{"id":40687,"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-corp-pharmacia.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"supplemental-retirement-benefit-letter-monsanto-corp-pharmacia","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/supplemental-retirement-benefit-letter-monsanto-corp-pharmacia.html","title":{"rendered":"Supplemental Retirement Benefit Letter &#8211; Monsanto Corp, Pharmacia Corp. and R. William Ide III"},"content":{"rendered":"<pre>\n                                 May 3, 2000\n\n\nR. William Ide III, Esq.\nMonsanto Company\n800 North Lindbergh Boulevard\nSt. Louis, MO 63167\n\nDear Bill:\n\n         The purpose of this letter is to memorialize certain determinations\nmade by the People Committee of the Board of Directors (\"Committee\") of\nMonsanto Company, now known as Pharmacia Corporation (\"Company\"), at its\nOctober 23, 1997 meeting. The Committee reviewed the retirement benefits\nmade available to you under the Monsanto Company Pension Plan (\"Pension\nPlan\"), the Monsanto Company ERISA Parity Pension Plan (\"Parity Pension\nPlan\"), and the Monsanto Company Supplemental Retirement Plan (\"Supplemental\nPlan\"). In recognition of the experience and expertise you have brought to\nthe Company and your potential service with the Company, the Committee\ndetermined to award you, subject to certain conditions, a \"Supplemental\nRetirement Benefit\" designed to produce a total retirement benefit from the\nCompany at age 65 comparable to that which a Company employee with 30 years\nof service would receive (taking into account the value of any pension\nbenefits earned as an active employee of the Company and pension benefits\nreceived from prior employers). The value of Supplemental Retirement Benefit\nwill be credited to a notional bookkeeping account (the \"SERP Account\") and\nwill be equal to:\n\n         (a)      Three times the sum of the Contribution Credits that would\n                  have been credited to you under the Pension Plan had the\n                  cash balance plan formula in the Pension Plan been in\n                  effect as of the date of your employment, such amount to\n                  be credited to you under the terms of the Pension Plan and\n                  the Parity Pension Plan as in effect as of January 1, 1997\n                  with respect to your Compensation between the date of your\n                  employment with the Company and December 31, 1997; plus\n                                                                     ----\n         (b)      Three times the sum of the Contribution Credits credited\n                  to you under the Pension Plan and the Parity Pension Plan\n                  with respect to each calendar year during which you are\n                  employed by the Company, commencing with calendar year\n                  1997 and continuing through the calendar year in which you\n                  attain age 65 or terminate employment with the Company,\n                  whichever shall first occur; plus\n                                               ----\n\nR. William Ide III, Esq.\nMay 2, 2000\nPage 2\n\n         (c)      Interest on your SERP Account balance credited as of the\n                  first day of each month during which you are employed by\n                  the Company at a rate equal to the \"Interest Rate\" as\n                  defined in the Pension Plan.\n\n         The balance of your SERP Account from time to time shall be deemed\nto your \"Supplemental Retirement Benefit.\" Except as specifically provided\nbelow, you will be fully vested in your Supplemental Retirement Benefit at\nall times.\n\n         The optional payment form you elect under the Parity Pension Plan\nwill also apply to payment of your Supplemental Retirement Benefit, using\nthe same actuarial factors as are used under the Parity Pension Plan.\nInterest will be credited to your Supplemental Retirement Benefit beginning\nas of the date of your termination of employment and ending as of the date\npayment of the benefit commences at the same rate as provided under the\nParity Pension Plan.\n\n         If you die while employed by the Company or any of its affiliates,\nare married, and your spouse survives you, she will be entitled to receive a\nsurvivor's benefit in an amount equal to the value of your Supplemental\nRetirement Benefit at the time of your death. Your spouse may elect to have\nsuch amount paid in any manner available to a beneficiary under the Parity\nPension Plan.\n\n         You may request deferral of the payment of your Supplemental\nRetirement Benefit if you submit a timely request prior to termination of\nemployment in accordance with the deferral procedures set forth in the\nParity Pension Plan. The 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 with respect to your benefit under the Parity Pension Plan.\n\n         This Supplemental Retirement Benefit will be separate from and in\naddition to any pension benefit you are entitled to receive under the\nPension Plan, Parity Pension Plan and Supplemental Plan.\n\n         The Supplemental Retirement Benefit may not be assigned by you, and\nany attempted assignment, pledge or other transfer shall be void. If any\ncourt, agency, or other party orders or is otherwise successful in obtaining\nan order for transfer in whole or in part of the Supplemental Retirement\nBenefit, it shall thereupon be deemed automatically terminated in full.\n\n         The Supplemental Retirement Benefit and the Company's obligations\nhereunder may be terminated in whole or in part at any time by the Committee\n(or its successor) if, after your employment with the Company, any of its\naffiliates, or the assignee of this agreement ends, you become employed by\nor are retained in any manner by an agricultural, pharmaceutical or other\ncompany in competition with any of the companies.\n\n         Any term capitalized but not defined herein shall have the meaning\nassigned to it in the Pension Plan. To the extent necessary, the Pension\nPlan and the Parity Pension Plan are incorporated by reference herein and\nmade a part hereof.\n\n\nR. William Ide III, Esq.\nMay 2, 2000\nPage 3\n\n         Please acknowledge your receipt and acceptance of this agreement by\nsigning both copies of this letter and returning one copy to my office.\n\n                                          Very truly yours,\n\n                                          PHARMACIA CORPORATION\n\n\n                                          By \/s\/ John Murabito\n                                             -----------------\n\n                                          Its VP, Ag HR    5\/12\/00\n\n\nReceived and Acknowledged:\n\n\/s\/ R. William Ide III\n----------------------\nR. William Ide III\n\nDate: May 3, 2000\n      -----------\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8249,8506],"corporate_contracts_industries":[9451,9407],"corporate_contracts_types":[9539,9544],"class_list":["post-40687","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-monsanto-co","corporate_contracts_companies-pharmacia-corp","corporate_contracts_industries-manufacturing__chemicals","corporate_contracts_industries-drugs__pharma","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\/40687","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=40687"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40687"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40687"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}