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Sensata Technologies Holding N.V.'s SEC Filings

S-1/A
SENSATA TECHNOLOGIES HOLDING PLC filed this Form S-1/A on 03/09/2010
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Sensata Technologies Supplemental Benefit Pension Plan

 

The Sensata Technologies Supplemental Benefit Pension Plan is a non-qualified benefit plan. A participant’s benefit under this plan is calculated using the same formula as described above for the Sensata Technologies Employees Pension Plan. However, the Internal Revenue Service limit on the amount of compensation on which a qualified pension benefit may be calculated does not apply. Additionally, the Internal Revenue Service limit on the amount of qualified benefit the participant may receive does not apply to this plan. Once this non-qualified benefit amount has been determined using the formula described above, the individual’s qualified benefit is subtracted from it. The resulting difference is multiplied by an age-based factor to obtain the amount of the lump sum benefit payable to an individual under this non-qualified plan.

 

Benefits will be distributed subject to the requirements of Section 409A of the Internal Revenue Code. Unless otherwise elected prior to January 1, 2008, benefits will be paid in the form of a lump sum no later than the fifteenth day of the third calendar month following termination of employment.

 

If a participant’s employment is terminated due to disability, distribution is governed by Section 409A of the Internal Revenue Code as discussed above, and the disability benefit will be paid in the form of a lump sum no later than the fifteenth day of the third calendar month following disability.

 

In the event of death, payment is based on salary and bonus, years of credited service and age at the time of death and will be in the form of a lump sum. The date of payment is no later than the fifteenth day of the third calendar month following the month of death.

 

Balances in this plan are unsecured obligations of the company.

 

Potential Payments upon Termination or a Change in Control

 

The potential payments that would be provided to each of our Named Executive Officers as a result of specified termination events are described below.

 

The table below summarizes the compensation payable to each of our Named Executive Officers in the event we terminate their employment with us without cause or the officer resigns for good reason. The table reflects amounts payable to our Named Executive Officers assuming his or her employment terminated on December 31, 2009.

 

Name

  

Type of Payment

   Termination
Without Cause
or Resignation
for Good
Reason
    Termination
Without Cause
or Resignation
for Good
Reason After
Change in
Control(1) ($)
    Death and
Disability(2)
($)
 

Thomas Wroe

   Base Salary    1,150,080 (3)    1,150,080 (3)    N/A   
   Bonus    —   (4)    —   (4)    —     
   Accelerated Vesting    N/A      N/A      1,924,030 (5) 
   Health and Welfare Benefits    2,481      2,481      N/A   
                     
   Total    1,152,561      1,152,561      1,924,030   

Jeffrey Cote

   Base Salary    372,000      372,000      N/A   
   Bonus    —        —        —     
   Accelerated Vesting    N/A      N/A      N/A   
   Health and Welfare Benefits    18,472      18,472      N/A   
                     
   Total    390,472      390,472      —     

 

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