EXHIBIT 10(c)
WD-40 COMPANY
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SUPPLEMENTAL RETIREMENT BENEFIT PLAN
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WD-40 COMPANY, a California corporation (hereinafter called "Company")
and ________________ (hereinafter called "Employee") hereby agree as follows:
1. Employee is presently employed by the Company and it is contemplated
that Employee will retire on or about ________________; Company or Employee may,
however, terminate Employee's employment at any time and nothing herein shall be
construed as a contract for continued employment for any specified period of
time.
2. Upon the retirement of Employee on or after ________________, Company
shall pay to Employee a supplemental retirement benefit in quarterly payments
for a period of fifteen (15) years commencing January 1, ____ and ending October
1, ____. The payment amounts shall be made on January 1, April 1, July 1 and
October 1 in an amount equal to one-sixteenth (1/16) of Employee's base salary
as of the date of his retirement as such amount shall last have been determined
by the Company's Board of Directors. Such payments shall be subject to any
required withholding for federal or state income or payroll taxes.
3. Upon the death of Employee prior to receiving all of the aforesaid
payments, such payments shall continue to be paid to such other person or
persons as the Employee shall
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hereafter designate in writing to Company. If no designated beneficiary
survives to receive all such remaining payments, such payments shall be made to
the Employee's estate.
4. If the Company shall elect to purchase a life insurance contract to
provide Company with funds to make payment hereunder, Company shall at all times
be the sole and complete owner and beneficiary of any such contract and shall
have the unrestricted right to use all amounts and exercise all options and
privileges thereunder; neither Employee nor beneficiary nor any other person
shall have any right, title or interest whatsoever in or to any such life
insurance contract.
5. The designated beneficiary or any other person or persons having any
claim or right to payment hereunder shall rely solely on the unsecured promise
of the Company set forth herein and nothing in this agreement shall be construed
to give the Employee, beneficiary or any other person or persons any right,
title, interest or claim in or to any specific asset, fund, reserve, account or
property of any kind whatsoever owned by the Company. The designated
beneficiary or other person or persons shall have the right to enforce his claim
against the Company in the same manner as an unsecured creditor.
6. This agreement may be amended at any time upon the written agreement
of the parties.
7. Neither Employee nor any designated beneficiary nor any other person
entitled to payment hereunder shall have the right to transfer, assign, pledge
or otherwise encumber any such payment hereunder nor shall any such payment be
subject to seizure for the payment of any debt or judgment, or be
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transferrable by operation of law in the event of bankruptcy or insolvency.
In the event of any attempted transfer, assignment or other encumbrance or
levy, the Company shall have no further liability hereunder.
8. In the event of the death of Employee prior to retirement or
termination of service with the Company, no retirement benefit hereunder shall
be payable.
IN WITNESS WHEREOF, the undersigned have executed this agreement this _____
day of _______________, 19__.
Company: WD-40 COMPANY
By ______________________________
Xxxxxx X. Xxxxxxx, President
Attest:
_________________________________
Xxxxxx X. Xxxxxxx, Secretary
Employee: _________________________________
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