Exhibit 10.8 2005 MOLEX SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (Effective as of January 1, 2006) |
PLAN HISTORY | ||
PLAN ACTION | ADOPTED | EFFECTIVE |
Original | July 29, 2005 | January 1, 2005 |
Amended and Restated | December 31, 2005 | January 1, 2005 |
Amended and Restated | March 31, 2006 | January 1, 2006 |
2005 Molex Supplemental Executive Retirement Plan | |||
TABLE OF CONTENTS | |||
Article 1. Establishment and Purposes | 1 | ||
1.1 | Establishment | 1 | |
1.2 | Purposes | 1 | |
Article 2. Definitions | 1 | ||
2.1 | Definitions | 1 | |
2.2 | Gender and Number | 3 | |
Article 3. Administration | 3 | ||
3.1 | The Committee | 3 | |
3.2 | Authority of the Committee | 3 | |
3.3 | Delegation of Committee Members’ Powers | 4 | |
3.4 | Manner of Action of the Committee | 4 | |
3.5 | Decisions Binding | 4 | |
3.6 | Indemnification | 4 | |
3.7 | Claims Procedures | 4 | |
Article 4. Eligibility and Participation | 4 | ||
4.1 | Eligibility | 4 | |
4.2 | Notice of Eligibility | 4 | |
4.3 | Right to Participation or Employment | 4 | |
4.4 | Effect of Subsequent Ineligibility | 4 | |
Article 5. Company Contributions and Deferrals | 4 | ||
5.1 | Annual Company Contributions | 4 | |
5.2 | Participant Deferral | 4 | |
5.3 | Expatriate Deferral | 5 | |
5.4 | Election. | 5 | |
5.5 | Vesting | 5 | |
Article 6. Distribution of Benefits | 5 | ||
6.1 | Time of Distribution | 5 | |
6.2 | Early Benefit Distribution. | 5 | |
6.3 | Benefits Upon Separation From Service | 5 | |
6.4 | Benefits Upon Disability | 6 | |
6.5 | Benefits Upon Death | 6 | |
6.6 | Payment Forms. | 6 | |
6.7 | Changes to Time and Form of Payment. | 6 | |
6.8 | Unforeseeable Emergency | 6 | |
6.9 | Source of Assets for Benefits | ||
6.1 | Forfeitures | 7 | |
6.11 | Withholding of Taxes | 7 | |
Article 7. Individual Accounts | 7 | ||
7.1 | Participants’ Accounts | 7 | |
7.2 | Deferred Amounts | 7 | |
7.3 | Earnings and Losses | 7 | |
7.4 | Distributions | 7 | |
7.5 | Participant Statements | 7 |
i
Article 8. The Trust | 7 | ||
8.1 | Establishment of Irrevocable Trust | 7 | |
8.2 | Trustee | 7 | |
8.3 | Investment Funds | 7 | |
8.4 | Investment Managers | 8 | |
8.5 | Assets | 8 | |
8.6 | Funding | 8 | |
Article 9. Investment Elections and Allocations | 8 | ||
9.1 | Investment Election | 8 | |
9.2 | Change of Prior Election | 8 | |
9.3 | Form of Election | 8 | |
9.4 | Transfer of Funds | 8 | |
9.5 | Allocating Distributions | 8 | |
Article 10. Beneficiary Designation | 8 | ||
10.1 | Designation of Beneficiary | 8 | |
10.2 | Death of Beneficiary | 8 | |
10.3 | Ineffective Designation | 7 | |
Article 11. Amendment and Termination | 9 | ||
11.1 | Right to Terminate and Amend | 9 | |
11.2 | Notice of Termination | 9 | |
11.3 | Effect of Termination | 9 | |
11.4 | Limitations on Amendments | 9 | |
11.5 | Merger, Consolidation, Reorganization, or Transfer | 9 | |
Article 12. Participation In And Withdrawal from the Plan By An Employer | 9 | ||
12.1 | Affiliate Participation in the Plan | 9 | |
12.2 | Withdrawal from the Plan | 10 | |
Article 13. Miscellaneous | 10 | ||
13.1 | Costs of the Plan | 10 | |
13.2 | Nontransferability | 10 | |
13.3 | Successors | 10 | |
13.4 | Severability | 10 | |
13.5 | Applicable Law | 10 | |
ii
1
(i) “Deferral Election”.means the Participant’s election to defer his or her Company Contributed Deferred Amounts and/or Participant Contributed Deferred Amounts pursuant toArticle 5. (j) “Deferral Form(s)”.means the form(s) that the Participant must complete and return to the Committee, in accordance with the rules and procedures as may be established by the Committee, in order to elect to defer Company Contributed Deferred Amounts and/or Participant Contributed Deferred Amounts under the Plan. (k) “Deferred Amounts”.means the aggregate amount of Company Contributed Deferred Amounts and Participant Contributed Deferred Amounts. (l) “Disability”.means the Participant is: (i) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to last for a continuous period of not less than twelve (12) months; or (ii) by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan of an Employer that then covers the Participant. (m) “Distribution Date”.means, for all Deferred Amounts except Expatriate Deferrals and Participant Deferrals, the earlier to occur of: (i) in the case of Disability, the date specified inSection 6.4; (ii) in the case of death, the date specified inSection 6.5; or (iii) in the case of Separation from Service other than for death or Disability, the date specified inSection 6.3. For Expatriate Deferrals and Participant Deferrals, “Distribution Date” shall mean the earlier to occur of the Early Benefit Distribution election date or the dates specified above dependent upon the reason for the Participant’s Separation from Service. (n) “Early Benefit Distribution”.means the date elected by the Participant on his or her initial Deferral Form for the early distribution of his or her Expatriate Deferral and/or Participant Deferral, as provided inSection 6.2 of the Plan. (o) “Effective Date”.means January 1, 2005. (p) “Employer”.means the Company, and any corporation, organization or entity that is an Affiliate and either adopts the Plan pursuant toSection 12.1 or continues the Plan as a successor underSection 13.3. (q) “ERISA”.means the Employee Retirement Income Security Act of 1974, as amended from time to time, or any successor thereto. (r) “Expatriate”.means an employee of an Employer who is expatriated out of the United States and is therefore subject to tax in a foreign jurisdiction at rates significantly higher than the applicable United States Federal income tax rates. (s) “Expatriate Deferral”.means the amount of Pay an Expatriate elects to defer while he or she is expatriated out of the United States pursuant toSection 5.4 that, but for such election, would have otherwise been paid to the Expatriate. (t) “Forfeiture”.means the unvested portion (in accordance withSection 5.6) of a Participant’s Account as of a participant’s Distribution Date. (u) “Investment Elections”.shall have the same meaning as defined with respect to the Trust Agreement described inArticle 8. (v) “Participant”.means an employee of an Employer who has been approved for eligibility by the Committee as provided inArticle 4. |
2
3
4
5
6
7
8
9
10