Sunoco 2012 Annual Report Download - page 144
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Please find page 144 of the 2012 Sunoco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
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Sunoco, Inc. Executive Retirement Plan
The Sunoco, Inc. Executive Retirement Plan, or SERP, is a non-qualified defined benefit plan that may
cover certain executive employees, including the NEOs. The SERP may provide pension benefits over and above
an NEO’s benefits under SCIRP and the Pension Restoration Plan. All SERP benefits are offset by the SCIRP
and the Pension Restoration Plan benefits. NEOs eligible for the SERP and hired before 1987 (Mr. Hennigan)
generally will not receive a SERP benefit at retirement, since their SCIRP and Pension Restoration Plan benefits
at retirement will equal or exceed their SERP benefits. An NEO must be at least 55 years old with five years of
qualifying executive service, to be eligible for a SERP retirement benefit.
Ms. Elsenhans and Messrs. Hennigan and MacDonald were eligible to participate in this program. In
connection with her stepping down as Chief Executive Officer and Chairman of Sunoco, Ms. Elsenhans entered
into a termination agreement with Sunoco, pursuant to which she received a cash benefit reflecting her level of
participation in the SERP. Pursuant to his Offer Letter agreement with ETP, in connection with the Merger,
Mr. Hennigan waived any future rights or benefits to which he otherwise would have been entitled under the
SERP and the Pension Restoration Plan, in return for which, the present value ($2,789,413) of such deferred
compensation benefits was credited to the Energy Transfer Partners Deferred Compensation Plan for Former
Sunoco Executives. Mr. MacDonald also entered into a similar arrangement with ETP at that time, except for the
waiver of his right to a benefit under the Pension Restoration Plan.
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