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MWV » Topics » AND WERE ACTIVE PARTICIPANTS AS OF JANUARY 1, 2005

These excerpts taken from the MWV 10-K filed Feb 24, 2009.

AND WERE ACTIVE PARTICIPANTS AS OF JANUARY 1, 2005

 

Participant

    Appendix A Service
(Years of Service
Through December 31,
2003)*		    Grandfathered Benefit
(Expressed as an Annual
Single-Life Annuity
Beginning at Age 62)** 		    Grandfathered CIC
Benefit
(Expressed as an Annual
Single-Life
Annuity Beginning at
Later of Age 62 or
Termination
of Employment)		  

Mark T. Watkins

    3.083    $ 54,306     $ 82,333  

William J. Biedenharn

    5.417    $ 79,831     $ 97,623  

Neil A. McLachlan

    4.917    $ 19,133     $ 58,969  

Dr. Jack C. Goldfrank

    9.417    $ 174,399 1   $ 174,399 1

Robert A. Feeser

    3.583    $ 0 2   $ 0 2

Peter H. Vogel, Jr.

    7.000    $ 0 3     N/A 3

Gary M. Curtis4

    21.500    $ 17,374       N/A  

James C. Tyrone4

    13.750    $ 14,730       N/A  

 

* As set forth in Section 2.01(o) and (p), although Appendix A Service refers only to service through December 31, 2003, the Grandfathered Benefit and Grandfathered CIC Benefit are based on the benefit the Participant would have received if he had terminated employment involuntarily on December 31, 2004.
** If a Participant’s Termination Date occurs after a Change in Control (as defined in Section E-10.3) and before his 55th birthday, his Grandfathered Benefit shall be replaced with his Grandfathered CIC Benefit.
  The Grandfathered Benefit (if vested) shall be paid in the form prescribed by Section 4.04(b)(1).

1

When expressed in the form of a lump sum, the Grandfathered Benefit and Grandfathered CIC Benefit for Dr. Goldfrank shall be equal to the amount set forth in Section D-3.01 of the January 29, 2004 restatement of the Plan (filed on February 28, 2006), which is $2,161,469 plus interest for the period after December 31, 2004 until paid in full, at a rate of 5.06 percent per year.

2

Mr. Feeser’s age as of December 31, 2004, was 43.25 years. As a result of the reduction described in Section E-5.2(a), if Mr. Feeser had terminated employment involuntarily on December 31, 2004, his benefit under the terms of the Pre-2004 Plan would have been $0.

3

Mr. Vogel terminated employment involuntarily (not for Cause) before age 55 on May 1, 2005, as a result of the Company’s divestiture of its Papers group. The amount of his Grandfathered Benefit is $0 because the amount of the offsets required by Section E-3.2(b) and (c) is greater than the amount described in Section E-3.2(a).

4

Messrs. Curtis and Tyrone terminated employment involuntarily (not for Cause) before age 55 on May 1, 2005, as a result of the Company’s divestiture of its Papers group. As set forth in Section 5.01(c), each is entitled to receive his Grandfathered Benefit (but no additional benefit) at the time required by Section 4.04(b)(1).

AND WERE ACTIVE PARTICIPANTS AS OF JANUARY 1, 2005

 

Participant

    Appendix A Service
(Years of Service
Through December 31,
2003)*		    Grandfathered Benefit
(Expressed as an Annual
Single-Life Annuity
Beginning at Age 62)** 		    Grandfathered CIC
Benefit
(Expressed as an Annual
Single-Life
Annuity Beginning at
Later of Age 62 or
Termination
of Employment)		  

Mark T. Watkins

    3.083    $ 54,306     $ 82,333  

William J. Biedenharn

    5.417    $ 79,831     $ 97,623  

Neil A. McLachlan

    4.917    $ 19,133     $ 58,969  

Dr. Jack C. Goldfrank

    9.417    $ 174,399 1   $ 174,399 1

Robert A. Feeser

    3.583    $ 0 2   $ 0 2

Peter H. Vogel, Jr.

    7.000    $ 0 3     N/A 3

Gary M. Curtis4

    21.500    $ 17,374       N/A  

James C. Tyrone4

    13.750    $ 14,730       N/A  

 

* As set forth in Section 2.01(o) and (p), although Appendix A Service refers only to service through December 31, 2003, the Grandfathered Benefit and Grandfathered CIC Benefit are based on the benefit the Participant would have received if he had terminated employment involuntarily on December 31, 2004.
** If a Participant’s Termination Date occurs after a Change in Control (as defined in Section E-10.3) and before his 55th birthday, his Grandfathered Benefit shall be replaced with his Grandfathered CIC Benefit.
  The Grandfathered Benefit (if vested) shall be paid in the form prescribed by Section 4.04(b)(1).

1

When expressed in the form of a lump sum, the Grandfathered Benefit and Grandfathered CIC Benefit for Dr. Goldfrank shall be equal to the amount set forth in Section D-3.01 of the January 29, 2004 restatement of the Plan (filed on February 28, 2006), which is $2,161,469 plus interest for the period after December 31, 2004 until paid in full, at a rate of 5.06 percent per year.

2

Mr. Feeser’s age as of December 31, 2004, was 43.25 years. As a result of the reduction described in Section E-5.2(a), if Mr. Feeser had terminated employment involuntarily on December 31, 2004, his benefit under the terms of the Pre-2004 Plan would have been $0.

3

Mr. Vogel terminated employment involuntarily (not for Cause) before age 55 on May 1, 2005, as a result of the Company’s divestiture of its Papers group. The amount of his Grandfathered Benefit is $0 because the amount of the offsets required by Section E-3.2(b) and (c) is greater than the amount described in Section E-3.2(a).

4

Messrs. Curtis and Tyrone terminated employment involuntarily (not for Cause) before age 55 on May 1, 2005, as a result of the Company’s divestiture of its Papers group. As set forth in Section 5.01(c), each is entitled to receive his Grandfathered Benefit (but no additional benefit) at the time required by Section 4.04(b)(1).

AND WERE ACTIVE PARTICIPANTS AS OF
JANUARY 1, 2005

 


























































































































Participant

  Appendix A Service
SIZE="1">(Years of Service
Through December 31,
2003)*		  Grandfathered Benefit
(Expressed as an Annual
Single-Life Annuity
Beginning at Age 62)**
  Grandfathered CIC
Benefit
FACE="Times New Roman" SIZE="1">(Expressed as an Annual
Single-Life
Annuity Beginning at
FACE="Times New Roman" SIZE="1">Later of Age 62 or
Termination
of Employment)		 

Mark T. Watkins

  3.083  $54,306  $82,333 

William J. Biedenharn

  5.417  $79,831  $97,623 

Neil A. McLachlan

  4.917  $19,133  $58,969 

Dr. Jack C. Goldfrank

  9.417  $174,3991 $174,3991

Robert A. Feeser

  3.583  $02 $02

Peter H. Vogel, Jr.

  7.000  $03  N/A3

Gary M. Curtis4

  21.500  $17,374   N/A 

James C. Tyrone4

  13.750  $14,730   N/A 

 





*As set forth in Section 2.01(o) and (p), although Appendix A Service refers only to service through December 31, 2003, the Grandfathered Benefit and Grandfathered CIC
Benefit are based on the benefit the Participant would have received if he had terminated employment involuntarily on December 31, 2004.




**If a Participant’s Termination Date occurs after a Change in Control (as defined in Section E-10.3) and before his 55th birthday, his Grandfathered Benefit shall be replaced
with his Grandfathered CIC Benefit.





 TheGrandfathered Benefit (if vested) shall be paid in the form prescribed by Section 4.04(b)(1).




1

When expressed in the form of a lump sum, the Grandfathered Benefit and Grandfathered CIC Benefit for Dr. Goldfrank
shall be equal to the amount set forth in Section D-3.01 of the January 29, 2004 restatement of the Plan (filed on February 28, 2006), which is $2,161,469 plus interest for the period after December 31, 2004 until paid in full, at a
rate of 5.06 percent per year.





2

Mr. Feeser’s age as of December 31, 2004, was 43.25 years. As a result of the reduction described in
Section E-5.2(a), if Mr. Feeser had terminated employment involuntarily on December 31, 2004, his benefit under the terms of the Pre-2004 Plan would have been $0.





3

Mr. Vogel terminated employment involuntarily (not for Cause) before age 55 on May 1, 2005, as a result of the
Company’s divestiture of its Papers group. The amount of his Grandfathered Benefit is $0 because the amount of the offsets required by Section E-3.2(b) and (c) is greater than the amount described in Section E-3.2(a).





4

Messrs. Curtis and Tyrone terminated employment involuntarily (not for Cause) before age 55 on May 1, 2005, as a
result of the Company’s divestiture of its Papers group. As set forth in Section 5.01(c), each is entitled to receive his Grandfathered Benefit (but no additional benefit) at the time required by Section 4.04(b)(1).






EXCERPTS ON THIS PAGE:

10-K (3 sections)
Feb 24, 2009

RELATED TOPICS for MWV:

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