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Exhibit 10.12
AMCAST INDUSTRIAL CORPORATION
NONQUALIFIED SUPPLEMENTARY BENEFIT PLAN
As Adopted by the Board of Directors
May 29, 1991
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AMCAST INDUSTRIAL CORPORATION
NONQUALIFIED SUPPLEMENTARY BENEFIT PLAN
INDEX
Article I. Purpose and Definitions
1.1 Purpose . . . . . . . . . . . . . . . . . . . . . . 1
1.2 Actuarial Equivalent . . . . . . . . . . . . . . . 1
1.3 Company . . . . . . . . . . . . . . . . . . . . . . 1
1.4 Income . . . . . . . . . . . . . . . . . . . . . . 1
1.5 Participant . . . . . . . . . . . . . . . . . . . . 1
1.6 Participant's Beneficiary . . . . . . . . . . . . . 1
1.7 Qualified Plan . . . . . . . . . . . . . . . . . . 1
Article II. Administration
2.1 Administrator . . . . . . . . . . . . . . . . . . . 1
Article III. Benefits
3.1 Qualified Plan Pension . . . . . . . . . . . . . . 2
3.2 Benefits Under the Plan . . . . . . . . . . . . . . 2
3.3 Payment of Plan Benefits . . . . . . . . . . . . . 2
3.4 Participant's Election . . . . . . . . . . . . . . 3
3.5 Limitation of Payments . . . . . . . . . . . . . . 3
Article IV. General
4.1 Amendment and Termination . . . . . . . . . . . . . 3
4.2 Vesting . . . . . . . . . . . . . . . . . . . . . . 3
4.3 Effect on Qualified Plans . . . . . . . . . . . . . 3
4.4 Non-Assignability of Right to Receive Benefits . . 3
4.5 This Plan not an Employment Contract. . . . . . . . 3
4.6 Applicable Law . . . . . . . . . . . . . . . . . . 3
4.7 Non-Funded Plan . . . . . . . . . . . . . . . . . . 4
4.8 Plan not a Qualified Plan . . . . . . . . . . . . . 4
4.9 Effect on Contractual Rights . . . . . . . . . . . 4
4.10 Severability . . . . . . . . . . . . . . . . . . . 4
4.11 Effective Date . . . . . . . . . . . . . . . . . . 4
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AMCAST INDUSTRIAL CORPORATION
NONQUALIFIED SUPPLEMENTARY BENEFIT PLAN
Article I. Purpose and Definitions
1.1 Purpose - In order to permit all employees of the
Company to earn equal and full credit for all years of service to the Company
and to cause all employee's pensions to be calculated based on the employee's
total Income as an employee of the Company, the Company has adopted the
following supplemental retirement plan (the "Plan").
1.2 Actuarial Equivalent - A benefit equal in value to the
benefit for which it is substituted as determined actuarially on the basis of
such rates of interest and rates of mortality herein set forth. Actuarial
Equivalent under this Plan will be calculated assuming an investment return
based on the PBGC interest rate in effect on the first day of the year in
which the retirement occurs and the UP-1984 Mortality Table.
1.3 Company - Amcast Industrial Corporation, an Ohio
corporation, and its divisions and subsidiaries.
1.4 Income - The total compensation paid during
employment to a Participant by the Company while he or she is a Participant,
including regular pay, overtime pay, incentive payments, bonuses, commissions,
and a Participant's salary deferral contributions to the Company's 401(k)
Salary Deferral Plan and Employees Flexible Compensation Plan, but excluding
any other Employer contributions made to any "employee benefit plan" for the
Participant, such as reimbursed expenses, special awards, gifts or allowances,
severance payments, and extraordinary compensation.
1.5 Participant - All employees of the Company shall be
eligible to participate in the Plan provided that they are members of the
Amcast Merged Pension Plan, Part "A", f/k/a the Amcast Pension Plan for
Salaried Employees and whose income exceeds the amount specified in
401(a)(17) of the Federal Code.
1.6 Participant's Beneficiary - The person or persons
entitled to receive benefits under the Qualified Plan because of a
relationship with or designation by a Participant. The Participant's
Beneficiary is entitled to receive a portion of the Participant's benefits
under the Plan equal to the portion of Participant's benefits that the
Participant's Beneficiary is entitled to receive under the Qualified Plan.
1.7 Qualified Plan - The Amcast Merged Pension Plan,
Part "A", f/k/a the Amcast Pension Plan for Salaried Employees.
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Article II. Administration
2.1 Administrator - The Plan shall be administered by the
pension and benefits department of the Company.
Article III. Benefits
3.1 Qualified Plan Pension - At the time of retirement, all
Participants shall have their pensions calculated under the provisions of the
Qualified Plan, taking into account the Participant's age and years of
service at retirement, the retirement option selected by Participant, and
such other factors set forth in the Qualified Plan or any provision of
federal, state, or local law, as would affect the calculation of
Participant's benefit under the Qualified Plan. This is the amount of the
pension payments payable to Participant or Participant's Beneficiary under
the Qualified Plan.
3.2 Benefits Under the Plan
a. At the time of retirement, all Participants shall have a
calculation made as to the amount their benefits
would be under the Qualified Plan using the same
formula as described in section 3.1 hereof, but
not taking into account any reduction in
benefits or any reduction in the amount of
income or time of service used in calculating
benefits resulting from any provision of
federal, state, or local law. This is the
amount of the pension payments that would
otherwise be payable to Participant or
Participant's Beneficiary but for the reduction
resulting from federal, state, or local law.
b. In any instance where the pension payable
to the Participant or the Participant's
Beneficiary under the Qualified Plan is reduced
because of any provision of federal, state, or local
law from the amount which would otherwise have been
payable under the Qualified Plan, the Participant or
Participant's Beneficiary shall be entitled to receive
a pension under the Plan in an amount which, when
added to the amount the Participant or Participant's
Beneficiary is entitled to receive under the Qualified
Plan, results in a total amount of pension payments
payable to Participant or Participant's Beneficiary
from the Plan plus the Qualified Plan equal to the
amount which Participant or Participant's Beneficiary
would have been entitled to receive from the Qualified
Plan had there been no reduction as a result of the
provisions of federal state, or local law.
3.3 Payment of Plan Benefits - Benefits shall be payable to
Participants under the terms of either option a or option b as set forth in
this section.
a. Benefits under the Plan shall be payable at the same
times and intervals as benefits payable under the
Qualified Plan.
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b. Payment of a lump sum to Participant on Participant's
last day of work (or 10 days after the date of the
notice described in 3.4 hereof if such notice
is given by Participant's Beneficiary) of an
amount equal to the Actuarial Equivalent of
his or her pension.
3.4 Participant's Election - Participant or Participant's
Beneficiary shall be entitled to elect to receive payment of Benefits under
the provisions of either 3.3(a) or 3.3(b) hereof. Participant or
Participant's Beneficiary (in the event of Participant's death or disability)
shall designate in writing addressed to the administrator the method of
payment he or she has chosen no later than ten (10) days prior to the date of
the first payment under option 3.3(a) or the date of the total payment under
3.3(b).
3.5 Limitation of Payments - No Participant or
Participant's Beneficiary shall be entitled to any pension under the Plan
except as described in Article III.
Article IV. General
4.1 Amendment and Termination - The Plan may be altered or
terminated only by action of three-fourths (3/4) of the entire Board of
Directors of the Company at a valid meeting. Such termination shall in no
way effect, alter, or reduce any vested right of any Participant existing at
the time of the termination.
4.2 Vesting - Participant's rights under the Plan shall
vest at the time when the Participant's Income and time of service are such
that Participant would be entitled to receive a pension under the Plan if
Participant were of retirement age under the terms of the Qualified Plan and
retired under the Qualified Plan and when the Participant has completed five
years in the employ of the Company.
4.3 Effect on Qualified Plans - The adoption,
administration, amendment, or termination of the Plan shall have no effect
upon the Qualified Plan or any other of the Company's qualified plans.
4.4 Non-Assignability of Right to Receive Benefits - The
right to receive benefits under the Plan may not be anticipated, alienated,
sold, transferred, assigned, pledged, encumbered, or subjected to any charge
or legal process; and if any attempt is made to do so, or a person eligible
for any benefit becomes bankrupt, the interest under the Plan of the person
affected may be terminated by the Company, and the Committee may cause the
same to be held or applied for the benefit of such person or one or more of
his or her dependents in such manner as it deems proper.
4.5 This Plan not an Employment Contract - This Plan does
not give to any Participant the right to be continued in employment or
otherwise enlarge or affect employment status or rights.
4.6 Applicable Law - All questions pertaining to the
construction, validity, and effect of the provisions hereof are to be
determined in accordance with the laws of the State of Ohio.
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4.7 Non-Funded Plan - The entire cost of the Plan will be
paid from the general assets of the Company. It is the intent of the Company
to pay benefits under the Plan as they become due. No liability for the
payment of benefits under the Plan shall be imposed upon any officer,
director, employee, or stockholder of the Company.
4.8 Plan not a Qualified Plan - The Plan is not intended to
be a qualified pension plan or to be a benefit or welfare plan subject to
ERISA.
4.9 Effect on Contractual Rights - The Plan shall not
reduce or otherwise adversely affect any contractual right with respect to
retirement of any person who is a Participant or a Participant's Beneficiary,
or relieve the Company of any contractual obligation with respect to
retirement of any person who is a Participant or Participant's Beneficiary,
except to the extent of payments made under this Plan.
4.10 Severability - If any provisions of the Plan shall be
held illegal or invalid for any reason, said illegality or invalidity shall
not affect the remaining parts of the Plan, but this Plan shall be construed
and enforced as if said illegal or invalid provision had never been included
herein.
4.11 Effective Date - The Plan shall become effective upon
the approval and adoption of this Plan by the Board of Directors.
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