{"id":40686,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/supplemental-retirement-benefit-letter-monsanto-co-and-steven.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"supplemental-retirement-benefit-letter-monsanto-co-and-steven","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/supplemental-retirement-benefit-letter-monsanto-co-and-steven.html","title":{"rendered":"Supplemental Retirement Benefit Letter &#8211; Monsanto Co. and Steven L. Engelberg"},"content":{"rendered":"<pre>\nMonsanto\n\n-----------------------------------\n\n                                            Monsanto Company\nRICHARD J. MAHONEY                          800 N. Lindbergh Boulevard\nChairman and                                St. Louis, Missouri 63167\nChief Executive Officer                     Phone: (314) 694-3756\n\n\n                                                   April 22, 1994\n\nMr. Steven L. Engelberg\nMonsanto Company\nSuite 1100\n700 14th Street\nWashington, D.C. 20005\n\nDear Steve:\n\nIt is my pleasure to advise you that the Executive Compensation and\nDevelopment Committee of the Board (\"ECDC\") at its October 21, 1993 meeting,\nreviewed the retirement benefits which will be available to you under the\nCompany's Salaried Employees' Pension Plan (\"Pension Plan\") and the Monsanto\nERISA Parity Pension Plan (\"Parity Pension Plan\"). In recognition of the\nexperience and expertise which you have brought to the Company, and in\nrecognition of your potential service with the Company, the ECDC has\ndetermined to award you, subject to certain conditions, a Supplemental\nRetirement Benefit equal to 45% of your \"Average Total Earnings,\" as defined\nin the Pension Plan, less (i) the benefit you will receive from the Monsanto\nPension and Pension Parity Plans and (ii) the benefit you would receive from\ntwo-thirds of $702,843 increased by 8.5% interest compounded annually per\nyear from January 1, 1993 to the date of your retirement. Conversion of this\nlump sum to an annuity will be based on the lump sum conversion factors in\nthe pension plan. Your account balances in the Monsanto Savings and\nInvestment Plan and the Monsanto Company ERISA Parity Savings and Investment\nPlan will not be included as an offset. Except as specifically provided\nbelow, the Supplemental Retirement Benefit will not be payable unless you\naccrue at least ten years of vesting service with Monsanto. Any optional\npayment form you elect under the Parity Pension Plan will also apply to the\nSupplemental Retirement Benefit, using the same actuarial factors as are\nused under the Pension Plan.\n\nIf you die while employed by Monsanto, are married, and your spouse\nsurvives you, she will be entitled to receive a sur-\n\n                                     -2-\n\nvivor's benefit equal to 50% of this Supplemental Retirement Benefit. Her\nSupplemental Retirement Benefit would be paid for the remainder of her life.\n\nIf you involuntarily terminate employment without cause for reasons beyond\nyour control after five years of employment and there has been no Change of\nControl of the Company, the Supplemental Retirement Benefit payable to you\nwill be prorated as follows:\n\n         a.       Your Supplemental Retirement Benefit will be calculated as\n                  described above but assuming you remained employed until\n                  your tenth employment anniversary. For this calculation, a\n                  5% annual salary increase will be assumed in determining\n                  your Average Total Earnings and the amount of the Pension\n                  Plan and Parity Pension Plan offsets.\n\n         b.       Your benefit will be prorated 20% for each year of\n                  employment, beginning after your fifth employment\n                  anniversary until the full benefit is payable after ten\n                  years of employment.\n\nIf you Terminate Employment with the Company after a Change of Control of\nthe Company, your Supplemental Retirement Benefit will be an amount equal to\n45% of your Average Total Earnings calculated in the same way it is\ncalculated in subparagraph \"a\" above, less the offsets described in the\nfirst paragraph of this agreement with the result then multiplied by a\nfraction, the numerator of which is your actual years of Vesting Service and\ndenominator of which is ten. The terms \"Change of Control\" and \"Terminate\nEmployment\" have the same meanings they do in your Key Executive Employment\nAgreement, which, to the extent necessary, is incorporated by reference\nherein and made a part hereof.\n\nIf you choose to do so, you may request deferral of your Supplemental\nRetirement Benefit if you make a timely request before retirement. The terms\nand conditions of this deferral option are described in Attachment A, which\nis hereby incorporated in this Agreement.\n\nThis Supplemental Retirement Benefit will be separate from and in addition\nto any pension benefit which you are entitled to receive under the Company's\nPension Plan and the Parity Pension Plan.\n\nThis Supplemental Retirement Benefit may be terminated in whole or in part\nat any time by the ECDC if, after your Monsanto employment ends, you become\nemployed by or be retained\n\n\n                                     -3-\n\nin any manner by a chemical, pharmaceutical or other company in competition\nwith Monsanto.\n\nThis Supplemental Retirement Benefit may not be assigned by you, and any\nattempted assignment, pledge or other transfer shall be void. If any court,\nagency, or other party orders or is otherwise successful in obtaining an\norder for transfer in whole or in part of the Supplemental Retirement\nBenefit, it shall thereupon be deemed automatically terminated in full.\n\nI am pleased to be able to offer this Supplemental Retirement Benefit on\nbehalf of the Company. Please acknowledge your receipt and acceptance of\nthis agreement by signing and returning one copy to my office.\n\n                                            Very truly yours,\n\n                                            MONSANTO COMPANY\n\n                                            By  \/s\/ Richard J. Mahoney\n                                              ------------------------\n                                                 Richard J. Mahoney\n\n\n\nReceived and Acknowledged:\n\n\/s\/ Steven L. Engelberg\n-----------------------\nSteven L. Engelberg\n\nDate:  June 1, 1994\n     --------------\n\n\n\n\n                                                                  Attachment A\n\n                             STEVEN L. ENGELBERG\n\n                  SUPPLEMENTAL RETIREMENT BENEFIT AGREEMENT\n\nSupplemental Retirement Benefit Deferral Option\n-----------------------------------------------\n\nYou may request deferral of your Supplemental Retirement Benefit if you\nsubmit a timely request at least six months prior to retirement. The\nEmployee Benefits Plans Committee will consider your deferral request, and\nif it is approved, you will be permitted to defer payment of your\nSupplemental Retirement Benefit on the same terms and conditions as\npermitted under the ERISA Pension Parity Plan (\"Parity Plan\"). For this\nreason, the terms and conditions of the Parity Plan are incorporated by\nreference herein and made a part of this Agreement.\n\n\n\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8249],"corporate_contracts_industries":[9451],"corporate_contracts_types":[9539,9544],"class_list":["post-40686","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-monsanto-co","corporate_contracts_industries-manufacturing__chemicals","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/40686","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=40686"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40686"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40686"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}