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Exhibit 10-6
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AMENDMENT NO. 2
TO THE DEFERRED COMPENSATION PLAN FOR KEY EMPLOYEES
OF
SAVANNAH FOODS & INDUSTRIES, INC. AND SUBSIDIARIES
THIS AMENDMENT NO. 2 is made this 13th day of December, 1993 by
Savannah Foods & Industries, Inc. (the "Company").
W I T N E S E T H:
WHEREAS the Board of Directors of the Company adopted the Amendment and
Restatement of the Deferred Compensation Plan for Key Employees of Savannah
Foods & Industries, Inc. and Subsidiaries, effective August 1, 1990 and as
subsequently amended in that Amendment No. 1 dated October 16, 1992 (the
"Plan"); and
WHEREAS the Board deems it to be in the best interests of the Company
to change the timing and method of Severance Benefits attributable to future
Deferral Elections and to allow the Committee to annually limit the amount to
be deferred by Participants under the Plan.
NOW, THEREFORE, effective the day and year first above written, the
Plan is amended as set forth below.
ITEM ONE
Section 5.2 is rewritten to read as follows:
5.2 TIMING AND METHOD.
(a) Pre-1994 Deferral Elections. For Deferral Elections which
are executed and delivered to the Committee prior to January 1, 1994
and to the extent such Deferral Elections are effective for a calendar
year or years beginning prior to January 1, 1994 (Pre-1994 Deferral
Elections"):
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Exhibit 10-6
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(i) If at the time of Severance, the Participant has
neither attained age 55 nor accrued 15 Years of Service, then
payment of the Severance Benefit attributable to such Pre-1994
Deferral Elections shall equal the amount of the Participant's
total Deferrals and Deemed Deferrals under the Plan
attributable to Pre-1994 Deferral Elections plus interest
credited with respect to such Deferrals and Deemed Deferrals
at the rate of 7% per annum, compounded annually. Payment
shall be made in lump sum in the month next following the
month of Severance.
(ii) If at the time of Severance the Participant has
either attained age 55 or accrued 15 Years of Service, then
payment of the Severance Benefit attributable to such Pre-1994
Deferral Elections shall begin the first January following the
Participant's attainment of Normal Retirement Age and shall
continue in each month thereafter until 180 payments are made.
Each monthly payment shall equal the sum of the monthly
payments payable pursuant to all of the Participant's Pre-1994
Deferral Elections. The monthly amount payable pursuant to
such pre-1994 Deferral Elections shall equal the monthly
Normal Retirement Benefit amount stated in the Schedule
attached to each such Deferral Election.
(b) Post-1993 Deferral Elections. For those Deferral
Elections not otherwise described in Section 5.2(a) above ("Post-1993
Deferral Elections"):
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Exhibit 10-6
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(i) If at the time of Severance, the Participant has not
attained age 60, then payment of the Severance Benefit
attributable at such Post-1993 Deferral Elections shall equal
the amount of the Participant's total Deferrals and Deemed
Deferrals under the Plan attributable to Post-1993 Deferral
Elections plus interest credited with respect to such
Deferrals and Deemed Deferrals at the rate of 7% per annum,
compounded annually. Payment shall be made in lump sum in the
month next following the month of Severance.
(ii) If at the time of Severance the Participant has
attained age 60, then payment attributable to Post-1993
Deferral Elections shall be made under the provisions of
Section 3.2 hereof as if the Participant had elected Early
Retirement.
ITEM TWO
Section 1.10 is rewritten to read as follows:
1.10 DEFERRAL ELECTION: The Participant's irrevocable
written election, made in accordance with Article 2 and substantially
in the form attached hereto as Exhibit A and as approved by the
Committee, to forgo the receipt of a stipulated amount of salary.
Amounts so foregone are called "Deferrals".
ITEM THREE
Section 2.4(c) is inserted as follows:
2.4 DEFERRAL ELECTIONS. (c) No Deferral Election is
effective for deferring any dollar amount of salary except to
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Exhibit 10-6
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the extent such election is accepted and approved by the Committee in
the exercise of its sole discretion. Thus, the Committee, may, as to
each employee submitting a Deferral Election, limit the dollar amount
of salary which may be deferred or completely disallow any salary
deferral as to such Deferral Election.
IN WITNESS WHEREOF, the Company has caused this Amendment to be
executed as of the day and year first above written.
SAVANNAH FOODS & INDUSTRIES, INC.
[SEAL]
Attest:
/S/W. R. Steinhauer By: /S/William W. Sprague, III
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Assistant Secretary President
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