Letter Agreement Regarding Waiver of Prior SERP Benefits between Mattel, Inc. and Neil B. Friedman

Contract Categories: Human Resources › Retirement Agreements
Summary

This agreement is between Mattel, Inc. and Neil B. Friedman, President of Fisher-Price Brands. It confirms that Mr. Friedman, having met certain employment requirements, is eligible for enhanced retirement benefits under Mattel's 2005 Supplemental Executive Retirement Plan (SERP). To receive these new benefits, Mr. Friedman must waive his rights to benefits under a previous retirement plan by signing this letter. The agreement is subject to the terms of a prior agreement dated March 17, 2005.

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EX-10.17 3 dex1017.htm LETTER AGREEMENT - FRIEDMAN Letter Agreement - Friedman

Exhibit 10.17

 

September 23, 2008

 

Neil B. Friedman

President Fisher-Price Bands

 

Dear Neil,

 

Pursuant to the letter agreement between you and Mattel, Inc. (the “Company”), dated March 17, 2005 (the “Agreement”), a copy of which is attached hereto, your eligibility to receive an enhanced benefit under the Mattel, Inc. 2005 Supplemental Executive Retirement Plan (the “New SERP”) is conditioned in part on your written waiver of your right to benefits under the Prior SERP (as such term is defined in the Agreement) after remaining employed with the Company through August 19, 2007 (such service requirement, your “Part B Eligibility Requirement”).

 

Given that you satisfied your Part B Eligibility Requirement, to become eligible for a Part B Benefit under the New SERP in accordance with the Agreement, you must agree to waive your right to benefits under the Prior SERP by executing this letter agreement as set forth below. Please note that if you execute this letter agreement, this letter agreement will be subject to the terms and conditions set forth in the Agreement, which are incorporated herein by reference.

 

If you agree to waive your right to benefits under the Prior SERP, I would appreciate it if you would sign and date this letter agreement and return a copy to me.

 

Sincerely,

 

MATTEL, INC.

 

By:  /s/ ALAN KAYE                                              

Alan Kaye

SVP Human Resources

 

 

Agreed to and accepted by:

 

/s/ NEIL B. FRIEDMAN

 

Neil B. Friedman

Date: 9/27/2008

 

Enclosure