EXHIBIT
10.32
ACCO BRANDS CORPORATION
INTERIM RETIREMENT AGREEMENT FOR JOHN E. TURNER
This INTERIM RETIREMENT AGREEMENT
(“Agreement”) is made, entered into, and is effective
as of January 7, 2008 (“Effective Date”), by and
between ACCO Brands Corporation, including its subsidiaries
(collectively referred to as the “Company”), a Delaware
corporation, and John E. Turner
(“Executive”).
RECITALS :
WHEREAS, effective January 1, 2006,
Executive ceased to actively participate under the GBC (United
Kingdom) Limited Staff Pension Plan; and
WHEREAS, effective January 1, 2007,
Executive became a participant in the ACCO Brands Corporation
Pension Plan for Salaried and Certain Hourly Paid Employees (the
“Pension Plan”) and the ACCO World Corporation
Supplemental Retirement Plan (the “Supplemental Retirement
Plan”) (collectively, the “Plans”);
and
WHEREAS, Executive will not become vested in
his accrued benefit under the Plans until he completes five years
of service with the Company (as determined under the terms of the
Plans); and
WHEREAS, until Executive becomes vested in his
accrued benefit under the Plans, the Company desires to provide
Executive with an interim non-qualified supplemental retirement
benefit based on a deemed participation in the Plans commencing
January 1, 2006 and determined based on the terms of the Plans
as in effect from time to time on and after such deemed
commencement date.
NOW, THEREFORE, in consideration of the
foregoing and of the mutual covenants and agreements of the
parties, and of other good and valuable consideration the receipt
and sufficiency of which are hereby acknowledged, the parties
hereto, intending to be legally bound, agree as follows:
1.
Supplemental Retirement
Benefit .
(a)
Executive shall be entitled to receive a non-qualified supplemental
retirement benefit determined as of the first day of the calendar
month coincident with or next following Executive’s
separation from service from the Company (other than an involuntary
separation from service for Cause) equal to the same amount of
benefit as is accrued for Executive at such time and would have
been payable to Executive but for the forfeiture of such benefit as
unvested, under the terms of the Pension Plan and the Supplemental
Retirement Plan.&n
