Exhibit 10.10
SUPPLEMENTAL BENEFIT PLAN TO THE
SCHWEITZER-MAUDUIT INTERNATIONAL, INC. RETIREMENT PLAN
Effective as of December 1, 1995
Amended and Restated as of November 21,
2003
Further Amended and Restated as of
December 4, 2008
1.
Use of Defined Terms.
Capitalized terms used herein have
the respective meanings ascribed to such terms as set forth in
Section 5 below.
2.
Purpose. The Supplemental Benefit Plan is for the purpose
of providing Participants and their Survivors with such benefits,
in addition to the Retirement Plan, as are necessary to fulfill the
intent of the Retirement Plan without regard to Section 415
and Section 401(a)(17) of the Code. It is intended that the
Supplemental Benefit Plan constitute an unfunded plan of deferred
compensation for a select group of management or highly compensated
employees, within the meaning of Title I of ERISA.
3.
Benefit. The Benefit of a Participant or a Survivor under
the Supplemental Benefit Plan shall be the difference
between:
(a)
the monthly amount payable under the
Retirement Plan, which monthly amount shall be calculated
(i) without regard to Article XI of the Retirement
Plan,(ii) without regard to amounts stated in Appendix D to
Schedule 1 of the Retirement Plan and (iii) using the term
Earnings defined as set forth in Section 5(e) of the
Supplemental Benefit Plan below; less
(b)
the monthly amount payable under the
Retirement Plan (“accrued benefit”).
(c)
the accrued benefit (sum of
(a) minus (b)) shall be converted to a lump sum effective
December 31, 2008 based on the following factors:
(i)
RP 2000 white collar mortality
table projected 10 years
(ii)
discount rate of 5.6%
which generates a lump sum payout equal to the current accrued
liability as of December 31, 2008
4.
Amendment and
Termination. The Company,
by action of its Board of Directors, may amend the Supplemental
Benefit Plan in any respect, or terminate the Supplemental Benefit
Plan at any time; provided, however, that no such amendment or
termination shall be effective to the extent it adversely impacts
the Benefit of any Participant or Survivor accrued as of the
effective date of such amendment or termination.
5.
Definitions.
The following capitalized terms
shall have the respective meanings set forth below:
(a)
“Benefit” shall mean a
benefit payable pursuant to, and determined in accordance with the
provisions of the Supplemental Benefit Plan.
