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HBI » Topics » 4.3 Vesting of Benefits

This excerpt taken from the HBI 8-K filed Sep 5, 2006.

4.3 Vesting of Benefits

A Participant shall have a nonforfeitable right to his or her SERP Benefit as provided in Subparagraphs (a) and (b) below, as applicable.

 

  (a) RSSERP Benefit. A Participant’s RSSERP Benefit shall become nonforfeitable on the same basis and at the same time as his or her employer contributions become nonforfeitable under the Retirement Savings Plan provided, however, that

 

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       an individual who had a Matching Credit balance under the Sara Lee SERP on December 31, 2002 shall be fully vested in his or her RSSERP Benefit on and after January 1, 2003.

 

  (b) Pension SERP Benefit. A Participant’s Pension SERP Benefit shall become nonforfeitable on the same basis and at the same time as his or her benefit under the Pension Plan.

In determining whether a Participant is vested in his or her SERP Benefit, any period required to be included as service pursuant to an employment, severance or other written agreement with an Employer shall be considered service with an Employer under the Plan.

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