EXHIBIT (10)I


 


ECOLAB

EXECUTIVE LONG-TERM DISABILITY PLAN


(As Amended and Restated Effective January 1, 1994)


 


 


Pursuant to
Section 7.1 of the Ecolab Executive Long-Term Disability Plan (the “Plan”) and
the resolutions of the Board of Directors of Ecolab Inc. dated February 26,
1994, Ecolab Inc. hereby amends and restates the Plan in its entirety to read
as follows, effective January 1, 1994.


 


ARTICLE I

PREFACE


 


SECTION 1.1.        Effective
Date.  The effective date of this
amendment and restatement of the Plan is January 1, 1994.  The benefit, if any, payable with respect to
a former Executive who became Disabled prior to the Effective Date (and who
does not recover from the Disability and is not rehired by a member of the Controlled
Group thereafter) shall be determined by, and paid in accordance with, the
terms and provisions of the Plan as in effect prior to the Effective Date.


 


SECTION 1.2.        Purpose
of the Plan.  The purpose of this
Plan is to provide further means whereby the Company may afford financial security
for certain management and highly compensated employees who perform management
and professional functions for the company and certain related entities, by
providing a level of protection from the financial losses that may be suffered
on account of the disability of such an employee.


 


SECTION 1.3.        Administrative
Document.  This Plan includes the
Ecolab Inc. Administrative Document for Non-Qualified Benefit Plans (the “Administrative
Document”), which is incorporated herein by reference.


 


ARTICLE II

DEFINITIONS


 


Words and
phrases used herein with initial capital letters which are defined in the
Administrative Document or the Ecolab Long-Term Disability Plan are used herein
as so defined, unless otherwise specifically defined herein or the context
clearly indicates otherwise.  The
following words and phrases when used in this Plan with initial capital letters
shall have the following respective meanings, unless the context clearly
indicates otherwise:


 





















 


SECTION 2.1.        “Annual
Earnings” for a Plan Year shall mean the Annual Earnings of an Executive
used under the LTD Plan for purposes of determining benefits under the LTD
Plan; provided, however, that (1) Annual Earnings shall not be subject to the
limitation contained in Section 505(b)(7) of the code, (2) Annual Earnings
shall include an Executive’s deferrals under the Ecolab Mirror Savings Plan,
and (3) Annual Earning shall not exceed $700,000.


 


SECTION 2.2.        “Disability”
or “Disabled.”  An Executive shall
be deemed to have a “Disability” or be “Disabled” if the Executive’s active
employment with an Employer ceases due to a Total Disability that entitles the
Executive to benefits under the LTD Plan.


 


SECTION 2.3.        “Executive”
shall mean an Employee who is selected by the Administrator to participate in
the Plan and (1) who is in a pay grade of 24 or above, or (2) whose Annual
Earnings exceeds the dollar limitation described in Code Section 505(b)(7) for
a Plan Year.


 


SECTION 2.4.        “Executive
Disability Benefits” shall mean the benefits described in Article III.


 


SECTION 2.5.        “LTD
Plan” shall mean the Ecolab Long-Term Disability Plan, as amended from time
to time.


 


SECTION 2.6.        “Plan”
shall mean the Ecolab Executive Long-Term Disability Plan, as described herein
and as it may be amended from time to time.


 


ARTICLE III

EXECUTIVE DISABILITY BENEFITS


 


SECTION 3.1.        Coverage.


 


(1)           Commencement
of Coverage.  An Employee shall
become covered under the Plan as of the first date on or after the Effective
Date on which he is an Executive.


 


(2)           Termination
of Coverage.  An Executive shall
cease to be covered under the Plan on the earliest to occur of (a) the date the
Executive ceases to be employed by the Employer for any reason other than
Disability, (b) the date of a change in the Executive’s employment status so
that he no longer satisfies the requirements of an Executive, or (c) the date
the Plan is terminated or amended to eliminate coverage with respect to the
Executive.


 


SECTION 3.2.        Amount
of Executive Disability Benefits.  An
Executive who becomes Disabled shall be entitled to a monthly Executive
Disability Benefit equal to


 


2





















 


sixty percent (60%) of
one-twelfth (1/12) of the Executive’s Annual Earnings, reduced by (1) the
amount of the Monthly Benefit payable to the Executive under the LTD Plan, and
(2) the amount of any benefit reductions made to the Monthly Benefits under the
LTD Plan pursuant to the offset provisions of the LTD Plan; provided, however,
that in no event shall the monthly Executive Disability Benefit under this
Plan, when combined with the amount of benefit under the LTD Plan, exceed
$35,000.


 


ARTICLE IV

PAYMENT OF EXECUTIVE DISABILITY BENEFITS


 


SECTION 4.1.        Commencement
of Executive Disability Benefits.  An
Executive’s Executive Disability Benefits shall be paid to the Executive at the
same time and under the same conditions as the Executive’s Monthly Benefits
under the LTD Plan.  Notwithstanding the
foregoing, in the event that payment at such time is prevented due to reasons
outside of the Administrator’s control, the executive Disability Benefits shall
commence as soon as practicable after the Monthly Benefits commence under the
LTD Plan, and the first payment hereunder shall include any Disability Benefits
not made as a result of the delay in payment.


 


SECTION 4.2.        Termination
of Executive Disability Benefits. 
Payment of an Executive’s Executive Disability Benefits shall cease on
the earliest to occur of (1) the date the Executive recovers from the
Disability, (2) the date of termination of Monthly Benefits under the LTD Plan
for any reason, or (3) the date the Plan is terminated or amended to eliminate
Executive Disability Benefits with respect to the Executive.


 


IN WITNESS
WHEREOF, Ecolab Inc. has executed this Executive Long-Term Disability Plan and has
caused its corporate seal to be affixed this 29th day of August,
1994.


 


	
   

  	
  ECOLAB INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael
  E. Shannon

  
	
   

  	
   

  	
  Michael E.
  Shannon

  
	
   

  	
   

  	
  Vice
  Chairman, Chief Financial

  
	
   

  	
   

  	
  and
  Administrative Officer

  
	
   

  	
   

  
	
  (Seal)

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
  /s/ Kenneth
  A. Iverson

  	
   

  	
   

  
	
  Kenneth A.
  Iverson

  	
   

  
	
  Secretary

  	
   

  
				



 


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