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This excerpt taken from the HBI 10-K filed Sep 28, 2006. Hanesbrands
Inc. Supplemental Employee Retirement Plan
The Hanesbrands SERP is a nonqualified supplemental retirement
plan. The purpose of the Hanesbrands SERP is to provide to a
select group of management or highly compensated employees
supplemental deferred compensation benefits primarily consisting
of (i) benefits that would be earned under the Hanesbrands
401(k) Plan but for certain compensation and benefit limitations
imposed on the Hanesbrands 401(k) Plan by the Code,
(ii) those supplemental retirement benefits that had been
accrued under the Sara Lee Corporation Supplemental Executive
Retirement Plan as of December 31, 2005 and
(iii) transitional defined contribution credits for one to
five years and ranging from 4% to 15% of eligible compensation
for certain executives based on their combined age and years of
service as of January 1, 2006. The transitional credits for
our named executive officers are as follows: Messrs. Chaden
and Flatow (15%), Messrs. Noll and Evans (12%), and
Mr. Wyatt (0%). The transfer of the existing liabilities
relating to the Sara Lee Corporation Supplemental Executive
Retirement Plan to the Hanesbrands SERP was made in accordance
with the terms and conditions of the Employee Matters Agreement
that we entered into with Sara Lee in connection with the spin
off.
These excerpts taken from the HBI 8-K filed Sep 5, 2006. Hanesbrands Inc. Supplemental Employee Retirement Plan The Hanesbrands SERP is a nonqualified supplemental retirement plan. The purpose of the Hanesbrands SERP is to provide to a select group of management or highly compensated employees supplemental deferred compensation benefits primarily consisting of (i) benefits that would be earned under the Hanesbrands 401(k) Plan but for certain compensation and benefit limitations imposed on the Hanesbrands 401(k) Plan by the Code, (ii) those supplemental retirement benefits that had been accrued under the Sara Lee Corporation Supplemental Executive Retirement Plan as of December 31, 2005 and (iii) transitional defined contribution credits for one to five years and ranging from 4% to 15% of eligible compensation for certain executives based on their combined age and years of service as of January 1, 2006. Hanesbrands Inc. Supplemental Employee Retirement Plan We plan to provide a nonqualified supplemental retirement plan—the Hanesbrands SERP. The purpose of the Hanesbrands SERP is to provide to a select group of management or highly compensated employees supplemental deferred compensation benefits primarily consisting of (i) benefits that would be earned under the Hanesbrands Inc. Retirement Savings Plan but for certain compensation and benefit limitations imposed on the Hanesbrands Inc. Retirement Savings Plan by the Code, (ii) those supplemental retirement benefits that had been accrued under the Sara Lee Corporation Supplemental Executive Retirement Plan as of December 31, 2005 and (iii) transitional defined contribution credits for one to five years and ranging from 4% to 15% of eligible compensation for certain executives based on their combined age and years of service as of January 1, 2006. The transitional credits for our executive officers are as follows: Messrs. Chaden and Flatow (15%), Messrs. Noll and Evans (12%), Ms. McReynolds (8%), Mr. Oliver (4%) and Messrs. Hall and Wyatt (0%). The transfer of the existing liabilities relating to the Sara Lee Corporation Supplemental Executive Retirement Plan to the Hanesbrands SERP is expected to be made in accordance with the terms and conditions of the employee matters agreement. | EXCERPTS ON THIS PAGE:
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