Amendment to Amended and Restated Wyeth Supplemental Employee Savings Plan

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment updates the Wyeth Supplemental Employee Savings Plan, specifically clarifying the definition of 'Separation From Service' for employees, including those employed by Zoetis Inc. after it is no longer a wholly owned subsidiary of the company. The amendment ensures compliance with IRS Section 409A regulations and allows the company discretion in certain asset sale situations to determine if a separation from service has occurred. The amendment is intended to clarify plan administration and participant eligibility under specific circumstances.

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EX-10.16 6 pfe-12312013xex1016.htm AMENDMENT TO AMENDED AND RESTATED WYETH SUPPLEMENTAL EMPLOYEE SAVINGS PLAN PFE-12.31.2013-Ex10.16

Exhibit 10.16
Amendments to the
WYETH SUPPLEMENTAL EMPLOYEE SAVINGS PLAN

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(New material in bold and italics; deletions crossed out)


1.2        Definitions.    
(pp)    Separation From Service means a separation from service with the Company for purposes of Section 409A, determined using the default provision set forth in Treasury Regulation Section 1.409A-1(h); provided, however, that, for purposes of the Grandfathered Account, “Separation from Service” shall be determined in accordance with the terms of the Prior Plan; provided further, however, that with respect to any Participant employed by Zoetis Inc., on and following the date Zoetis Inc. is no longer a wholly owned subsidiary of the Company due to a tax-free distribution to the Company’s stockholders of all or a portion of its equity interest in Zoetis, Separation From Service means a separation from service with the Company for purposes of Section 409A, determined using the default provision set forth in Treasury Regulation Section 1.409A-1(h). Notwithstanding the foregoing, if a Participant would otherwise incur a Separation from Service in connection with a sale of assets of the Company, the Company shall retain the discretion with respect to the 409A Account to determine whether a Separation from Service has occurred in accordance with Treasure Regulation Section 1.409A-1(h)(4).