Amendment to Vesting Schedule for Supplemental Retirement Benefits – Pharmacia Corporation

Summary

This amendment, approved by the People Committee of Pharmacia Corporation (formerly Monsanto Company), changes the vesting schedule for certain supplemental retirement benefits. Employees will vest at 50% after five years of service, with an additional 10% vesting for each subsequent year. If an employee is terminated for reasons other than cause, vesting will be 10% per year of employment. Bob Shapiro and Virginia Weldon are fully vested, while proration applies to Bob Hoffman, Phil Needleman, and Steve Engelberg based on their employment dates.

EX-10.20 6 ex10p20.txt AMEND. TO VESTING SCHEDULE EXHIBIT 10.20 AMENDMENT TO VESTING SCHEDULE OF PREVIOUSLY APPROVED SUPPLEMENTAL RETIREMENT BENEFITS Approved by the People Committee of Pharmacia Corporation (f/k/a Monsanto Company), October 23, 1997 VESTING SCHEDULE FOR OTHER SERPS Establish vesting of benefits at 50% after five years and 10% for each year thereafter. If terminated other than for cause, vesting will be 10% for each year of employment. Bob Shapiro and Virginia Weldon are fully vested. Proration will apply to Bob Hoffman (employed April 1, 1994), Phil Needleman (employed February 1, 1989) and Steve Engelberg (employed January 17, 1994).