MEAN ONE-TWELFTH (1/12) OF THE
ANNUAL TOTAL PENSIONS PAID OR PAYABLE TO THE EXECUTIVE UNDER ANY PENSION PLAN
(OTHER THAN THE ECOLAB SAVINGS PLAN, AS SUCH PLAN MAY BE AMENDED FROM TIME TO
TIME) SPONSORED BY A MEMBER OF THE CONTROLLED GROUP WHICH SATISFIES THE
QUALIFICATION REQUIREMENTS OF THE CODE CALCULATED ON A SINGLE LIFE ANNUITY BASIS
COMMENCING AT AGE 65, AS DETERMINED BY THE ADMINISTRATOR INCLUDING (A) PROJECTED
PAYMENTS FROM ANY FORMER PENSION PLAN OR FORMER PROFIT SHARING PLAN WHICH
REDUCES THE PENSION PAYABLE UNDER THE PENSION PLAN OR (B) PAYMENTS OF RETIREMENT
ACCOUNT BENEFITS UNDER THE PENSION PLAN.
SECTION 2.10
"PLAN" SHALL MEAN THIS ECOLAB SUPPLEMENTAL EXECUTIVE
RETIREMENT PLAN, AS IT MAY BE AMENDED FROM TIME TO TIME.
2
SECTION 2.11
"PRIMARY INSURANCE AMOUNT" SHALL MEAN THE MONTHLY PRIMARY
SOCIAL SECURITY BENEFIT THE EXECUTIVE WILL BE ENTITLED TO AT AGE 65, DETERMINED
IN ACCORDANCE WITH EXHIBIT B WHICH IS ATTACHED TO AND FORMS A PART OF THIS PLAN.
SECTION 2.12
"RETIREMENT" OR "RETIRED."
THE RETIREMENT OF AN
EXECUTIVE SHALL OCCUR UPON HIS TERMINATION OF EMPLOYMENT WITH THE CONTROLLED
GROUP FOR ANY REASON OTHER THAN DEATH OR DISABILITY ON OR AFTER (1) HIS
ATTAINMENT OF AGE 55 AND THE COMPLETION OF AT LEAST 10 YEARS OF ELIGIBILITY
SERVICE, OR (2) HIS ATTAINMENT OF AGE 65.
FOR PURPOSES OF DETERMINING
RETIREMENT UNDER THIS PLAN, THE EMPLOYMENT OF A DISABLED EXECUTIVE SHALL BE
DEEMED TO HAVE TERMINATED "FOR REASONS OTHER THAN DISABILITY" AT SUCH TIME AS HE
CEASES TO MEET THE DEFINITION OF DISABILITY, PROVIDED HE DOES NOT RESUME ACTIVE
EMPLOYMENT WITH THE CONTROLLED GROUP.
SECTION 2.13
"SAVINGS PLAN BENEFIT" SHALL MEAN THE BENEFIT PAYABLE TO
THE EXECUTIVE CALCULATED AS OF JULY 1, 1994 IN ACCORDANCE WITH EXHIBIT C WHICH
IS ATTACHED TO AND FORMS A PART OF THIS PLAN.
SECTION 2.14
"SERP BENEFIT" SHALL MEAN THE RETIREMENT BENEFIT
DETERMINED UNDER ARTICLE III.
SECTION 2.15
"SERP PRE-RETIREMENT BENEFIT" SHALL MEAN THE
PRE-RETIREMENT BENEFIT DETERMINED UNDER ARTICLE IV.
SECTION 2.16
"YEAR OF BENEFIT SERVICE."
(1)
AN EXECUTIVE SHALL BE CREDITED WITH ONE YEAR OF BENEFIT SERVICE
FOR EACH YEAR OF "CREDITED SERVICE" (OR SUCH OTHER DEFINED TERM WHICH IS USED TO
DETERMINE SERVICE FOR BENEFIT ACCRUAL PURPOSES) AS DEFINED BY AND CREDITED TO
THE EXECUTIVE UNDER THE PENSION PLAN.
NOTWITHSTANDING THE FOREGOING, FOR
PURPOSES OF CALCULATING YEARS OF BENEFIT SERVICE FOR A CASH BALANCE PARTICIPANT,
THE RULES APPLICABLE FOR DETERMINING CREDITED SERVICE UNDER THE PENSION PLAN FOR
PERSONS WHO ACCRUE BENEFITS UNDER THE FINAL AVERAGE COMPENSATION FORMULA
SPECIFIED IN ARTICLE 4 OF THE PENSION PLAN SHALL APPLY.
(2)
A DISABLED EXECUTIVE SHALL CONTINUE TO ACCRUE YEARS OF BENEFIT
SERVICE DURING THE PERIOD OF HIS DISABILITY FOR PURPOSES OF DETERMINING THE
AMOUNT OF HIS SERP BENEFIT HEREUNDER.
(3)
IN NO EVENT SHALL AN EXECUTIVE'S YEARS OF BENEFIT SERVICE UNDER
THE PLAN EXCEED THIRTY (30) YEARS.
SECTION 2.17
"YEAR OF ELIGIBILITY SERVICE."
(1)
AN EXECUTIVE SHALL BE CREDITED WITH ONE YEAR OF ELIGIBILITY
SERVICE FOR EACH YEAR OF "CONTINUOUS SERVICE" (OR SUCH OTHER