EXHIBIT 10.52
SECOND AMENDMENT TO THE UCAR CARBON
SUPPLEMENTAL RETIREMENT INCOME PLAN
In accordance with Article VI, Section 2 of the UCAR Carbon
Supplemental Retirement Income Plan (the "Plan"), the Plan is hereby amended as
follows:
1. The GENERAL section of the Plan is amended to add the
following new paragraph immediately before the last paragraph thereof:
"This Plan shall also apply to any participants in
the Corporation's Selective Severance Program ("SSP")
if (1) the participant's SSP benefit payable under
the Retirement Plan is limited by Code Section 415 or
Code Section 401(a)(17), or (2) such participant is
otherwise entitled to a benefit under this Plan."
2. A new Section 2 shall be added to Article I of the Plan
to read as follows:
"SECTION 2. An individual shall also be a Participant
in this Plan if he or she is a participant in the SSP
and (a) and/or (b) apply:
(a) the participant's SSP benefit payable under the
Retirement Plan is limited by Code Section 415 or Code
Section 401(a)(17);
(b) the participant is entitled to a benefit under
this Plan pursuant to Section 1 above."
3. A new Article VIA is added to the Plan to read as
follows:
"ARTICLE VIA
SELECTIVE SEVERANCE PROGRAM
SECTION 1. This Article VIA shall apply to participants
in the SSP. Except as otherwise noted herein, the provisions of this Article
VIA shall apply in lieu of the provisions of Articles III, IV, and V of this
Plan.
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SECTION 2. The following terms shall have the designated
meanings for purposes of this Article VIA:
(i) "SP" or "SUPPLEMENTAL PENSION" is the amount a
Participant's supplemental pension benefit under the
SSP, and shall mean the amount determined as the sum
of A, B and C, where:
A= 1.8% of average monthly Compensation,
B= .9% of average monthly Compensation if the
Participant has five or more Years of Credited
Service, and 0 if the Participant has fewer than
five Years of Credited Service, and
C= one-third of 1% of average monthly Compensation
times the Participant's number of whole Years
of Credited Service in excess of ten.
Average monthly Compensation and Years of Credited
Service for purposes of the foregoing formula shall
have the same meanings as set forth in Section 5.8 of
the Retirement Plan, determined without regard to the
limitations of Code Section 401(a)(17). The benefit
determined under the foregoing formula is defined to
be a fifteen-year certain benefit.
(ii) "FSP" or "FORMER SEVERANCE PLAN BENEFIT" shall mean
the applicable benefit amount calculated under the
Corporation's Selective Severance Program as in
effect prior to January 1, 2001.
(iii) "QSP" or "QUALIFIED SUPPLEMENTAL PENSION" shall mean
the amount of a Participant's Supplemental Pension,
if any, payable under the Retirement Plan after the
limitations of Code Section 415 and Code Section
401(a)(17) have been applied.
(iv) "NQSP" or "NONQUALIFIED SUPPLEMENTAL PENSION" shall
mean the amount of a Participant's Supplemental
Pension that cannot be paid under the Retirement Plan
due to the limitations of Code Section 415 and Code
Section 401(a)(17). A Participant's NQSP is
determined under the following formula:
SP - QSP
SECTION 3. A Participant shall be eligible for a
Supplemental Pension under this Article VIA if he or she satisfies the
requirements of (a) or (b) of this Section 3. The amount of a Participant's
Supplemental Pension under this Plan is referred to as the "Additional
Supplemental Pension," and shall be payable in accordance with Sections 4
through 7 of this Article VIA.
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(a) If a Participant's FSP is greater than the
actuarial equivalent lump sum value of his or her SP,
then an Additional Supplemental Pension equal to the
NQSP shall be payable under this Plan.
(b) If the actuarial equivalent lump sum value of a
participant's SP is greater than or equal to his or
her FSP, than the Additional Supplemental Pension
payable under this Plan expressed as an actuarial
equivalent monthly life annuity, if any, shall be
determined under the following formula:
FSP - ACTUARIAL EQUIVALENT LUMP SUM VALUE OF QSP
If the foregoing formula produces an amount equal to or less
than 0, then no Additional Supplemental Pension is payable
under this Plan.
SECTION 4. The actuarial equivalent value of a
Participant's Additional Supplemental Pension will be paid in one of the
following forms as elected by the Participant subject to Section 5 hereof:
(a) The normal form as otherwise provided for under
the Retirement Plan, (except that a Participant may
not elect the level income option under Section 5.6
of the Retirement Plan) ("Normal Form"), or
(b) In monthly installments, as follows ("Immediate
Payment Option"):
Participant's Years of Credited Service
(As Defined in the Retirement Plan) Number of Installments
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Less than 5 2 months
At least 5, but less than 10 3 months
10 or more 3 months plus three-
eighths (3/8) of a month
for each Year of Credited
Service over 10 (which number
shall be rounded down to
the next whole number if
a fractional number of months
results from this formula)
SECTION 5.(a) The Immediate Payment Option shall be paid out
as soon as practicable following the
Participant's termination of employment.
In addition, a Participant's failure to elect
the Immediate Payment
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Option upon termination of employment, shall be
deemed to be an election to have the Additional
Supplemental Pension paid in the Normal Form.
(b) A Participant may elect to commence payment of
his or her Additional Supplemental Pension in the
Normal Form at anytime on or after the first day
of the first month following termination of
employment. To the extent a Participant has not
made an election to commence payment of his or
her Additional Supplemental Pension, payment
shall be made in the Normal Form at such time as
the Participant becomes entitled to a full
(unreduced) benefit under the Retirement Plan.
SECTION 6. A Participant shall be immediately 100% vested
in his or her Additional Supplemental Pension under this Plan.
SECTION 7. If a Participant dies before all payments of the
Additional Supplemental Pension payable under Section 4(b) above have been
made, then the balance of the Additional Supplemental Pension shall continue
to be paid to the Participant's Beneficiary (as defined in the Retirement Plan,
except that if no Beneficiary is provided for, then to the Participant's
estate), until all payments have been made.
SECTION 8. The provisions of this Section 8 shall apply if
the actuarial equivalent lump sum value of a Participant's QSP is greater than
his or her FSP.
(a) For Participants subject to this Section 8, the
excess of the actuarial equivalent lump sum value of
the Participant's QSP amount over his or her FSP
amount is referred to as the "Benefit Reduction
Amount" when expressed as an actuarial equivalent
life annuity.
(b) A Participant's Benefit Reduction Amount shall be
used first to offset the amount of the Participant's
benefit, if any, under the Enhanced Retirement Income
Plan. If the Participant has no Enhanced Retirement
Income Plan benefit or the Participant's Benefit
Reduction Amount has reduced the Participant's
Enhanced Retirement Income Plan benefit to zero, but
there is still a remaining Benefit Reduction Amount,
then the remaining Benefit Reduction Amount shall be
used to offset the amount of the Participant's
benefit, if any, under the Equalization Benefit Plan.
If the Participant has no Equalization Benefit Plan
benefit or the Participant's remaining Benefit
Reduction Amount has reduced the Participant's
Equalization Benefit Plan benefit to zero, but there
is still a remaining Benefit Reduction Amount, then
the remaining Benefit Reduction Amount shall be used
to offset the amount of the Participant's benefit,
if any, under this Plan, except that the
Participant's benefit under this Plan shall not be
reduced to below 0."
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4. The provisions of this Second Amendment shall be
effective as of January 1, 2001.
UCAR CARBON COMPANY INC.
By:/s/ John Arnold
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