, not to any
particular provision or Section.
ARTICLE II
PARTICIPATION, CREDITED SERVICE,
AND BREAK IN SERVICE
(a) In General - An Executive Officer shall become a
Participant in this Plan on the later of the Effective Date or the
date he became an Executive Officer, subject to the conditions and
limitations provided for herein, provided that James Balloun shall
not be eligible to participate in this Plan. Unless otherwise
approved by the Board or unless the Executive Officer has waived
all benefits under such plan, an Executive Officer who is a
participant in the Acuity Brands, Inc. Supplemental Retirement Plan
for Executives shall not be eligible to become a Participant in
this Plan.
(b) Special Eligibility - Any Executive Officer
designated on an Appendix attached hereto shall be eligible to
participate in Plan on the date specified in the Appendix and in
accordance with the conditions and limitations provided in such
Appendix.
2.2 Break in Service : A Participant shall incur a Break
in Service as the result of the occurrence of a Termination Date or
Retirement. Upon incurring a Break in Service, a
Participant’s rights and benefits under the Plan shall be
determined in accordance with his Credited Service and Average
Annual Compensation, and other applicable Plan provisions at the
time of the Break in Service. If a Participant who has incurred a
Break in Service is later rehired by the Company and becomes
eligible to participate in the Plan, his prior Years of Credited
Service shall only be counted for purposes of determining his
Accrued Benefit subsequent to rehire, if (i) at the time of
his Break in Service he had at least three (3) Years of
Credited Service or was at least age 60, or (ii) the period of
his Break in Service is less than his prior Years of Credited
Service. If the Participant received payments from the Plan during
his Break in Service period, his Accrued Benefit shall be adjusted
in the manner provided in Section 1.1(a).
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