AMERICAN RAILCAR INDUSTRIES, INC. SUPPLEMENTARY RETIREMENT PLANEmployee Benefits Plan Agreement |
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Exhibit 10.34
AMERICAN RAILCAR
INDUSTRIES, INC.
SUPPLEMENTARY
RETIREMENT PLAN
EFFECTIVE
DECEMBER 1, 2005
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AMERICAN RAILCAR
INDUSTRIES, INC.
SUPPLEMENTARY
RETIREMENT PLAN
TABLE OF
CONTENTS
ARTICLE I - INTRODUCTION..................................................... 1
1.1
ADOPTION AND HISTORY OF THE
PLAN.....................................
1
1.2
EFFECTIVE DATE OF
PLAN............................................... 1
1.3
STRUCTURE AND
PURPOSE................................................ 1
ARTICLE II -
DEFINITIONS..................................................... 2
2.1
ACF.................................................................. 2
2.2
COMPANY.............................................................. 2
2.3
BOARD OF
DIRECTORS................................................... 2
2.4
COMMITTEE............................................................ 2
2.5
EMPLOYEE............................................................. 2
2.6
EMPLOYEES' RETIREMENT PLAN
..........................................
2
2.7
SUPPLEMENTARY COMPENSATION
PLAN......................................
2
2.8
SPECIAL
COMPENSATION................................................. 2
2.9
PLAN YEAR............................................................ 3
2.10
SERVICE
FACTOR....................................................... 3
ARTICLE III -
BENEFITS....................................................... 3
3.1
AMOUNT OF BENEFIT.................................................... 3
3.2
ELIGIBILITY.......................................................... 4
3.3
PAYMENT OF
BENEFITS.................................................. 5
ARTICLE IV -
ADMINISTRATION.................................................. 5
4.1
ADMINISTRATOR........................................................ 5
4.2
INTERPRETATION....................................................... 5
ARTICLE V - SOURCES OF
PAYMENT............................................... 5
ARTICLE VI - AMENDMENT OR
TERMINATION........................................ 6
ARTICLE VII - GENERAL PROVISIONS............................................. 6
7.1
NON-ALIENATION OF
BENEFITS........................................... 6
7.2
PLAN NOT A CONTRACT OF
EMPLOYMENT....................................
6
7.3
CONSTRUCTION OF
TERMS................................................ 6
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7.4
SUCCESSORS........................................................... 6
7.5
OFFICIAL
ACTIONS..................................................... 7
7.6
CONTROLLING STATE
LAW................................................ 7
7.7
SEVERABILITY......................................................... 7
7.8
WITHHOLDING.......................................................... 7
7.9
COMPLIANCE WITH SECTION
409A.........................................
7
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AMERICAN RAILCAR INDUSTRIES, INC.
SUPPLEMENTARY RETIREMENT PLAN
================================================================================
AMERICAN RAILCAR
INDUSTRIES, INC.
SUPPLEMENTARY
RETIREMENT PLAN
ARTICLE I -
INTRODUCTION
1.1 ADOPTION AND HISTORY OF THE
PLAN. ACF Industries, Incorporated (now
known as ACF Industries LLC) ("ACF") originally adopted the
Supplementary
Retirement Plan of ACF Industries, Incorporated, effective January 1, 1971 (the
"ACF SERP"). The ACF SERP was subsequently amended from time to time
and was
last amended to freeze the accrual of benefits thereunder, effective as of
March
31, 2004. Pursuant to an Asset Transfer Agreement (the "Asset Transfer
Agreement"), dated as of October 1, 1994 (the "Asset Transfer
Date"), between
American Railcar Industries, Inc. (the "Company") and ACF, the
Company was
responsible for the cost associated with providing benefits accrued after the
Asset Transfer Date to its employees eligible to participate in the ACF SERP.
In
connection with the Company's anticipated public offering, and to effect the
allocation of liabilities under the ACF SERP between the Company and ACF, the
Company and ACF entered into an Employee Benefit Plan Agreement, dated as of
December 1, 2005, pursuant to which the Company has assumed the obligation to
sponsor a Supplementary Employee Retirement Plan for that portion of the
benefits under the ACF SERP so allocated to the Company. Accordingly, and
subject to the terms and conditions set forth herein, the Company hereby adopts
the American Railcar Industries, Inc. Supplementary Retirement Plan (the
"Plan").
1.2 EFFECTIVE DATE OF PLAN. In
accordance with the terms of the Employee
Benefit Plan Agreement, this Plan is effective as of December 1, 2005;
provided,
however, that no benefits shall accrue under this Plan with respect to an
Employee's service or compensation after March 31, 2004. Subject to the first
paragraph of Section 3.1 and Section 3.4, the rights and benefits of any person
entitled to benefits under this Plan shall be determined in accordance with the
applicable provisions of this Plan as in effect at the time of the termination
of employment of the eligible employee or, if such termination occurred prior
to
the Effective Date, in accordance with the applicable provisions of the ACF
Plan
at the time of such termination.
1.3 STRUCTURE AND PURPOSE. The Plan
is structured as two plans. The
