Back to top

SENSIENT TECHNOLOGIES FROZEN SUPPLEMENTAL BENEFIT PLAN

Employee Benefits Plan Agreement

SENSIENT TECHNOLOGIES FROZEN SUPPLEMENTAL BENEFIT PLAN | Document Parties: Sensient Technologies Corporation You are currently viewing:
This Employee Benefits Plan Agreement involves

Sensient Technologies Corporation

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: SENSIENT TECHNOLOGIES FROZEN SUPPLEMENTAL BENEFIT PLAN
Governing Law: Wisconsin     Date: 11/7/2008
Industry: Chemical Manufacturing     Sector: Basic Materials

SENSIENT TECHNOLOGIES FROZEN SUPPLEMENTAL BENEFIT PLAN, Parties: sensient technologies corporation
50 of the Top 250 law firms use our Products every day

Exhibit 10.6(a)

SENSIENT TECHNOLOGIES FROZEN SUPPLEMENTAL BENEFIT PLAN

(Amended and Restated as of December 31, 2004)

 


 

SENSIENT TECHNOLOGIES FROZEN SUPPLEMENTAL BENEFIT PLAN

      Section 1. Purpose .

          The Sensient Technologies Corporation Supplemental Benefit Plan, (the “Original Plan”) was initially established to reimburse certain employees for various reductions in qualified plan benefits in the Sensient Technologies Retirement Employee Stock Ownership Plan, the Sensient Technologies Transition Retirement Plan, the Sensient Technologies Corporation Saving Plan, and the Retirement Plan, which reductions are caused by (i) restrictions in Section 401(a)(17), 410, or 415 of the Internal Revenue Code, (ii) the maximum limitation on employer and employee contributions under Sections 401(k), 401(m), and 402(g), of the Internal Revenue Code and (iii) the deferral of a portion of their cash compensation pursuant to nonqualified deferred compensation arrangements.

          Following the enactment of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”): (1) the Original Plan was frozen, as amended and restated herein, to maintain grandfathered benefits as of December 31, 2004 to the extent permitted under Section 409A of the Code (the “Plan”); and (2) a new, ongoing supplemental benefit plan subject to Section 409A of the Code was adopted with respect to benefits vesting and accruing on and after January 1, 2005.

          This Plan is intended to be operated in accordance with the provisions of the Original Plan as in effect as of December 31, 2004. All benefits under the Original Plan that were vested and accrued as of December 31, 2004, together with all subsequent earnings thereon, are governed under this Plan. No new participants are allowed after December 31, 2004 and no supplements may be allocated after that date.

      Section 2. Definitions .

          (a) “Administrator” means the Vice President of Administration of the Company.

          (b) “Benefits Administrative Committee” means the Benefits Administrative Committee of the Company appointed by the Chief Executive Officer of the Company.

          (c) “Board” means the Board of Directors of the Company.

          (d) “Company” means Sensient Technologies Corporation (formerly known as Universal Foods Corporation), a Wisconsin corporation.

          (e) “Employer” means the Company and any subsidiary or affiliate of the Company.

          (f) “Executive” means an employee of an Employer whose benefits under the Plan are vested and accrued as of the Freeze Date and who is specifically listed on the attached Appendix A. No employees may be eligible for or may begin participation in the Plan following the Freeze Date.

- 2 -


 

          (g) “Freeze Date” means December 31, 2004.

          (h) “Plan Account” means the bookkeeping account maintained by the Administrator and credited to each Executive, of the amount vested and accrued as of the Freeze Date, as set forth on the attached Appendix A, as further adjusted by earnings after such date.

          (i) “Rabbi Trust” means the trust established pursuant to the Trust Agreement dated January 18, 1988 between the Company and Marshall & Ilsley Trust Company which applies to various nonqualified deferred compensation programs for employees of the Company.

          (j) “STC Stock” means common stock of the Company and/or noncallable preferred stock of the Company which is convertible into common stock of the Company.

      Section 3. Valuation Adjustments to Plan Account.

          (a) The Administrator shall maintain a bookkeeping record of the Plan Account for each Executive. The amount in each Account shall be adjusted from time to time by the adjustments for valuation specified below.

          (b) The portions of a Plan Account attributable to the ESOP Supplement shall reflect the actual investment performance of the Executive’s account under the ESOP. In the event the Executive has no such account, the ESOP Supplement shall reflect the actual investment performance of the STC Stock account under the ESOP. The portions of the Plan Account attributable to the Transition Plan Supplement and, after September 30, 1989 the Retirement Plan Supplement shall reflect the actual investment performance of the STC Stock Account under the ESOP.

          (c) The portion of a Plan Account attributable to the Savings Plan Matching Supplement shall reflect the actual investment performance of the Executive’s Company matching contribution account under the Savings Plan.

          (d) With respect to the Rabbi Trust pursuant to Section 5 below, the actual earnings of the assets in the Rabbi Trust shall be irrelevant with respect to the value of an Executive’s Plan Account except as described in (b) above. The adjustments to a portion of a Plan Account attributable to a particular supplement, as required above shall be made on the same dates that the valuations are conducted for the plan to which the particular supplement relates or more frequently as determined by the Administrator.

      Section 4. Benefit Payments.

          (a) Distribution of the Plan Account of an Executive shall be made in a lump sum cash payment within sixty (60) days after the end of the calendar quarter in which occurs the Executive’s separation from service with the Employers.

          (b) In the event the Executive dies prior to receipt of the Executive’s Plan Account and while employed with the Employers, the amount of such Plan Account shall be paid to the beneficiary designated by the Executive in a lump sum cash payment within sixty (60)

- 3 -


 

days after the end of the calendar quarter in which the Executive’s death occurs or in which any needed resolution as to beneficiary status is finalized. A beneficiary may be designated by the Executive by a written statement to such effect filed with the Administrator. In the event no beneficiary is validly designated or the designated beneficiary predeceased the Executive, the Executive’s estate shall be the beneficiary hereunder.

          (c) In the event the Rabbi Trust invests in STC Stock as an asset attributable to the Plan, an Executive or beneficiary eligible for a cash lump sum payment may elect to receive such distribution in STC Stock in lieu of cash, but not in excess of the portion of the STC Stock owned by the Rabbi Trust attributable to the Executive’s Plan Account.

      Section 5. Rabbi Trust.

          (a) The Plan Account is utilized solely for recordkeeping purposes to measure and determine of the amount to be paid to an Executive hereunder. Neither the Plan Accounts nor any other reserve established on the Company’s books to reflect the liabilities under this Plan shall constitute or be treated as a trust fund of any kind.

          (b) Notwithstanding (a) above, the Company shall periodically fund the Rabbi Trust in order to maintain sufficient assets therein to equal the value from time to time of the Plan Accounts.

          (c) In the event the Rabbi Trust invests in STC Stock as an asset attributable to the Plan, prior to an occasion for the exercise of STC Stock voting rights, the Administrator shall provide or cause to be provided to each Executive notification of such occasion together with any other information being provided by the Company to its shareholders with respect to such occasion. Each Executive is entitled to direct the manner in which the portion of the STC Stock owned by the Rabbi Trust attributable to his Plan Accoun


 
SITE SEARCH

AGREEMENTS / CONTRACTS

Document Title:

Entire Document: (optional)

Governing Law:(optional)


Try our advanced search >>
 

CLAUSES

Search Contract Clauses >>

Browse Contract Clause Library>>

Get Email Updates
Email:
This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more