Document:

Exhibit 10.59

 

Exhibit 10.59

AMENDMENT NO. 2 TO THE COLE NATIONAL

GROUP, INC. 1999 SUPPLEMENTAL RETIREMENT BENEFIT PLAN

     WHEREAS, Cole National Group, Inc. (the “Company”) adopted the Cole
National Group, Inc. 1999 Supplemental Retirement Benefit Plan effective as of
January 1, 1999 (the “Plan”);

     WHEREAS, the Company adopted Amendment No. 1 to the Plan dated as of
January 25, 2002;

     WHEREAS, pursuant to Section 6.1 of the Plan, the Company hereby amends
the Plan, as provided herein, as Amendment No. 2 to the Plan; and

     WHEREAS, the Company hereby adopts this Amendment No. 2. Words and
phrases used herein with initial capital letters that are not defined herein
shall have the meaning provided in the Plan.

Section 1

          Section 3.2 of the Plan is hereby amended in its entirety to read as
follows:

     “SECTION 3.2. Time of Payment. A Participant’s (or Beneficiary’s)
Supplemental Retirement Benefit shall commence at the same time and under the
same conditions as the benefits payable to the Participant (or Beneficiary)
under the Pension Plan, or at such time and under such conditions as may be
provided in the Instrument Designating Participant applicable to the
Participant.”

Section 2

          Section 4.1 of the Plan is hereby amended in its entirety to read as
follows:

     “SECTION 4.1. Vesting. A Participant shall be vested in his Supplemental
Retirement Benefit in accordance with the vesting provisions of the Pension
Plan, or at such time and under such conditions as may be provided in the
Instrument Designating Participant applicable to the Participant.”

	 	 	 
	Dated as of January 23, 2004	 	
COLE NATIONAL GROUP, INC.
	 	 	
By: /s/ Leslie D. Dunn

	 	 	
Title: Senior Vice PresidentExhibit 10.60

 

EXHIBIT 10.60

INSTRUMENT DESIGNATING PARTICIPANT

OF THE COLE NATIONAL GROUP, INC.

1999 SUPPLEMENTAL RETIREMENT BENEFIT PLAN

     WHEREAS, Larry Pollock (“Pollock”), Cole National Corporation, a Delaware
corporation (“Parent”), Cole National Group, Inc., a Delaware corporation (the
“Company”), Cole Vision Corporation, a Delaware corporation (“Cole Vision”),
Pearle, Inc., a Delaware corporation (“Pearle”) and Things Remembered, Inc., a
Delaware corporation (“Things Remembered”) (collectively, the Company, Cole
Vision, Pearle and Things Remembered are the “Subsidiaries,” and each
individually, a “Subsidiary”) are parties to an employment agreement dated
June 2, 2003 and effective June 25, 2003 (the “Effective Date”) (the
“Employment Agreement”); and

     WHEREAS, the Employment Agreement provides that Pollock will participate
in a supplemental executive retirement plan established and maintained by
Parent or the Subsidiaries that will provide, together with any other
retirement benefits received by Pollock under any Retirement Plans (as defined
in the Employment Agreement), Pollock with the annual retirement benefits in
the amounts set forth herein.

     NOW THEREFORE, Pollock, Parent and the Subsidiaries agree that the
designation set forth herein satisfies the obligations of Parent and the
Subsidiaries to Pollock under Section 4(e) of the Employment Agreement.

	1.	 	        Participant. The Company hereby designates Pollock as a Participant in
the Cole National Group, Inc. 1999 Supplemental Retirement Benefit Plan,
effective January 1, 1999 (as amended from time to time) (the “Plan”).
	 
	2.	 	        Special Provisions. For purposes of calculating the Supplemental
Retirement Benefit payable to Pollock in accordance with the Plan, unless
otherwise provided under the Plan or herein, the definitions used shall be
the same as those used under the Cole National Group, Inc. Retirement Plan
(as amended and restated January 1, 2001) (the “Pension Plan”).

	 	(b)	 	        For purposes of calculating the Supplemental Retirement
Benefit payable to Pollock in accordance with the Plan, “Final
Annual Salary” shall mean Pollock’s final annual base salary
immediately prior to the date of his termination of employment.
	 
	 	(c)	 	        For purposes of calculating the Supplemental Retirement
Benefit payable to Pollock in accordance with the Plan, the annual
Supplemental Retirement Benefit payable to Pollock commencing after
Pollock’s retirement on or after his attainment of age 65
(calculated as a single life annuity) shall be the amount determined
by the formula “A-B,” where:

1

 

	 	 	 
	A =

	 	50% of Final Annual Salary, and
	B =

	 	the annualized amounts, if any, payable to
Pollock in accordance with the Pension Plan (calculated as a
single life annuity).

	 	(d)	 	For purposes of calculating the Supplemental Retirement
Benefit payable to Pollock in accordance with the Plan, the annual
Supplemental Retirement Benefit payable to Pollock commencing after
Pollock’s retirement prior to his attainment of age 65 (calculated
as a single life annuity) shall be the amount determined by the
formula “A-B,” where:

	 	 	 
	A =

	 	35% of Final Annual Salary, and
	B =

	 	the annualized amounts, if any, payable to
Pollock in accordance with the Pension Plan (calculated as a
single life annuity).

	 	(e)	 	The benefit accrued under (c) and (d) above shall be
nonforfeitable upon the completion by Pollock of thirty (30) months
of employment with Parent and the Subsidiaries following the
Effective Date. If Pollock terminates his employment with Parent
and the Subsidiaries prior to the completion of thirty (30) months
for any reason, such benefit will be forfeited.
	 
	 	(f)	 	Notwithstanding Section 3.4 of the Plan, Pollock’s
Supplemental Retirement Benefit shall be payable in (i) a one-time
lump sum cash payment, (ii) a series of up to twenty (20) annual
installments with interest credited and compounded quarterly on the
unpaid balance at the interest rate specified from time-to-time
under the Cole National Group, Inc. Supplemental Retirement Benefit
Plan, or (iii) the same form and for the same duration as the
benefits payable to the Participant (or Beneficiary) under the
Pension Plan, as elected by Pollock. Any form of payment of
Pollock’s Supplemental Retirement Benefit shall be Actuarially
Equivalent to the annual Supplemental Retirement Benefit calculated
under (c) or (d) above, as applicable. Pollock’s election of the
form of payment of his Supplemental Retirement Benefit shall be made
by written notice filed with the Company at least six (6) months
prior to his voluntary termination of employment with, or retirement
from, Parent and the Subsidiaries. Any such election may be changed
by Pollock at any time and from time to time without the consent of
any other person by filing a later signed written election with the
Company; provided that any election made less than six (6) months
prior to his voluntary termination of employment or retirement shall
not be valid, and in such case payment shall be made in accordance
with his prior election.
	 
	 	(g)	 	In the absence of any effective election, Pollock’s
Supplemental Retirement Benefit shall be payable in a one-time lump
sum cash payment. Pollock shall be permitted to designate a
beneficiary or beneficiaries for purposes of the Plan (on a form
provided by the Company) to receive a benefit in the event that he
dies after commencement of benefits under the Plan but before any
lump sum elected is paid, or with any remaining elected installments
unpaid.

2

 

	 	(h)	 	As used herein, the terms “Actuarially Equivalent” or
“Actuarial Present Value” shall mean a benefit of actuarial
equivalence determined using the 1994 Group Annuity Reserving Table
(94 GAR) or such other mortality table that may be subsequently
adopted by the Internal Revenue Service for purposes of Section 417
of the Code and an interest rate equal to the average of the Moody’s
AA Corporate Bond rate for the 36-month period ending with the month
prior to the month Pollock’s Supplemental Retirement Benefit is to
commence.

	3.	 	        Nothing committed to in this instrument may be changed, directly or
indirectly, by an amendment of the Plan or otherwise, without the prior
written consent of Pollock.
	 
	4.	 	        This instrument shall satisfy the terms of Section 4(e) of the Employment
Agreement

	 	 	 
	Dated as of January 23, 2004	 	
COLE NATIONAL CORPORATION

By: /s/ Leslie D. Dunn

Title: Senior Vice President

	 	 	
COLE NATIONAL GROUP, INC.

By: /s/ Leslie D. Dunn

Title: Senior Vice President

	 	 	
COLE VISION CORPORATION

By: /s/ Leslie D. Dunn

Title: Senior Vice President

	 	 	
PEARLE, INC.

By: /s/ Leslie D. Dunn

Title: Senior Vice President

3

 

	 	 	 
		 	
THINGS REMEMBERED, INC.

By: /s/ Leslie D. Dunn

	 	 	
Title: Senior Vice President

     Agreed and consented to this 23rd day of January, 2004.

	 	 	 
		 	
/s/ Larry Pollock

Larry Pollock

4Exhibit 10.61

 

Exhibit 10.61

COLE NATIONAL GROUP, INC.

1999 SUPPLEMENTAL RETIREMENT BENEFIT PLAN

Payment Election Agreement

     This Payment Election Agreement (the “Agreement”) is between the
undersigned, Larry Pollock (the “Participant”), and Cole National Group, Inc.
(the “Company”), and is subject to all of the terms and conditions of the Cole
National Group, Inc. 1999 Supplemental Retirement Benefit Plan, effective
January 1, 1999 (as amended from time to time), (the “Plan”). Capitalized
terms not defined herein shall have meanings set forth in the Plan.

     1. Benefits Subject to Agreement. This Agreement covers the Participant’s
Supplemental Retirement Benefit, as determined in accordance with Section 3.1
of the Plan.

     2. Commencement of Benefits. The Participant elects to commence the
payment of his Supplemental Retirement Benefit specified in Section 1 of this
Agreement:

	 	 	 	 	 
	x

	 	(a)
	 	Termination of Service.
	 
	 	 	 	 
	  

	 	(b)
	 	Delayed Payment. If the
Participant elects under Section 3 of this Agreement to have
his Supplemental Retirement Benefit paid in a single lump
sum (as provided in Section 3.4(b) of the Plan), on
   .
	 
	 	 	 	 
	  

	 	(c)
	 	Installment Payments. If the
Participant elects under Section 3 of this Agreement to have
his Supplemental Retirement Benefit paid in equal annual
installments (as provided in Section 3.4(b) of the Plan),
commencing on    .

     3. Form of Payment. The Participant elects that the Participant’s
Supplemental Retirement Benefit shall be paid:

	 	 	 
	X

	 	In a single lump sum payment.
	 
	 	 
	  

	 	In    annual installments for a period of    years (not to
exceed 20).
	 
	 	 
	  

	 	In the same form and for the same duration as the
benefits payable to the Participant under the Pension Plan.

     The Participant understands that the foregoing election of the form of
payment must be filed with the Company at least six (6) months prior to the
Participant’s voluntary termination of employment with, or retirement from,
Parent, the Company and certain Subsidiaries. The Participant further
acknowledges that such election may be changed by the

 

Participant without the
consent of any other person by filing a later signed written election with the
Company; provided that any election the Participant makes that is less than six
(6) months prior to the Participant’s voluntary termination of employment or
retirement shall not be valid, and in such case, payment shall be made in
accordance with the Participant’s prior election.

     If no valid election is made, the Participant understands that his benefit
shall be paid in the same form and for the same duration as the benefits
payable to the Participant under the Pension Plan, unless otherwise provided
for in an Instrument Designating Participant in the Cole National Group, Inc.
1999 Supplemental Retirement Benefit Plan.

     4. Beneficiary Designation. If the Participant dies after commencement of
benefits under the Plan but before any lump sum elected is paid, or with any
remaining elected installments unpaid, any survivor benefit shall be paid (i)
in conformity with the Participant’s election in effect prior to his death or
(ii) in an alternate form of distribution (including a single lump sump
payment), if the Participant’s Beneficiary has made an election under Section 3
of this Agreement and filed this Agreement with the Secretary of the Company
while the Beneficiary is alive and within 30 days of the date of the
Participant’s death.

     Primary Beneficiary(s) (attach other forms if necessary):

     Name: /s/ Julia Pollock                                                    
     Relationship:
Spouse                                                      
     Address:               
                                                            
     Percentage

of Account Balance:                                    

     Name:         
                                                                       

     Relationship:                                                                     

     Address:                                                                            

     Percentage of Account Balance:                                    

     If the primary Beneficiary predeceases the Participant, the following
person(s) is designated as contingent Beneficiary to receive any such unpaid
balance:

	 	 	 
	Name:

	 	Lawrence I. Pollock, Trustee and his Successors under the Lawrence I.
Pollock Declaration of Trust, dated July 31, 1997 as Amended

			
	Relationship:
	 	 
	

	 	 

			
	Address:
	 	 
	

	 	 

Percentage of Account
Balance:

     
Name:         
                                                                       
     
Relationship:                                                                     

     Address:                                                                            

     Percentage of Account Balance:                                    

     The Participant understands that the foregoing Beneficiary designation
supersedes any prior designations.

     5. Participant Acknowledgment and Signature. The Participant
acknowledges that the Participant has received a copy of the Plan.

 

 

     IN WITNESS WHEREOF, the Participant and the Company have executed this
Agreement on the 30th day of January, 2004.

	 	 	 	 	 
	 	 	COLE NATIONAL GROUP, INC.
	 
	 	 	 	 
	

	 	By:
	 	/s/ Patricia M. Luzier
	

	 	 	 	 
	

	 	 	 	Senior Vice President
	

	 	 	 	 
	 
	 	 	 	 
	 	 	Larry Pollock
	 	 	 
	 	 	Participant

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