Document:

Exhibit 10.1

BANK OF LUXEMBURG

INCENTIVE BONUS PLAN

1.  Purpose.  The Board of Directors of the Bank of Luxemburg adopted this Incentive Bonus Plan to establish a correlation between the annual incentives awarded to the Participants and the Bank’s financial performance.  Subject to the terms and conditions of this Plan, the Participants may receive a discretionary incentive bonus and/or an incentive bonus tied to Performance Goals.  The Plan will be applicable to Fiscal Year 2003 and subsequent years unless and until terminated by the Committee.

2.  Definitions.  As used in the Plan, the following terms have the meanings indicated:

(a)  “Bank” means Bank of Luxemburg and its consolidated subsidiaries.

(b)  “Board” means the Board of Directors of the Bank.

(c)  “Committee” means the Board or the Executive Committee or any other authorized committee of the Board.

(d)  “Disability” means a condition that entitles the Participant to disability payments under the terms of the Bank’s long-term disability plan.

(e)   “Participant” means any executive or other employee of the Bank participating in the Plan for the applicable Fiscal Year.

(f)  “Performance Goal” means a goal established by the Committee to measure the performance of the Bank for the purpose of determining whether, and to what extent, an award will be payable under the Plan for the Fiscal Year.

(g)  “Fiscal Year” means the Bank’s fiscal year.  The initial Fiscal Year is the fiscal year ended December 31, 2003.

(h)  “Plan” means this Incentive Bonus Plan, as amended from time to time.

(i)  “Retirement” means the termination of employment of a Participant due to retirement with the consent of the Committee.

3.  Participation.  Participation in the Plan for any Fiscal Year shall be limited to the Participants designated by the Committee by name or position.  At the Committee’s discretion, a person who becomes a Participant after the commencement of a Fiscal Year may be eligible to receive an award pursuant to Section 4 on such terms as the Committee may determine.

4.  Determination of Awards.

(a)  From time to time, the Committee may approve one or more Performance Goals and the terms and amount of an award for each Participant.  Awards may include awards that are paid at the discretion of the Committee or awards payable if and/or to the extent that Performance Goals are achieved.

(b)  The Committee expressly reserves the right to increase, reduce or eliminate entirely any award at any time before it is paid.  Such determination shall be conclusive and binding on the Participant(s) and the Bank.

5.  Payment of Awards.

(a)  Subject to the other terms and conditions of this Plan, awards shall be payable promptly following the completion of the audit of the Fiscal Year for which they are computed or earlier (in whole or in part) at the discretion of the Committee.  Notwithstanding the foregoing, a Participant may defer receipt of an award otherwise payable by filing a timely election pursuant to any deferred compensation plan maintained by the Bank.  All awards under the Plan are subject to federal, state and local income and payroll tax withholding.

(b)  Even if the Performance Goals have been met, Participant shall receive no payment if the Participant’s employment with the Bank terminates prior to the date of payment for any reason or if the Committee determines, in its sole discretion, not to make any payment.

6.  Administration.  The Plan shall be administered by the Committee.  The Committee may adopt rules and regulations for carrying out the Plan, and the Committee may take such actions as it deems appropriate to ensure that the Plan is administered in the best interests of the Bank.  The Committee has the authority to construe and interpret the Plan, resolve any ambiguities, grant waivers or exceptions to the terms of the Plan or an award, and make determinations with respect to the eligibility for or amount and terms of any award.  The interpretation, construction and administration of the Plan by the Committee shall be final and conclusive.  The Committee may consult with counsel, who may be counsel to the Bank, and shall not incur any liability for any action taken in good faith in reliance upon the advice of counsel.  

7.  Rights.  Participation in the Plan and the right to receive awards under the Plan shall not give a Participant any proprietary interest in the Bank or any of its assets or create contractual or other legal duties in favor of a Participant.  A Participant shall for all purposes be a general creditor of the Bank.  The interests of a Participant cannot be assigned, anticipated, sold, encumbered or pledged and shall not be subject to the claims of the Participant’s creditors.  Nothing in the Plan shall confer upon any Participant the right to receive an award, be selected as a Participant or continue in the employ of the Bank, or shall interfere with or restrict in any way the right of the Bank to discharge a Participant at any time for any reason whatsoever, with or without cause.  A person’s selection to be a Participant in any Fiscal Year does not give such person any right to be selected a Participant in any other Fiscal Year.

8.  Successors.  The Plan shall be binding on the Participants and their personal representatives.  If the Bank becomes a party to any merger, consolidation, reorganization or other corporate transaction, the Plan shall remain in full force and effect as an obligation of the Bank or its successor in interest.

9.  Amendment and Termination.  The Committee may amend or terminate the Plan or any awards hereunder at any time as it deems appropriate.exv10wxay

 

Exhibit 10(A)

SECOND AMENDED SUPPLEMENTAL ANNUAL BENEFIT DETERMINATION

PURSUANT TO THE VF CORPORATION AMENDED AND

RESTATED SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

ARTICLE I. Purpose

The purpose of this Second Amended Supplemental Annual Benefit Determination
(the “Determination”) is to provide to designated Participants a Supplemental
Pension under the VF Corporation Amended and Restated Supplemental Executive
Retirement Plan (the “SERP”).

ARTICLE II. Definitions

As used herein, words and phrases shall have such meanings as are set forth in
the SERP, the VF Corporation Pension Plan (“Pension Plan”), and those
agreements between the Corporation and certain Executives of the Corporation
providing for severance benefits upon employment termination in connection with
a “change in control” of the Corporation (the “Change in Control Agreements”).
“Committee” shall mean the Organization and Compensation Committee of the Board
of Directors of VF Corporation.

ARTICLE III. Eligibility for Benefits

The Supplemental Pension shall be payable to the Participant if his employment
terminates by reason of: 1) retirement on his Normal Retirement Date, 2) Early
Retirement approved by the Committee, 3) involuntary termination without Cause,
4) termination for Good Reason following a change in control of the Corporation
or 5) death while an Employee.

ARTICLE IV. Supplemental Pension Benefits

          4.01. Normal Retirement: The Supplemental Pension payable at Normal or
Late Retirement shall be equal to:

	 	(a)	 	The Normal Retirement Benefit
otherwise payable to the Participant under the Pension
Plan based upon 25 Years of Credit without reduction for
any maximum contribution, benefit or compensation
limitations imposed by ERISA or the Code on the
Corporation and including in the Normal Retirement
Benefit calculation any compensation deferred by
Participant. The Participant’s “Average Annual
Compensation” for Supplemental Pension calculation
purposes shall mean the average of the highest three
years of the full amount of the Participant’s salary and
bonus compensation for the ten-year period preceding his
Retirement Date.
	 
	 	(b)	 	The Supplemental Pension set forth in
Section 4.01(a) shall be reduced by any benefits payable
to the Participant under all other qualified and
non-qualified retirement plans, including without
limitation the Pension Plan and the retirement plan(s)
of former employer(s). For this purpose, “retirement
plan” shall not include 

 

 

	 	 	 	the VF Corporation
Tax-Advantaged Savings Plan or any other savings or
thrift plan of the Corporation or any former
employer(s).

          4.02. Early Retirement: No Supplemental Pension shall be payable with
respect to a Participant’s Early Retirement unless the Committee approves
benefit payments hereunder in connection with such Early Retirement. If so
approved, the Supplemental Pension payable at Early Retirement shall commence
at the Participant’s Retirement Date and be equal to the benefit provided by
Section 4.01 above, multiplied by a fraction to reflect termination of
employment prior to Normal Retirement Date and further reduced to reflect
commencement of payments prior to age 65. The numerator of the pre-Normal
Retirement Date termination fraction shall be 26 less the number of full years
it would take for the Participant to reach or pass his Normal Retirement Date.
The denominator of this fraction shall be 25, except that the fraction shall
never exceed 1. The additional reduction for pre-age 65 commencement of
benefits shall be the same as applies under the Pension Plan.

          4.03. Involuntary Termination without Cause: The Supplemental Pension
payable upon the Participant’s involuntary termination without Cause shall,
without requiring approval by the Committee, be as provided by Section 4.02.

          4.04. Termination for Good Reason: The Supplemental Pension payable upon
the Participant’s termination for Good Reason after a change in control shall
be as provided by Section 4.03.

          4.05. Death while an Employee: The Supplemental Pension payable upon the
death of the Participant while an Employee shall be as provided by Section
4.03.

          4.06. Form of Supplemental Pension: Except as otherwise provided in this
Section 4.06, the Supplemental Pension will be paid to the Participant or his
or her Surviving Spouse at the same time and in the same form as benefits are
paid under the Pension Plan, provided, however, that death or survivor benefits
upon the death of the Participant are payable only to his or her Surviving
Spouse, if any. Notwithstanding the foregoing, benefits payable pursuant to
Section 4.03 (“involuntary termination without Cause”), Section 4.04
(“termination for Good Reason”) or Section 4.05 (“death while an Employee”)
shall not commence prior to the Participant’s Normal Retirement Date except
that, at his or her sole discretion, the Participant or his or her Surviving
Spouse, as applicable, may elect, in the event of termination for Good Reason
after a change in control or death while an Employee, to receive in a lump sum
the actuarial present value of the Participant’s Supplemental Pension under
this Determination. Moreover, at any other time that a Supplemental Pension is
scheduled to commence, the Participant may elect to receive in a lump sum
the
actuarial present value of his or her Supplemental Pension under this
Determination. The lump sum actuarial present value calculation for a
Participant in the event of termination for Good Reason after a change in
control
will be based on a 6% interest rate assumption and a mortality assumption
equal to the difference between (a) 85 and (b) the Participant’s whole number
age at the time of his or her termination of employment. All other lump sum
actuarial present value calculations under this Determination will be based on
an interest rate assumption equal to the expected rate of return on assets for
financial accounting purposes under the Pension Plan for the year in which the
lump sum

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          payment is to be made and the mortality assumption set forth in the
Pension Plan for purposes of calculating lump sums.

ARTICLE V. Participants

The Committee shall from time to time designate the Employees who shall be
Participants for purposes of this Determination by attaching hereto a Schedule
A (as amended or supplemented).

ARTICLE VI. Vesting

The Participant shall become vested in the Supplemental Pension payable
pursuant to this Determination upon satisfaction of the vesting period provided
in the SERP or, if applicable, as provided in Participant’s Change in Control
Agreement, whichever is earlier. Nothing in this Determination shall preclude
the Board of Directors from making a Participant ineligible to participate in
the SERP and this Determination any time before the Participant shall become
vested hereunder.

ARTICLE VII. Adoption

This Amended Determination was approved and adopted by the Committee on
December 2, 1991, and the Committee’s action was ratified by the Board of
Directors of the Corporation on December 3, 1991. This document includes all
amendments adopted through February 21, 2003.

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