{"id":39781,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/erisa-supplemental-retirement-plan-hon-industries-inc.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"erisa-supplemental-retirement-plan-hon-industries-inc","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/erisa-supplemental-retirement-plan-hon-industries-inc.html","title":{"rendered":"ERISA Supplemental Retirement Plan &#8211; HON Industries Inc."},"content":{"rendered":"<pre>\n\n            HON INDUSTRIES INC. ERISA SUPPLEMENTAL RETIREMENT PLAN\n                          (EFFECTIVE JANUARY 1, 1995)\n\n     1.  Purpose of the Plan.  The purpose of this HON INDUSTRIES Inc. ERISA\nSupplemental Retirement Plan (the 'Plan') is to provide to selected executives\nbenefits equal to the amounts which, but for limitations imposed by the Internal\nRevenue Code of 1986 (the 'Code') or plan provisions, would have been provided\nby the HON INDUSTRIES Inc. Profit-Sharing Retirement Plan, the HON Members\nCompany Ownership Plan, and the HON INDUSTRIES Inc. Cash Profit-Sharing Plan.\n\n     2.  Definitions.  Except as otherwise defined in this Plan, capitalized\nterms used herein shall have the respective meanings assigned to such terms in\nthe HON INDUSTRIES Inc. Profit-Sharing Retirement Plan.\n\n     3.  Participation.  Each employee of an Employer whose compensation for any\ncalendar year beginning after December 31, 1994, determined under the HON\nINDUSTRIES Inc. Profit-Sharing Retirement Plan but without regard to any\nelection by the Participant to defer any compensation earned for such year and\nwithout regard to any payment made pursuant to the HON INDUSTRIES Inc. Executive\nLong-Term Incentive Compensation Plan for such year, exceeds $150,000 (or such\nother amount as may be in effect under Section 401(a)(17) of the Code for such\nyear) and who has been selected for participation by the Company's Board of\nDirectors shall be a Participant in this Plan.  It is intended that the\nParticipants constitute a 'select group of management or highly compensated\nemployees' within the meaning of ERISA.\n\n     4.  Benefits.\n\n         (a)  Benefits in Respect of the HON INDUSTRIES Inc. Profit-Sharing\nRetirement Plan and HON Members Company Ownership Plan.  As soon as practicable\nafter the last day of each calendar year beginning after December 31, 1994, the\nCompany shall determine the amount that would have been credited for such year\nto (A) the Participant's Profit-Sharing Retirement Account under the HON\nINDUSTRIES Inc. Profit-Sharing Retirement Plan; (B) the Participant's Account\nunder the Cash Profit-Sharing Plan; and (C) the Participant's ESOP Account under\nthe HON Members Company Ownership Plan for such calendar year but for the\napplication of: (i) The last two sentences of Section 2.13 of the HON INDUSTRIES\nInc. Profit-Sharing Retirement Plan and of Section 2.10 of the HON Members\nCompany Ownership Plan (limiting the amount of compensation taken into account\nunder such plans); and (ii) Section 4.5 of the HON INDUSTRIES Inc. Profit-\nSharing Retirement Plan and Section 6.8 of the HON Members Company Ownership\nPlan (generally limiting annual contributions on behalf of a Participant to\n$30,000 under Section 415 of the Code).  See\nAnnex A.\n\n\n \n         (b)  Benefits in Respect of Cash Profit-Sharing Plan. As soon as\npracticable after the last day of each calendar year beginning after December\n31, 1994, the Company shall determine an amount equal to the payments such\nParticipant would have received under the Cash Profit-Sharing Plan in such year\nin respect of the Participant's Compensation, as described in Section 2, but for\nany limitation on eligible earnings taken into account under the terms of the\nCash Profit-Sharing Plan.  See Annex A.\n\n         (c)  Distributions.  Not later than the March 15 following each\ncalendar year for which a benefit is determined under Paragraphs 4(a) or (b)\nabove, the benefit determined for each Participant shall be paid in shares of\nBonus Stock issued under the Company's Stock-Based Compensation Plan.  The\nnumber of shares of Bonus Stock to be paid shall be determined by dividing the\namounts determined under Paragraphs 4(a) and (b) above by the average of the\nclosing prices of a share of the Company's common stock for each trading day of\nthe last calendar quarter of the most recent calendar year immediately preceding\nthe date of such payment, with cash paid in lieu of any fractional share.  Such\nshares shall not be transferable, whether by sale, pledge, gift, or otherwise,\nwhile the Participant is employed by the Company or any of its subsidiaries.\nProvision for all income tax withholding and other employment taxes shall be\nmade pursuant to Section 5.5 of the Stock-Based Compensation Plan.\n\n     5.  Administration.  The Human Resources and Compensation Committee of the\nCompany's Board of Directors shall be charged with the administration of this\nPlan, shall have the same powers and duties, and shall be subject to the same\nlimitations, as are described in Article 10 of the HON INDUSTRIES Inc. Profit-\nSharing Retirement Plan.  Decisions of such Committee shall be conclusive and\nbinding upon all persons claiming benefits under the Plan.\n\n     6.  Nonassignment of Benefits.  Notwithstanding anything contained herein\nor in any other plan maintained by the Company to the contrary, it shall be a\ncondition of the payment of benefits under this Plan that neither such benefits\nnor any portion hereof shall be assigned, alienated, or transferred to any\nperson voluntarily or by operation of any law, including any assignment,\ndivision, or awarding of property under state domestic relations law (including\ncommunity property law).  If any person shall endeavor or purport to make any\nsuch assignment, alienation, or transfer, the amount otherwise provided\nhereunder which is the subject of such assignment, alienation, or transfer shall\ncease to be payable to any person.\n\n     7.  No Guaranty of Employment.  Nothing contained in this Plan shall be\nconstrued as a contract of employment between any employee and his or her\nEmployer or as conferring a right on any employee to be continued in the\nemployment of an Employer.\n\n                                      -2-\n\n\n \n     8.  Amendment and Termination.  This Plan shall be subject to the same\nreserved powers of amendment and termination as contained in Section 12.2 of the\nHON INDUSTRIES Inc. Profit-Sharing Retirement Plan (without regard to any\nlimitations imposed on such powers by the Code or ERISA).\n\n     9.  Miscellaneous.\n\n         (a)  Certain Profit-Sharing Retirement Plan Provisions. Except as\notherwise provided herein, the provisions contained in Sections 1.2 (relating to\napplicable law), 1.3 (relating to severability), and Article 13 (relating to\nAdoption by Affiliated Employers) of the HON INDUSTRIES Inc. Profit-Sharing\nRetirement Plan are hereby incorporated herein by reference, and shall be\napplicable as if such provisions were set forth herein.\n\n         (b)  Successors and Assigns.  The provisions of this Plan shall bind\nand inure to the benefit of each Employer and its successors and assigns, as\nwell as each Participant and his or her beneficiaries and successors.\n\n     IN WITNESS WHEREOF, the Company has caused this instrument to be executed\nand its corporate seal to be hereunder affixed this     day of\n                         , 1995.\n\n\n\n                                    HON INDUSTRIES Inc.\n\n\n\n                                    By: \n                                        ----------------------------------------\n\n                                    Title: \n                                           -------------------------------------\n\n\nATTEST:\n\n\n\n \n- ---------------------------------\nTitle:\n       -------------------------------\n\n\n                                      -3-\n\n\n \n                                                                         ANNEX A\n                              HON INDUSTRIES INC.\n                       ERISA SUPPLEMENTAL RETIREMENT PLAN\n                             PARTICIPANT STATEMENT\n \nPARTICIPANT: ____________________   COMPANY:        ____________________________\nSOC. SEC. #: ____________________   RESIDENT STATE: ____________________________\n \n \n \n                                                                 UNCAPPED      \n                                                                 ELIGIBLE    CONTRIBUTION    UNCAPPED       CAPPED*        ESRP  \n                                                               COMPENSATION      RATE      CONTRIBUTION  CONTRIBUTION  CONTRIBUTION\n                                                               ------------  ------------  ------------  ------------  ------------\n                                                                                                         \nCASH PROFIT-SHARING                *(Assumes $75,000\n PAYMENTS:                          cap\/period)\n   Period 1:  June payment (4Q-1Q)\n   Period 2:  Nov. payment (2Q-3Q)\nRETIREMENT PROFIT-SHARING:         *(Assumes $150,000 cap)\n   Mandatory company\n    contribution - 401K\n   Deferred profit-sharing\nMEMBERS STOCK OWNERSHIP            *(Assumes $150,000 cap)\n PLAN:                              \n   Mandatory company contribution\n                                                               -------------------------------------------------------------------\n                                    TOTAL BENEFIT\n                                                               ===================================================================\n \n\n \n                                                                                                                     \nCONVERSION INTO HON IND. COMMON STOCK - GROSS SHARES\n                                                                                                                       ============ \n  (ESRP Contribution Total Benefit amount divided by the average\n  CLOSING price on HON IND. Common Stock for P\/Y 4Q)\nTAXABLE COMPENSATION, APPLICABLE PAYROLL TAXES, AND ISSUANCE OF COMMON STOCK\n  - Taxable Compensation: Gross Shares multiplied by the FMV of HON IND. Common Stock\n    on date of issuance\n                                                                                                                       ============\n  - Cash Value of Partial Share:  Partial share amount multiplied by the FMV of\n    HON IND. Common Stock on date of issuance\n                                                                                                         ============          \n - Applicable Payroll Taxes:\n \n \n \n                          Default       Cash Value of       Total Applicable\n                        Tax Table       Partial Share         Payroll Taxes\n                        ---------       -------------         -------------\n                                                      \n   Federal Income Tax\n   State Income Tax\n   Social Security\n   Medicare    _____________________________________________________\n\n     Total     =====================================================\n\n - Share Equivalent of Adjusted Tax Amount - Gross Shares                                                              ============\n   (Default Tax Table total divided by the FMV of HON IND. Common Stock on date\n    Common Stock on date of issuance)                                                                    \n - Tax Adjustment for Cash Value of Partial Share                                                        ============       \n    (Partial share of Adjusted Tax Amount multiplied by the FMV of HON IND.\n     Common Stock on date of issuance)\nNET WHOLE SHARES DUE PARTICIPANT\n   (Gross Whole Shares from Total Benefit Conversion less Gross Whole Shares\n    from the Adjusted Tax Amount)                                                                                      ============\n\n**Average closing price of HON IND. Common Stock    Date_______ Per Share_______\n**Fair Market Value (FMV) of HON IND. Common Stock  Date_______ Per Share_______\n \n                                      -4-\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7789],"corporate_contracts_industries":[9399],"corporate_contracts_types":[9539,9550],"class_list":["post-39781","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-hon-industries-inc","corporate_contracts_industries-consumer__furniture","corporate_contracts_types-compensation","corporate_contracts_types-compensation__retirement"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39781","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39781"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39781"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39781"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}