Document:

EXHIBIT
10(e)

 

12-16-2008

 

BEMIS SUPPLEMENTAL
RETIREMENT PLAN

 

(As Amended And Restated
Effective January 1, 2008)

 

Section 1.               Purpose of Plan.  The Bemis Supplemental Retirement Plan (the “Plan”)  has been established for the following
purposes:

 

(a)           To provide the
additional benefits which would have been provided under the regular benefit
formula in Sec. 4.5(a) and (b) of the Bemis Retirement Plan (the “Retirement
Plan”) but for the limitations imposed by Code § 415 and/or Retirement Plan
Sec. 8.12 or any successor to either of said sections.  By providing such benefits, the Plan is an “excess
benefit plan” under § 3 (36) of ERISA.

 

(b)           To provide benefits
which would have been payable under the Retirement Plan but for the annual
limit on covered compensation imposed by Code 
§401 (a) (17).  Said limit is
$245,000 for 2009 and is subject to a cost of living adjustment for future
years. By providing such benefits, the Plan provides deferred compensation for
a select group of management or highly compensated employees and therefore is
exempt from most requirements of ERISA.

 

The Plan is intended to comply
with the requirements of Code §409A.

 

Section 2.               Transition Rules.   The Plan as set forth herein applies to
Participants whose benefits commence after December 31, 2008.

 

Benefits which commenced during
2005 — 2008 are being paid pursuant to transition rules applicable under
Code §409A.

 

Benefits commencing prior to
2005 were paid under the Plan as previously in effect.

 

Section 3.               Definitions.  Unless otherwise specified herein,
capitalized terms used herein shall have the meanings specified in the
Retirement Plan as amended from time to time. 
Terms defined in this Plan include:

 

(a)           The
“Actuarial Equivalent” factors
used in the Plan are as follows:

 

(1)           The interest rate used will
be the annual interest rate on 30-year Treasury securities as specified by the
Commissioner of Internal Revenue for October immediately preceding
whichever of the following Plan Years is applicable:

 

(A)          For calculation of
monthly amounts payable under alternative forms of annuity, the Plan Year which
contains the commencement date specified in Section 5(b).

 

(B)           For purposes of
determining elective lump sum payments to Participants under Section 6 (a) or
120-month installment payments under Section 6(b), the Plan Year which
contains the commencement date specified in Section 5(b).

 

 

(C)           For purposes of
determining elective lump sum death benefits payable under Section 6(d),
the Plan Year which contains the first day of the month after the month in
which the Participant’s death occurs.

 

(D)          For purposes of determining and paying mandatory
lump sum cash-outs to participants under Section 8(a), the Plan Year which
contains the seventh month after the month in which the Participant’s Separation
from Service occurs.

 

(E)           For purposes of
determining and paying mandatory lump sum cash- outs of death benefits with
respect to deceased participants under Section 8(b), the Plan Year in
which the Participant’s death occurs.

 

(F)           For purposes of applying Section 8(d) (mandatory
cashouts of certain benefits where Separation from Service or death occurred
prior to 2008), the 2008 Plan Year (i.e. use October 2007 rate).

 

(2)           The
mortality table used for all such calculations is the “applicable mortality
table” referred to in Income Tax Reg. 1.417(e)-1(d)(2), or any successor to
said regulation.

 

(b)           “Beneficiary”
means the person or persons a Participant designates as such on his or her
Beneficiary designation form.  The
Company may prescribe a combined Beneficiary designation form for use under
this Plan and other plans providing non-qualified deferred compensation.  The Participant may alter or revoke such
designation without the consent of the Beneficiary.  If there is not on file with the Company an
effective designation of Beneficiary by a deceased Participant, the Beneficiary
shall be the person or persons surviving the Participant in the first of the
following classes in which there is a survivor, share and share alike:

 

(1)           The Participant’s spouse.

 

(2)           The Participant’s
children, except that if any of the Participant’s children predecease the
Participant but leave issue surviving the Participant, such issue shall take by
right of representation the share their parent would have taken if living.

 

(3)           The Participant’s
personal representative (executor or administrator).

 

Determination
of the identity of the Beneficiary in each case shall be made by the
Company.  If a Beneficiary survives the
Participant, but dies before payment of all amounts to which the Beneficiary is
entitled, any remaining payments will be made to the Beneficiary’s estate.

 

(c)           “Board” means the board of directors of the
Company.

 

2

 

(d)           “Change in Control” means any event which
qualifies as a change in the ownership or effective control or a change in the
ownership of a substantial portion of the assets of the Company or another
member of the Control Group pursuant to Code §409A and any applicable
regulations interpreting said section.

 

(e)           “Code” 
means the Internal Revenue Code of 1986, as from time to time amended.

 

(f)            “Committee” means the Bemis Employee
Benefits Committee.

 

(g)           “Company” means Bemis Company, Inc., a
Missouri corporation.

 

(h)           “ERISA” means the Employee Retirement
Income Security Act of 1974, as from time to time amended.

 

(i)            “Participant” means an individual who
qualifies as such pursuant to Section 4.

 

(j)            “Participating Employer” means each
corporation which is a Participating Employer under the Retirement Plan.

 

(k)           “Plan” means the Bemis Supplemental
Retirement Plan as amended from time to time.

 

(l)            “Plan Year” means the 12 month period
ending each December 31.

 

(m)          “Retirement Plan” means the Bemis
Retirement Plan as amended from time to time.

 

(n)           “Senior SERP” means the Bemis Supplemental
Retirement Plan for Senior Officers as amended from time to time.

 

(o)           “Separation from Service” is defined in
Code §409A(a)(2)(A)(i) and applicable guidance thereunder, which generally
provides that:

 

(1)           a
Participant will be deemed to have a Separation from Service only if the
Participant ceases to perform any services for the Company and other members of
the Control Group, or the Participant continues to provide only “insignificant”
services;

 

(2)           service
is “insignificant” if it is performed at a rate that is no more than 20% of the
average level of services provided by the Participant for the preceding three
full calendar years;

 

(3)           a
bona fide leave of absence will not be considered a Separation of Service for
the first six months of such leave or until the Participant no longer has a
right to reemployment by statute or contract, whichever is longer; and

 

(4)           transfer
to an employer in which the Company or another member of the Control Group has
at least 50% ownership interest is not a Separation from Service.

 

3

 

(p)           “Supplemental BIPSP” means the Bemis
Supplemental BIPSP as amended from time to time.

 

(q)           “Supplemental Pension”, “Target Benefit”, and
“Actual Benefit” are defined in Section 5.

 

Section 4.               Eligibility to Receive a Benefit.  If a person’s Separation from Service occurs
under circumstances that a benefit is payable under the Retirement Plan to such
individual to his or her surviving spouse, contingent annuitant, or
Beneficiary, a benefit shall also be payable under this Plan if the benefit
under the Retirement Plan is limited for one or more of the reasons listed in Section 1.  Each employee or former employee eligible to
receive a benefit under the Plan is a “Participant” in this Plan.

 

Section 5.               Amount Payable.  The benefit payable with respect to a
Participant shall be determined and paid as follows:

 

(a)           The “Supplemental
Pension” payable to a Participant under this Plan is a monthly amount equal to
the amount, if any, by which the “Target Benefit” in (1) exceeds the “Actual
Benefit” in (2):

 

(1)           The “Target Benefit” is
the monthly amount which would have been payable to the Participant or to his
or her surviving spouse, contingent annuitant, or beneficiary under the
Retirement Plan for that month if the limits referred to in Section 1 were
not applicable. The Target Benefit shall be calculated as follows:

 

(A)          If the Participant is a
Group A Participant under the Retirement Plan, the Target Benefit is the
Accrued Monthly Pension he or she would have had under Sec. 4.5(a) of the
Retirement Plan if the limits referred to in Section 1 of this Plan were
not applicable, adjusted as provided in (D) and (E).

 

(B)           If the Participant is a
Group B Participant under the Retirement Plan, the Target Benefit is the
Accrued Monthly Pension he or she would have had under Sec. 4.5(b) of the
Retirement Plan if the limits referred to in Section 1 of this Plan were
not applicable, adjusted as provided in (D) and (E).

 

(C)           For purposes of
determining the Target Benefit, the special benefit formula in Sec. 4.5(d) of
the Retirement Plan shall be disregarded.

 

(D)          If the commencement date
specified in (b) of this section is prior to the Participant’s Normal
Retirement Date, the Target Benefit will be reduced by the factor which would
apply under Sec. 6.2, 6.3, 6.4 or 6.11(b) of the Retirement Plan,
whichever is applicable, if the Participant’s Retirement Plan benefit began on
the same date.

 

4

 

(E)           If the Participant’s
benefit under this Plan is paid in a form other than life only, the monthly
amount of the Target Benefit shall be adjusted so that it is the Actuarial
Equivalent of a life only pension, using the factors specified in Section 3(a) of
this Plan.  The Target Benefit for months
after the Participant’s death will be determined in accordance with the
applicable form of payment.

 

(2)           The “Actual Benefit” is
the monthly amount actually payable to the Participant under the Retirement
Plan, calculated as follows:

 

(A)          The
Actual Benefit will be the Accrued Monthly Pension calculated under Retirement
Plan Sec. 4.5(a) (if the Participant is a Group A Participant) or Sec. 4.5(b) (if
the Participant is a Group B Participant) but in either case will not be less
than the amount payable under Sec. 4.5(d) if applicable.  Said amount shall be adjusted as provided in
(B), (C), and (D).

 

(B)           The
Actual Benefit is the amount actually payable after application of the limits
referred to in Section 1.

 

(C)           If
the commencement date specified in (b) of this section is prior to the
Participant’s Normal Retirement Date, the Actual Benefit will be reduced by the
factor which would apply under Sec. 6.2, 6.3, 6.4, or 6.11(b) of the
Retirement Plan, whichever is applicable, if the Participant’s Retirement Plan
benefit began on the same date.

 

(D)          If
the Participant’s benefit under this Plan is paid in a form other than life
only, the Actual Benefit shall be adjusted to reflect the appropriate factor from
Sec. 4.10(a) of the Retirement Plan for that form of payment.  The Actual Benefit for months after the
Participant’s death will be determined in accordance with the applicable form
of payment.

 

(b)           A Participant’s Supplemental
Pension under this Plan will begin as of whichever of the following dates is
later:

 

(1)           The first day of the
month after the Participant’s Separation from Service.

 

(2)           The first day of the
month after the date the Participant attains age 55.

 

(c)           If the commencement date in (b) is
earlier than the first day of the seventh month after the month in which the
Participant’s Separation from Service occurred, payments due under this Plan
for months prior to said seventh month will be withheld by the Company and paid
in a lump sum during said seventh month.

 

(d)           If the benefit under the
Retirement Plan begins as of a date on or before the date specified in (b), the
benefit under this Plan with be paid in the same annuity form as under the
Retirement Plan.

 

5

 

(e)           If the Participant
chooses not to receive his benefit under the Retirement Plan until after the
date determined in (b):

 

(1)           His benefit under this
Plan will be paid in the form elected by the Participant and will commence as
of the date specified in (b).  For this
purpose, a Participant may elect any form of payment permitted by Section 7.4
or 7.5 of the Retirement Plan (i.e. joint and 50%, 75%, or 100% annuity or life
and 10 years certain annuity).

 

(2)           Any such election by a
Participant must be made before any annuity payment has been made under this
Plan.  If no election is made, the
Participant’s benefit will be paid in the form of a life annuity.

 

(3)           The amount in (a)(2) will
be the amount which could have been paid by the Retirement Plan in the same
form as the benefit under this Plan commencing as of the date specified in
(b).  This amount will be calculated
using the reduction factors in Retirement Plan Sec. 6.2, 6.3, 6.4, or 6.11(b), whichever
is applicable, and the optional settlement factors in Retirement Plan Sec.
4.10(a).

 

(f)            If the Participant’s death occurs prior to the date
his monthly pension begins under the Retirement Plan, and a Qualified
Preretirement Survivor Annuity is payable under the Retirement Plan to his or
her surviving spouse, the monthly amount of the Supplemental Pension shall be
determined by reference to the benefits payable to said person rather than by
reference to the pension the Participant would have received had he lived. Said
benefit will be paid to the surviving spouse. 
For this purpose, the Supplemental Pension under this Plan will commence
as of the earliest date the Qualified Pre-retirement Survivor Annuity was
available for payment under the Retirement Plan, and the offset for benefits under
the Retirement Plan will be calculated as of said earliest date.  That is to say, while a surviving spouse may
elect to delay commencement of her benefit under the Retirement Plan, no such
election is available under this Plan and the benefit and offset under this
Plan will be calculated accordingly.

 

Section 6.               Alternative Forms of Payment.         In lieu of a monthly
annuity, a Participant may elect to receive his or her benefit in the form of a
lump sum under (a) of this section or in 120 monthly installments as
provided in (b) of this section, subject to the following:

 

(a)           Lump Sum Option.  A Participant may elect to receive a lump sum
payment which is the Actuarial Equivalent of the benefit payable under Section 5.  Such elections are subject to the following:

 

(1)           A Participant may make such
an election on or before December 31, 2008.  Such an election is irrevocable after December 31,
2008.  A Participant who makes such
election will receive his or her lump sum payment in whichever of the following
months is later:

 

6

 

(A)          The twelfth month after the
month in which his or her Separation from Service occurred.

 

(B)           The month following the month in which he
or she attained age 55.

 

(2)           Lump sum elections made after 2008 are
subject to the following requirements:

 

(A)          The election must be made not later than at
least 12 months prior to the Participant’s Separation from Service.  However, in the case of any Participant whose
Separation from Service occurs prior to his attainment of age 55, the election
may be made anytime prior to the Participant’s 54th birthday.

 

(B)           The lump sum will be paid in
the month that is five years after the month in which the earliest payment
would have been made to the Participant but for the election.  For example, if a Participant makes a lump
sum election on December 15, 2009, has a Separation from Service on February 15,
2011, and is eligible for a benefit under this Plan commencing as of March 1,
2011, but for the lump sum election, his monthly benefits under this Plan for March through
September of 2011 would have been paid as of September 1, 2011, and
his lump sum payment will be made during September, 2016.

 

(C)           The lump sum election is
irrevocable.

 

(3)           The lump sum amount will be calculated as of
the commencement date specified in Section 5(b) and is the Actuarial
Equivalent of a life only pension commencing on said date.  For this purpose, it will be assumed that the
Participant’s benefit under the Retirement Plan and Regular SERP also are paid
on a life-only basis commencing on the same date.

 

(4)           If a Participant who elected a lump sum
payment dies after making the election but before receiving the lump sum
payment, the lump sum will be paid to the Participant’s Beneficiary.

 

Such payment will be made on a date determined by the Company which
shall not be later than December 31 of the Plan Year in which the
Participant died.  For this purpose, if
the Participant’s death occurs in October, November, or December, as permitted
by Code §409A, payment will be considered timely if made not later than the
fifteenth day of the third month after the month in which the Participant died.

 

However, if a Participant makes a lump sum election after December 31,
2008, and dies within 12 months after making the election, as required by Code
§409A, the lump sum election will be of no force or effect and no lump sum
payment will be made.  The restriction in
the preceding sentence does not apply to lump sum elections made on or before December 31,
2008.

 

7

 

(5)           The lump sum amount payable in (4) will
be the Actuarial Equivalent (as of the date the lump sum is paid) of the
benefit the Participant would have received under this Plan if:

 

(A)          His Separation from Service
occurred on the date of his death (or on his actual Separation from Service
date, if earlier),

 

(B)           His benefit under the Plan
began as of the first day of the month following such Separation from Service
(but not before the first day of the month following his attainment of age 55),
and

 

(C)           His benefit under this Plan,
the Retirement Plan, and the Regular SERP was paid on a life only basis.

 

(b)           120
Monthly Installment Option:  During
2008 a Participant may elect to receive his or her monthly benefit in the form
of 120 equal monthly payments, subject to the following:

 

(1)           Such
an election must be made not later than December 31, 2008 and is   irrevocable after said date.

 

(2)           The
monthly payments will commence as of the commencement date specified in Section 5(b) and
will be the Actuarial Equivalent of a life only pension commencing on said
date. For purposes of computing this amount, it will be assumed that the
Participant’s benefit under the Retirement Plan and Regular SERP also are paid
on a life only basis commencing the same date.

 

(3)           If
the commencement date specified in Section 5(b) is earlier than the
first day of the seventh month after the month in which the Participant’s
Separation from Service occurred, payments for months prior to said seventh
month will be withheld by the Company and paid in a lump sum during said
seventh month.

 

(4)           If
a Participant who elected 120 monthly installments under this subsection dies
before all 120 installments have been paid:

 

(A)          If
the Participant dies after attaining age 55, the remaining installments will be
paid to the Participant’s Beneficiary.

 

(B)           If
the Participant dies before attaining age 55, the Actuarial Value of the
Participant’s benefit will be paid to the Participant’s Beneficiary in a lump
sum.  Such payment will be made on a date
determined by the Company which shall not be later than December 31 of the
Plan Year in which the Participant died. 
For this purpose, if the Participant’s death occurs in October, November or
December, as permitted by Code §409A, payment will be considered timely if made
not later than the fifteenth day of the third month after the month in which
the Participant died.  The lump sum
amount will be the

 

8

 

Actuarial
Equivalent (as of the date the lump sum is paid) of the benefit the Participant
would have received under this Plan if:

 

(A)          His
Separation from Service occurred on the date of his death (or on his actual
Separation from Service date, if earlier),

 

(B)           His
benefit under the Plan began as of the first day of the month following such
Separation from Service (but not before the first day of the month following
his attainment of age 55), and

 

(C)           His
benefit under this Plan, the Retirement Plan, and the Regular SERP was paid on
a life only basis.

 

(c)           Any election under this
section will be effective only if the Participant also elected the same form of
payment under the Regular SERP.

 

Section 7.               Benefits
Under this Plan and Senior SERP Must Be Paid in the Same Form.   Any benefits
payable to a Participant under the Senior SERP must be paid in the same form as
his or her benefit under this Plan.  For
example, a Participant’s lump sum election under this Plan will also apply to
any benefits payable under the Senior SERP. 
Similarly, if a Participant chooses a life and 10 years certain annuity,
both plans will pay in that form.

 

Section 8.               Mandatory
Cash-Out of Certain Benefits.

 

(a)           In any case where the
sum of the following amounts is $100,000 or less, in lieu of monthly benefits,
the Company shall pay a lump sum equal to the sum of said amounts:

 

(1)           The
Actuarial Equivalent of the benefits payable under this Plan.

 

(2)           The Actuarial Equivalent of the benefits
payable under the Senior SERP, if any.

 

The amounts in (1) and (2) shall
be determined as of the first day of the seventh month following the month in
which the Participant’s Separation from Service occurs and shall be paid during
said seventh month.

 

(b)           In any case where the sum of
the following amounts is $100,000 or less as of the date of a Participant’s
death, in lieu of monthly benefits, the Company shall pay the Participant’s
Beneficiary a lump sum death benefit equal to the sum of said amounts:

 

(1)           The Actuarial Equivalent of
the death benefit payable under this Plan.

 

(2)           The Actuarial Equivalent of
the death benefits payable under the Senior SERP, if any.

 

9

 

The amounts in (1) and (2) shall be
determined as of the date of the Participant’s death.  Payment will occur on a date determined by
the Company which shall be not later than December 31 of the Plan Year in
which the Participant’s death occurred. 
For this purpose, if a Participant’s death occurs in October, November,
or December, as permitted by Code §409A, payment will be considered timely if
made not later than the fifteenth day of the third month after the month in
which the Participant’s death occurred.

 

(c)           If the $5,000 amount specified in Code §
411(a)(11) (i.e. the maximum amount a qualified plan may require to be cashed
out in lieu of annuity or installment distributions) is increased, the $100,000
amount in this section automatically will be increased to 20 times the new Code
§ 411(a)(11) amount.

 

Section 9.               Interest on Delayed Payments.

 

(a)           Any lump sum payment
will include interest (at the rate used under Section 2(a) to
calculate the lump sum) from the date as of which the lump sum is calculated
through the payment date.

 

(b)           Interest  will also be paid on monthly benefits which
are delayed due to the six month rule under Code §409A.  For this purpose, the interest rate used will
be the “applicable interest rate” under Code §417(e) for October immediately
preceding the Plan Year in which benefits would have commenced but for the six-month
delay.

 

Section 10.             Individual Agreements.  Benefits provided by this Plan may be
evidenced by individual employment agreements between the Company and
individuals who are or may become eligible for such benefits.  Benefits provided by the Plan will be paid to
an individual regardless of whether those benefits are evidenced by an
individual employment agreement.

 

Section 11.             Miscellaneous Provisions.

 

(a)           The Plan will be
administered in behalf of the Company by the Committee.  The Committee has discretionary authority to
construe the terms of the Plan, and the Committee’s determinations shall be
final and binding on all persons.  The
Committee may delegate all or any part of its administrative responsibilities
to employees of the Company.

 

(b)           No Participant or Beneficiary shall have any right
to assign, pledge, transfer or otherwise hypothecate this Plan or the payments
hereunder, in whole or in part. Benefits under this Plan will not be subject to
execution, attachment, garnishment or similar process.

 

(c)           This Plan constitutes the Company’s unconditional
promise to pay the amounts which become payable pursuant to the terms hereof. A
Participant’s rights are solely those of an unsecured creditor. This Plan does
not give any Participant or beneficiary a security interest in any specific
assets of the Company.

 

10

 

(d)           The Committee may in its sole discretion arrange for
payment by a subsidiary of the Company of the amounts the Committee determines
are attributable to service with that subsidiary.

 

(e)           This Plan or any Participation Agreement under the
Plan shall not be construed as a contract of employment and does not restrict
the right of the Company or any of its subsidiaries to discharge the
Participant or the right of the Participant to terminate employment.

 

(f)            The provisions of the Plan shall be construed and
enforced according to the laws of Wisconsin to the extent such laws are not
preempted by ERISA.

 

(g)           This Plan shall be binding upon and for the benefit
of the successors and assigns of the Company, whether by way of merger,
consolidation, operation of the law, assignment, purchase or other acquisition
of substantially all of the assets or business of the Company, and any such
successor or assign shall absolutely and unconditionally assume all of the
Company’s obligations hereunder.

 

(h)           In
addition to any other applicable provisions of indemnification, the Company
agrees to indemnify and hold harmless, to the extent permitted by law, each
member of the Committee (collectively referred to herein as “Indemnitee”)
against any and all liabilities, losses, costs or expenses (including legal
fees) of whatsoever kind an nature which may be imposed on, reasonably incurred
by or asserted against such person at any time by reason of such person’s
services in connection with the Plan, but only if such person did not act
dishonestly or in bad faith or in willful violation of the law or regulations
under which such liability, loss, cost or expense arises. The Company shall
have the right, but not the obligation, to select counsel and control the
defense and settlement of any action against the Indemnitee for which the
Indemnitee may be entitled to indemnification under this provision.

 

(i)            The Plan may be amended
from time to time by the Board, subject to the following:

 

(1)           The Committee or the
Chief Executive Officer of the Company also may amend the Plan, provided the
amendment does not materially increase the cost of the Plan or the amount of
benefits provided by the Plan.

 

(2)           In addition, the Board
may delegate to the Committee or the Chief Executive Officer authority to
approve amendments not falling with the scope of (1).

 

(3)           No
amendment will have the effect of reducing a Participant’s aggregate benefit under
this Plan and the Retirement Plan to less than the amount which would have been
payable if the amendment had not occurred, said amount to be based solely on
compensation and service prior to the effective date of the amendment.

 

(j)            Certain terms used in this
Plan are defined in the Retirement Plan.

 

11

 

Section 12.             Change In Control.  If a Change in Control occurs, than the Board
or Committee may, without the consent of any Participant affected thereby,
terminate the Plan and all substantially similar plans.  Upon such termination, each Participant who
has met the requirements of (a) or (b) as of the date the Plan is
terminated will receive an immediate lump sum payment equal to the Actuarial
Equivalent of his or her benefit under this Plan:

 

(a)           A
Participant meets the requirements of this subsection (a) if he or she had
a Separation from Service prior to the date the Plan is terminated under
circumstances such that pursuant to Section 4, he or she is eligible
for  a benefit under this Plan.

 

(b)           A
Participant who did not have a Separation from Service prior to the date the
Plan is terminated meets the requirements of this subsection (b) if he or
she would have been eligible pursuant to Section 4 for a benefit under
this Plan if his or her Separation from Service had occurred immediately prior
to the date the Plan is terminated.

 

Any such termination of the Plan must occur during the 1-month period
preceding or the 12-month period following the Change in Control.  The lump sum payments must be completed
within 12 months after the Plan is terminated.

 

	
   

  	
  APPROVED ON BEHALF OF THE COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Henry J. Theisen, President and CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Date Signed:                                           ,
  2008

  

 

12EXHIBIT 10(f)

 

12-16-08

BEMIS
SUPPLEMENTAL RETIREMENT PLAN FOR SENIOR OFFICERS

 

(As Amended Effective January 1, 2008)

 

Section 1.                                          Purpose of Plan.  The
Bemis Supplemental Retirement Plan for Senior Officers (the “Plan”) has been
established to provide supplemental benefits in addition to those provided
through the Retirement Plan and Regular SERP. 
By providing said benefits, the Plan provides deferred compensation for
a select group of management or highly compensated employees and therefore is
exempt from most requirements of ERISA. 
The Plan is intended to comply with the requirements of Code §409A.

 

Section 2.                                          Transition Rules.  The
Plan as set forth herein applies to Participants whose benefits commence after December 31,
2008.

 

Benefits which commenced during 2005-2008 are being paid pursuant to
transition rules applicable under Code §409A.

 

Benefits commencing prior to 2005 were paid under the Plan as
previously in effect.

 

Section 3.                                          Definitions.  The
following definitions shall apply for purposes of this Plan:

 

(a)                                The “Actuarial
Equivalent” factors used in the Plan are as follows:

 

(1)                                The interest rate used will be the annual
interest rate on 30-year Treasury securities as specified by the Commissioner
of Internal Revenue for October immediately preceding whichever of the
following Plan Years is applicable:

 

(A)                            For calculation
of the BIPSP Offset, the Plan Year in which occurs the first day of the month
following the month of the Participant’s Separation from Service.

 

(B)                              For calculation
of monthly amounts payable under alternative forms of annuity, the Plan Year
which contains the commencement date specified in Section 7(a).

 

(C)                              For calculation
of elective lump sum payments to Participants under Section 8(a) or
120-month installment payments under Section 8(b), the Plan Year which
contains the date specified in Section 7(a).

 

(D)                             For calculation
of lump sum death benefits under Section 8, the Plan Year which contains
the first day of the month after the month in which the Participant’s death
occurred.

 

 

(E)                               For
calculations under Section 9, the Plan Year which contains the applicable
date is defined in said section.

 

(F)                               For purposes of
calculating whether the amount in Section 11 is $100,000 or less, the Plan
Year which contains the seventh month following the month in which the
Participant’s Separation from Service occurs.

 

(G)                              For purposes of
calculating whether the amount in Section 11 is $100,000 or less, the Plan
Year in which the Participant’s death occurred.

 

(H)                             For purposes of
applying Section 11(d) (mandatory cashouts of certain benefits where
Separation from Service or death occurred prior to 2008), the 2008 Plan Year
(i.e. use October 2007 rate).

 

(2)                                The mortality table used for such
calculations is the “applicable mortality table” referred to in Income Tax Reg.
1.417(e)-1(d)(2), or any successor to said regulation.

 

(b)                               “Beneficiary” means the person or persons a Participant
designates as such on his or her Beneficiary designation form.  The Company may prescribe a combined
Beneficiary designation form for use under this Plan and other plans providing
non-qualified deferred compensation.  The
Participant may alter or revoke such designation without the consent of the
Beneficiary.  If there is not on file
with the Company an effective designation of Beneficiary by a deceased
Participant, the Beneficiary shall be the person or persons surviving the
Participant in the first of the following classes in which there is a survivor,
share and share alike:

 

(1)                                The Participant’s spouse.

 

(2)                                The Participant’s children, except that if
any of the Participant’s children predecease the Participant but leave issue
surviving the Participant, such issue shall take by right of representation the
share their parent would have taken if living.

 

(3)                                The Participant’s personal representative
(executor or administrator).

 

Determination of the identity of the
Beneficiary in each case shall be made by the Company.  If a Beneficiary survives the Participant,
but dies before payment of all amounts to which the Beneficiary is entitled,
any remaining payments will be made to the Beneficiary’s estate.

 

(c)                                “BIIP” means the Bemis Investment Incentive Plan as
amended from time to time.

 

(d)                               “BIPSP Offset” means the amount calculated as provided in Section 12.

 

(e)                                “Board” means the board of directors of the Company.

 

2

 

(f)                                  “Change in Control” of the Company means any event which
qualifies as a change in the ownership or effective control or a change in the
ownership of a substantial portion of the assets of the Company or another
member of the Control Group pursuant to Code §409A and any applicable
regulations interpreting said section.

 

(g)                               “Code”  means
the Internal Revenue Code of 1986, as from time to time amended.

 

(h)                               “Committee”  means
the Compensation Committee of the Board.

 

(i)                                   “Company” means Bemis Company, Inc., a Missouri
corporation.

 

(j)                                   “Control Group” means the Company and any trade or business
under common control with the Company within the meaning of Code §414(b) and
(c).

 

(k)                                “Deemed Commencement Date” is defined in Section 13.

 

(l)                                   “Elapsed Time” is defined in the Retirement Plan.  However, for purposes of determining the
amount of a Participant’s Supplemental Accrued Benefit under Section 6 or
Supplemental Preretirement Death Benefit under Section 9, Elapsed Time
with an employer prior to the date that employer became a member of the Control
Group shall be disregarded.  The
exclusion in the preceding sentence does not apply for purposes of determining
whether a Participant is vested under Section 5.

 

(m)                             “ERISA” means the Employee Retirement Income
Security Act of 1974, as from time to time amended.

 

(n)                               “Final Average Earnings” as defined in the Retirement Plan, subject
to the following adjustments:

 

(1)                                Said amount shall be calculated without
regard to the Code § 401(a)(17) limit on annual pay, which is $245,000 for 2009
and is subject to a cost-of-living adjustment for years after 2009.

 

(2)                                The years used in calculating the average
shall be the five highest years (regardless of whether such years are
consecutive) out of the last 15 years. 
(The Retirement Plan uses the average for the five highest consecutive
years.)

 

(o)                               “Normal Retirement Age” is defined in the Retirement Plan.

 

(p)                               “Participant” means an individual designated as such
pursuant to Section 4.

 

(q)                               “Participating Employer” means each corporation which is a member of
the Control Group and which employs one or more Participants.

 

3

 

(r)                                  “Participation Agreement” is the agreement entered into between a
Participant and the Company regarding participation in this Plan.

 

(s)                                “Plan Year” means the 12 month period ending each December 31.

 

(t)                                  “Qualified Spouse” is defined in Sec. 7.1 of the Retirement
Plan.

 

(u)                               “Regular SERP” means the Bemis Supplemental Retirement Plan
as amended from time to time.

 

(v)                               “Retirement Plan” means the Bemis Retirement Plan as amended
from time to time.

 

(w)                             “Separation from Service” is defined in Code §409A(a)(2)(A)(i) and
applicable guidance thereunder, which generally provides that:

 

(1)                                a Participant will be deemed to have a
Separation from Service only if the Participant ceases to perform any services
for the Company and other members of the Control Group, or the Participant
continues to provide only “insignificant” services;

 

(2)                                service is “insignificant” if it is performed
at a rate that is no more than 20% of the average level of services provided by
the Participant for the preceding three full calendar years;

 

(3)                                a bona fide leave of absence will not be
considered a Separation of Service for the first six months of such leave or
until the Participant no longer has a right to reemployment by statute or
contract, whichever is longer; and

 

(4)                                transfer to an employer in which the Company
or another member of the Control Group has at least 50% ownership interest is
not a Separation from Service.

 

(x)                                 “Supplemental Accrued
Benefit” is defined in Section 6.

 

(y)                               “Supplemental BIPSP” means the Bemis Supplemental BIPSP as
amended from time to time.

 

Section 4.                                          Eligibility to Participate. 
Participants shall be designated by the Committee from among senior
officers of the Company.  The Company
will enter into a Participation Agreement with each Participant.

 

Section 5.                                          Eligibility for a Benefit
(Vesting).  If a Participant’s Separation from Service
occurs for a reason other than his or her death under either of the following
circumstances, he or she shall be entitled to a Supplemental Accrued Benefit
determined as provided in Sections 6, 7 and 8:

 

(a)                                The Participant’s Separation from Service
occurs after he or she has attained age 50 and completed 20 or more years of
Elapsed Time.

 

4

 

(b)                               The Participant’s Separation from Service
occurs at a time when the sum of the Participant’s attained age on his or her
last birthday and his or her whole years of Elapsed Time is 75 or more.

 

If a Participant’s Separation from Service occurs
after he or she has met the requirements of (a) or (b) and the
Participant dies after Separation from Service but before his or her benefit
commencement date under Section 7(a), no benefit will be payable under Section 7,
but the Participant’s Qualified Spouse, if any, shall be entitled to a
Supplemental Preretirement Death Benefit determined as provided in Section 9.  Also, if a Participant’s Separation from
Service is due to his or her death and occurs after he or she has met the
requirements of (a) or (b), no benefit will be payable under Sections 6 and
7 and the Participant’s Qualified Spouse, if any, shall be entitled to a
Supplemental Preretirement Death Benefit determined as provided in Section 9.  However, if a Participant dies after electing
a lump sum or 120 monthly installments under Section 8 but before the lump
sum or installments are paid, the lump sum or remaining installments will be
paid as provided in Section 8, and no benefit will be paid under Section 9.

 

No benefit will be payable under the Plan if the
Participant’s Separation from Service occurs before the Participant met the
foregoing age and service requirements.

 

Section 6.                                          Supplemental Accrued
Benefit.  A Participant’s “Supplemental Accrued Benefit”
is a monthly amount equal to the amount in (a) minus the amount in (b):

 

(a)                                2.5% of the Participant’s Final Average
Monthly Earnings multiplied by his or her years of Elapsed Time (but not more
than 20 years).  If the Participant’s
benefit under this Plan is paid in a form of annuity other than life only, said
amount shall be adjusted so that it is the Actuarial Equivalent of a life
annuity.

 

less

 

(b)                               The sum of the following amounts:

 

(1)                                The Participant’s
monthly pension under the Retirement Plan, if any, under the form of payment
actually paid under said Plan, but excluding any social security supplement
payable pursuant to Sec. 6.11(b)(4) of the Retirement Plan.  (If the Participant’s pension under the
Retirement Plan does not begin until after his pension under this Plan, this
offset will be calculated as provided in Section 7(d)(3)).

 

(2)                                2.5% of the Participant’s Primary Social
Security Benefit determined under Sec. 4.9 of the Retirement Plan, multiplied
by the Participant’s years of Elapsed Time (but not more than 20 years).  If the Participant’s benefit under this Plan
is paid in a form of annuity other than life only, said amount shall be
adjusted so that it is the Actuarial Equivalent of a life annuity.

 

(3)                                The Participant’s monthly pension under the
Regular SERP, if any, under the form of payment actually paid under said Plan.

 

5

 

(4)                                The BIPSP Offset computed as provided in Section 13.  If the Participant’s benefit under this Plan
is paid in a form of annuity other than life only, the BIPSP Offset shall be
adjusted so that it is the Actuarial Equivalent of a life annuity.

 

Section 7.                                          Form of Payment and
Commencement Date.  Except as provided in Section 8, a
Participant’s benefit under Section 6 shall be paid as follows:

 

(a)                                The Supplemental Accrued Benefit will
commence as of whichever of the following dates is later:

 

(1)                                The first day of the month after the
Participant’s Separation from Service.

 

(2)                                The first day of the month after the date the
Participant attains age 55.

 

(b)                               If the commencement date in (a) is
earlier than the first day of the seventh month after the month in which the
Participant’s Separation from Service occurred, payments due under this Plan
for months prior to said seventh month will be withheld by the Company and paid
in a lump sum during said seventh month. 
For example, if a Participant has a Separation from Service on June 8,
2009 and the commencement date in (a) is July 1, 2009, his payments
under this Plan for July 1 through December 1, 2009 will be withheld
and paid during January 2010.

 

(c)                                If the benefit under the Retirement Plan
begins as of a date on or before the date specified in (a), the benefit under
this Plan will be paid in the same annuity form as under the Retirement Plan.

 

(d)                               If the Participant chooses not to receive his
benefit under the Retirement Plan until after the date determined in (a):

 

(1)                                His benefit under this Plan will be paid in
the form elected by the Participant and will commence as of the date specified
in (a).  For this purpose, a Participant
may elect any form of payment permitted by Section 7.4 or 7.5 of the
Retirement Plan (i.e. joint and 50%, 75%, or 100% annuity or life and 10 years
certain annuity).

 

(2)                                Any such election by a Participant must be
made before any annuity payment has been made under this Plan.  If no election is made, the Participant’s
benefit will be paid in the form of a life annuity.

 

(3)                                The amount in Section 6(b)(1) will
be the amount which could have been paid by the Retirement Plan in the same
form as the benefit under this Plan commencing as of the date specified in
(a).  This amount will be calculated
using the reduction factors in Retirement Plan Sec. 6.2, 6.3, 6.4, or 6.11(b),
whichever is applicable, and the optional settlement factors in Retirement Plan
Sec. 4.10(a).

 

6

 

(e)                                If payment begins before the Participant
attains Normal Retirement Age, the Supplemental Accrued Benefit will not be
subject to reduction for early commencement.

 

(f)                                  If the benefit is paid in a form other than
for the Participant’s life only, the monthly amount payable during the
Participant’s lifetime will be subject to the Actuarial Equivalent adjustments
specified in Section 3(a), and the monthly amount payable after the
Participant’s death will be determined in accordance with the form of payment
the Participant elected.

 

Section 8.                                          Alternative Forms of Payment.                             In lieu of a monthly annuity in a form
provided in Section 7(d), a Participant may elect to receive his or her
benefit in the form of a lump sum under (a) of this section or in 120
monthly installments as provided in (b) of this section, subject to the
following:

 

(a)                                Lump Sum Option.  A
Participant may elect to receive a lump sum payment which is the Actuarial
Equivalent of the benefit payable under Section 7.  Such elections are subject to the following:

 

(1)                                A Participant
may make such an election on or before December 31, 2008.  Such an election is irrevocable after December 31,
2008.  A Participant who makes such
election will receive his or her lump sum payment in whichever of the following
months is later:

 

(A)                              The twelfth
month after the month in which his or her Separation from Service occurred.

 

(B)                                The month following the month in which he
or she attained age 55.

 

(2)                                Lump sum elections made after 2008 are subject
to the following requirements:

 

(A)                              The election must be made not later than at least 12 months prior to
the Participant’s Separation from Service. 
However, in the case of any Participant whose Separation from Service
occurs prior to his attainment of age 55, the election may be made anytime
prior to the Participant’s 54th birthday.

 

(B)                                The lump sum
will be paid in the month that is five years after the month in which the
earliest payment would have been made to the Participant but for the election.  For example, if a Participant makes a lump
sum election on December 15, 2009, has a Separation from Service on February 15,
2011, and is eligible for a benefit under this Plan commencing as of March 1,
2011, but for the lump sum election, his monthly benefits under this Plan for March through
September of 2011 would have been paid as of September 1, 2011, and
his lump sum payment will be made during September, 2016.

 

7

 

(C)                                The lump sum
election is irrevocable.

 

(3)                                The lump sum amount will be calculated as of
the commencement date specified in Section 7(a) and is the Actuarial
Equivalent of a life only pension commencing on said date.  For this purpose, it will be assumed that the
Participant’s benefit under the Retirement Plan and Regular SERP also are paid
on a life-only basis commencing on the same date.

 

(4)                                If a Participant who elected a lump sum
payment dies after making the election but before receiving the lump sum
payment, the lump sum will be paid to the Participant’s Beneficiary.

 

Such
payment will be made on a date determined by the Company which shall not be
later than December 31 of the Plan Year in which the Participant
died.  For this purpose, if the
Participant’s death occurs in October, November, or December, as permitted by
Code §409A, payment will be considered timely if made not later than the
fifteenth day of the third month after the month in which the Participant died.

 

However, if a Participant makes a lump sum election
after December 31, 2008, and dies within 12 months after making the
election, as required by Code §409A, the lump sum election will be of no force
or effect and no lump sum payment will be made. 
The restriction in the preceding sentence does not apply to lump sum
elections made on or before December 31, 2008.

 

(5)                                The lump sum amount payable in (4) will
be the Actuarial Equivalent (as of the date the lump sum is paid) of the
benefit the Participant would have received under this Plan if:

 

(A)                              His Separation
from Service occurred on the date of his death (or on his actual Separation
from Service date, if earlier),

 

(B)                                His benefit
under the Plan began as of the first day of the month following such Separation
from Service (but not before the first day of the month following his
attainment of age 55), and

 

(C)                                His benefit
under this Plan, the Retirement Plan, and the Regular SERP was paid on a life
only basis.

 

(b)                               120 Monthly Installment Option: 
During 2008 a Participant may elect to receive his or her monthly
benefit in the form of 120 equal monthly payments, subject to the following:

 

(1)                                Such an election must be made not later than December 31,
2008 and is irrevocable after said date.

 

(2)                                The monthly payments will commence as of the
commencement date specified in Section 7(a) and will be the Actuarial
Equivalent of a life only 

 

8

 

pension commencing on said
date. For purposes of computing this amount, it will be assumed that the
Participant’s benefit under the Retirement Plan and Regular SERP also are paid
on a life only basis commencing the same date.

 

(3)                                If the commencement date specified in Section 7(a) is
earlier than the first day of the seventh month after the month in which the
Participant’s Separation from Service occurred, payments for months prior to
said seventh month will be withheld by the Company and paid in a lump sum
during said seventh month.

 

(4)                                If a Participant who elected 120 monthly
installments under this subsection dies before all 120 installments have been
paid:

 

(A)                              If the Participant dies after attaining age
55, the remaining installments will be paid to the Participant’s Beneficiary.

 

(B)                                If the Participant dies before attaining age
55, the Actuarial Value of the Participant’s benefit will be paid to the
Participant’s Beneficiary in a lump sum. 
Such payment will be made on a date determined by the Company which
shall not be later than December 31 of the Plan Year in which the
Participant died.  For this purpose, if
the Participant’s death occurs in October, November or December, as
permitted by Code §409A, payment will be considered timely if made not later
than the fifteenth day of the third month after the month in which the
Participant died.  The lump sum amount
will be the Actuarial Equivalent (as of the date the lump sum is paid) of the
benefit the Participant would have received under this Plan if:

 

(A)                            His Separation from Service occurred on the
date of his death (or on his actual Separation from Service date, if earlier),

 

(B)                              His benefit under the Plan began as of the
first day of the month following such Separation from Service (but not before
the first day of the month following his attainment of age 55), and

 

(C)                              His benefit under this Plan, the Retirement
Plan, and the Regular SERP was paid on a life only basis.

 

(c)                                Any election under this section will be
effective only if the Participant also elected the same form of payment under
the Regular SERP.

 

Section 9.                                          Supplemental Preretirement
Death Benefit.  The Supplemental Preretirement Death Benefit
payable to a Qualified Spouse will be a monthly amount equal to the amount in (a) minus
the amount in (b):

 

9

 

(a)                                The monthly amount which would be payable if:

 

(1)                                The Participant survived to the date in (i) or
(ii) below, whichever is applicable (hereafter referred to as the “applicable
date”).

 

(2)                                The Participant was eligible for a life
annuity beginning on the applicable date in a monthly amount equal to 2.5% of
the Participant’s Final Average Monthly Earnings multiplied by his or her years
of Elapsed Time.

 

(3)                                The life annuity in (2) was converted to
a joint and 100% survivor annuity for the Participant and Qualified Spouse
beginning on the applicable date which is the Actuarial Equivalent of the life
annuity.

 

less

 

(b)                               The sum of the following amounts:

 

(1)                                The monthly amount, if any, payable to the
Qualified Spouse under the Retirement Plan commencing as of the applicable
date.

 

(2)                                The monthly amount which would be payable if:

 

(A)                            The Participant survived to the applicable
date.

 

(B)                              The Participant was eligible for a life
annuity beginning on the applicable date in a monthly amount equal to 2.5% of
the Participant’s Primary Social Security Benefit determined under Sec. 4.9 of
the Retirement Plan multiplied by the Participant’s years of Elapsed Time (but
not more than 20 years).

 

(C)                              The life annuity in (B) was converted to
a joint and 100% survivor annuity for the Participant and Qualified Spouse
beginning on the applicable date which is the Actuarial Equivalent of the life
annuity.

 

(3)                                The monthly amount which would be payable if:

 

(1)                                The Participant survived to the applicable
date.

 

(2)                                The BIPSP Offset computed as provided in Section 13
was converted to a joint and 100% survivor annuity for the Participant and
Qualified Spouse beginning on the applicable date which is the Actuarial
Equivalent thereof.

 

If payment begins before the Participant would have
attained Normal Retirement Age, the amounts in (a) and (b)(2) will
not be subject to reduction for early commencement.

 

Said death benefit will commence on whichever of the
following dates is applicable (the “applicable date”):

 

10

 

(i)                                   If the Participant’s death occurs on or after
the date he or she attained age 55, said death benefit will commence as of the
first day of the month following the month in which the Participant’s death
occurred.

 

(ii)                                If the
Participant’s death occurs before he or she attained age 55, said death benefit
will commence as of the first day of the month following the month the
Participant would have attained age 55. 
No death benefit will be paid for months prior to said commencement
date.

 

However, if the Participant elected a lump
sum or 120 monthly installments pursuant to Section 8, no benefit will be
paid under this section.

 

Section 10.                                    Benefits Under This Plan and the Regular SERP Must be Paid in the Same
Form.   Any benefits payable to a Participant under
the Regular SERP must be paid in the same form as his or her benefit under this
Plan.  For example, a Participant’s lump
sum election under this Plan will also apply to any benefits payable under the
Regular SERP.  Similarly, if a
Participant chooses a life and 10 years certain annuity, both plans will pay in
that form.

 

Section 11.                                    Mandatory Cash-Out of Certain Benefits.

 

(a)                                In
any case where the sum of the following amounts is $100,000 or less, in lieu of
monthly benefits, the Company shall pay a lump sum equal to the sum of said
amounts:

 

(1)                                The
Actuarial Equivalent of the benefits payable under this Plan.

 

(2)                                The
Actuarial Equivalent of the benefits payable under the Regular SERP, if any.

 

The amounts in (1) and
(2) shall be determined as of the first day of the seventh month following
the month in which the Participant’s Separation from Service occurs and shall
be paid during said seventh month.

 

(b)                               In
any case where the sum of the following amounts is $100,000 or less as of the
date of a Participant’s death, in lieu of monthly benefits, the Company shall
pay the Participant’s Beneficiary a lump sum death benefit equal to the sum of
said amounts:

 

(1)                                The
Actuarial Equivalent of the death benefit payable under this Plan.

 

(2)                                The
Actuarial Equivalent of the death benefits payable under the Regular SERP, if
any.

 

The amounts in (1) and (2) shall
be determined as of the date of the Participant’s death.  Payment will occur on a date determined by
the Company which shall be not later than December 31 of the Plan Year in
which the Participant’s death occurred. 
For this purpose, if a Participant’s death occurs in October, November,
or December, as permitted by Code §409A, payment will be considered timely if 

 

11

 

made not later than the
fifteenth day of the third month after the month in which the Participant’s
death occurred.

 

(c)                                If
the $5,000 amount specified in Code § 411(a)(11) (i.e. the maximum amount a
qualified plan may require to be cashed out in lieu of annuity or installment
distributions) is increased, the $100,000 amount in this section automatically
will be increased to 20 times the new Code § 411(a)(11) amount.

 

Section 12.                                    Interest on Delayed Payments.

 

(a)                                Any lump sum payment will include interest
(at the rate used under Section 2(a) to calculate the lump sum) from
the date as of which the lump sum is calculated through the payment date.

 

(b)                               Interest will also be paid on monthly
benefits which are delayed due to the six-month rule under Code
§409A.  For this purpose, the interest
rate used will be the interest rate under Section 2(a) for October immediately
preceding the Plan Year in which benefits would have commenced but for the
six-month delay.

 

Section 13.                                    BIPSP Offset.  The
BIPSP offset will be determined as follows:

 

(a)                                The Company will determine the sum of the
following amounts:

 

(1)                                Whichever of the following amounts is larger:

 

(A)                            The balance in the Participant’s Retirement
Account under the BIIP as of the last day of the month preceding the month in
which his or her Separation from Service occurred.

 

(B)                              The amount which would have been held in the
Participant’s Retirement Account in the BIIP as of the last day of the month
preceding the month in which his or her Separation from Service occurred if (i) the
BIPSP contributions the Participant received for each Plan Year were made on December 31
of that Plan Year and (ii) said contributions earned an annual return of
7% (compounded annually) from the December 31 credited to the account.

 

(2)                                The Participant’s “Deemed Supplemental BIPSP
Balance” as of the last day of the month preceding the month in which his or
her Separation from Service occurred, which is the amount that would have been
held in such individual’s Supplemental BIPSP Account on said date if (i) BIPSP
allocations each year the Participant was eligible for such allocations were 3
1⁄2% of certified earnings as defined in the BIIP, (ii) such contributions
for a Plan Year were made on December 31 of that Plan Year, and (iii) such
contributions earned an annual return of 7% (compounded annually) from the December 31
credited to the account.

 

(b)                               The Company will use the Actuarial Equivalent
factors in Section 3(a) to convert the sum in (a) to the BIPSP
Offset, which is a monthly annuity with the first 

 

12

 

payment on the Participant’s
Deemed Commencement Date and the last payment on the first day of the month in
which the Participant’s death occurs. For this purpose:

 

(1)                                If the Participant has a Separation from
Service after attaining age 55, the Deemed Commencement Date is the first day
of the month after the month in which the Separation from Service occurs.

 

(2)                                If the Participant has a Separation from
Service before attaining age 55, the Deemed Commencement Date is the first day
of the month after the Participant attains age 55.

 

(3)                                If the Participant’s Separation from Service
is due to his or her death or the Participant dies after Separation from
Service but before the Deemed Commencement Date, the BIPSP Offset will be
calculated as if the Participant was living on the Deemed Commencement Date and
had a normal life expectancy on said date.

 

(c)                                The BIPSP Offset applies only to Participants
who are Group B Participants under the BIIP. 
Individuals who are Group A Participants under the BIIP are not eligible
for BIPSP or Supplemental BIPSP allocations and therefore do not have BIPSP
Offsets under this Plan.

 

Section 14.                                    Misconduct.   No
benefits will be paid to a Participant under this Plan if the Participant’s
Separation from Service occurs due to commission of any act of fraud,
misappropriation, or embezzlement, or due to commission of a felony in
connection with his or her termination (or such grounds for termination existed
at the time of Participant’s Separation from Service for other reasons).

 

Section 15.                                    Miscellaneous Provisions.

 

(a)                                The Plan will be administered in behalf of
the Company by the Committee.  The
Committee has discretionary authority to construe the terms of the Plan, and
the Committee’s determinations shall be final and binding on all persons.  The Committee may delegate all or any part of
its administrative responsibilities to employees of the Company.

 

(b)                               No Participant shall have any right to
assign, pledge, transfer or otherwise hypothecate this Plan or the payments
hereunder, in whole or in part.  Benefits
under this Plan will not be subject to execution, attachment, garnishment, or similar
process.

 

(c)                                This Plan constitutes the Company’s
unconditional promise to pay the amounts which become payable pursuant to the
terms hereof.  A Participant’s rights are
solely those of an unsecured wage creditor. 
This Agreement does not give any Participant a security interest in any
specific assets of the Company.  The
Company may establish a trust for the purpose of paying all or any part of the
benefits payable under the Plan.  If such
a trust is established, the trust’s assets 

 

13

 

will
be subject to the claims of the Company’s creditors, and the trust’s assets
will not be considered Plan assets for purposes of ERISA.

 

(d)                               The Committee may, in its sole discretion,
arrange for payment by each Participating Employer of the amounts the Committee
determines are attributable to service with that Participating Employer.  Absent such arrangements, a Participant’s
entire benefit shall be paid by the Participating Employer by which the
Participant was last employed.  The
Committee may also arrange for one Participating Employer to serve as agent for
the other Participating Employers for purposes of issuing benefit payment
checks under the Plan.

 

(e)                                This Plan or any Participation Agreement
under the Plan shall not be construed as a contract of employment and does not
restrict the right of the Company or any other member of the Control Group to
discharge the Participant or the right of the Participant to terminate
employment.

 

(f)                                  The provisions of this Plan shall be
construed and enforced according to the laws of Wisconsin to the extent such
laws are not preempted by ERISA.

 

(g)                               This Plan shall be binding upon and for the
benefit of the successors and assigns of the Company, whether by way of merger,
consolidation, operation of the law, assignment, purchase or other acquisition
of substantially all of the assets or business of the Company, and any such
successor or assign shall absolutely and unconditionally assume all of the
Company’s obligations hereunder.

 

(h)                               The Plan may be amended from time to time by
the Company, subject to the following:

 

(1)                                The amendment must be approved by the Board
or Committee, except as follows:

 

(A)                            The Chief Executive Officer of the Company
also may amend the Plan, provided the amendment does not materially increase the
cost of the Plan or the amount of benefits provided by the Plan.

 

(B)                              In addition, the Board or Committee may
delegate to the Chief Executive Officer authority to approve amendments not
falling with the scope of (1).

 

(2)                                No amendment will have the effect of reducing
benefits payable to any Participant whose Separation from Service occurred
prior to the date the amendment is adopted or who has satisfied the age and
length of service requirements of Section 4.

 

(i)                                   Certain terms used in this Plan are defined
in the Retirement Plan.  For such terms,
the Retirement Plan definitions apply to all Participants in this Plan,
regardless of whether they are also eligible for the Retirement Plan.

 

14

 

Section 16.                                    Change In Control.  If a
Change in Control occurs, the Board or Committee may, without the consent of
any Participant affected thereby, terminate the Plan and all substantially
similar plans.  Upon such termination,
each Participant who has met the requirements of (a) or (b) as of the
date the Plan is terminated will receive an immediate lump sum payment equal to
the Actuarial Equivalent of his or her benefit under this Plan:

 

(a)                                A Participant meets the requirements of this
subsection (a) if he or she had a Separation from Service prior to the
date the Plan is terminated under circumstances such that pursuant to Section 4,
he or she is eligible for a benefit under this Plan.

 

(b)                               A Participant who did not have a Separation
from Service prior to the date the Plan is terminated meets the requirements of
this subsection (b) if he or she would have been eligible pursuant to Section 4
for a benefit under this Plan if his or her Separation from Service had
occurred immediately prior to the date the Plan is terminated.

 

Any such termination of the Plan must occur during the 1-month period
preceding or the 12-month period following the Change in Control.  The lump sum payments must be completed
within 12 months after the Plan is terminated.

 

 

	
   

  	
  APPROVED ON BEHALF OF THE COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Henry J.
  Theisen, President and CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Date Signed:

  	
   

  	
  , 2008

  
					

 

15

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