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OWENS CORNING SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

Addendum or Modifications

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Title: OWENS CORNING SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
Governing Law: Ohio     Date: 2/18/2009
Industry: Containers and Packaging     Sector: Basic Materials

OWENS CORNING SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN, Parties: owens corning
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Exhibit 10.30

OWENS CORNING

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

As amended and restated

effective as of January 1, 2009


OWENS CORNING SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

Table of Contents

 

 

 

 

  

Page

Article I.

 

Establishment and Purpose of the Plan

  

1

1.1  

 

Establishment of the Plan

  

1

1.2  

 

Purpose of the Plan

  

1

Article II.

 

Definitions

  

2

2.1  

 

Actuarial Equivalent

  

2

2.2  

 

Administrator

  

2

2.3  

 

Affiliate

  

2

2.4  

 

Beneficiary

  

2

2.5  

 

Board of Directors

  

2

2.6  

 

Cash Balance Account

  

3

2.7  

 

Cash Balance Plan

  

3

2.8  

 

Code

  

3

2.9  

 

Eligible Employee

  

3

2.10

 

Employer

  

3

2.11

 

Excess Plan

  

4

2.12

 

Hire Date

  

4

2.13

 

Offset Amount

  

4

2.14

 

Plan

  

4

2.15

 

Prior Accrued Retirement Benefits

  

4

2.16

 

Supplemental Retirement Benefit

  

5

2.17

 

Supplement Survivor’s Benefit

  

5

Article III.

 

Supplemental Retirement Benefit

  

6

3.1  

 

Eligible Employees

  

6

3.2  

 

Supplemental Retirement Benefit

  

6

3.3  

 

Supplemental Survivor’s Benefit

  

8

 

-i-


Article IV.

 

Forfeiture of Supplemental Benefits

  

9

4.1  

 

Disclosure of Proprietary Information

  

9

4.2  

 

Direct Competition with the Employer or an Affiliate

  

10

4.3  

 

Discharge for Just Cause

  

10

Article V.

 

Form of Payment

  

12

Article VI.

 

Nature of Interest of Participant

  

14

6.1  

 

Unsecured General Creditor

  

14

6.2  

 

Trust Fund

  

14

6.3  

 

No Right to Transfer Interest

  

15

Article VII.

 

Administration

  

16

7.1  

 

Administrator

  

16

7.2  

 

Powers of the Administrator

  

16

7.3  

 

Finality of Administrator Determinations

  

17

Article VIII.

 

Miscellaneous

  

18

8.1  

 

Amendment, Suspension, and Termination

  

18

8.2  

 

Board of Directors’ Power to Delegate Authority

  

19

8.3  

 

Indemnification

  

19

8.4  

 

No Employment Rights

  

19

8.5  

 

No Impact on Other Benefits

  

20

8.6  

 

Incapacity of Recipient

  

20

8.7  

 

Data

  

20

8.8  

 

Misstatements

  

21

8.9  

 

Taxes

  

21

8.10

 

Applicable Law

  

21

8.11

 

Usage of Terms and Headings

  

22

 

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OWENS CORNING SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

[As amended and restated effective as of January 1, 2009]

ARTICLE I

ESTABLISHMENT AND PURPOSE OF THE PLAN

1.1 Establishment of the Plan . Effective as of January 1, 1998, Owens Corning established this “Owens Corning Supplemental Executive Retirement Plan.” The Plan was hereby amended and restated effective as of January 1, 2009.

1.2 Purpose of the Plan . The Plan is intended to constitute an unfunded program maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees consistent with the requirements of Sections 201(2), 301(a)(3), and 401(a)(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Plan provides supplemental retirement income to Eligible Employees.

 

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ARTICLE II

DEFINITIONS

The following words and phrases as used in this Plan have the following meanings:

2.1 Actuarial Equivalent . The term “Actuarial Equivalent” shall have the same meaning as defined in Appendix B of the Cash Balance Plan.

2.2 Administrator . The term “Administrator” means the individual described in Section 7.1 who is designated to administer the Plan.

2.3 Affiliate . The term “Affiliate” shall have the same meaning given to such term by the Cash Balance Plan.

2.4 Beneficiary . The term “Beneficiary” means the person or persons designated by the Eligible Employee to receive the death benefit under the Cash Balance Plan after the death of the Eligible Employee.

2.5 Board of Directors . The term “Board of Directors” means the Board of Directors of Owens Corning.

 

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2.6 Cash Balance Account . The term “Cash Balance Account” means the Eligible Employee’s “Account” (as defined under the Cash Balance Plan) determined in accordance with the Cash Balance Plan and increased to reflect any benefits accrued on behalf of the Eligible Employee under the Excess Plan.

2.7 Cash Balance Plan . The term “Cash Balance Plan” means the Owens Corning Cash Balance Pension Plan, which is part of the Owens Corning Merged Retirement Plan and is set forth in Attachment 1 to the Owens Corning Merged Retirement Plan, as amended.

2.8 Code . The term “Code” means the Internal Revenue Code of 1986, as amended.

2.9 Eligible Employee . The term “Eligible Employee” means an individual who meets the requirements of Section 3.1.

2.10 Employer . The term “Employer” means Owens Corning and any other Affiliate that has adopted the Cash Balance Plan.

 

-3-


2.11 Excess Plan . The term “Excess Plan” means the Owens-Corning Executive Supplemental Benefit Plan, as amended and restated effective January 1, 2009, and as amended from time to time thereafter.

2.12 Hire Date . The term “Hire Date” means the date on which the Eligible Employee was first employed with the Employer or such other date as specified by agreement with such Eligible Employee at the time they are designated to be eligible for participation in the Plan.

2.13 Offset Amount . The term “Offset Amount” means the amount applicable to an Eligible Employee as determined under Section 3.2(c).

2.14 Plan . The term “Plan” means the “Owens Corning Supplemental Executive Retirement Plan” as set forth herein and as amended from time to time.

2.15 Prior Accrued Retirement Benefits . The term “Prior Accrued Retirement Benefits” means all nonforfeitable retirement benefits accrued on behalf of an Eligible Employee under any “pension plan” (as defined in Section 3(2) of ERISA), including all tax-qualified and non-tax-qualified defined benefit and defined contribution plans other than any defined contribution plan that the

 

-4-


Administrator determines was not the primary source of the Eligible Employee’s retirement benefits from his or her prior employer, determined as of the date the Eligible Employee is first employed with the Employer, and expressed, in the case of a “defined benefit plan” (as defined in ERISA section 3(35)), in the form of a single life annuity commencing at the participant’s normal retirement age under such plan (or the age 65 single life annuity Actuarial Equivalent of the accrued benefit under such plan, if such a form is not available under the plan).

2.16 Separation from service . The term “Separation from service” as used herein shall mean termination of active employment from the Employer.

2.17 Supplemental Retirement Benefit . The term “Supplemental Retirement Benefit” means a benefit that is payable to an Eligible Employee in accordance with Article III of this Plan.

2.17 Supplemental Survivor’s Benefit . The term “Supplemental Survivor’s Benefit” means a benefit that is payable to a Beneficiary in accordance with Article III of this Plan.

 

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ARTICLE III

SUPPLEMENTAL RETIREMENT BENEFIT

3.1 Eligible Employees . An individual is an Eligible Employee if he or she is a member of a select group of management or highly compensated employees of an Employer, and he or she —

 

 

(1)

is named or designated by the Board of Directors or the Chairman and Chief Executive Officer of Owens Corning in accordance with Section 8.1(b) of the Plan,

 

 

(2)

is 100% vested in his or her benefit under the Cash Balance Plan,

 

 

(3)

provides the Administrator, with written evidence, in a form satisfactory to the Administrator, of his or her Prior Accrued Retirement Benefits, and

 

 

(4)

does not forfeit the Supplemental Retirement Benefit under the provisions of Article IV.

3.2 Supplemental Retirement Benefit .

(a) An Eligible Employee shall be entitled to a Supplemental Retirement Benefit as determined under Sections 3.2(b) and (c) upon his or her termination of employment with all Employers.

 

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