ANCILLARY AGREEMENT underEmployee Benefits Plan Agreement |
|
|
|
You are currently viewing: This Employee Benefits Plan Agreement involves
Northwest Airlines, Inc. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
|
|
|
Search Employee Benefits Plan Agreement by:
Exhibit 10.35
ANCILLARY AGREEMENT
under
NORTHWEST AIRLINES
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
(2001 Restatement)
THIS AGREEMENT, Made and entered into by and between Northwest Airlines, Inc., a Minnesota corporation, (the Employer) and Andrew C. Roberts (the Participant).
WHEREAS, Employer has established a nonqualified plan of deferred compensation for the benefit of a select group of management or highly compensated employees currently set forth in a document entitled Northwest Airlines Supplemental Executive Retirement Plan (2001 Restatement) (hereinafter the 2001 SERP Restatement); and
WHEREAS, The Plan maintained pursuant to the 2001 SERP Restatement (sometimes referred to as the SERP) contemplates that certain terms and provisions may be varied pursuant to a separate written agreement by and between Employer and Participant known as an Ancillary Agreement; and
WHEREAS, The Employer and the Participant agree that upon executing this Ancillary Agreement, Participants SERP benefit will be computed under and governed solely by Part B of the 2001 SERP Restatement and not Part A of the 2001 SERP Restatement.
NOW THEREFORE, IT IS HEREBY AGREED, By and between Employer and Participant as follows:
1) DATE OF PARTICIPATION. Participants effective date for the commencement of SERP participation is December 1, 2002.
2) SPECIAL ARRANGEMENTS. For the purpose of computing Participants benefits under the SERP, the following special rules shall apply.
a) FAE Formula. For the purposes of computing Participants Final Average Earnings Annuity pursuant to Section 4.1.1(a)(1)(iii) of the 2001 SERP Restatement, Participants actual Benefit Service shall be increased annually by two (2) additional deemed years of Benefit Service for each actual year of employment completed by the Participant after the Participants effective date for the commencement of SERP participation (not to exceed ten additional deemed years over and above the actual Benefit Service).
b) CB Increased Pay Credit Percentage. For the purpose of determining Participants applicable pay credit percentage pursuant to Section 4.1.1(b)(1)(iii) of the 2001 SERP Restatement the Participant shall receive (during the period from December 1, 2002 through November 30, 2007) three times the pay credit that the Participant would otherwise be entitled to receive (i.e., the actual plus two deemed). Therefore, the Participants applicable pay credit percentage during the following periods shall be as follows:
1
|
With respect to Participants Earnings |
|
Participants applicable pay |
|
|
|
|
|
|
|
December 1, 2002 to October 31, 2003 |
|
|
24% |
|
| |||






