Supplemental Savings and Profit Sharing Plan [Restated 2003] (2003)Full Document 

Start of Preview

CYTEC SUPPLEMENTAL SAVINGS AND PROFIT SHARING PLAN

(As restated effective July 22, 2003)

 

Effective as of November 1, 1994, Cytec Industries Inc. (the “Company”) established the Cytec Supplemental Savings and Profit Sharing Plan (the “Supplemental Savings Plan”).  The Supplemental Savings Plan was restated in its entirety effective December 29, 1999 and amended effective  January 2001 and January 1, 2002.  The Company is restating the Supplemental Savings Plan in its entirety effective  July 22, 2003 to incorporate the preceding amendments.  Additionally, the restatement incorporates a provision effective July 22, 2003 which allows Eligible Employees to  choose the Cytec Stock Fund as a hypothetical investment option. The Supplemental Savings Plan is intended to constitute an unfunded pension plan maintained primarily for a select group of management or highly compensated employees which is exempt from Parts 2, 3, and 4 of Title I of the Employee Retirement Income Security Act of 1974, as amended.  The purpose of the Supplemental Savings Plan is to provide certain employees whose annual  compensation exceeds the limit of Section 401(a)(17) of the Internal Revenue Code of 1986, as amended, or whose pre-tax deferrals under the Savings Plan exceed the limit on pre-tax elective deferrals with the ability to defer up to  25% of their annual  compensation and to receive the full employer matching contribution and profit sharing contribution which would otherwise be limited by the maximum compensation cap or the limit on annual additions.  The Supplemental Savings Plan is not a qualified plan under the Code and benefits are paid by or on behalf of the Company.

 

ARTICLE I

Definitions

1.1 “Account Balance” means the sum of the Member’s salary deferrals, matching contributions, profit sharing contributions and earnings credited thereon in accordance with the terms of this Plan.

1.2 “Administrator” means the Vice President of Human Resources of the Company, or any other person or committee selected from time to time by the Board of Directors.

1.3 “Board of Directors” means the Board of Directors of Cytec Industries Inc.

1.4 “Change in Control” has the same meaning as under the Employees’ Retirement Plan.

1.5 “Code” means the Internal Revenue Code of 1986, as amended.

1.6 “Company” means Cytec Industries Inc.

1.7 “Compensation” means compensation as defined in the Savings Plan without consideration of the limit on compensation under Section 401(a)(17) of the Code.

1.8 “Eligible Employee” means, effective December 1, 1999, any person employed by the Employer who has thirty (30) days of service with the Employer and whose annual rate of Compensation as of the later of their date of hire or December 1 of the preceding year is equal to or greater than the limit on compensation under Section 401(a)(17) of the Code.

1.9 “Employees’ Retirement Plan” means the Cytec Salaried and Nonbargaining Employees’ Retirement Plan, as amended from time to time.

1.10 “Employer” means the Company, D Aircraft Products, Inc., Cytec Engineered Materials Inc., any successors thereto, and any of the Company’s subsidiaries which adopts the Plan with the consent of the Board of Directors.

1.11 “Member” means an Eligible Employee who becomes a Member pursuant to Article II.

1.12 “Plan” means this Cytec Supplemental Savings and Profit Sharing Plan, as set forth herein, as amended from time to time.

1.13 “Plan Year” means each twelve (12) consecutive month period commencing each January 1 and ending on the following December 31.

1.14 “Savings Plan” means the Cytec Employees’ Savings and Profit Sharing Plan, as amended from time to time.

End of Preview