Exhibit 10.2


 


	
   

  	
  CIBA-GEIGY

  



 


CIBA-GEIGY PLC


Hulley Road


Macclasfield


Cheshire SK 10 2NX


 


 


19 August 1992


 


 


Mr. W. Hunt


Ciga-Geigy


Bonded Structures


Duxford


Dear Mr. Hunt:


 


Pension Benefit


 


This letter sets out the pension and life assurance benefits to which
you will be entitled on termination of your employment with the Company.  These benefits are set out by reference to
the circumstances which may give rise to such termination.


 


(a)                                  On retirement at
normal retirement age (currently aged 65 in your case) you will be entitled to
a pension of two-thirds of uncapped pensionable salary (less such amount as may
be appropriate under the Ciba-Geigy Pension Scheme for integration with the
State Scheme at State Pension age).


 


(b)                                 On retirement at not
earlier than age 60 but before age 65 you will (providing Company policy at the
time allows for such retirement and is agreed to be appropriate in your case)
be entitled to a pension without actuarial reduction of two-thirds of uncapped
pensionable salary (less such amount as may be appropriate under the Ciba-Geigy
Pension Scheme for integration with the State Scheme at State Pension Age).


 


(c)                                  On death in service
you will be entitled to the sums assured under the policies with Standard Life
and Zurich Life together with the amount due from the Ciba-Geigy Pension Scheme
so that the total benefit will be a lump sum equivalent to 3 times annual
pensionable salary plus such widows pension as in your circumstances would have
been due had you from 1/4/91 continued as a member of the Ciba-Geigy Pension
Scheme.


 


(d)                                 On retirement on
account of ill-health you will be entitled to the sums assured under the
policies with Standard Life and Lloyds together with the amount


 


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due from the Ciba-Geigy Pension Scheme so that the total benefit will
be equivalent to such sum as in your circumstances would have been due had you
from 1/4/91 continued as a member of the Ciba-Geigy Pension Scheme.


 


(e)                                  On termination of
your employment for any reason other than those set out above, you will be
entitled to such deferred pension as would have been due had you throughout
your Ciba-Geigy service been a member of the Ciba-Geigy Pension Scheme.


 


The pension due as set out above will be reviewed in the same way as
pensions due from the Ciba-Geigy Pension Scheme.


 


The benefits set out above are being funded partly through your
membership of the Ciba-Geigy Pension Scheme (which terminated on 31st
March 1991) and partly through insurance arrangements with Standard Life,
Zurich Life and Lloyds.


 


You will contribute to such insurance arrangements such amount as you
would have contributed had you from 1st April 1991 continued as
a member of the Ciba-Geigy Pension Scheme. 
The company will bear the balance of the cost due to fund the benefits
set out above.


 


A Personal Benefits Statement as at 31.3.92 is attached.


 


Will you please sign the enclosed copy of this letter to signify your
acceptance of the terms.


 


Yours sincerely,


 


	
  /s/ John S. Fraser

  	
   

  



 


 


JOHN S. FRASER


 


I confirm my acceptance of the terms and conditions as set out in the
above letter.


 


	
  Signed

  	
    /s/ William Hunt

  	
   

  	
  Date

  	
    8/9/92

  	
   

  
	
  W Hunt

  	
   

  



 


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