AGN » Topics » Savings Plan for Employees of Allergan, Inc.

This excerpt taken from the AGN DEF 14A filed Mar 21, 2007.
Savings Plan for Employees of Allergan, Inc.
 
The Savings Plan for Employees of Allergan, Inc. (the “Savings Plan”) is a tax-qualified Canadian retirement savings plan for Canadian employees of our Canadian subsidiary (“Allergan Canada”). An eligible employee may elect to defer a portion of his or her compensation to the Savings Plan. Amounts deferred by an eligible employee can be invested into one of two investment funds available under the Savings Plan: (a) a tax deferred Registered Retirement Savings Plan and (b) a non-Registered Retirement Savings Plan. Both plans include the following types of investments: a Guaranteed Fund invested in guaranteed investment certificates, Government of Canada Treasury Bills or interest bearing accounts, and an Equity Fund invested in stocks, mutual funds, and other equity investments. Neither of these funds contain our common stock. Allergan Canada matches a portion of the amounts deferred by eligible employees to the Savings Plan. Matching contributions are made by Allergan Canada in shares of our common stock.


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An eligible employee’s account under the Savings Plan is distributed in a lump-sum payment following retirement or other termination of employment. An employee may make certain withdrawals from his or her accounts under the Savings Plan during employment, including for the purpose of purchasing a principal residence. In certain circumstances, an eligible employee may be ineligible to participate in the Savings Plan for a specified period of time following a withdrawal during employment. The Savings Plan was modified and readopted by our board of directors in November 1989 to reflect the effects of the spin-off of us from SmithKline Beckman Corporation in July 1989. Our board of directors has reserved a total of 114,000 shares of our common stock for issuance to Savings Plan participants. As of December 31, 2006, 80,195 shares of our common stock have been issued under the Savings Plan.
 
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