Exhibit 10.2(i)
CYTEC EXCESS RETIREMENT BENEFIT
PLAN
(as amended and restated effective
January 1, 2009)
Effective as of January 1,
1994, Cytec Industries Inc. (the “Company”) hereby
establishes the Cytec Excess Retirement Plan (the
“Plan”). The Plan is intended to constitute an unfunded
“excess benefit plan” as defined in Section 3(36)
of the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”) which is exempt from ERISA’s
provisions. The Plan provides benefits in excess of the limitations
imposed by Section 415 of the Internal Revenue Code of 1986,
as amended (the “Code”) on the benefits of certain
employees participating in the Cytec Past Service Retirement Plan
and the Cytec Salaried and Nonbargaining Employees’
Retirement Plan. The Plan is not a qualified plan under the Code
and benefits are paid by or on behalf of the Employer.
The Plan is intended to replace that
portion of the American Cyanamid Company and Subsidiaries ERISA
Excess Retirement Plan (the “Cyanamid Excess Plan”)
which provided benefits in excess of the limits imposed by
Section 415 of the Code. Pursuant to the Transfer and
Distribution Agreement dated December 17, 1993 between
American Cyanamid Company and Cytec Industries Inc., the Plan
assumes such excess liabilities attributable to employees of the
Company and certain subsidiaries of the Company covered by the
Cyanamid Excess Plan on December 31, 1993 who became employees
of an Employer on January 1, 1994.
No employee became a Member in the
Plan after December 31, 2004. No Participant accrued an Excess
Benefit under the Plan after December 31, 2004 and all Excess
Benefits were fully vested as of December 31, 2004. All
Participants have commenced payment of their Excess Benefits before
December 31, 2008. No changes to the Plan has been made since
December 31, 2004. Therefore, the Excess Benefits provided
under the Plan are grandfathered, and are not subject to
Section 409A of the Code.
ARTICLE I
Definitions
1.1 “
Actuarial Equivalent ” means an amount or benefit of
equal value based on a 6 1 / 2 % interest rate and the 1971
TPF&C Forecast Mortality Table (or, at the discretion of the
Pension Administration Committee, the most recent version of such
table) with employee ages set back one year and beneficiary ages
set back five years.
1.2 “ Board of
Directors ” means the Board of Directors of Cytec
Industries Inc.
1.3 “ Eligible Employee
” means any person employed by the Employer who is a
participant in the Employees’ Retirement Plan and/or the Past
Service Plan and whose vested benefits payable under either or both
of the Retirement Plans are subject to the Section 415
Limitation in any Plan Year. No person employed by an Employer
shall become an Eligible Employee.
1.4 “ Employees’
Retirement Plan ” means the Cytec Salaried and
Nonbargaining Employees’ Retirement Plan, as amended from
time to time.
1.5 “ Employer ”
shall mean the Company, D Aircraft Products, Inc., Cytec Fiberite
Inc., any successors thereto, and any of the Company’s
subsidiaries which adopts the Plan with the consent of the Board of
Directors.
1.6 “ Excess Benefit
” shall mean the annual retirement benefit payable pursuant
to the terms of this Plan.
1.7 “ Member ”
means an Eligible Employee who becomes a Member pursuant to Article
II.
1.8 “ Normal Retirement
Date ” means the Normal Retirement Date as defined in the
Employees’ Retirement Plan.
1.9 “ Past Service Plan
” means the Cytec Past Service Retirement Plan.
1.10 “ Pension Plan
Benefit ” means the aggregate annual retirement benefit
payable to or on account of a Member from the Retirement
Plans.
1.11 “ Pension
Administration Committee ” means the Pension
Administration Committee created by the Board of Directors, and any
successor thereto.
1.12 “ Plan ”
means this Cytec Excess Retirement Plan, as set forth herein, as
amended from time to time.
1.13 “ Plan Year
” means each twelve (12) consecutive month period
commencing each January 1 and ending on the following
December 31.
1.14 “ Retirement Plans
” means the Past Service Plan and the Employees’
Retirement Plan.
1.15 “ Section 415
Limitation ” means the limitation under Section 415
of the Code on annual benefits payable from the Retirement
Plans.
1.16 “ Years of Service
” means Years of Service as defined under the
Employees’ Retirement Plan, which includes Years of Service
credited for purposes of the Past Service Plan.
1.17 For purposes of this Plan,
unless the context requires otherwise, the masculine includes the
feminine, the singular the plural, and vice-versa. Any reference to
a “Section” or “Article” shall mean the
indicated section or article of this Plan unless otherwise
specified.
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ARTICLE II
Participation
Each Eligible Employee who qualifies
for a normal, early or deferred Pension Plan Benefit under the
Retirement Plans shall be entitled to an Excess Benefit computed in
accordance with Section 3.1, provided that he is credited with
at least five Years of Service on the date of his retirement.
Participation in the Plan was frozen effective December 31,
2004.
ARTICLE III
Excess Benefit
3.1 Amount of Excess
Benefit
The amount of a Member’s
Excess Benefit shall be equal to the difference between the
Member’s Pension Plan Benefit, expressed as a straight life
annuity with no ancillary benefits, and the Pension Plan Benefit,
expressed as a straight life annuity with no ancillary benefits,
which would have been payable to the Member under the Retirement
Plans absent the Section 415 Limitation. A Member’s
shall not accrue an Excess Benefit after December 31,
2004.
3.2 Benefits Upon
Reemployment
If a Member is rehired after he is
entitled to an Excess Benefit his Excess Benefit shall not be paid
during such period of reemployment prior to Normal Retirement Date,
but shall commence or resume not sooner than the first day of the
month following his subsequent retirement or separation. The Excess
Benefit payable after his subsequent retirement or separation shall
be the benefits earlier applicable, plus any additional benefits
computed in accordance with Section 3.1 insofar as additional
employment entitled him to additional benefits.
ARTICLE IV
Vesting
An Eligible Employee shall become
vested in his Excess Benefit in accordance with the same schedule
and rules as are applicable in determining when he becomes vested
in his Pension Plan Benefit.
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