Tyson Foods 2014 Annual Report Download - page 216

“SECTION 5
FORMS OF SERP PAYMENT
The normal form of SERP retirement benefits calculated under Sections 4.2, 4.3, and 4.4 shall be a single life
annuity providing for an annual pension payment during the Retired Participant’
s lifetime only. If a Retired
Participant has a Spouse at the time payment his or her SERP retirement benefits are to commence, the Participant
may elect payment in the form of a joint and fifty percent (50%) survivor annuity providing for an annual pension
payment during the Retired Participant’
s lifetime and an annual pension payment to the Spouse for the lifetime of the
Spouse equal to fifty percent (50%) of the annual pension that was paid to the Retired Participant. If a Retired
Participant does not have a Spouse at the time payment of his or her SERP retirement benefits are to commence, the
form of payment shall be a single life annuity providing for an annual pension payment during the Retired
Participant’
s lifetime only. A Retired Participant who has a Spouse may elect payment in the form of a single life
annuity. Election of the form of payment opportunity available to a Participant with a Spouse shall be made in such
manner as prescribed by the Plan Administrator.
The SERP portion of the Plan pays no pre-
retirement benefits and no death benefits. No person other than a
Retired Participant, and, if applicable, a surviving Spouse is eligible to receive SERP retirement benefits earned by
that Participant. A person who may become the Spouse of a Participant after the date SERP retirement benefits have
commenced is not eligible for any SERP retirement benefits.
The value of each alternative form of payment shall have the same Actuarial Equivalent value as the value of
a Participant’s SERP retirement benefits determined in accordance with Section 4.”
13. By deleting, effective July 1, 2014, Section 6.1 in its entirety and by substituting therefor the following:
“6.1 Amount of LIP Benefit .
The LIP benefit is an annual amount payable during the period that the
Participant is an eligible Active Participant pursuant to Section 3.2 and is equal to the sum of (a) the amount of the
annual premium due under the policy described in Section 3.2, reduced by the portion of such annual premium
payable by the Participant as and to the extent determined by the Plan Administrator, plus (b) the amount determined
under Clause (a) multiplied by the tax withholding rate for supplemental wages applicable to the Participant.
The
face amount of the death benefit under the policy shall depend upon the type of policy designated by the Plan
Administrator pursuant to Section 3.2 for the Participant. The Plan Administrator may adjust the death benefit
face amount from time to time in its discretion.”
14. By deleting, effective July 1, 2014, Section 6.3 in its entirety and by substituting therefor the following:
“6.3 Forfeiture of SERP Retirement Benefits
. Notwithstanding any other provision of this Plan to the
contrary, if an Active Participant otherwise eligible for LIP benefits under Section 3.2 forfeits the right to the
continuation of LIP benefits pursuant to either Section 3.4(b) or (c), the Participant shall also forfeit that portion of
his or her SERP retirement benefits that would otherwise be payable pursuant to Sections 4.2(a)(2) and (3) or
Sections 4.2(b)(2) and
6