Back to top

CHS/COMMUNITY HEALTH SYSTEMS, INC. AMENDED AND RESTATED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

Addendum or Modifications

CHS/COMMUNITY HEALTH SYSTEMS, INC. AMENDED AND RESTATED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN | Document Parties: COMMUNITY HEALTH SYSTEMS INC | CHS/COMMUNITY HEALTH SYSTEMS, INC You are currently viewing:
This Addendum or Modifications involves

COMMUNITY HEALTH SYSTEMS INC | CHS/COMMUNITY HEALTH SYSTEMS, INC

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: CHS/COMMUNITY HEALTH SYSTEMS, INC. AMENDED AND RESTATED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
Governing Law: Tennessee     Date: 2/27/2009
Industry: Healthcare Facilities     Sector: Healthcare

CHS/COMMUNITY HEALTH SYSTEMS, INC. AMENDED AND RESTATED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN, Parties: community health systems inc , chs/community health systems  inc
50 of the Top 250 law firms use our Products every day

Exhibit 10.13

 

CHS/COMMUNITY HEALTH SYSTEMS, INC.

AMENDED AND RESTATED

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

January 1, 2009

 


 

 

 

 

 

 

 

 

Page

 

1. PURPOSE

 

 

3

 

 

2. DEFINITIONS AND CONSTRUCTION

 

 

3

 

 

2.1 Definitions

 

 

3

 

 

2.2 Captions; Section References

 

 

7

 

 

2.3 Severability

 

 

8

 

 

3. ADMINISTRATION

 

 

8

 

 

3.1 The Committee

 

 

8

 

 

3.2 Authority of the Committee

 

 

8

 

 

3.3 Decisions Binding

 

 

8

 

 

3.4 Plan Administrator

 

 

8

 

 

3.5 Costs and Expenses

 

 

8

 

 

3.6 Indemnification

 

 

8

 

 

4. PARTICIPATION IN THE PLAN

 

 

9

 

 

4.1 Notification of Participation

 

 

9

 

 

4.2 Termination of Participation

 

 

9

 

 

5. BENEFITS UPON SEPARATION FROM SERVICE OR DEATH

 

 

9

 

 

5.1 Normal Retirement Benefit

 

 

9

 

 

5.2 Early Retirement Benefit

 

 

9

 

 

5.3 Disability Benefit

 

 

10

 

 

5.4 Death Benefit

 

 

10

 

 

5.5 Termination for Cause

 

 

10

 

 

6. BENEFITS UPON CHANGE IN CONTROL

 

 

10

 

 

6.1 Change in Control Benefit

 

 

10

 

 

6.2 Participants Under Age 55

 

 

10

 

 

6.3 Additional Years of Service

 

 

11

 

 

6.4 Certain Terminations of Employment

 

 

11

 

 

7. BENEFICIARIES

 

 

11

 

 

8. RABBI TRUST

 

 

11

 

 

9. WITHHOLDING

 

 

11

 

 

10. MODIFICATION AND TERMINATION

 

 

11

 

 

10.1 Amendment and Termination

 

 

11

 

 

10.2 Effect on Participants

 

 

11

 

 

- i -


 

TABLE OF CONTENTS
(continued)

 

 

 

 

 

 

 

Page

 

10.3 No Obligation to Continue Plan

 

 

12

 

 

11. CLAIMS AND REVIEW PROCEDURES

 

 

12

 

 

12. MISCELLANEOUS PROVISIONS

 

 

12

 

 

12.1 Non-Transferability

 

 

12

 

 

12.2 Payment of Benefits

 

 

12

 

 

12.3 No Rights of Employment

 

 

12

 

 

12.4 Applicable Law

 

 

13

 

 

12.5 Payment to Minors

 

 

13

 

 

EXHIBIT A Date of Hire for Certain Plan Participants

 

 

12

 

- ii -

 


 

CHS/COMMUNITY HEALTH SYSTEMS, INC.

AMENDED AND RESTATED

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

      WHEREAS, Community Health Systems, Inc. established the Community Health Systems, Inc. Supplemental Executive Retirement Plan (the “Original Plan”) on December 10, 2002; and

      WHEREAS, the Original Plan was amended as of April 8, 2004, to change the definition of “Service” thereunder; and

      WHEREAS, the Original Plan was next amended as of May 25, 2005, to reflect the assumption of the Plan by CHS/Community Health Systems, Inc. and the change of the name of the Original Plan to the CHS/Community Health Systems, Inc. Supplemental Executive Retirement Plan; and

      WHEREAS, the Original Plan was required to be maintained in good faith compliance with Internal Revenue Code Section 409A and guidance of the U.S. Department of Treasury thereunder for the period beginning January 1, 2005, and ending December 31, 2008; and

      WHEREAS, the Original Plan is required to be restated to comply with Internal Revenue Code Section 409A; and

      WHEREAS , the Original Plan shall be amended and restated as the CHS/Community Health Systems, Inc. Amended and Restated Supplemental Executive Retirement Plan (the “Plan”), effective as of January 1, 2009, except as otherwise stated herein;

      NOW, THEREFORE , the Plan shall provide as follows:

1. Purpose . The purpose of this Plan is to advance the interests of CHS by encouraging officers and other key employees of the Company and its subsidiaries who will largely be responsible for the long-term success and development of CHS to continue their employment with the Company and its subsidiaries by providing retirement benefits for them. The Plan is also intended to assist the Company and its subsidiaries in attracting and retaining such employees and stimulating their efforts on behalf of the Company and its subsidiaries.

2. Definitions and Construction.

      2.1 Definitions. As used in the Plan, terms defined parenthetically immediately after their use shall have the respective meanings provided by such definitions, and the following words and phrases shall have the meanings specified below (in either case, such terms shall apply equally to both the singular and plural forms of the terms defined), unless a different meaning is plainly required by the context:

      (a)  “Actuarial Equivalent” shall mean a benefit of equivalent value calculated based on the Uninsured Pensioners 1994 Mortality Table including Projections to 2003 using 50% of the Male Rates and 50% of the Female Rates as prescribed for qualified retirement plans under

- 3 -


 

the General Agreement on Trades and Tariffs (GATT) and a discount rate equal to the yield on 10-Year Treasury Bonds as of the last day of the previous month, but in no event greater than 4% per annum.

      (b)  “Annual Retirement Benefit” shall mean an amount equal to a Participant’s Final Average Earnings multiplied by the lesser of (i) 60%, or (ii) a percentage equal to 2% multiplied by the Participant’s years of Service.

      (c)  “Beneficiary” shall mean the person or persons designated by a Participant pursuant to Section 7 to receive the benefits to which a Participant is entitled upon the death of a Participant.

      (d)  “Board” shall mean the Board of Directors of the Company or, as the context requires, CHS.

      (e)  “Cause” shall mean a felony conviction of a Participant or the failure of a Participant to contest prosecution for a felony, or a Participant’s willful misconduct, dishonesty or gross negligence, any of which is determined by the Board to be directly and materially harmful to the business or reputation of the Company or its Subsidiaries.

      (f) “ Change in Control” shall mean the occurrence of any of the following events, but only to the extent such event would constitute a change in the ownership or effective control of CHS, or in the ownership of a substantial portion of the assets of CHS, as set forth in Code Section 409A(a)(2)(A)(v) and defined in regulations promulgated by the U.S. Department of Treasury thereunder:

      (1)  An acquisition (other than directly from CHS) of any voting securities of CHS (“Voting Securities”) by any Person (as the term person is used for purposes of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”)) immediately after which such Person has Beneficial Ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% of the then-outstanding shares of Common Stock of CHS (“Shares”) or the combined voting power of CHS’ then-outstanding Voting Securities; provided, however, in determining whether a Change in Control has occurred pursuant to this Section 2.1(f)(1), Shares or Voting Securities which are acquired in a Non-Control Acquisition (as hereinafter defined) shall not constitute an acquisition that would cause a Change in Control. A “Non-Control Acquisition” shall mean an acquisition by (i) an employee benefit plan (or a trust forming a part thereof) maintained by the Company or any Subsidiary, (ii) CHS or any Subsidiary, or (iii) any Person in connection with a Non-Control Transaction (as hereinafter defined);

      (2)  The individuals who, as of the date hereof, are members of the Board of CHS (“Incumbent Board”), cease for any reason to constitute at least a majority of the members of the Board of CHS or, following a Merger (as hereinafter defined) that results in CHS having a Parent Corporation (as hereinafter defined), the board of directors of the ultimate Parent Corporation; provided, however, that if the election, or nomination for election, by the CHS common stockholders, of any new director was approved by a vote of at least two-thirds of the Incumbent Board of CHS, such new director shall, for purposes of the Plan, be considered as a member of the Incumbent Board of CHS; provided further, however, that no individual shall be considered a member of the Incumbent Board of CHS if such individual initially assumed office as a result of

- 4 -


 

either an actual or threatened Election Contest (as described in Rule 14a-11 promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board of CHS (“Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest; or

      (3)  The consummation of:

      (A)  A merger, consolidation or reorganization with or into the Company or in which securities of the Company are issued (“Merger”), unless such Merger, is a Non-Control Transaction. A Non-Control Transaction shall mean a Merger where:

      (i)  the stockholders of CHS immediately before such Merger own, directly or indirectly, immediately following such Merger, at least 50% of the combined voting power of the outstanding voting securities of (x) the corporation resulting from such Merger (“Surviving Corporation”), if 50% or more of the combined voting power of the then outstanding voting securities of the Surviving Corporation is not Beneficially Owned, directly or indirectly, by another Person (“Parent Corporation”), or (y) if there are one or more Parent Corporations, the ultimate Parent Corporation; and

      (ii)  the individuals who were members of the Incumbent Board of CHS immediately prior to the execution of the agreement providing for such Merger, constitute at least a majority of the members of the board of directors of (x) the Surviving Corporation, if there is no Parent Corporation, or (y) if there are one or more Parent Corporations, the ultimate Parent Corporation.

      (B)  A complete liquidation or dissolution of CHS; or

      (C)  The sale or other disposition of all, or substantially all, of the assets of CHS to any Person (other than a transfer to a Subsidiary or under conditions that would constitute a Non-Control Transaction with the disposition of assets being regarded as a Merger for this purpose or the distribution to the CHS’ stockholders of the stock of a Subsidiary or any other assets).

     Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any Person (“Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the then-outstanding Shares or Voting Securities as a result of the acquisition of Shares or Voting Securities by CHS which, by reducing the number of Shares or Voting Securities then-outstanding, increases the proportional number of shares Beneficially Owned by the Subject Person, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of Shares or Voting Securities by CHS, and after such share acquisition by CHS the Subject Person becomes the Beneficial Owner of any additional Shares or Voting Securities which increases the percentage of the


 
SITE SEARCH

AGREEMENTS / CONTRACTS

Document Title:

Entire Document: (optional)

Governing Law:(optional)


Try our advanced search >>
 

CLAUSES

Search Contract Clauses >>

Browse Contract Clause Library>>

Get Email Updates
Email:
This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more