Amendment No. 1 to Ecolab Mirror Pension Plan (As Amended and Restated effective January 1, 2005)

Contract Categories: Human Resources › Retirement Agreements
Summary

Ecolab Inc. has amended its Mirror Pension Plan to change how benefits are calculated for executives. Instead of using a deemed compensation limit, the plan will now offset benefits based on the actual qualified pension benefit and the actual amount credited to an executive's retirement account. This amendment was executed on July 16, 2010, and signed by Ecolab's Chief Financial Officer and General Counsel. The amendment clarifies the calculation method for pension benefits upon an executive's termination of employment.

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EX-10.B 3 a10-17257_1ex10db.htm EX-10.B

Exhibit (10) B

 

AMENDMENT NO. 1

TO

ECOLAB MIRROR PENSION PLAN

(As Amended and Restated effective as of January 1, 2005)

 

WHEREAS, Ecolab Inc. (the “Company”) has established and currently maintains the Ecolab Mirror Pension Plan (As Amended and Restated effective as of January 1, 2005) (the “Plan”); and

 

WHEREAS, the Company desires to amend the Plan to change the benefit formula to provide an offset for the actual qualified Pension Plan benefit rather than the Pension Plan benefit determined by deeming an Executive’s Annual Compensation to be equal to the annual compensation limit under Code section 401(a)(17).

 

NOW, THEREFORE, pursuant to Section 6.1 of the Plan and Section 5.1 of the Ecolab Inc. Administrative Document for Non-Qualified Benefit Plans, the Company hereby amends the Plan as set forth below.

 

Words used herein with initial capital letters that are defined in the Plan are used herein as so defined.

 

(1)                                  Section 3.1(2) of the Plan is hereby amended by amending and restating paragraph (b) of such Section to read as follows:

 

                                                (b)                                 =                                         the amount of the monthly benefit which would be payable to the Executive under the Pension Plan calculated on a single life annuity basis commencing at age 65, determined under the Pension Plan as in effect on the date of the Executive’s termination of employment with the Controlled Group.

 

(2)                                  Section 3.1(3) of the Plan is hereby amended by amending and restating paragraph (b) of such Section to read as follows:

 

                                                (b)                                 =                                         the amount which is actually credited to the Executive’s Retirement Account under the Pension Plan.

 

IN WITNESS WHEREOF, Ecolab, Inc. has executed this Amendment No. 1 this 16 day of July, 2010.

 

(Seal)

 

ECOLAB INC.

 

 

 

 

 

 

 

 

/s/Steven L. Fritze

 

 

Steven L. Fritze

 

 

Chief Financial Officer

Attest:

/s/James J. Seifert

 

 

 

James J. Seifert

 

 

 

General Counsel and Secretary