Document:

exv10w2

 

     

Exhibit 10.2

	 	 	 
	

	 	APTARGROUP
	 
	 	 
	 
	 	 
	

	 	Supplementary Pension
 Plan — France
	 
	 	 
	 
	 	 
	 
	 	 
	

	 	Plan Provisions
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	

	 	August 24, 2001
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 

In this translation an attempt has been made to be as literal as
possible without jeopardizing the overall continuity. Inevitably,
differences may occur in translation, and if so, the French plan
provisions will take precedence over this document

Proprietary and Confidential

 

 

     

Summary

 

	 	 	 	 	 
	ARTICLE 1 - INTRODUCTION
	 	 	1	 
	 
	 	 
	ARTICLE 2 - DEFINITIONS
	 	 	2	 
	 
	 	 
	ARTICLE 3 - BENEFITS ON RETIREMENT
	 	 	7	 
	 
	 	 
	ARTICLE 4 - TERMINATION OF EMPLOYMENT BEFORE RETIREMENT
	 	 	9	 
	 
	 	 
	ARTICLE 5 - DEATH AFTER RETIREMENT
	 	 	13	 
	 
	 	 
	ARTICLE 6 - ADJUSTMENT OF PENSION PAYMENT
	 	 	15	 
	 
	 	 
	ARTICLE 7 : AMENDMENT AND TERMINATION OF THE PLAN
	 	 	16	 
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	APPENDIX – MEMBERS COMPANIES
	 	 	17	 

Proprietary and Confidential

 

 

			
	APTARGROUP
	 	1

ARTICLE 1 – INTRODUCTION

The AptarGroup Supplementary Pension Plan – France is designed to provide
AptarGroup’s employees as defined in the Article 2.c with supplementary
benefits at retirement.

The mandatory pension plan applies to all employees who fulfill the Article 2.c
definition and who are employees of the joining companies (listed in Appendix).

Any French company of AptarGroup will be able to join this plan as soon as
their request will be accepted by AptarGroup. Any joining to this plan will be
the subject of an amendment to the present plan.

Proprietary and Confidential

 

 

			
	APTARGROUP
	 	2

ARTICLE 2 – DEFINITIONS

2.a – Company

Any AptarGroup’s French subsidiary joining the pension plan and listed in
Appendix.

     

2.b – Pension Plan

The AptarGroup Supplementary Pension Plan — France as described by the current
provisions.

     

2.c – Participant

Any employee of the Company who is or has been a member of the Company’s «
Comité de Direction » for at least 3 years and has/had a salary pay
classification of 880 with reference to the « Convention Collective de la
Plasturgie ».

If the employee is no more a member of the Company’s « Comité de Direction »,
he must count at least 10 years as a member of the “Comité de Direction” and
still be employed in a similar function inside the Company at date of leaving
the Company.

Proprietary and Confidential

 

 

			
	APTARGROUP
	 	3

2.d – Pensionable Service :

The completed years and months of professional activity with the Company or any
AptarGroup’s subsidiary (either French or foreign subsidiary), plus any
assimilated period as mentioned in the working contract. Any sickness period,
maternity leave or expatriation period in any AptarGroup Subsidiary will be
taken into account in the Pensionable Service. However sabbatical period will
not be considered as Pensionable Service.

2.e – Monthly Pay

Monthly pay includes :

	n	 	Base pay
	 
	n	 	Regular premiums (« Primes de vacances », « Primes de fin d’année », 13th month)
	 
	n	 	Regular expatriation premiums paid for temporary stays abroad (some days per year) are included in monthly pay

     

Monthly pay does not include :

	n	 	Any severance or termination payments
	 
	n	 	« Participation » or « Intéressement » premiums
	 
	n	 	Fringe benefits
	 
	n	 	Car allowance
	 
	n	 	Collective expatriation premiums

Proprietary and Confidential

 

 

			
	APTARGROUP
	 	4

2.f – Pensionable Salary

Sum of :

	n	 	Annual average of Monthly Pay paid by the Company and
received over the last 60 months preceding date of leaving
the Company.
	 
	 	 	In case of sickness period during the last 60 months, theoretical Monthly
Pay will be considered.
	 
	 	 	If service with the Company is less than 60 months, the average will be
computed over the number of Monthly Pay received.

And

	n	 	Average of the 5 last annual performance bonuses paid by the Company
and received over the last 60 months preceding date of leaving the
Company. If less than 5 annual bonuses have been received over the
last 60 months, the average will be computed over the number of
bonuses paid.
	 
	 	 	In case the participant was expatriated over part of the last 60 months,
Pensionable Salary will include Monthly Pay and Bonus paid during this
period only if this participant was still on the payroll of the Company
(“détachement”) and was contributing to French Social Security schemes.

For the calculation of the Pensionable Salary, all monthly payments and bonuses
received during the preceding years will be increased according to Social
Security pension adjustments during such period.

Proprietary and Confidential

 

 

			
	APTARGROUP
	 	5

2.g – Pensions from External Schemes

	n	 	Any French or foreign basic Social Security pension (from salaried or non salaried schemes).
	 
	n	 	Any French complementary pension or pension from foreign schemes sponsored by a company (mandatory or
facultative schemes).
	 
	n	 	Any supplementary pension received from any previous employer.

Pension considered will include bonuses granted for children raised as provided
by the legislation on Social Security and complementary retirement programs.

Retirement, termination or severance indemnity will not be considered.

Pensions from External Schemes do not include pensions defined as Offset
Benefit (see Article 2.h.)

     

2.h – Offset Benefits

Any supplementary pension received by the Participant due to his activity
within AptarGroup or the Company and for the part of this pension which has
been financed by AptarGroup or the Company.

     

2.i – Surviving Spouse

Means the legal and non remarried Spouse of the deceased Participant. Is also
considered as Surviving Spouse any separated or divorced and non-remarried
spouse of the Participants. It is precised that to qualify as a surviving
spouse, the marriage (even if dissolved by a divorce) must have been celebrated
at least 2 years before death.

     

2.j – Normal Retirement Age

When the Participant reaches age 65.

Proprietary and Confidential

 

 

			
	APTARGROUP
	 	6

2.k – Supplementary Pension

Means the pension paid according to the current Pension Plan provisions.

     

2.l – Disability

A participant is considered as disable by the current Plan provisions if he
receives, due to his health state :

	n	 	Either a disability pension of 2nd or 3rd class from the French Social Security,
	 
	n	 	Or, a disability pension consecutive to an industrial injury rated at least 66% by application of this specific legislation.

Proprietary and Confidential

 

 

			
	APTARGROUP
	 	7

ARTICLE 3 – BENEFITS ON RETIREMENT

3.a – Eligibility Conditions

The Participant as defined in the Article 2.c who leaves the Company to retire
will receive a supplemental pension if, at date of leaving the Company, the
following conditions are met :

	n	 	Works for the Company
	 
	n	 	Is aged 60 or over
	 
	n	 	Is currently receiving French Social Security and complementary schemes pensions
	 
	n	 	Has a Pensionable Service of at least 15 years with any AptarGroup subsidiary (see 2.d.).

     

3.b – Supplementary Pension Amount

	n	 	As at the date of leaving the Company to retire, the
Supplementary Pension is equal to 10% of his/her
Pensionable Salary as defined in the Article 2.f.
	 
	n	 	From this pension, will be deducted any pension benefits
which are defined as an Offset in the Article 2.h. If
the Offset Benefits exceed the pension amount determined
in the preceding paragraph, no benefits will be payable
under this plan.
	 
	 	 	In case that at date of retirement the participant does not still benefit
from his Offset Benefit pensions, the amount of pension considered will be
the best estimate of the pension which would have been payable at that date.

	n	 	Maximum benefit payable :
	 
	 	 	In any case, the total amount of pension benefit received from this
Supplementary Pension Plan, from the Offset Benefits and from External
Schemes cannot exceed 55% of Pensionable Salary. When the total amount of
pension benefit exceeds 55% of Pensionable Salary, the Supplementary Pension
amount defined in the preceding 2 paragraphs will be reduced accordingly.

Proprietary and Confidential

 

 

			
	APTARGROUP
	 	8

In case that at date of retirement, the Participant delays the payment of
some External Schemes pensions (except French Social Security and
ARRCO/AGIRC pensions), the amount of pension considered will be the best
estimate of the pensions which would have been payable at that date.

	n	 	Early retirement reduction factor.
	 
	 	 	As the normal retirement age is defined as at age 65 (cf. Article 2.j), the
Supplementary Pension defined in the preceding 3 paragraphs will be reduced
in case of retirement before age 65. The early retirement reduction factor
applicable is 0.6 % per complete quarter missing to age 65. Any fractional
quarter will be rounded to the nearest.

     

3.c – Supplementary Pension Payment

The Supplementary Pension is a lifetime pension payable quarterly in arrears.

• The first pension payment occurs at first day of the civil month following
retirement date. This first quarterly payment will be prorated if the period
between retirement date and first payment is less than 3 months. The last
payment occurs at Participant’s death and last quarterly payment will be
prorated accordingly.

Proprietary and Confidential

 

 

			
	APTARGROUP
	 	9

ARTICLE 4 – TERMINATION OF EMPLOYMENT BEFORE RETIREMENT

In case of termination of employment before retirement for resignation,
dismissal or death, no benefit will be payable from the supplementary plan.

However, in case that the Participant is either dismissed after age 55 at the
Company initiative or become disable, he will be able to keep his rights
according to the following paragraphs.

4.a. Termination after age 55 at the Company initiative

1. – Eligibility Conditions

The Participant as defined in the Article 2.c will keep the entitlement to a
differed Supplementary Pension, if as at date of leaving the Company the
following conditions are met:

	n	 	Works for the Company
	 
	n	 	Is aged 55 or over
	 
	n	 	Leaves the Company at employer’s initiative
	 
	n	 	Has a Pensionable Service of at least 10 years with any AptarGroup
subsidiary (see 2.d.)
	 
	n	 	Does not have any salaried activity after leaving the Company

In case of death of the Participant before retirement date, no benefit will be
paid according to this Article.

Proprietary and Confidential

 

 

			
	APTARGROUP
	 	10

2. – Supplementary Pension Amount

The Supplementary Pension will be calculated as defined in the Article 3. With
respect to this calculation, the following will be considered:

	n	 	The Pensionable Salary and the 10% Supplementary Pension will be
calculated as at date of leaving the Company.
	 
	n	 	The 10% Supplementary Pension will then be increased according to
Social Security pension adjustments between date of leaving and date
of retirement.
	 
	n	 	Calculation of the Offset Benefit, the maximum pension and the early
retirement reduction factors will take place as at retirement date.
Any pension rights accrued after leaving the Company (either granted
by the French unemployment scheme or paid by the Company during a
compensated pre-retirement period) will be taken into account in the
Pensions from External Schemes.

3. – Supplementary Pension Payment

The Supplementary Pension is a lifetime pension payable quarterly in arrears.

The first pension payment occurs at first day of the civil month which follows
the retirement date which cannot occur before age 60 and before receiving
French Social Security, ARRCO and AGIRC pensions.

The first quarterly payment may be prorated if the period between retirement
date and first payment is less than 3 months.

The last payment occurs at Participant’s death and last quarterly payment will
be prorated accordingly.

Proprietary and Confidential

 

 

			
	APTARGROUP
	 	11

4.b. Disability

1. – Eligibility conditions

The participant as defined in Article 2.c. will keep the entitlement to a
differed supplementary pension if as at date of leaving the Company, the
following conditions are met :

	n	 	Works for the Company,
	 
	n	 	Has a pensionable service of at least 10 years with any AptarGroup
subsidiary (see 2.d.)
	 
	n	 	His disability is recognized either by Industrial Injury legislation
or by the French Social Security as defined in Article 2.l.

In case of recovery allowing the participant to work for the Company, no
benefit will be paid according to this Article 4.b.

In case the participant has any professional salaried activity outside the
Company, no benefit will be paid according to the current Pension Plan.

In case of death of the Participant before retirement date, no benefit will be
paid according to this Article.

2. – Supplementary Pension Amount

The Supplementary Pension will be calculated as defined in the Article 3. With
respect to this calculation, the following will be considered:

	n	 	The Pensionable Salary and the 10% Supplementary Pension will be
calculated as at date of leaving the Company.
	 
	n	 	The 10% Supplementary Pension will then be increased according to
Social Security pension adjustments between date of recognition of the
disability state and date of retirement.
	 
	n	 	Calculation of the Offset Benefit, the maximum pension and the early
retirement reduction factors will take place as at retirement date.
Any pension rights accrued after leaving the Company (granted due to
Social Security, ARRCO and AGIRC legislation on disability
compensation) will be taken into account in the Pensions from External
Schemes.

Proprietary and Confidential

 

 

			
	APTARGROUP
	 	12

3. – Supplementary Pension Payment

The differed Supplementary Pension is a lifetime pension payable quarterly in
arrears.

The first pension payment occurs at first day of the civil month which follows
the disability state recognition but can not occur before age 60 and before
receiving French Social Security, ARRCO and AGIRC pensions.

The first quarterly payment may be prorated if the period between retirement
date and first payment is less than 3 months.

The last payment occurs Participant’s death. and last quarterly payment will be
prorated accordingly.

Proprietary and Confidential

 

 

			
	APTARGROUP
	 	13

ARTICLE 5 – DEATH AFTER RETIREMENT

5.a – Eligibility Conditions

	n	 	In case of death of a retired Participant
receiving a supplemental pension as defined in
the Article 3 or in the Article 4, his/her
Surviving Spouse will receive a reversionary
pension calculated as defined below.
	 
	n	 	In case that there is no Surviving Spouse at
death of the retired Participant, no benefit
will be payable according to this Article.
	 
	n	 	In case of death of a participant

	 	—	 	Before retirement date,
	 
	 	—	 	Between date of leaving the Company and date of retirement
according to Article 4.a.,
	 
	 	—	 	Between date of disability state recognition and date of retirement
according to Article 4.b.,
	 
	 	no benefits will be paid according to this Article.

5.b – Amount of the Supplementary Spouse Pension

	n	 	The supplementary Spouse Pension equals 60% of
the Supplementary Pension the retired Participant
was receiving as at date of his/her death.
	 
	n	 	The above determined Spouse Pension amount will
be shared between the Surviving Spouses as
defined in Article 2.i. Each Spouse benefit is
prorated based on the length of each marriage.

Proprietary and Confidential

 

 

			
	APTARGROUP
	 	14

5.c – Payment of the Supplementary Spouse Pension

	n	 	The Supplementary Spouse Pension is a lifetime pension payable quarterly in arrears. First payment
occurs at the end of the civil quarter following the retired Participant’s death.
	 
	n	 	The first payment occurs at the earliest of the 60th anniversary of the Spouse.
	 
	n	 	In case that the date of 60th anniversary of the Spouse occurs later than the retired Participant’s
death, the Spouse benefit will be revalued as the retired Participant’s Pension would have been
adjusted for the period between his/her death and the 60th anniversary of the Spouse.
	 
	n	 	In case the Spouse remarries during the payment of the Supplementary Spouse’s Pension, the payment
will cease immediately and last quarterly payment will be prorated accordingly.

Proprietary and Confidential

 

 

			
	APTARGROUP
	 	15

ARTICLE 6 – ADJUSTMENT OF PENSION PAYMENT

The Supplementary Pension or Spouse Pension in payment will be adjusted each
year as of January 1st, according to adjustment of the French Social Security
pensions.

Proprietary and Confidential

 

 

			
	APTARGROUP
	 	16

ARTICLE 7 : AMENDMENT AND TERMINATION OF THE PLAN

This plan is set up for an unlimited time period.

However, plan provisions may be reviewed at the AptarGroup’s sole discretion in
light of changes for example to existing retirement or social legislation or in
case of some economic difficulties.

However, in case of amendment or termination of the plan any pension in payment
as defined in Article 3 or 6 or to be paid according to Article 4, will
continue to be paid in the conditions defined in this plan provisions.

The plan takes effect as of January 1st, 2001 and will apply to any Participant
in activity within AptarGroup at that date and whose retirement takes place
later..

Mr SIEBEL

Function: President

Signature ..............

Date : 21 December 2001

Proprietary and Confidential

 

 

			
	APTARGROUP
	 	17

APPENDIX – MEMBERS COMPANIES (AS AMENDED)

	 	 	 
	Valois S.A.

	 	From 1 July 2001
	 
	 	 
	AptarGroup SA

	 	From 1 July 2001
	 
	 	 
	Seaquist Perfect Dispensing SAS

	 	From 1 January 2003
	 
	 	 
	Seaquist General Plastics SAS

	 	From 1 April 2003

Proprietary and Confidentialexv10w3

 

Exhibit 10.3

	 	 	 
	

	 	AptarGroup, Inc. Supplemental
	 

	 	Retirement Plan
	

	 	(Established as of January 1, 1994)

 

 

AptarGroup, Inc. Supplemental Retirement Plan

(Established as of January 1, 1994)

Contents

	 	 	 	 	 	 	 
	Section	 	 	 	Page
	 	 	 	 	 
	

	 	Article I. The Plan	 	 	 	 
	1.1

	 	Establishment of the Plan
	 	 	1	 
	1.2

	 	Applicability of Plan
	 	 	1	 
	1.3

	 	Purpose of the Plan
	 	 	1	 
	1.4

	 	Nonqualified Plan
	 	 	1	 
	 
	 	 	 	 	 	 
	

	 	Article II. Definitions	 	 	 	 
	2.1

	 	Definitions
	 	 	2	 
	2.2

	 	Gender and Number
	 	 	3	 
	 
	 	 	 	 	 	 
	

	 	Article III. Participation and Service	 	 	 	 
	3.1

	 	Participation
	 	 	4	 
	3.2

	 	Duration of Participation
	 	 	4	 
	 
	 	 	 	 	 	 
	

	 	Article IV. Supplemental Retirement Benefit	 	 	 	 
	4.1

	 	Normal Supplemental Retirement Benefit
	 	 	5	 
	4.2

	 	Early Supplemental Retirement Benefit
	 	 	5	 
	4.3

	 	Forfeiture of Supplemental Retirement Benefit
	 	 	5	 
	4.4

	 	Date of Benefit Calculation
	 	 	5	 
	4.5

	 	Vesting of Benefits
	 	 	6	 
	4.6

	 	Form and Timing of Benefit Payments
	 	 	6	 
	 
	 	 	 	 	 	 
	

	 	Article V. Preretirement Spouse’s Benefit	 	 	 	 
	5.1

	 	Amount of Benefit
	 	 	7	 
	5.2

	 	Commencement of Benefit
	 	 	7	 
	 
	 	 	 	 	 	 
	

	 	Article VI. Administration	 	 	 	 
	6.1

	 	Plan Administrator
	 	 	8	 
	6.2

	 	Plan Administrator’s Duties
	 	 	8	 
	6.3

	 	Manner of Action
	 	 	8	 
	6.4

	 	Records
	 	 	8	 
	6.5

	 	Information Required for Plan Administrator
	 	 	9	 

i

 

AptarGroup, Inc. Supplemental Retirement Plan

(Established as of January 1, 1994)

Contents

	 	 	 	 	 	 	 
	Section	 	 	 	Page
	 
	6.6

	 	Decision of Plan Administrator Final
	 	 	9	 
	6.7

	 	Review of Benefit Determinations
	 	 	9	 
	6.8

	 	Uniform Rules
	 	 	10	 
	6.9

	 	Plan Administrator’s Expenses
	 	 	10	 
	6.10

	 	Interested Plan Administrator
	 	 	10	 
	6.11

	 	Indemnification
	 	 	10	 
	6.12

	 	No Enlargement of Employee Rights
	 	 	10	 
	6.13

	 	Notice of Address and Missing Persons
	 	 	11	 
	 
	 	 	 	 	 	 
	

	 	Article VII. Miscellaneous	 	 	 	 
	7.1

	 	Amendment and Termination
	 	 	12	 
	7.2

	 	Incompetency
	 	 	12	 
	7.3

	 	Nonalienation
	 	 	12	 
	7.4

	 	Applicable Law
	 	 	13	 
	7.5

	 	Severability
	 	 	13	 
	7.6

	 	Notice
	 	 	13	 
	7.7

	 	Costs of the Plan
	 	 	13	 
	7.8

	 	Successors
	 	 	13	 
	7.9

	 	Source of Payments
	 	 	13	 
	7.10

	 	Counterparts
	 	 	14	 
	7.11

	 	Withholding Taxes
	 	 	14	 

ii

 

Article I. The Plan

1.1 Establishment of the Plan

AptarGroup, Inc. (the “Company”), hereby establishes a supplemental retirement
plan for the benefit
of certain of its Employees, effective as of January 1, 1994, known as the
“AptarGroup, Inc.
Supplemental Retirement Plan.”

1.2 Applicability of Plan

The provisions of this Plan as set forth herein are applicable only to eligible
Employees (as defined in section 3.1) of the Company in current employment on
or after January 1, 1994.

1.3 Purpose of the Plan

The purpose of the Plan is to enable Participants to receive the retirement
plan benefits to which such Participants would have been entitled under the
AptarGroup, Inc. Employees’ Retirement Plan but for the limitations of Code
section 401(a)(17).

1.4 Nonqualified Plan

This Plan is intended to be an unfunded deferred compensation plan for a select
group of highly compensated Employees and is not intended to be a qualified
plan under Code section 401(a). All benefits payable hereunder shall be paid from
the general assets of the Company, and Members and Beneficiaries shall not have any
greater rights to such assets than other general creditors of the Company.

1

 

Article II. Definitions

2.1 Definitions

Whenever used in the Plan, the following terms shall have the respective
meanings set forth below unless otherwise expressly provided herein, and when
the defined meaning is intended the term is capitalized. If a capitalized term
is not defined below, it shall have the meaning set forth in the Qualified
Plan.

	(a)	 	“Act” means the Employee Retirement Income Security Act of 1974, as it may
be amended from time
to time.
	(b)	 	“Actuarial Equivalent” means the actuarial equivalent value of an
applicable form of benefit distribution, subject to the actuarial
assumptions set forth in the Qualified Plan or Supplement thereto.
	(c)	 	“Beneficiary” means the person named as the Participant’s beneficiary under
the Qualified Plan.
	(d)	 	“Board” means the Board of Directors of the Company.
	(e)	 	“Change in Control” shall be deemed to exist when either of the following
events will have occurred:

	 	(1)	 	A third person, including a “group” as defined in section 13(d)(3)
of the Securities Exchange Act of 1934, acquires shares of capital
stock of the Company having 25 percent or more of the total
number of votes that may be cast for the election of directors of
the Company; or
	 	(2)	 	As a result of any tender or exchange offer, merger, or other
business combination, sale of assets or contested election, or any
combination of the foregoing transactions, the persons who were
directors of the Company before the transaction shall during any
two consecutive years thereafter cease to constitute a majority of
the Board.

	(f)	 	“Code” means the Internal Revenue Code of 1986, as it may be amended from
time to time.
	(g)	 	“Committee” means the person or persons appointed to administer the Plan as
described in
section 6.1.
	(h)	 	“Early Retirement Date” means the first day of the calendar month
coincident with or next
following the date of the Participant’s retirement from the employ of all
Employers before his
Normal Retirement Date but after he has attained both age 55 years and
completed ten Years of
Service under the Qualified Plan.
	(i)	 	“Effective Date” means January 1, 1994.
	(j)	 	“Employee” means any person who is employed by the Company.
	(k)	 	“Member” means a Participant, or a former Participant who still has a
vested benefit balance in the Plan.

2

 

	(l)	 	“Normal Retirement Date” means the first day of the calendar month
coincident with or next
following the date the Participant attains 65 years.
	(m)	 	“Participant” means any Employee of the Company who has met and continues
to meet the eligibility
requirements of the Plan as set forth in section 3.1.
	(n)	 	“Plan” means the AptarGroup, Inc. Supplemental Retirement Plan, as provided
herein and as
subsequently amended from time to time.
	(o)	 	“Plan Administrator” means the Committee.
	(p)	 	“Plan Year” means the 12-consecutive-month period ending each December 31.
	(q)	 	“Qualified Plan” means the AptarGroup, Inc. Employees’ Retirement Plan, as
amended from time to
time.
	(r)	 	“Supplemental Earnings” means, for each Plan Year, the difference between
(1) the Participant’s Earnings for the Plan Year, calculated under the Qualified Plan as if the
limitation of Code section 401(a)(17) were not in effect and (2) the Participant’s Earnings for the Plan
Year under the Qualified Plan.

2.2 Gender and Number

Unless the context clearly requires otherwise, the masculine pronoun whenever
used shall include the feminine and neuter pronoun, and the singular shall
include the plural.

3

 

Article III. Participation and Service

3.1 Participation

An Employee of the Company shall become a Participant in the Plan as of the
first day he meets all of the following requirements:

	(a)	 	he is a Company officer, or a direct report to a Company officer (holding
the title of Executive Vice President or Vice President),
	(b)	 	he is a participant in the Qualified Plan,
	(c)	 	his earnings exceed the annual compensation limit under Code section
401(a)(17), and
	(d)	 	the Committee approves his participation in the Plan.

3.2 Duration of Participation

A Participant shall continue to be a Participant until the Participant
terminates employment with the Company; thereafter, the Participant shall be a
Member for as long as the Participant has a vested benefit in the Plan.

4

 

Article IV. Supplemental Retirement Benefit

4.1 Normal Supplemental Retirement Benefit

A Member’s supplemental retirement benefit payable upon his Normal Retirement
Date will be the Actuarial Equivalent of a monthly retirement income payable
for the life of the Member commencing on his Retirement Date in an amount equal to
one-twelfth of the sum of the Member’s accrued benefits for each year that he
participated in the Plan. For each Plan Year before the Member has completed 35
Years of Service in the Qualified Plan, the Member’s accrued benefit shall
equal 1.85 percent of the Member’s Supplemental Earnings. For each Plan Year after
the Member has completed at least 35 Years of Service in the Qualified Plan, the
Member’s accrued benefit shall equal 1.2 percent of the Member’s Supplemental
Earnings.

4.2 Early Supplemental Retirement Benefit

A Member’s supplemental retirement benefit payable at an Early Retirement Date
will be the Actuarial Equivalent of a monthly retirement income payable for the
life of the Member calculated in the manner specified in section 4.1, reduced
by the factors specified under the Qualified Plan according to the age of the
Member on the date the benefit commences to be paid.

4.3 Forfeiture of Supplemental Retirement Benefit

If a Member resigns or is dismissed from the employ of all the Employers before
his Early Retirement Date or Normal Retirement Date, he will forfeit all rights
to receive a Normal Supplemental Retirement Benefit or an Early Supplement
Retirement Benefit under the Plan. However, if a former Participant is
reemployed by an Employer before his Early Retirement Date or Normal Retirement
Date and is again made a Participant, all benefits he previously accrued under
the Plan shall be reinstated, except that no such reinstatement shall occur if
the former Participant was not fully vested under the Qualified Plan at the
time of his earlier resignation or dismissal.

4.4 Date of Benefit Calculation

The supplemental retirement benefits under this Plan shall be calculated as of
the date retirement benefits commence under the Qualified Plan; provided,
however, that the supplemental retirement benefits calculated under this Plan
shall not exceed the retirement benefit calculated for a Member on the date the
Member ceased to be an Employee of the Company (or, if applicable, any employer
affiliated with the Company).

5

 

4.5 Vesting of Benefits

Each Member shall be vested in such Member’s benefit hereunder as of the
earlier of (a) the first date on which he has attained age 55 years and
completed ten Years of Service under the Qualified Plan or (b) his Normal
Retirement Date. Notwithstanding the foregoing, a Member shall become
fully vested in his benefit hereunder upon the occurrence of a Change in
Control.

4.6 Form and Timing of Benefit Payments

Benefit payments under this Article IV shall commence on the Member’s Annuity
Commencement Date under the Qualified Plan. All benefits shall be payable in the
form of a single lump sum payment that is the Actuarial Equivalent of the
single life benefit accrued under this Article IV.

Notwithstanding the foregoing, the Committee, in its sole discretion, may make
an alternate form of
distribution, such as fixed annual, quarterly, or monthly installments, so long
as the distributed
benefit is the Actuarial Equivalent of the life benefit accrued under this
Article IV.

6

 

Article V. Preretirement Spouse’s Benefit

5.1 Amount of Benefit

If a Member should die before commencement of his benefits hereunder, the
Member’s eligible spouse, if any, will receive a single lump sum calculated as
follows. First, the Member’s accrued benefit shall be calculated in the manner
prescribed by section 4.1. Next, a Qualified Joint and Survivor Annuity that is
the Actuarial Equivalent of the accrued benefit shall be calculated. Then, the
Actuarial Equivalent of a monthly stream of payments of the following amount
and duration shall be calculated. The amount shall be 50 percent of the monthly
amount that would have been payable to the Member under the Qualified Joint and
Survivor Annuity had the Member terminated employment on the day before his
death and his Annuity Commencement Date under the Qualified Plan was to occur
on the later of his death or the date the Member would attain Normal Retirement
Age. The duration shall be the life expectancy of the eligible spouse,
calculated under the actuarial assumptions of the Qualified Plan as of the date on which
the benefit payment is to commence under section 5.2, below.

5.2 Commencement of Benefit

An eligible spouse’s benefit will be payable as a single lump sum in the same
manner as described in section 4.6 and will commence on the same date as the
preretirement spouse’s benefit payable under the Qualified Plan.

Notwithstanding the foregoing, the Committee, in its sole discretion, may make
an alternate form of distribution, such as fixed annual, quarterly, or monthly
installments, so long as the distributed benefit is the Actuarial Equivalent of
the spousal benefit calculated under section 5.1.

7

 

Article VI. Administration

6.1 Plan Administrator

The Committee shall be the Plan Administrator, responsible for the operation
and administration of the Plan and for carrying out the provisions thereof. The
Committee shall be the committee appointed by the Company as Plan Administrator
of the Qualified Plan, unless the Company otherwise elects. Any member of the
Committee may resign at any time by giving ten days’ prior written notice to
the Company and other members of the Committee. The Company may at any time appoint
a successor member or remove and replace a member of the Committee, with or
without cause, by providing ten days’ prior written notice to him and the other
members of the Committee. The Company may fill any vacancy in the membership of
the Committee; provided, however, that if a vacancy reduces the membership of
the Committee to less than three, such vacancy shall be filled as soon as
practicable. The inability of a Committee member to vote on a decision specific
to his plan benefits (as provided in section 6.10) shall not be deemed a
vacancy for purposes of this requirement. The Company shall give prompt written notice
of any Committee vacancy to the other members of the Committee. Until any such
vacancy is filled, the remaining members may exercise all of the powers,
rights, and duties conferred on the Plan Administrator.

6.2 Plan Administrator’s Duties

In administering the Plan, the Committee shall have powers, rights, and duties
similar to and consistent with the Plan Administrator’s duties set forth in the
Qualified Plan.

6.3 Manner of Action

The Committee may act in any manner permitted of the Plan Administrator under
the Qualified Plan.

6.4 Records

All resolutions, proceedings, acts, and determinations of the Committee shall
be recorded, and all such records, together with such documents and instruments as
may be necessary for the administration of the Plan, shall be preserved. All
other Plan records shall be maintained by the Committee and shall accurately
disclose the accrued benefit of each Member or Member’s Beneficiary.

8

 

6.5 Information Required for Plan Administrator

The Employers shall furnish the Plan Administrator with such data and
information as the Plan Administrator considers necessary or desirable to
perform its duties with respect to Plan administration. The records of an
Employer as to an Employee’s or Participant’s period or periods of employment,
termination of employment and the reason therefor, leaves of absence,
reemployment, and compensation will be conclusive on all persons unless
determined to the Plan Administrator’s satisfaction to be incorrect.
Participants and other persons entitled to benefits under the Plan also shall
furnish the Plan Administrator with such evidence, data or information as the
Plan Administrator considers necessary or desirable for the Plan Administrator
to perform his duties with respect to Plan administration.

6.6 Decision of Plan Administrator Final

Subject to applicable law and the provision of section 6.7, any interpretation
of the provisions of the Plan and any decision on any matter within the
discretion of the Plan Administrator made by the Plan Administrator in good
faith shall be binding on all persons. A misstatement or other mistake of fact
shall be corrected when it becomes known, and the Plan Administrator shall make
such adjustment on account thereof as the Plan Administrator considers
equitable
and practicable.

6.7 Review of Benefit Determinations

If a claim for benefits made by a Participant or his beneficiary is denied, the
Plan Administrator shall, within 90 days (or 180 days if special circumstances
require an extension of time) after the claim is made, furnish the person
making the claim with a written notice specifying the reasons for the denial. Such
notice shall also refer to the pertinent Plan provisions on which the denial is
based, describe any additional material or information necessary for properly
completing the claim and explain why such material or information is necessary,
and explain the Plan’s claim review procedures. If requested in writing, the
Plan Administrator shall afford each claimant whose claim has been denied a
full and fair review of the Plan Administrator’s decision and, within 60 days (120
days if special circumstances require additional time) of the request for
reconsideration of the denied claim, the Plan Administrator shall notify the
claimant in writing of the Plan Administrator’s final decision.

9

 

6.8 Uniform Rules

The Plan Administrator shall perform his duties with respect to Plan
administration on a reasonable and nondiscriminatory basis and shall apply
uniform rules to all Participants similarly situated.

6.9 Plan Administrator’s Expenses

All costs, charges and expenses reasonably incurred by the Plan Administrator
will be paid by the Employers in such portions as the Company shall direct;
provided no compensation will be paid to a Committee member as such.

6.10 Interested Plan Administrator

If a member of the Committee is also a Participant in the Plan, he may not
decide or determine any matter or question concerning his specific benefits
unless such decision or determination could be made by him under the Plan if he
were not a Committee member.

6.11 Indemnification

To the extent permitted by law, no person (including the Employers, a trustee,
any present or former Committee member, and any present or former director,
officer or employee of any Employer) shall be personally liable for any act
done or omitted to be done in good faith in the administration of the Plan. To the
extent permitted by law, each present or former director, officer or employee
of any Employer to whom the Plan Administrator or an Employer has delegated any
portion of its responsibilities under the Plan and each present or former
Committee member shall be indemnified and saved harmless by the Employers (to
the extent not indemnified or saved harmless under any liability insurance or
other indemnification arrangement with respect to the Plan) from and against
any and all claims of liability to which they are subjected by reason of any act
done or omitted to be done in good faith in connection with the administration
of the Plan, including all expenses reasonably incurred in their defense if the
Employers fail to provide such defense.

6.12 No Enlargement of Employee Rights

Nothing contained in the Plan shall be deemed to give any Employee the right to
be retained in the service of the Company or to interfere with the right of the
Company to discharge or retire any Employee at any time.

10

 

6.13 Notice of Address and Missing Persons

Each person entitled to benefits under the Plan must file with the Committee,
in writing, his post office address and each change of post office address. Any
communication, statement, or notice addressed to such a person at his latest
reported post office address will be binding upon him for all purposes of the
Plan and neither the Plan Administrator, the Committee, nor the Company shall
be obliged to search for or ascertain his whereabouts. In the event that such
person cannot be located, the Committee may direct that payment of such benefit
with respect to such person shall be discontinued and all liability for the
payment thereof shall terminate; provided, however, that in the event of the
subsequent reappearance of the Member or Beneficiary prior to termination of
the Plan, the benefits shall be paid in accordance with Articles IV and V.

11

 

Article VII. Miscellaneous

7.1 Amendment and Termination

	(a)	 	The Company does hereby expressly and specifically reserve the sole and
exclusive right at any time by action of the Board to amend, modify, or
terminate the Plan.
	(b)	 	While the Company contemplates carrying out the provisions of the Plan
indefinitely, the Company shall not be under any obligation or
liability whatsoever to maintain the Plan for any minimum or other
period of time.

7.2 Incompetency

Every person receiving or claiming benefits under the Plan shall be
conclusively presumed to be mentally competent and of age until the Committee receives
written notice, in a form and manner acceptable to it, that such person is
incompetent or a minor, and that a guardian, conservator, or other person
legally vested with the care of such person’s estate has been appointed. In the
event that the Committee finds that any person to whom a benefit is payable
under the Plan is unable to properly care for such person’s affairs, or is a
minor, then any payment due (unless a prior claim therefor shall have been made
by a duly appointed legal representative) may be paid to the spouse, a child, a
parent, a brother, or a sister, or to any person deemed by the Committee to
have incurred expense for such person otherwise entitled to payment.

In the event a guardian or conservator of the estate of any person receiving
or claiming benefits under the Plan shall be appointed by a court of
competent jurisdiction, payments shall be made to such guardian or
conservator, provided that proper proof of appointment is furnished in a
form and manner suitable to the Committee.

To the extent permitted by law, any payment made under the provisions of
this section 7.2 shall be a complete discharge of liability under the Plan.

7.3 Nonalienation

The benefits payable at any time under the Plan shall not be subject in any
manner to alienation, sale, transfer, assignment, pledge, attachment,
garnishment, or encumbrance of any kind. Any attempt to alienate, sell,
transfer, assign, pledge, or otherwise encumber any such benefit, whether

12

 

presently or thereafter payable, shall be void. No benefit shall in any manner
be liable for or
subject to the debts or liabilities of any Member or of any other person
entitled to any benefit.

7.4 Applicable law

The Plan and all rights hereunder shall be governed by and construed in
accordance with the laws of the State of Illinois to the extent such laws have
not been preempted by applicable federal law.

7.5 Severability

If a provision of this Plan shall be held illegal or invalid, the illegality or
invalidity shall not affect the remaining parts of the Plan and the Plan shall
be construed and enforced as if the illegal or invalid provision had not been
included in this Plan.

7.6 Notice

Any notice or filing required or permitted to be given to the Company under the
Plan shall be sufficient if in writing and hand delivered, or sent by
registered or certified mail to the Corporate Secretary of the Company. Notice to the
Corporate Secretary of the Company, if mailed, shall be addressed to the
principal executive offices of the Company. Notice mailed to a Participant
shall be at such address as is given in the records of the Company. Notices shall be
deemed given as of the date of delivery or, if delivery is made by mail, as of
the date shown on the postmark on the receipt for registration or
certification.

7.7 Costs of the Plan

All costs of implementing and administering the Plan shall be borne by the
Company.

7.8 Successors

All obligations of the Company under the Plan shall be binding on any successor
to the Company, whether the existence of such successor is the result of a
direct or indirect purchase, merger, consolidation, or otherwise, of all or
substantially all of the business and/or assets of the Company.

7.9 Source of Payments

This Plan is unfunded, and the Company will make Plan benefit payments solely
on a current disbursement basis.

13

 

7.10 Counterparts

This Plan has been established by the Company and may be executed in any number
of counterparts, each of which shall be considered as the original, and no requirements to
produce another counterpart shall exist.

7.11 Withholding Taxes

The Company may withhold from a Member’s compensation and from any payment
under this Plan any taxes required to be withheld with respect to contributions or
benefits under this Plan.

**********

In Witness Whereof, AptarGroup, Inc. has caused this instrument to be executed
by its duly authorized officers effective as of January 1, 1994.

	 	 	 	 	 	 	 
	

	 	AptarGroup, Inc.	 	 
	 
	 	 	 	 	 	 
	

	 	By	 	 	 	 
	

	 	 	 	
 	 	 
	

	 	 	 	Its	 	 
	

	 	 	 	
 
	 
	 	 	 	 	 	 
	Attest:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	By
	 	 	 	 	 	 
	
 
	 	 	 	 	 
	Its
	 	 	 	 	 	 
	
	 	 	 	 	 

14

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