Amendment to Supplemental Executive Retirement Plan A
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Human Resources
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EX-10.3 4 c00490exv10w3.htm AMENDMENT TO SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN A exv10w3
Exhibit 10.3
Amendment No. 2
To the Sensient Technologies Corporation
Supplemental Executive Retirement Plan A
WHEREAS, Sensient Technologies Corporation (the Company) sponsors the Sensient Technologies Corporation Supplemental Executive Retirement Plan A (the Plan); and
WHEREAS, the definition of final compensation under the Plan includes 50% of the highest bonus award, if any, paid to the executive (100% if the executive has at any time been the Companys chief executive officer, chief operating officer or chief financial officer) under the Companys Management Incentive Plan for Division Presidents or the Companys Incentive Compensation Plan for Elected Corporate Officers on the last five annual bonus payment dates immediately preceding, as applicable, the date of the executives death or retirement, or the date of the Companys change of control; and
WHEREAS, the Company desires to revise the Plans definition of final compensation, effective as of December 1, 2005, to include 50% (100% if the executive has any time been the Companys chief executive officer, chief operating officer or chief financial officer) of the highest bonus award, if any, paid to the executive under the Companys Management Incentive Plan for Division Presidents or the Companys Incentive Compensation Plan for Elected Corporate Officers on any one annual bonus payment date coinciding with or following the date on which the executive attains age 50 and preceding, as applicable, the date of the executives death or retirement, or the date of the Companys change of control;
NOW THEREFORE, Section 2.D is amended in its entirety to read as follows effective as of December 1, 2005:
D. | Final Compensation means the greater of: |
1. | the Executives annual base salary as in effect, prior to reduction for the Executives contributions to this Plan, as of, as applicable, the date of his death or retirement, or the date immediately preceding the Companys change of control, plus 50% (100% if the Executive has at any time been the Companys Chief Executive Officer, Chief Operating Officer or Chief Financial Officer) of the highest bonus award, if any, paid to the Executive pursuant to, as applicable, the Sensient Technologies Corporation Management Incentive Plan for Division Presidents or the Sensient Technologies Corporation Incentive Compensation Plan for Elected Corporate Officers on any one annual bonus payment date coinciding with or following the date on which the Executive attains age 50 and preceding, as applicable, the date of the Executives death or retirement, or the date of the Companys change of control; |
or
2. | the Executives average annual base salary as in effect, prior to reduction for the Executives contributions to this Plan, during the 60 highest paid consecutive calendar months of the last 120 calendar months immediately preceding, as applicable, the date of his death or retirement, or the date immediately preceding the Companys change of control, plus 50% (100% if the Executive has at any time been the Companys Chief Executive Officer, Chief Operating Officer or Chief Financial Officer) of the highest bonus award, if any, paid to the Executive pursuant to, as applicable, the Sensient Technologies Corporation Management Incentive Plan for Division Presidents or the Sensient Technologies Corporation Incentive Compensation Plan for Elected Corporate Officers on any one annual bonus payment date coinciding with or following the date on which the Executive attains age 50 and preceding, as applicable, the date of the Executives death or retirement, or the date of the Companys change of control. |
IN WITNESS WHEREOF, this Amendment is duly executed this day of 2005.
SENSIENT TECHNOLOGIES CORPORATION | ||||
ATTEST: | By: | |||
Executive |
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