EX-10 2 exhibit10a.htm EXHIBIT 10(A) AMENDMENT #4

Exhibit 10(a)

AMENDMENT #4

TO THE

FPL GROUP, INC
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

 

In accordance with Section 5.01 of the FPL Group, Inc. Supplemental Executive Retirement Plan, as amended and restated effective April 1, 1997, and as subsequently amended by Amendments #1, #2, and #3 (the "Plan"), the Compensation Committee of the Board of Directors of FPL Group, Inc. (the "Committee") hereby further amends the Plan as follows:

First: The first paragraph of Section 3.01(b) of the Plan is revised, effective April 1, 1997, to read as follows:

(b)    Supplemental Pension Benefit -

Employees Becoming Participants Before April 1, 1997. With respect to any Participant who was a participant of the Plan on both the day immediately before the Restated Effective Date and on the Restated Effective Date, the "supplemental pension benefit" shall be the greater of (i) the supplement cash balance accrued benefit described in Subsection 3.01(b)(1), or (ii) the supplement unit credit accrued benefit described in Subsection 3.01(b)(2).

Employees Becoming Participants On or After April 1, 1997. With respect to any Participant who becomes a Participant of the Plan on or after the Restated Effective Date, the "supplemental pension benefit" shall be the supplement cash balance accrued benefit described and determined as set forth in Subsection 3.01(b)(1).

Second: The following new paragraph is inserted into Section 3.01(b) immediately following the provisions set forth in "First," above and immediately before Subsection 3.01(b)(1), effective January 1, 2006:

Double Basic and Transition Pension Credits for Designated Senior Officers Becoming Participants On or After April 1, 1997. Solely for purposes of calculating the supplement cash balance accrued benefit described and determined under Subsection 3.01(b)(1)(A) hereof for senior officers who became or become Participants in the Plan on or after April 1, 1997 and who are specifically designated by the Committee (as indicated in Appendix C attached hereto and made a part hereof), the benefit to which the Participant would be entitled under the Pension Plan shall be determined, for all amounts accruing on or after January 1, 2006 or the date of designation (if later than January 1, 2006), based upon, and as if, the Participant's Basic Credits (as defined in the Pension Plan) and, to the extent applicable, Transition Credits (as defined in the Pension Plan), were multiplied by two (2).

Third: A new Appendix C is added to the Plan, effective January 1, 2006. Such Appendix C is attached hereto and incorporated herein by reference. Notwithstanding anything herein to the contrary, Appendix C may be amended from time to time to reflect designations made pursuant to Section 3.01(b) hereof.

Fourth: The changes set forth in this Amendment #4 shall be effective as of the effective dates specifically set forth above.

Fifth: In all other respects, the Plan shall remain unchanged by this Amendment #4.

IN WITNESS WHEREOF, the Compensation Committee of the Board of Directors has caused this amendment to be executed as of this 13th day of October, 2005.

 

 

FPL GROUP, INC.

By:

ROBERT H. ESCOTO

Title:

Vice President Human Resources

 

 

Appendix C

Last Revised On:

January 1, 2006

Name

Company

Pre-4/1/1997 Participant

Class A "Bonus SERP" Status

Double Basic Credits

 

Double Transition Credits

HAY, LEWIS, III

FPL Group, Inc

 

X

 

DEWHURST, MORAY P.

FPL Group, Inc

 

X

X1

TANCER, EDWARD F.

FPL Group, Inc

 

X1

X1

DAVIS, K. MICHAEL

FPL Group, Inc

X

 

 

CUTLER, PAUL I.

FPL Group, Inc

 

X1

 

OLIVERA, ARMANDO J.

Florida Power & Light Company

X

X

 

STALL, J. ARTHUR

Florida Power & Light Company

X

X1

 

RODRIGUEZ, ANTONIO

Florida Power & Light Company

X

 

 

MCGRATH, ROBERT L.

Florida Power & Light Company

 

X1

X1

X1

ESCOTO, ROBERT H.

Florida Power & Light Company

 

X1

X1

X1

ROBO, JAMES L.

FPL Energy, LLC

 

X

X1

Participants other than executive officers

6 participants 

25 participants1

2 participants2

1 The Compensation Committee has expressly identified these items and acknowledged that they are subject to Internal Revenue Code Section 409A. In particular, these items include: (i) the additional deferred compensation provided by the designation of certain officers as Class A Executives, effective January 1, 2006; and (ii) the additional deferred compensation set forth in SERP Amendment #4 (meaning amounts deferred by certain senior officers specified by the Compensation Committee who became participants in the SERP on or after April 1, 1997 at the rate of two times the basic credit and, to the extent applicable, the transition credit under the cash balance formula in the SERP for their pensionable earnings on or after January 1, 2006). Importantly, nothing in Amendment #4, the SERP, Compensation Committee resolutions, or any other document shall be construed as subjecting to Code Section 409A any deferrals made under the SERP prior to January 1, 2005.

2 Pursuant to individual agreements.