Amendment No. 2 to Del Laboratories, Inc. Amended and Restated Supplemental Executive Retirement Plan

Summary

This amendment, effective January 1, 1997, updates the Del Laboratories, Inc. Supplemental Executive Retirement Plan (SERP). It adds new participants to the plan and changes the formula for calculating retirement benefits for certain executives. The amendment specifies who is eligible and how benefits are determined, ensuring that selected executives receive supplemental retirement payments beyond the standard company pension plan. The amendment is executed by company officers and reflects the company's ongoing management of executive retirement benefits.

EX-10.12 4 0004.txt AMENDMENT NO. 2 SUPPLE. TO EXEC. RETIRE. PLAN EXHIBIT 10.12 AMENDMENT NO. 2 TO DEL LABORATORIES, INC. AMENDED AND RESTATED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN WHEREAS, effective January 1, 1988, Del Laboratories, Inc. (the "Company") adopted the Del Laboratories, Inc. Supplemental Executive Retirement Plan ("SERP") which provides for payment to selected employees of pension or pension-related benefits which cannot be paid under the Del Laboratories, Inc. Employees Pension Plan; and WHEREAS, the SERP was amended and restated in its entirety effective January 1, 1994 (the "Restated SERP"); and WHEREAS, the Company has determined that Section 2 of the Restated SERP should be amended to add more Additional Participants (as defined therein); and WHEREAS, the Company has determined that Section 3(a) of the Restated SERP should be amended, effective as of January 1, 1997, to modify the formula for determining the benefit payable under the Restated SERP to each of the Initial Participants (as defined therein). NOW, THEREFORE, the Company hereby amends, effective as of January 1, 1997, the Restated SERP as follows: FIRST: Section 2 of the Restated SERP is hereby amended to read in its entirety: "2. ELIGIBILITY The Initial Participants whose Participation in the Plan commenced as of January 1, 1988 are Dan K. Wassong, Melvyn C. Goldstein, Charles J. Hinkaty, William McMenemy and Harvey P. Alstodt. The Additional Participants whose Participation in this Plan commenced as of January 1, 1994 are Robert Kapnek, James Lawrence, Ralph Liquori, Peter Liman and Steven Marcus. The Additional Participants whose Participation in this Plan commenced as of January 1, 1997 are Stephanie Hayano and Barry Miller. The Board of Directors of the Company may add more Participants at its discretion." -1- SECOND: Section 3(a) of the Restated SERP is hereby amended to read in its entirety: "(a) INITIAL PARTICIPANTS. The Supplemental Benefit payable to an Initial Participant under this Plan shall equal the excess, if any, of (i) over (ii) where, (i) is the benefit which would have been paid to such Initial Participant, or to his beneficiary, under the Basic Plan, if the provisions of the Basic Plan were administered without regard to the limitations set forth in Sections 415(b), 415(e), and 401(a) (17) of the Code, except that the benefit shall be calculated utilizing the Basic Plan formula in effect on December 31, 1993, notwithstanding any change in such formula following such date, and the Average Monthly Compensation shall be the monthly average of all Compensation paid to such Initial Participant in respect of the 1996 Plan Year; and (ii) is the benefit which is payable to such Initial Participant, or to his beneficiary, under the Basic Plan, as amended and in effect on the date of determination of such Supplemental Benefit." IN WITNESS WHEREOF, Del Laboratories, Inc. has caused this Amendment No. 2 to the Del Laboratories, Inc. Amended and Restated Supplemental Executive Retirement Plan to be executed by its duly authorized officers and its corporate seal to be affixed hereto. Dated: December 11, 1997 DEL LABORATORIES, INC. By: /S/ DAN K. WASSONG ----------------------- Dan K. Wassong Chairman, President and Chief Executive Officer [Corporate Seal] ATTEST: /S/ SHAWN A. SMITH - ---------------------- Shawn A. Smith Vice-President, General Counsel Assistant Secretary -2-