{"id":40242,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/pension-equalization-plan-revlon-consumer-products-corp.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"pension-equalization-plan-revlon-consumer-products-corp","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/pension-equalization-plan-revlon-consumer-products-corp.html","title":{"rendered":"Pension Equalization Plan &#8211; Revlon Consumer Products Corp."},"content":{"rendered":"<pre>                              AMENDED AND RESTATED\n                        REVLON PENSION EQUALIZATION PLAN\n                        --------------------------------\n\n\n         The Revlon Pension Equalization Plan, maintained by Revlon Consumer \nProducts Corporation ('Revlon'), is hereby amended and restated in its entirety \nas follows, effective December 14, 1998 unless otherwise indicated:\n\nI.       Definitions\n         -----------\n\n         For purposes of this Revlon Pension Equalization Plan, the following \nterms shall have the respective meanings stated below unless a different meaning\nis plainly required by the context: \n\n         (a)   'Pension Plan' means the Revlon Employees' Retirement Plan\n(formerly known as the Revlon, Inc. Employees' Retirement Plan) originally\nestablished effective October 30, 1943, as thereafter from time to time\namended.\n\n         (b)   'Employer' means Revlon, Inc. (formerly known as New Revlon Inc.)\nand Revlon Consumer Products Corporation and any other corporation or other\nbusiness entity which shall at any time be an 'Employer' as defined in the\nPension Plan.\n\n         (c)   'Plan' means the Revlon Pension Equalization Plan (formerly known\nas the Revlon Inc. Pension Equalization Plan) set forth herein as it may from\ntime to time be amended.\n\n         (d)   'Participant' means any current or former employee of an Employer\nwho is eligible for benefits under the Pension Plan.\n\n         (e)   'Company' means Revlon Consumer Products Corporation, its\nsubsidiaries, divisions and affiliates, and successors to any of them.\n\n\n\nII.      Liability for Benefits\n         ----------------------\n\n         (a)   ERISA Section 3(36) Excess Benefits. Each Employer who shall at\nany time have employed a Participant and Revlon (whether or not it shall have\nemployed such Participant), shall be jointly and severally liable to pay to such\nParticipant or to his spouse or beneficiary, the entire amount by which (x) the \nbenefits which would have been payable to such Participant or spouse or \nbeneficiary under the Pension Plan but for the limitations on benefits imposed \nby section 415 of the Internal Revenue Code of 1986, as amended (the 'Code'), \nand section 2004 of the Employee Retirement Income Security Act of 1974, as \namended ('ERISA'), or corresponding provisions of subsequent law, exceed (y) the\nactual benefits which are payable to such Participant or spouse or beneficiary \nunder the Pension Plan after giving effect to the limitations on benefits \nimposed by said provisions of the Code and ERISA (and any applicable Pension \nPlan language reflecting such provisions).\n\n         (b)   Code Section 401(a)(17) Excess Benefits. In addition to the joint\nand several liabilities set forth in paragraph (a), each Employer who shall at\nany time have employed a Participant, and Revlon (whether or not it shall have\nemployed such Participant), shall be jointly and severally liable to pay to\nsuch Participant, or to his spouse or beneficiary, the entire amount by which\n(x) the benefits which would have been payable to such Participant or spouse or\nbeneficiary under the Pension Pla and paragraph (a) hereof, taken together, but\nfor the limitations on includable compensation imposed by section 401(a)(17) of\nthe Code, or corresponding provisions of subsequent law, exceed (y) the actual\nbenefits which are payable to such Participant or spouse or beneficiary under\nthe Pension Plan and paragraph (a) hereof, after giving effect to the\nlimitations on benefits imposed by said provision of the Code (and any\n\n\n\n\n\napplicable Pension Plan language reflecting such Code provisions). This\nparagraph (b), for all purposes, shall be construed to provide a separate plan\nof benefits apart from paragraph (a), and no Participant shall be eligible for\nbenefits under this paragraph (b) unless he is within a 'select group of\nmanagement or highly compensated employees' within the meaning of sections\n201(2), 301(a)(3) and 401(a)(1) of ERISA. The provisions of this paragraph (b)\nare effective January 1, 1989.\n\n         (c)   Coordination with Deferred Compensation Plan. The Plan shall take\ninto account for benefit calculation purposes compensation voluntarily deferred\nby a Participant under the Revlon Executive Deferred Compensation Plan\n('Deferred Compensation Plan') and the Revlon Excess Savings Plan for Key\nEmployees ('Excess Savings Plan') at the time when the deferred amounts would\nhave otherwise been payable but for the election to defer; and the amounts\ndeferred and additional amounts attributable thereto shall, when paid, be\nexcluded from compensation under both the Pension Plan and this Plan. The\nprovisions of this paragraph (c) are effective December 31, 1993 with respect\nto the Deferred Compensation Plan and effective April 1, 1997 with respect to\nthe Excess Savings Plan.\n\n         (d)   Special Accruals.  The benefits that would otherwise accrue under\nthis Plan at January 1, 1994 by virtue of amendments then becoming effective to \nthe Pension Plan shall instead accrue at December 31, 1993.  The provisions of \nthis paragraph (d) are effective December 31, 1993.\n\n         (e)   Noncompetition Requirement. During any period that an amount\ncontinues to be payable to or on behalf of a Participant hereunder following\nsuch Participant's termination of service with the Employer, such payment shall\nbe conditioned on (i) such Participant not, during \n\n\n\nthe one year following the termination of the Participant's employment with the \nCompany, becoming directly or indirectly, as a director, officer, stockholder, \npartner, associate, employee, consultant, owner, agent or independent \ncontractor, interested in or associated with any corporation, firm or business \nengaged in a consumer or professional cosmetics, fragrances or toiletries \nbusiness or any other business that is competitive, in any geographic area, with\nany business of the Company to which the Participant was assigned or for which \nthe Participant rendered substantial employment services or with respect to \nwhich the Participant was substantially exposed to confidential information or \ntrade secrets, at any time during the two years prior to the termination of the\nParticipant's employment with the Company and (ii) such Participant's compliance\nwith any noncompetition, confidentiality or similar agreement applicable to such\nParticipant under any employment or similar agreement or any policy of the \nCompany. If subsequent to the commencement of payment of any amounts payable to\nor on behalf of a Participant hereunder the Company discovers that the \nParticipant committed acts while employed which would have constituted good \nreason for termination under any employment or similar agreement to which the \nParticipant was a party or any severance or like plan or policy of the Company \napplicable to the Participant or violated the preceding sentence of this \nparagraph (e), all further payments hereunder shall cease and the Participant \nshall reimburse the Company for all payments previously made hereunder. If any \ncondition contained in this paragraph (e) shall be unenforceable by reason of \nthe extent, duration or geographical scope thereof, or otherwise, then the court\nmaking such determination shall have the right to reduce such extent, duration,\ngeographical scope or other provision in order to make this paragraph (e)\n\n\n\n\n\nenforceable in the manner contemplated hereby. The provisions of this paragraph\nare effective January 1, 1996.\n\nIII.     Method of Payment\n         -----------------\n\n         Unless otherwise agreed by the Employer and the Participant or spouse\nor beneficiary, all payments under this Plan shall be made at the same time and\nin the same form and manner as the corresponding payments would have been made\nunder the Pension Plan, except that the source of any payment under this Plan\nshall be the general assets of one or more of the Employers. However, to the\nextent that any Social Security taxes are due upon the benefits conferred under\nthe Plan, such taxes shall be withheld from the payments made under the Plan \ncommencing with the first payment made hereunder and remitted to the appropriate\ntaxing authorities, until the liability for such taxes is extinguished.\n\nIV.      Change in Pension Plan\n         ----------------------\n\n         In the event that the Pension Plan shall be amended effective on or\nafter the date hereof to change in any way the benefits applicable to any\nParticipant or his spouse or beneficiary, or shall be replaced in whole or in\npart by any successor plan, the provisions or this Plan shall apply based on\nthe provisions of the Pension Plan as so amended, or such successor plan, which\nare applicable to such Participant, spouse or beneficiary.\n\nV.       Amendment or Termination\n         ------------------------\n\n         The Board of Directors of Revlon or its Executive Committee may at any\ntime amend or terminate this Plan, in whole or in part, but no such amendment\nor termination shall deprive any Participant or his spouse or beneficiary of\nany right to benefits which have accrued under this \n\n\n\n\n\nPlan prior to the date of such amendment or termination. Any such amendment or \ntermination shall be evidence in writing.\n\nVI.      Powers and Authority; Action Conclusive\n         ---------------------------------------\n\n         Revlon shall be responsible for the administration of the Plan and \nshall have the exclusive right, responsibility and authority with respect to the\nconstruction, interpretation, application or administration of the Plan and \neligibility for Plan benefits.  The decisions or actions of Revlon in good \nfaith in respect of any matter hereunder shall be final, conclusive and binding\nupon all parties concerned.  Any determination made by Revlon shall be give \ndeference in the event it is subject to judicial review and shall be overturned\nonly if it is arbitrary and capricious.\n\nVII.     Maximum Benefit\n         ---------------\n\n         In determining the benefit payable under this Plan to or in respect of\na Participant, a maximum benefit limitation shall be imposed, applied as\nfollows: (i) first determine the Participant's accrued benefit expressed as a\nstraight life annuity payable at normal retirement age (or, if later, the date\nas of which benefits with respect to a Participant actually commence),\nconsidering this Plan and the Pension Plan together; (ii) then, if the combined\nbenefit so determined exceeds $500,000 per annum, reduce the portion of such\ncombined benefit that is attributable to this Plan so that the combined benefit\ndoes not exceed $500,000 per annum (and if the benefit so determined\nattributable to the Pension Plan alone is at lease $500,000 per annum then no\nbenefit shall be payable from this Plan); and (iii) then make any other\nadjustments required in determining the amount of the benefit otherwise\npayable, for example, actuarial adjustments to reflect the form and timing of\npayment (such as the conversion to a joint and \n\n\n\n\n\nsurvivor annuity form, the reduction on account of early commencement of \nbenefits, etc.). The provisions of this paragraph are effective January 1, 1995.\n\n         IN WITNESS WHEREOF, Revlon has caused this instrument to be executed\nby its duly authorized corporate officer as of December 14, 1998.\n\n\n                                            REVLON CONSUMER PRODUCTS CORPORATION\n\n                                            BY: \/s\/ Wade H. Nichols\n                                                --------------------------------\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8683],"corporate_contracts_industries":[9395],"corporate_contracts_types":[9539,9550],"class_list":["post-40242","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-revlon-inc","corporate_contracts_industries-consumer__cleaning","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\/40242","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=40242"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40242"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40242"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}